Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GLDD | |
Entity Registrant Name | Great Lakes Dredge & Dock CORP | |
Entity Central Index Key | 1372020 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,401,087 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $30,619 | $42,389 |
Accounts receivable-net | 75,348 | 113,188 |
Contract revenues in excess of billings | 102,002 | 82,557 |
Inventories | 32,870 | 34,735 |
Prepaid expenses and other current assets | 79,643 | 69,375 |
Total current assets | 320,482 | 342,244 |
PROPERTY AND EQUIPMENT-Net | 418,839 | 399,445 |
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 93,522 | 95,289 |
INVENTORIES-Noncurrent | 36,555 | 36,262 |
INVESTMENTS IN JOINT VENTURES | 7,726 | 7,889 |
OTHER | 12,225 | 12,105 |
TOTAL | 889,349 | 893,234 |
CURRENT LIABILITIES: | ||
Accounts payable | 102,361 | 119,971 |
Accrued expenses | 58,034 | 70,041 |
Billings in excess of contract revenues | 2,617 | 4,639 |
Current portion of long term debt | 7,818 | 5,859 |
Total current liabilities | 170,830 | 200,510 |
7 3/8% SENIOR NOTES | 274,887 | 274,880 |
REVOLVING CREDIT FACILITY | 20,000 | 49,497 |
NOTES PAYABLE | 62,393 | 49,497 |
DEFERRED INCOME TAXES | 92,137 | 92,007 |
OTHER | 20,549 | 20,377 |
Total liabilities | 640,796 | 637,271 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
EQUITY: | ||
Common stock-$.0001 par value; 90,000 authorized, 60,379 and 60,170 shares issued and outstanding at March 30, 2015 and December 31, 2014, respectively. | 6 | 6 |
Additional paid-in capital | 279,954 | 278,166 |
Accumulated deficit | -29,865 | -21,475 |
Accumulated other comprehensive loss | -1,542 | -734 |
TOTAL EQUITY | 248,553 | 255,963 |
TOTAL | $889,349 | $893,234 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 60,379,000 | 60,170,000 |
Common stock, shares outstanding | 60,379,000 | 60,170 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Operations [Abstract] | ||
Contract revenues | $174,557 | $174,382 |
Costs of contract revenues | 163,875 | 153,475 |
Gross profit | 10,682 | 20,907 |
General and administrative expenses | 17,948 | 17,870 |
(Gain) loss on sale of assets-net | -8 | 152 |
Operating income (loss) | -7,258 | 2,885 |
Interest expense-net | -5,630 | -5,016 |
Equity in loss of joint ventures | -1,098 | -1,843 |
Other income (expense) | -441 | 65 |
Loss from continuing operations before income taxes | -14,427 | -3,909 |
Income tax benefit | 6,037 | 1,453 |
Loss from continuing operations | -8,390 | -2,456 |
Loss from discontinued operations, net of income taxes | -2,739 | |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | ($8,390) | ($5,195) |
Loss per share from continuing operations - basic | ($0.14) | ($0.04) |
Basic loss per share attributable to discontinued operations, net of tax | ($0.05) | |
Basic loss per share attributable to Great Lakes Dredge & Dock Corporation | ($0.14) | ($0.09) |
Basic weighted average shares | 60,265 | 59,708 |
Loss per share from continuing operations - diluted | ($0.14) | ($0.04) |
Diluted loss per share attributable to discontinued operations, net of tax | ($0.05) | |
Diluted loss per share attributable to Great Lakes Dredge & Dock Corporation | ($0.14) | ($0.09) |
Diluted weighted average shares | 60,265 | 59,708 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net loss | ($8,390) | ($5,195) | ||
Currency translation adjustment-net of tax (1) | -808 | [1] | -189 | [1] |
Net unrealized gain on derivatives-net of tax | -289 | |||
Net unrealized gain on derivatives-net of tax | -808 | -478 | ||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | ($9,198) | ($5,673) | ||
[1] | Net of income tax (expense) benefit of $536 and $(126) for three months ended March 31, 2015 and 2014, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
Currency translation adjustment, tax | $536 | ($126) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Total |
In Thousands | ||||||
BALANCE - value at Dec. 31, 2013 | $6 | $275,183 | ($31,770) | ($473) | ($845) | $242,101 |
BALANCE - shares at Dec. 31, 2013 | 59,670 | |||||
Share-based compensation, Value | 996 | 996 | ||||
Share-based compensation, Shares | 40 | |||||
Exercise of options and purchases from employee stock plans, Value | 415 | 415 | ||||
Exercise of options and purchases from employee stock plans, Shares | 74 | |||||
Excess income tax benefit from share based compensation | 4 | 4 | ||||
Distributions paid to noncontrolling interests | -988 | 845 | -143 | |||
Net loss | -5,195 | -5,195 | ||||
Other comprehensive loss-net of tax | -478 | -478 | ||||
BALANCE - value at Mar. 31, 2014 | 6 | 275,610 | -36,965 | -951 | 237,700 | |
BALANCE - shares at Mar. 31, 2014 | 59,784 | |||||
BALANCE - value at Dec. 31, 2014 | 6 | 278,166 | -21,475 | -734 | 255,963 | |
BALANCE - shares at Dec. 31, 2014 | 60,170 | |||||
Share-based compensation, Value | 1,057 | 1,057 | ||||
Share-based compensation, Shares | 67 | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | -13 | -13 | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 3 | |||||
Exercise of options and purchases from employee stock plans, Value | 736 | 736 | ||||
Exercise of options and purchases from employee stock plans, Shares | 139 | |||||
Excess income tax benefit from share based compensation | 8 | 8 | ||||
Net loss | -8,390 | -8,390 | ||||
Other comprehensive loss-net of tax | -808 | -808 | ||||
BALANCE - value at Mar. 31, 2015 | $6 | $279,954 | ($29,865) | ($1,542) | $248,553 | |
BALANCE - shares at Mar. 31, 2015 | 60,379 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||
Net loss | ($8,390) | ($5,195) |
Loss from discontinued operations, net of income taxes | -2,739 | |
Loss from continuing operations | -8,390 | -2,456 |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Depreciation and amortization | 13,153 | 10,885 |
Equity in loss of joint ventures | 1,098 | 1,843 |
Deferred income taxes | -6,045 | -3,125 |
(Gain) loss on sale of assets | -8 | 152 |
Amortization of deferred financing fees | 492 | 288 |
Unrealized net loss from mark-to-market valuations of derivatives | -1,051 | |
Unrealized foreign currency gain | -736 | -188 |
Share-based compensation expense | 1,057 | 996 |
Excess income tax benefit from share based compensation | -8 | -4 |
Changes in assets and liabilities: | ||
Accounts receivable | 37,746 | 30,390 |
Contract revenues in excess of billings | -20,160 | -25,457 |
Inventories | 1,572 | -418 |
Prepaid expenses and other current assets | -1,114 | 12,684 |
Accounts payable and accrued expenses | -24,463 | -14,070 |
Billings in excess of contract revenues | -2,245 | -1,793 |
Other noncurrent assets and liabilities | -1,475 | -1,082 |
Net cash flows provided by (used in) operating activities of continuing operations | -10,577 | 8,645 |
Net cash flows used in operating activities of discontinued operations | -2,635 | |
Cash provided by (used in) operating activities | -10,577 | 6,010 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | -20,777 | -21,631 |
Proceeds from dispositions of property and equipment | 40 | 64 |
Payments on vendor performance obligations | -3,100 | |
Net cash flows used in investing activities of continuing operations | -20,737 | -24,667 |
Net cash flows used in investing activities of discontinued operations | -26 | |
Cash used in investing activities | -20,737 | -24,693 |
FINANCING ACTIVITIES: | ||
Deferred financing fees | -29 | |
Taxes paid on settlement of vested share awards | -13 | |
Repayment of long term note payable | -1,250 | |
Repayments of equipment debt | -214 | |
Proceeds from equipment debt | 408 | |
Purchase of noncontrolling interest | 205 | |
Exercise of options and purchases from employee stock plans | 736 | 415 |
Excess income tax benefit from share-based compensation | 8 | 4 |
Borrowings under revolving loans | 53,000 | 40,000 |
Repayments of revolving loans | -33,000 | -38,000 |
Net cash provided by financing activities | 19,646 | 2,214 |
Effect of foreign currency exchange rates on cash and cash equivalents | -102 | -174 |
Net decrease in cash and cash equivalents | -11,770 | -16,643 |
Cash and cash equivalents at beginning of period | 42,389 | 75,338 |
Cash and cash equivalents at end of period | 30,619 | 58,695 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 11,068 | 9,486 |
Cash paid (refunded) for income taxes | 368 | -12,449 |
Non-cash Investing and Financing Activities | ||
Property and equipment purchased but not yet paid | 7,301 | 10,235 |
Purchase of noncontrolling interest | $988 |
Basis_of_presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis of presentation | |
Basis of presentation | 1. Basis of presentation |
The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Great Lakes Dredge & Dock Corporation and Subsidiaries (the “Company” or “Great Lakes”) and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company’s financial position as of March 31, 2015, and its results of operations for the three months ended March 31, 2015 and 2014 and cash flows for the three months ended March 31, 2015 and 2014 have been included. | |
The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel and project overhead. Hourly labor is generally hired on a project-by-project basis. Costs of contract revenues vary significantly depending on the type and location of work performed and assets utilized. Generally, capital projects have the highest margins due to the complexity of the projects, while coastal protection projects have the most volatile margins because they are most often exposed to variability in weather conditions. | |
The Company’s cost structure includes significant annual equipment-related costs, including depreciation, maintenance, insurance and long-term rentals. These costs have averaged approximately 20% to 22% of total costs of contract revenues over the prior three years. During the year, both equipment utilization and the timing of fixed cost expenditures fluctuate significantly. Accordingly, the Company allocates these fixed equipment costs to interim periods in proportion to revenues recognized over the year, to better match revenues and expenses. Specifically, at each interim reporting date the Company compares actual revenues earned to date on its dredging contracts to expected annual revenues and recognizes equipment costs on the same proportionate basis. In the fourth quarter, any over or under allocated equipment costs are recognized such that the expense for the year equals actual equipment costs incurred during the year. | |
The Company has four operating segments that, through aggregation, comprise two reportable segments: dredging and environmental & remediation. Four operating segments were aggregated into two reportable segments as the segments have similarity in economic margins, services, production processes, customer types, distribution methods and regulatory environment. The Company has determined that the operating segments are the Company’s four reporting units. The Company performed its most recent annual test of impairment as of July 1, 2014 for the goodwill in both the dredging and environmental & remediation segments with no indication of goodwill impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2015. | |
The condensed consolidated results of operations and comprehensive income for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606), which supersedes the existing revenue recognition requirements. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2017. Early adoption is not permitted. A one year delay to the effective date of the standard is currently proposed. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements. | |
Earnings_per_share
Earnings per share | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings per share [Abstract] | |||||||
Earnings Per Share | |||||||
2. Earnings per share | |||||||
Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2015 and 2014 the dilutive effect of 534 thousand and 789 thousand shares of stock options and restricted stock units, respectively, were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during these periods. The computations for basic and diluted loss per share from continuing operations are as follows: | |||||||
Three Months Ended | |||||||
(shares in thousands) | March 31, | ||||||
2015 | 2014 | ||||||
Loss from continuing operations | $ | -8,390 | $ | -2,456 | |||
Loss on discontinued operations, net of income taxes | - | -2,739 | |||||
Net loss | -8,390 | -5,195 | |||||
Weighted-average common shares outstanding — basic and diluted | 60,265 | 59,708 | |||||
Loss per share from continuing operations — basic | $ | -0.14 | $ | -0.04 | |||
Loss per share from continuing operations — diluted | $ | -0.14 | $ | -0.04 | |||
Accounts_Receivable_And_Contra
Accounts Receivable And Contracts In Progress | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | |||||||
Accounts Receivables And Contracts In Progress | |||||||
3. Accounts receivable and contracts in progress | |||||||
Accounts receivable at March 31, 2015 and December 31, 2014 are as follows: | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Completed contracts | $ | 12,538 | $ | 15,342 | |||
Contracts in progress | 45,383 | 72,459 | |||||
Retainage | 19,445 | 27,371 | |||||
77,366 | 115,172 | ||||||
Allowance for doubtful accounts | -608 | -578 | |||||
Total accounts receivable—net | $ | 76,758 | $ | 114,594 | |||
Current portion of accounts receivable—net | $ | 75,348 | $ | 113,188 | |||
Long-term accounts receivable and retainage | 1,410 | 1,406 | |||||
Total accounts receivable—net | $ | 76,758 | $ | 114,594 | |||
The components of contracts in progress at March 31, 2015 and December 31, 2014 are as follows: | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 496,995 | $ | 833,368 | |||
Amounts billed | -408,324 | -759,877 | |||||
Costs and earnings in excess of billings for contracts in progress | 88,671 | 73,491 | |||||
Costs and earnings in excess of billings for completed contracts | 13,331 | 9,066 | |||||
Total contract revenues in excess of billings | $ | 102,002 | $ | 82,557 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -310,521 | $ | -181,698 | |||
Costs and earnings for contracts in progress | 307,904 | 177,059 | |||||
Total billings in excess of contract revenues | $ | -2,617 | $ | -4,639 | |||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accrued Expenses [Abstract] | |||||||
Accrued Expenses | |||||||
4. Accrued expenses | |||||||
Accrued expenses at March 31, 2015 and December 31, 2014 are as follows: | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Insurance | $ | 17,917 | $ | 16,778 | |||
Accumulated deficit in joint ventures | 10,383 | 10,383 | |||||
Payroll and employee benefits | 6,646 | 8,808 | |||||
Income and other taxes | 3,543 | 5,857 | |||||
Interest | 3,069 | 8,270 | |||||
Fuel hedge contracts | 1,978 | 3,029 | |||||
Percentage of completion adjustment | 1,096 | 1,870 | |||||
Other | 13,402 | 15,046 | |||||
Total accrued expenses | $ | 58,034 | $ | 70,041 | |||
Longterm_Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2015 | |
Long-term Debt [Abstract] | |
Long-Term Debt | |
5. Long-term debt | |
Credit Agreement | |
On June 4, 2012, the Company entered into a senior revolving credit agreement (the “Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Lender, Bank of America, N.A., as Syndication Agent and PNC Bank, National Association, BMO Harris Bank N.A. and Fifth Third Bank, as Co-Documentation Agents. The Credit Agreement, as subsequently amended, provides for a senior revolving credit facility in an aggregate principal amount of up to $210,000, multicurrency borrowings up to a $50,000 sublimit and swingline loans up to a $10,000 sublimit. The Credit Agreement also includes an incremental loans feature that will allow the Company to increase the senior revolving credit facility by an aggregate principal amount of up to $15,000. This is subject to lenders providing incremental commitments for such increase, provided that no default or event of default exists, and the Company being in pro forma compliance with the existing financial covenants, both before and after giving effect to the increase, and subject to other standard conditions. The Credit Agreement is collateralized by a substantial portion of the Company’s operating equipment with a net book value at March 31, 2015 of $160,113. | |
Depending on the Company’s consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the amended revolving credit facility will bear interest at the option of the Company at either a LIBOR rate plus a margin of between 1.50% to 2.50% per annum or a base rate plus a margin of between 0.50% to 1.50% per annum. | |
The credit facility contains affirmative, negative and financial covenants customary for financings of this type. The Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding provider. The Credit Agreement requires the Company to maintain a net leverage ratio less than or equal to 4.50 to 1.00 as of the end of each fiscal quarter and a minimum fixed charge coverage ratio of 1.25 to 1.00. | |
The obligations of Great Lakes under the Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. During a year, the Company frequently borrows and repays amounts under its revolving credit facility. As of March 31, 2015, the Company had $20,000 of borrowings on the revolver and $125,461 of letters of credit outstanding, resulting in $64,539 of availability under the Credit Agreement. At March 31, 2015, the Company was in compliance with its various financial covenants under its Credit Agreement. | |
Term loan facility | |
On November 4, 2014, the Company entered into a new senior secured term loan facility consisting of a term loan in an aggregate principal amount of $50,000 (the “Term Loan Facility”) pursuant to a Loan and Security Agreement (the “Loan Agreement”) by and among, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent. Pursuant to the term loan, the Company borrowed an aggregate principal amount of $47,360. The proceeds from the Term Loan Facility will be used for the working capital and general corporate purposes of the Company, including to repay borrowings under the Credit Agreement made to finance the construction of the Company’s dual mode articulated tug/barge trailing suction hopper dredge. | |
The Term Loan Facility has a term of 5 years. The borrowings under the Term Loan Facility bear interest at a fixed rate of 4.655% per annum. If an event of default occurs under the Loan Agreement, the interest rate will increase by 2.00% per annum during the continuance of such event of default. | |
The Term Loan Facility provides for monthly amortization payments, payable in arrears, commencing on December 4, 2014, at an annual amount of (i) approximately 10% of the principal amount of the Term Loan Facility during the first two years of the term, (ii) approximately 20% of the principal amount of the Term Loan Facility during the third and fourth years of the term, and (iii) approximately 25% of the principal amount of the Term Loan Facility during the final year of the term, with the remainder due on the maturity date of the facility. In addition, the Company has usual and customary mandatory prepayment provisions and may optionally prepay the Term Loan Facility in whole or in part at any time, subject to a minimum prepayment amount. | |
The Loan Agreement includes customary representations, affirmative and negative covenants and events of default for financings of this type and includes the same financial covenants that are currently set forth in the Credit Agreement. The Term Loan Facility is collateralized by a portion of the Company’s operating equipment with a net book value at March 31, 2015 of $49,039. | |
Senior notes | |
The Company has outstanding $275,000 of 7.375% senior notes due February 2019. There is an optional redemption on all notes. The redemption prices are 103.7% in 2015, 101.8% in 2016 and 100% in any year following, until the notes mature in 2019. Interest is paid semi-annually and principal is due at maturity. | |
Other | |
In conjunction with the acquisition of Magnus Pacific Corporation in the fourth quarter of 2014, the Company issued a secured promissory note which has an aggregate principal amount of $7,544 to the former owners of Magnus which has terms that could reduce the amount owed based on minimum EBITDA expectations. The secured promissory note accrues interest at a rate of 5% per annum and is due in equal installments on January 1, 2017 and 2018. | |
The Company enters into note arrangements to finance certain vessels and ancillary equipment. At March 31, 2015 the Company financed the $15,569 acquisition of a vessel previously under an operating lease with a note bearing interest at 5.75% to maturity in 2023. The current portion of all equipment notes is $2,818. The long term portion is $14,470 and is included in Notes payable. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Fair Value Measurements | |||||||||||||
6. Fair value measurements | |||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||
The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage foreign currency risk or commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: | |||||||||||||
The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage foreign currency risk and commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At March 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 1,978 | $ | - | $ | 1,978 | $ | - | |||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 3,029 | $ | - | $ | 3,029 | $ | - | |||||
Foreign exchange contracts | |||||||||||||
The Company has exposure to foreign currencies that fluctuate in relation to the U.S. dollar. The Company periodically enters into foreign exchange forward contracts to hedge this risk. At March 31, 2015, there were no outstanding contracts. | |||||||||||||
Fuel hedge contracts | |||||||||||||
The Company is exposed to certain market risks, primarily commodity price risk as it relates to the diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices will have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80% of the fuel requirements for work in domestic backlog. | |||||||||||||
As of March 31, 2015, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through December 2015. As of March 31, 2015, there were 6.4 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted domestic fuel purchases through December 2015. Under these swap agreements, the Company will pay fixed prices ranging from $1.83 to $2.92 per gallon. | |||||||||||||
At March 31, 2015 and December 31, 2014, the fair value liability of the fuel hedge contracts was estimated to be $1,978 and $3,029, respectively, and is recorded in accrued expenses. Changes in the fair value of fuel hedge contracts being recorded in the Statement of Operations are recorded as cost of contract revenues. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value of these fuel hedges using Level 2 inputs. | |||||||||||||
The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis. | |||||||||||||
The fair value of the fuel hedge contracts outstanding as of March 31, 2015 and December 31, 2014 is as follows: | |||||||||||||
Fair Value at | |||||||||||||
March 31, | December 31, | ||||||||||||
Balance Sheet Location | 2015 | 2014 | |||||||||||
Liability derivatives: | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 1,978 | $ | 3,029 | ||||||||
Accumulated other comprehensive loss | |||||||||||||
Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -808 | $ | -189 | |||||||||
Derivatives: | |||||||||||||
Reclassification of derivative gains to earnings—net of tax | - | -46 | |||||||||||
Change in fair value of derivatives—net of tax | - | -243 | |||||||||||
Net unrealized gain on derivatives—net of tax | - | -289 | |||||||||||
Total other comprehensive loss | $ | -808 | $ | -478 | |||||||||
Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
Statement of Operations Location | 2014 | ||||||||||||
Derivatives: | |||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -77 | ||||||||||
Income tax provision | -31 | ||||||||||||
$ | -46 | ||||||||||||
Other financial instruments | |||||||||||||
The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying value of our senior revolving credit agreement approximates fair value. The Company entered into a senior secured term loan facility in November 2014 that approximates fair value based upon stable market interest rates and Company credit ratings from inception to year end. In January 2011 and again in November 2014, the Company issued a total of $275,000 of 7.375% senior notes due February 1, 2019, which were outstanding at March 31, 2015 (See Note 5). The senior notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the senior notes. The fair value of the senior notes was $281,875 at March 31, 2015, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. | |||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Share-based compensation[Abstract] | |
Share-based Compensation | 7. Share-based compensation |
The Company’s 2007 Long-Term Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to its employees and directors for up to 5.8 million shares of common stock. | |
In March 2015, the Company granted 662 thousand restricted stock units to certain employees pursuant to the plan. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants. Compensation cost charged to expense related to share-based compensation arrangements was $1,057 and $996, respectively, for the three months ended March 31, 2015 and 2014, respectively. | |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | |
8. Commitments and contingencies | |
Commercial commitments | |
Performance and bid bonds are customarily required for dredging and marine construction projects, as well as some environmental & remediation projects. The Company has a bonding agreement with Zurich American Insurance Company (“Zurich”) under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty and Surety Company of America. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At March 31, 2015, the Company had outstanding performance bonds totaling approximately $1,164,253, of which $49,048 relates to projects accounted for in discontinued operations. The revenue value remaining in backlog related to the projects of continuing operations totaled approximately $493,501. | |
In connection with the sale of our historical demolition business, the Company was obligated to keep in place the surety bonds on pending demolition projects for the period required under the respective contract for a project. | |
Certain foreign projects performed by the Company have warranty periods, typically spanning no more than one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications. | |
Legal proceedings and other contingencies | |
As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company. | |
Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition. | |
On March 19, 2013, the Company and three of its current and former executives were sued in a securities class action in the Northern District of Illinois captioned United Union of Roofers, Waterproofers & Allied Workers Local Union No. 8 v. Great Lakes Dredge & Dock Corporation et al., Case No. 1:13-cv-02115. The lawsuit, which was brought on behalf of all purchasers of the Company’s securities between August 7, 2012 and March 14, 2013, primarily alleges that the defendants made false and misleading statements regarding the recognition of revenue in the demolition segment and with regard to the Company’s internal control over financial reporting. This suit was filed following the Company’s announcement on March 14, 2013 that it would restate its second and third quarter 2012 financial statements. Two additional, similar lawsuits captioned Boozer v. Great Lakes Dredge & Dock Corporation et al., Case No. 1:13-cv-02339, and Connors v. Great Lakes Dredge & Dock Corporation et al., Case No. 1:13-cv-02450, were filed in the Northern District of Illinois on March 28, 2013, and April 2, 2013, respectively. These three actions were consolidated and recaptioned In re Great Lakes Dredge & Dock Corporation Securities Litigation, Case No. 1:13-cv-02115, on June 10, 2013. The plaintiffs filed an amended class action complaint on August 9, 2013, which the defendants moved to dismiss on October 8, 2013. After briefing and oral argument by the parties, the court entered an order on October 21, 2014 denying that motion to dismiss. The parties have reached an agreement in principle to settle this action. Once finalized, the settlement will be presented to the court for preliminary approval. The settlement is expected to be paid by insurance. | |
On March 28, 2013, the Company was named as a nominal defendant, and its directors were named as defendants, in a shareholder derivative action in DuPage County Circuit Court in Illinois captioned Hammoud v. Berger et al., Case No. 2013CH001110. The lawsuit primarily alleges breaches of fiduciary duties related to allegedly false and misleading statements regarding the recognition of revenue in the demolition segment and with regard to the Company’s internal control over financial reporting, which exposed the Company to securities litigation. A second, similar lawsuit captioned The City of Haverhill Retirement System v. Leight et al., Case No. 1:13-cv-02470, was filed in the Northern District of Illinois on April 2, 2013 and was voluntarily dismissed on June 10, 2013. A third, similar lawsuit captioned St. Lucie County Fire District Firefighters Pension Trust Fund v. Leight et al., Case No. 13 CH 15483, was filed in Cook County Circuit Court in Illinois on July 8, 2013, and has since been transferred to DuPage County Circuit Court and consolidated with the Hammoud action. The Hammoud/St. Lucie plaintiffs have filed a consolidated amended complaint on December 9, 2013, but the action was otherwise stayed pending a ruling on the motion to dismiss the securities class action. A fourth, similar lawsuit (that additionally named one current and one former executive as defendants) captioned Griffin v. Berger et al., Case No. 1:13-cv-04907, was filed in the Northern District of Illinois on July 9, 2013. The Griffin action was also stayed pending a ruling on the motion to dismiss the securities class action. The parties have reached an agreement in principle to settle the pending actions. Once finalized, the settlement will be presented to the DuPage County Circuit Court for preliminary approval. The settlement is expected to be paid by insurance. | |
On April 23, 2014, the Company completed the sale of NASDI, LLC (“NASDI”) and Yankee Environmental Services, LLC (“Yankee”), which together comprised the Company’s historical demolition business, to a privately owned demolition company. Under the terms of the divestiture, the Company retained certain pre-closing liabilities relating to the disposed business. Certain of these liabilities and a legal action brought by the Company to enforce the buyer’s obligations under the sale agreement are described below. | |
In 2009, NASDI received a letter stating that the Attorney General for the Commonwealth of Massachusetts is investigating alleged violations of the Massachusetts Solid Waste Act. The Company believes that the Massachusetts Attorney General is investigating waste disposal activities at an allegedly unpermitted disposal site owned by a third party with whom NASDI contracted for the disposal of waste materials in 2007 and 2008. Per the Massachusetts Attorney General’s request, NASDI executed a tolling agreement regarding the matter in 2009 and engaged in further discussions with the Massachusetts Attorney General’s office. Should a claim be brought, the Company intends to defend this matter vigorously. | |
On January 14, 2015, the Company and our subsidiary, NASDI Holdings, LLC, brought an action in the Delaware Court of Chancery to enforce the terms of the Company's agreement to sell NASDI and Yankee. Under the terms of the agreement, the Company received cash of $5,309 and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close. The Company seeks specific performance of buyer’s obligation to collect and to remit the additional proceeds, and other related relief. Defendants have filed counterclaims alleging that the Company misrepresented the quality of its contracts and receivables prior to the sale. The Company denies defendants’ allegations and intends to vigorously defend against the counterclaims. | |
In 2012, the Company contracted with a shipyard to perform the functional design drawings, detailed design drawings and follow on construction of a new Articulated Tug & Barge (“ATB”) Trailing Suction Hopper Dredge. In April 2013, the Company terminated the contract with the shipyard for default and the counterparty sent the Company a notice requesting arbitration under the contract with respect to the Company’s termination for default, including but not limited to the Company’s right to draw on letters of credit that had been issued by the shipyard as financial security required by the contract. In May 2013, the Company drew upon the shipyard’s letters of credit related to the contract and received $13,600. Arbitration proceedings were initiated. In January 2014, the Company and the shipyard executed a settlement agreement pursuant to which the Company retained $10,500 of the proceeds of the financial security and remitted $3,100 of those funds to the shipyard, all other claims were released, and the arbitration was dismissed with prejudice. | |
The Company has not accrued any amounts with respect to the above matters as the Company does not believe, based on information currently known to it, that a loss relating to these matters is probable, and an estimate of a range of potential losses relating to these matters cannot reasonably be made. | |
Investments
Investments | 3 Months Ended |
Mar. 31, 2015 | |
Investments [Abstract] | |
Investments | 9. Investments |
TerraSea Environmental Solutions | |
The Company owns 50% of TerraSea Environmental Solutions (“TerraSea”) as a joint venture. TerraSea is engaged in the environmental services business through its ability to remediate contaminated soil and dredged sediment treatment. At March 31, 2015 and December 31, 2014, the Company has net advances to TerraSea of $25,005 and $22,898, respectively, which are recorded in other current assets. The Company has an accumulated deficit in joint ventures, which represents losses recognized to date in excess of our investment in TerraSea, of $10,383 at March 31, 2015 and December 31, 2014, which is presented in accrued expenses. The Company has commenced the winddown of TerraSea with its joint venture partner. The Company believes its net advances to TerraSea are ultimately recoverable either through the operations of the joint venture or as an obligation of our joint venture partner. To the extent that advances are not fully recoverable, additional losses may result in future periods. The Company and its joint venture partner remain obligated to fund TerraSea through the completion of its remaining project, which is expected to occur in 2015. | |
Amboy Aggregates | |
The Company and a New Jersey aggregates company each own 50% of Amboy Aggregates (“Amboy”). Amboy was formed in December 1984 to mine sand from the entrance channel to New York Harbor to provide sand and aggregate for use in road and building construction and for clean land fill. Amboy sold its interest in a stone import business and its holdings in land, owned in conjunction with Lower Main Street Development, LLC, during 2014 and is winding down operations. | |
Business_Dispositions
Business Dispositions | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Business Dispositions [Abstract] | ||||||
Business Combinations And Reorganizations | 10. Business dispositions | |||||
On April 23, 2014, the Company entered into an agreement and completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two former subsidiaries that comprised our historical demolition business. Under the terms of the agreement, the Company received cash of $5,309 and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close, including recovery of outstanding claims for additional compensation from customers, net of future payments of accounts payable existing at the date of close, including any future payments of obligations associated with outstanding claims. In the fourth quarter of 2013, the Company recorded a preliminary loss on disposal of assets held for sale in discontinued operations. The loss on disposal is subject to change based on the value of additional proceeds received on the working capital existing at the date of disposition. The amount and timing of the working capital settlement and the amount and timing of the realization of additional net proceeds may be impacted by the litigation with the buyer of the historical demolition business (see Note 8). However, management believes that the ultimate resolution of these matters will not be material to the Company’s consolidated financial position or results of operations. The results of the businesses have been reported in discontinued operations as follows: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | ||||||
Revenue | $ | 12,124 | ||||
Loss before income taxes from discontinued operations | $ | -9,620 | ||||
Income tax benefit | 6,881 | |||||
Loss from discontinued operations, net of income taxes | $ | -2,739 | ||||
Segment_Information
Segment Information | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Segment Information [Abstract] | |||||||
Segment Information | |||||||
11. Segment information | |||||||
The Company and its subsidiaries currently operate in two reportable segments: dredging and environmental & remediation. The Company’s financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments. Segment information for the periods presented is provided as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Dredging | |||||||
Contract revenues | $ | 154,128 | $ | 161,960 | |||
Operating income | 7,874 | 7,429 | |||||
Environmental & remediation | |||||||
Contract revenues | $ | 21,552 | $ | 12,730 | |||
Operating loss | -15,132 | -4,544 | |||||
Intersegment revenues | -1,123 | -308 | |||||
Total | |||||||
Contract revenues | $ | 174,557 | $ | 174,382 | |||
Operating income (loss) | -7,258 | 2,885 | |||||
Foreign dredging revenue of $41,699 for the three months ended March 31, 2015, was primarily attributable to work done in the Middle East and Brazil. Foreign dredging revenue for the three months ended March 31, 2014 was $16,470. | |||||||
The majority of the Company’s long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company’s foreign projects. | |||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Subsidiary Guarantors [Abstract] | ||||||||||||||||
Subsidiary Guarantors | 12. Subsidiary guarantors | |||||||||||||||
The Company’s long-term debt at March 31, 2015 includes $275,000 of 7.375% senior notes due February 1, 2019. The Company’s obligations under these senior unsecured notes are guaranteed by the Company’s 100% owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several. | ||||||||||||||||
The following supplemental financial information sets forth for the Company’s subsidiary guarantors (on a combined basis), the Company’s non-guarantor subsidiaries (on a combined basis) and Great Lakes Dredge & Dock Corporation, exclusive of its subsidiaries (“GLDD Corporation”): | ||||||||||||||||
(i) | balance sheets as of March 31, 2015 and December 31, 2014; | |||||||||||||||
(ii) | statements of operations and comprehensive loss for the three months ended March 31, 2015 and 2014; and | |||||||||||||||
(iii) | statements of cash flows for the three months ended March 31, 2015 and 2014. | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF MARCH 31, 2015 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 29,268 | $ | 1,349 | $ | 2 | $ | - | $ | 30,619 | ||||||
Accounts receivable — net | 77,237 | 258 | - | -2,147 | 75,348 | |||||||||||
Contract revenues in excess of billings | 99,307 | 3,131 | - | -436 | 102,002 | |||||||||||
Inventories | 32,870 | - | - | - | 32,870 | |||||||||||
Prepaid expenses and other current assets | 57,921 | 396 | 21,326 | - | 79,643 | |||||||||||
Total current assets | 296,603 | 5,134 | 21,328 | -2,583 | 320,482 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 418,819 | 20 | - | - | 418,839 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 93,522 | - | - | - | 93,522 | |||||||||||
INVENTORIES — Noncurrent | 36,555 | - | - | - | 36,555 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 7,726 | - | - | - | 7,726 | |||||||||||
RECEIVABLES FROM AFFILIATES | 24,037 | 3,671 | 80,631 | -108,339 | - | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,725 | - | 618,369 | -622,094 | - | |||||||||||
OTHER | 7,603 | 3 | 4,619 | - | 12,225 | |||||||||||
TOTAL | $ | 888,590 | $ | 8,828 | $ | 724,947 | $ | -733,016 | $ | 889,349 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 103,231 | $ | 1,566 | $ | 147 | $ | -2,583 | $ | 102,361 | ||||||
Accrued expenses | 54,528 | 202 | 3,304 | - | 58,034 | |||||||||||
Billings in excess of contract revenues | 2,394 | 223 | - | - | 2,617 | |||||||||||
Current portion of long term debt | 865 | - | 6,953 | - | 7,818 | |||||||||||
Total current liabilities | 161,018 | 1,991 | 10,404 | -2,583 | 170,830 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 274,887 | - | 274,887 | |||||||||||
REVOLVING CREDIT FACILITY | - | - | 20,000 | - | 20,000 | |||||||||||
NOTES PAYABLE | 7,653 | - | 54,740 | - | 62,393 | |||||||||||
DEFERRED INCOME TAXES | -369 | - | 92,506 | - | 92,137 | |||||||||||
PAYABLES TO AFFILIATES | 84,193 | 728 | 23,418 | -108,339 | - | |||||||||||
OTHER | 20,110 | - | 439 | - | 20,549 | |||||||||||
Total liabilities | 272,605 | 2,719 | 476,394 | -110,922 | 640,796 | |||||||||||
TOTAL EQUITY | 615,985 | 6,109 | 248,553 | -622,094 | 248,553 | |||||||||||
TOTAL | $ | 888,590 | $ | 8,828 | $ | 724,947 | $ | -733,016 | $ | 889,349 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF DECEMBER 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 41,724 | $ | 663 | $ | 2 | $ | - | $ | 42,389 | ||||||
Accounts receivable — net | 115,739 | 355 | - | -2,906 | 113,188 | |||||||||||
Receivables from affiliates | 152,822 | 3,673 | 55,805 | -212,300 | - | |||||||||||
Contract revenues in excess of billings | 78,631 | 4,236 | - | -310 | 82,557 | |||||||||||
Inventories | 34,735 | - | - | - | 34,735 | |||||||||||
Prepaid expenses and other current assets | 54,327 | 431 | 14,617 | - | 69,375 | |||||||||||
Total current assets | 477,978 | 9,358 | 70,424 | -215,516 | 342,244 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 399,421 | 24 | - | - | 399,445 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 95,289 | - | - | - | 95,289 | |||||||||||
INVENTORIES — Noncurrent | 36,262 | - | - | - | 36,262 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 7,889 | - | - | - | 7,889 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,757 | - | 619,220 | -622,977 | - | |||||||||||
OTHER | 7,135 | 3 | 4,967 | - | 12,105 | |||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 121,282 | $ | 1,389 | $ | 516 | $ | -3,216 | $ | 119,971 | ||||||
Payables to affiliates | 196,829 | 403 | 15,068 | -212,300 | - | |||||||||||
Accrued expenses | 60,415 | 659 | 8,967 | - | 70,041 | |||||||||||
Billings in excess of contract revenues | 4,639 | - | - | - | 4,639 | |||||||||||
Current portion of long term debt | 859 | - | 5,000 | - | 5,859 | |||||||||||
Total current liabilities | 384,024 | 2,451 | 29,551 | -215,516 | 200,510 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 274,880 | - | 274,880 | |||||||||||
NOTE PAYABLE | 7,553 | - | 41,944 | - | 49,497 | |||||||||||
DEFERRED INCOME TAXES | 172 | - | 91,835 | - | 92,007 | |||||||||||
OTHER | 19,939 | - | 438 | - | 20,377 | |||||||||||
Total liabilities | 411,688 | 2,451 | 438,648 | -215,516 | 637,271 | |||||||||||
TOTAL EQUITY | 616,043 | 6,934 | 255,963 | -622,977 | 255,963 | |||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 172,354 | $ | 3,192 | $ | - | $ | -989 | $ | 174,557 | ||||||
Costs of contract revenues | -161,204 | -3,660 | - | 989 | -163,875 | |||||||||||
Gross profit | 11,150 | -468 | - | - | 10,682 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 17,948 | - | - | - | 17,948 | |||||||||||
(Gain) loss on sale of assets—net | -8 | - | - | - | -8 | |||||||||||
Operating loss | -6,790 | -468 | - | - | -7,258 | |||||||||||
Interest expense—net | -299 | - | -5,331 | - | -5,630 | |||||||||||
Equity in earnings (loss) of subsidiaries | 4 | - | -9,177 | 9,173 | - | |||||||||||
Equity in loss of joint ventures | -1,098 | - | - | - | -1,098 | |||||||||||
Gain on bargain purchase acquisition | - | - | - | - | - | |||||||||||
Other income | -434 | -7 | - | - | -441 | |||||||||||
Income (loss) before income taxes | -8,617 | -475 | -14,508 | 9,173 | -14,427 | |||||||||||
Income tax (provision) benefit | - | -81 | 6,118 | - | 6,037 | |||||||||||
Income (loss) | $ | -8,617 | $ | -556 | $ | -8,390 | $ | 9,173 | $ | -8,390 | ||||||
Comprehensive income (loss) | $ | -8,617 | $ | -1,364 | $ | -9,198 | $ | 9,981 | $ | -9,198 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 173,322 | $ | 6,029 | $ | - | $ | -4,969 | $ | 174,382 | ||||||
Costs of contract revenues | -150,737 | -7,707 | - | 4,969 | -153,475 | |||||||||||
Gross profit | 22,585 | -1,678 | - | - | 20,907 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 17,870 | - | - | - | 17,870 | |||||||||||
Gain on sale of assets—net | 152 | - | - | - | 152 | |||||||||||
Operating income (loss) | 4,563 | -1,678 | - | - | 2,885 | |||||||||||
Interest expense—net | 69 | -129 | -4,956 | - | -5,016 | |||||||||||
Equity in earnings (loss) of subsidiaries | -1,143 | - | 3,505 | -2,362 | - | |||||||||||
Equity in loss of joint ventures | -1,843 | - | - | - | -1,843 | |||||||||||
Other income | 58 | 7 | - | - | 65 | |||||||||||
Income (loss) from continuing operations before income taxes | 1,704 | -1,800 | -1,451 | -2,362 | -3,909 | |||||||||||
Income tax benefit | 480 | - | 973 | - | 1,453 | |||||||||||
Income (loss) from continuing operations | 2,184 | -1,800 | -478 | -2,362 | -2,456 | |||||||||||
Loss from discontinued operations, net of income taxes | -2,868 | -1,024 | -4,717 | 5,870 | -2,739 | |||||||||||
Net income (loss) | $ | -684 | $ | -2,824 | $ | -5,195 | $ | 3,508 | $ | -5,195 | ||||||
Comprehensive loss | $ | -973 | $ | -3,013 | $ | -5,673 | $ | 3,986 | $ | -5,673 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities | $ | -2,484 | $ | 155 | $ | -8,248 | $ | - | $ | -10,577 | ||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -20,777 | - | - | - | -20,777 | |||||||||||
Proceeds from dispositions of property and equipment | 40 | - | - | - | 40 | |||||||||||
Payments on vendor performance obligations | - | - | - | - | - | |||||||||||
Payments for acquisitions of businesses | - | - | - | - | - | |||||||||||
Net change in accounts with affiliates | 9,748 | - | - | -9,748 | - | |||||||||||
Net cash flows used in investing activities | -10,989 | - | - | -9,748 | -20,737 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Deferred financing fees | - | - | -29 | - | -29 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -13 | - | -13 | |||||||||||
Repayments of term loan facility | - | - | -1,250 | - | -1,250 | |||||||||||
Repayments of equipment debt | -214 | - | - | - | -214 | |||||||||||
Proceeds from equipment debt | -15,569 | - | 15,977 | - | 408 | |||||||||||
Net change in accounts with affiliates | - | 633 | -10,381 | 9,748 | - | |||||||||||
Capital contributions | 16,800 | - | -16,800 | - | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 736 | - | 736 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 8 | - | 8 | |||||||||||
Borrowings under revolving loans | - | - | 53,000 | - | 53,000 | |||||||||||
Repayments of revolving loans | - | - | -33,000 | - | -33,000 | |||||||||||
Net cash flows provided by financing activities | 1,017 | 633 | 8,248 | 9,748 | 19,646 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -102 | - | - | -102 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -12,456 | 686 | - | - | -11,770 | |||||||||||
Cash and cash equivalents at beginning of period | 41,724 | 663 | 2 | - | 42,389 | |||||||||||
Cash and cash equivalents at end of period | $ | 29,268 | $ | 1,349 | $ | 2 | $ | - | $ | 30,619 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 11,746 | $ | -2,094 | $ | -1,007 | $ | - | $ | 8,645 | ||||||
Net cash flows used in operating activities of discontinued operations | -1,611 | -1,024 | - | - | -2,635 | |||||||||||
Cash provided by (used in) operating activities | 10,135 | -3,118 | -1,007 | - | 6,010 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -21,631 | - | - | - | -21,631 | |||||||||||
Proceeds from dispositions of property and equipment | 64 | - | - | - | 64 | |||||||||||
Proceeds from vendor performance obligations | -3,100 | - | - | - | -3,100 | |||||||||||
Net change in accounts with affiliates | -722 | - | - | 722 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -25,389 | - | - | 722 | -24,667 | |||||||||||
Net cash flows used in investing activities of discontinued operations | -26 | - | - | - | -26 | |||||||||||
Cash used in investing activities | -25,415 | - | - | 722 | -24,693 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Purchase of noncontrolling interest | - | - | -205 | - | -205 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | - | - | - | |||||||||||
Repayment of equipment debt | - | - | - | - | - | |||||||||||
Net change in accounts with affiliates | - | 1,864 | -1,142 | -722 | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 415 | - | 415 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 4 | - | 4 | |||||||||||
Borrowings under revolving loans | - | - | 40,000 | - | 40,000 | |||||||||||
Repayments of revolving loans | - | - | -38,000 | - | -38,000 | |||||||||||
Cash provided by financing activities | - | 1,864 | 1,072 | -722 | 2,214 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -174 | - | - | -174 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -15,280 | -1,428 | 65 | - | -16,643 | |||||||||||
Cash and cash equivalents at beginning of period | 71,939 | 3,399 | - | - | 75,338 | |||||||||||
Cash and cash equivalents at end of period | $ | 56,659 | $ | 1,971 | $ | 65 | $ | - | $ | 58,695 | ||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings per share [Abstract] | |||||||
Computations For Basic And Diluted Earnings Per Share | |||||||
Three Months Ended | |||||||
(shares in thousands) | March 31, | ||||||
2015 | 2014 | ||||||
Loss from continuing operations | $ | -8,390 | $ | -2,456 | |||
Loss on discontinued operations, net of income taxes | - | -2,739 | |||||
Net loss | -8,390 | -5,195 | |||||
Weighted-average common shares outstanding — basic and diluted | 60,265 | 59,708 | |||||
Loss per share from continuing operations — basic | $ | -0.14 | $ | -0.04 | |||
Loss per share from continuing operations — diluted | $ | -0.14 | $ | -0.04 | |||
Accounts_Receivable_And_Contra1
Accounts Receivable And Contracts In Progress (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | |||||||
Schedule Of Accounts Receivable | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Completed contracts | $ | 12,538 | $ | 15,342 | |||
Contracts in progress | 45,383 | 72,459 | |||||
Retainage | 19,445 | 27,371 | |||||
77,366 | 115,172 | ||||||
Allowance for doubtful accounts | -608 | -578 | |||||
Total accounts receivable—net | $ | 76,758 | $ | 114,594 | |||
Current portion of accounts receivable—net | $ | 75,348 | $ | 113,188 | |||
Long-term accounts receivable and retainage | 1,410 | 1,406 | |||||
Total accounts receivable—net | $ | 76,758 | $ | 114,594 | |||
Components Of Contracts In Progress | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 496,995 | $ | 833,368 | |||
Amounts billed | -408,324 | -759,877 | |||||
Costs and earnings in excess of billings for contracts in progress | 88,671 | 73,491 | |||||
Costs and earnings in excess of billings for completed contracts | 13,331 | 9,066 | |||||
Total contract revenues in excess of billings | $ | 102,002 | $ | 82,557 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -310,521 | $ | -181,698 | |||
Costs and earnings for contracts in progress | 307,904 | 177,059 | |||||
Total billings in excess of contract revenues | $ | -2,617 | $ | -4,639 | |||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accrued Expenses [Abstract] | |||||||
Accrued Expenses | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Insurance | $ | 17,917 | $ | 16,778 | |||
Accumulated deficit in joint ventures | 10,383 | 10,383 | |||||
Payroll and employee benefits | 6,646 | 8,808 | |||||
Income and other taxes | 3,543 | 5,857 | |||||
Interest | 3,069 | 8,270 | |||||
Fuel hedge contracts | 1,978 | 3,029 | |||||
Percentage of completion adjustment | 1,096 | 1,870 | |||||
Other | 13,402 | 15,046 | |||||
Total accrued expenses | $ | 58,034 | $ | 70,041 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Schedule Of Fair Values Of Financial Instruments And Nonfinancial Assets And Liabilities Measured At The Reporting Date | The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage foreign currency risk and commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: | ||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At March 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 1,978 | $ | - | $ | 1,978 | $ | - | |||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 3,029 | $ | - | $ | 3,029 | $ | - | |||||
Schedule Fair Value Measurements Balance Sheet Location | |||||||||||||
Fair Value at | |||||||||||||
March 31, | December 31, | ||||||||||||
Balance Sheet Location | 2015 | 2014 | |||||||||||
Liability derivatives: | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 1,978 | $ | 3,029 | ||||||||
Changes In Components Of Accumulated other comprehensive loss (Table) | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -808 | $ | -189 | |||||||||
Derivatives: | |||||||||||||
Reclassification of derivative gains to earnings—net of tax | - | -46 | |||||||||||
Change in fair value of derivatives—net of tax | - | -243 | |||||||||||
Net unrealized gain on derivatives—net of tax | - | -289 | |||||||||||
Total other comprehensive loss | $ | -808 | $ | -478 | |||||||||
Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
Statement of Operations Location | 2014 | ||||||||||||
Derivatives: | |||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -77 | ||||||||||
Income tax provision | -31 | ||||||||||||
$ | -46 | ||||||||||||
Business_Dispositions_Tables
Business Dispositions (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Business Dispositions [Abstract] | ||||||
Schedule Of Discontinued Operation | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | ||||||
Revenue | $ | 12,124 | ||||
Loss before income taxes from discontinued operations | $ | -9,620 | ||||
Income tax benefit | 6,881 | |||||
Loss from discontinued operations, net of income taxes | $ | -2,739 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Segment Information [Abstract] | |||||||
Segment Reporting By Segment | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Dredging | |||||||
Contract revenues | $ | 154,128 | $ | 161,960 | |||
Operating income | 7,874 | 7,429 | |||||
Environmental & remediation | |||||||
Contract revenues | $ | 21,552 | $ | 12,730 | |||
Operating loss | -15,132 | -4,544 | |||||
Intersegment revenues | -1,123 | -308 | |||||
Total | |||||||
Contract revenues | $ | 174,557 | $ | 174,382 | |||
Operating income (loss) | -7,258 | 2,885 | |||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Subsidiary Guarantors [Abstract] | ||||||||||||||||
Condensed Consolidating of Balance Sheet | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF MARCH 31, 2015 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 29,268 | $ | 1,349 | $ | 2 | $ | - | $ | 30,619 | ||||||
Accounts receivable — net | 77,237 | 258 | - | -2,147 | 75,348 | |||||||||||
Contract revenues in excess of billings | 99,307 | 3,131 | - | -436 | 102,002 | |||||||||||
Inventories | 32,870 | - | - | - | 32,870 | |||||||||||
Prepaid expenses and other current assets | 57,921 | 396 | 21,326 | - | 79,643 | |||||||||||
Total current assets | 296,603 | 5,134 | 21,328 | -2,583 | 320,482 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 418,819 | 20 | - | - | 418,839 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 93,522 | - | - | - | 93,522 | |||||||||||
INVENTORIES — Noncurrent | 36,555 | - | - | - | 36,555 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 7,726 | - | - | - | 7,726 | |||||||||||
RECEIVABLES FROM AFFILIATES | 24,037 | 3,671 | 80,631 | -108,339 | - | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,725 | - | 618,369 | -622,094 | - | |||||||||||
OTHER | 7,603 | 3 | 4,619 | - | 12,225 | |||||||||||
TOTAL | $ | 888,590 | $ | 8,828 | $ | 724,947 | $ | -733,016 | $ | 889,349 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 103,231 | $ | 1,566 | $ | 147 | $ | -2,583 | $ | 102,361 | ||||||
Accrued expenses | 54,528 | 202 | 3,304 | - | 58,034 | |||||||||||
Billings in excess of contract revenues | 2,394 | 223 | - | - | 2,617 | |||||||||||
Current portion of long term debt | 865 | - | 6,953 | - | 7,818 | |||||||||||
Total current liabilities | 161,018 | 1,991 | 10,404 | -2,583 | 170,830 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 274,887 | - | 274,887 | |||||||||||
REVOLVING CREDIT FACILITY | - | - | 20,000 | - | 20,000 | |||||||||||
NOTES PAYABLE | 7,653 | - | 54,740 | - | 62,393 | |||||||||||
DEFERRED INCOME TAXES | -369 | - | 92,506 | - | 92,137 | |||||||||||
PAYABLES TO AFFILIATES | 84,193 | 728 | 23,418 | -108,339 | - | |||||||||||
OTHER | 20,110 | - | 439 | - | 20,549 | |||||||||||
Total liabilities | 272,605 | 2,719 | 476,394 | -110,922 | 640,796 | |||||||||||
TOTAL EQUITY | 615,985 | 6,109 | 248,553 | -622,094 | 248,553 | |||||||||||
TOTAL | $ | 888,590 | $ | 8,828 | $ | 724,947 | $ | -733,016 | $ | 889,349 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF DECEMBER 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 41,724 | $ | 663 | $ | 2 | $ | - | $ | 42,389 | ||||||
Accounts receivable — net | 115,739 | 355 | - | -2,906 | 113,188 | |||||||||||
Receivables from affiliates | 152,822 | 3,673 | 55,805 | -212,300 | - | |||||||||||
Contract revenues in excess of billings | 78,631 | 4,236 | - | -310 | 82,557 | |||||||||||
Inventories | 34,735 | - | - | - | 34,735 | |||||||||||
Prepaid expenses and other current assets | 54,327 | 431 | 14,617 | - | 69,375 | |||||||||||
Total current assets | 477,978 | 9,358 | 70,424 | -215,516 | 342,244 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 399,421 | 24 | - | - | 399,445 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 95,289 | - | - | - | 95,289 | |||||||||||
INVENTORIES — Noncurrent | 36,262 | - | - | - | 36,262 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 7,889 | - | - | - | 7,889 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,757 | - | 619,220 | -622,977 | - | |||||||||||
OTHER | 7,135 | 3 | 4,967 | - | 12,105 | |||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 121,282 | $ | 1,389 | $ | 516 | $ | -3,216 | $ | 119,971 | ||||||
Payables to affiliates | 196,829 | 403 | 15,068 | -212,300 | - | |||||||||||
Accrued expenses | 60,415 | 659 | 8,967 | - | 70,041 | |||||||||||
Billings in excess of contract revenues | 4,639 | - | - | - | 4,639 | |||||||||||
Current portion of long term debt | 859 | - | 5,000 | - | 5,859 | |||||||||||
Total current liabilities | 384,024 | 2,451 | 29,551 | -215,516 | 200,510 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 274,880 | - | 274,880 | |||||||||||
NOTE PAYABLE | 7,553 | - | 41,944 | - | 49,497 | |||||||||||
DEFERRED INCOME TAXES | 172 | - | 91,835 | - | 92,007 | |||||||||||
OTHER | 19,939 | - | 438 | - | 20,377 | |||||||||||
Total liabilities | 411,688 | 2,451 | 438,648 | -215,516 | 637,271 | |||||||||||
TOTAL EQUITY | 616,043 | 6,934 | 255,963 | -622,977 | 255,963 | |||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | ||||||
Schedule Of Condensed Consolidating Operations And Comprehensive Income | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 172,354 | $ | 3,192 | $ | - | $ | -989 | $ | 174,557 | ||||||
Costs of contract revenues | -161,204 | -3,660 | - | 989 | -163,875 | |||||||||||
Gross profit | 11,150 | -468 | - | - | 10,682 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 17,948 | - | - | - | 17,948 | |||||||||||
(Gain) loss on sale of assets—net | -8 | - | - | - | -8 | |||||||||||
Operating loss | -6,790 | -468 | - | - | -7,258 | |||||||||||
Interest expense—net | -299 | - | -5,331 | - | -5,630 | |||||||||||
Equity in earnings (loss) of subsidiaries | 4 | - | -9,177 | 9,173 | - | |||||||||||
Equity in loss of joint ventures | -1,098 | - | - | - | -1,098 | |||||||||||
Gain on bargain purchase acquisition | - | - | - | - | - | |||||||||||
Other income | -434 | -7 | - | - | -441 | |||||||||||
Income (loss) before income taxes | -8,617 | -475 | -14,508 | 9,173 | -14,427 | |||||||||||
Income tax (provision) benefit | - | -81 | 6,118 | - | 6,037 | |||||||||||
Income (loss) | $ | -8,617 | $ | -556 | $ | -8,390 | $ | 9,173 | $ | -8,390 | ||||||
Comprehensive income (loss) | $ | -8,617 | $ | -1,364 | $ | -9,198 | $ | 9,981 | $ | -9,198 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 173,322 | $ | 6,029 | $ | - | $ | -4,969 | $ | 174,382 | ||||||
Costs of contract revenues | -150,737 | -7,707 | - | 4,969 | -153,475 | |||||||||||
Gross profit | 22,585 | -1,678 | - | - | 20,907 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 17,870 | - | - | - | 17,870 | |||||||||||
Gain on sale of assets—net | 152 | - | - | - | 152 | |||||||||||
Operating income (loss) | 4,563 | -1,678 | - | - | 2,885 | |||||||||||
Interest expense—net | 69 | -129 | -4,956 | - | -5,016 | |||||||||||
Equity in earnings (loss) of subsidiaries | -1,143 | - | 3,505 | -2,362 | - | |||||||||||
Equity in loss of joint ventures | -1,843 | - | - | - | -1,843 | |||||||||||
Other income | 58 | 7 | - | - | 65 | |||||||||||
Income (loss) from continuing operations before income taxes | 1,704 | -1,800 | -1,451 | -2,362 | -3,909 | |||||||||||
Income tax benefit | 480 | - | 973 | - | 1,453 | |||||||||||
Income (loss) from continuing operations | 2,184 | -1,800 | -478 | -2,362 | -2,456 | |||||||||||
Loss from discontinued operations, net of income taxes | -2,868 | -1,024 | -4,717 | 5,870 | -2,739 | |||||||||||
Net income (loss) | $ | -684 | $ | -2,824 | $ | -5,195 | $ | 3,508 | $ | -5,195 | ||||||
Comprehensive loss | $ | -973 | $ | -3,013 | $ | -5,673 | $ | 3,986 | $ | -5,673 | ||||||
Condensed Cash Flow Statement | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities | $ | -2,484 | $ | 155 | $ | -8,248 | $ | - | $ | -10,577 | ||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -20,777 | - | - | - | -20,777 | |||||||||||
Proceeds from dispositions of property and equipment | 40 | - | - | - | 40 | |||||||||||
Payments on vendor performance obligations | - | - | - | - | - | |||||||||||
Payments for acquisitions of businesses | - | - | - | - | - | |||||||||||
Net change in accounts with affiliates | 9,748 | - | - | -9,748 | - | |||||||||||
Net cash flows used in investing activities | -10,989 | - | - | -9,748 | -20,737 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Deferred financing fees | - | - | -29 | - | -29 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -13 | - | -13 | |||||||||||
Repayments of term loan facility | - | - | -1,250 | - | -1,250 | |||||||||||
Repayments of equipment debt | -214 | - | - | - | -214 | |||||||||||
Proceeds from equipment debt | -15,569 | - | 15,977 | - | 408 | |||||||||||
Net change in accounts with affiliates | - | 633 | -10,381 | 9,748 | - | |||||||||||
Capital contributions | 16,800 | - | -16,800 | - | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 736 | - | 736 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 8 | - | 8 | |||||||||||
Borrowings under revolving loans | - | - | 53,000 | - | 53,000 | |||||||||||
Repayments of revolving loans | - | - | -33,000 | - | -33,000 | |||||||||||
Net cash flows provided by financing activities | 1,017 | 633 | 8,248 | 9,748 | 19,646 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -102 | - | - | -102 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -12,456 | 686 | - | - | -11,770 | |||||||||||
Cash and cash equivalents at beginning of period | 41,724 | 663 | 2 | - | 42,389 | |||||||||||
Cash and cash equivalents at end of period | $ | 29,268 | $ | 1,349 | $ | 2 | $ | - | $ | 30,619 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 11,746 | $ | -2,094 | $ | -1,007 | $ | - | $ | 8,645 | ||||||
Net cash flows used in operating activities of discontinued operations | -1,611 | -1,024 | - | - | -2,635 | |||||||||||
Cash provided by (used in) operating activities | 10,135 | -3,118 | -1,007 | - | 6,010 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -21,631 | - | - | - | -21,631 | |||||||||||
Proceeds from dispositions of property and equipment | 64 | - | - | - | 64 | |||||||||||
Proceeds from vendor performance obligations | -3,100 | - | - | - | -3,100 | |||||||||||
Net change in accounts with affiliates | -722 | - | - | 722 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -25,389 | - | - | 722 | -24,667 | |||||||||||
Net cash flows used in investing activities of discontinued operations | -26 | - | - | - | -26 | |||||||||||
Cash used in investing activities | -25,415 | - | - | 722 | -24,693 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Purchase of noncontrolling interest | - | - | -205 | - | -205 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | - | - | - | |||||||||||
Repayment of equipment debt | - | - | - | - | - | |||||||||||
Net change in accounts with affiliates | - | 1,864 | -1,142 | -722 | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 415 | - | 415 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 4 | - | 4 | |||||||||||
Borrowings under revolving loans | - | - | 40,000 | - | 40,000 | |||||||||||
Repayments of revolving loans | - | - | -38,000 | - | -38,000 | |||||||||||
Cash provided by financing activities | - | 1,864 | 1,072 | -722 | 2,214 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -174 | - | - | -174 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -15,280 | -1,428 | 65 | - | -16,643 | |||||||||||
Cash and cash equivalents at beginning of period | 71,939 | 3,399 | - | - | 75,338 | |||||||||||
Cash and cash equivalents at end of period | $ | 56,659 | $ | 1,971 | $ | 65 | $ | - | $ | 58,695 | ||||||
Basis_of_presentation_Narrativ
Basis of presentation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Basis of presentation [Line Items] | |
Number of reportable segments | 2 |
Number of operating Segments | 4 |
Maximum [Member] | |
Basis of presentation [Line Items] | |
Average equipment-related costs of total costs of contract revenue | 22.00% |
Minimum [Member] | |
Basis of presentation [Line Items] | |
Average equipment-related costs of total costs of contract revenue | 20.00% |
Earnings_per_share_Estimated_U
Earnings per share (Estimated Useful Lives By Class Of Assets) (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings per share [Abstract] | ||
Potentially dilutive stock options and restricted stock units | 534 | 789,000 |
Earnings_per_share_Computation
Earnings per share (Computations For Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basis of presentation | ||
Loss from continuing operations | ($8,390) | ($2,456) |
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -2,739 | |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock | ($8,390) | ($5,195) |
Weighted-average common shares outstanding - basic and diluted | 60,265 | 59,708 |
Weighted-average common shares outstanding - diluted | 60,265 | 59,708 |
Loss per share from continuing operations - basic | ($0.14) | ($0.04) |
Loss per share from continuing operations - diluted | ($0.14) | ($0.04) |
Accounts_Receivable_And_Contra2
Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ||
Retainage | $19,445 | $27,371 |
Accounts Receivable, Gross | 77,366 | 115,172 |
Allowance for doubtful accounts | -608 | -578 |
Total accounts receivable-net | 76,758 | 114,594 |
Current portion of accounts receivable-net | 75,348 | 113,188 |
Long-term accounts receivable and retainage | 1,410 | 1,406 |
Completed Contracts [Member] | ||
Accounts Receivable [Line Items] | ||
Contracts | 12,538 | 15,342 |
Contracts In Progress [Member] | ||
Accounts Receivable [Line Items] | ||
Contracts | $45,383 | $72,459 |
Accounts_Receivable_And_Contra3
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings in excess of billings for contracts in progress | $88,671 | $73,491 |
Costs and earnings in excess of billings for completed contracts | 13,331 | 9,066 |
Total contract revenues in excess of billings | 102,002 | 82,557 |
Total billings in excess of contract revenues | -2,617 | -4,639 |
Costs And Earnings In Excess Of Billings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 496,995 | 833,368 |
Amounts billed | -408,324 | -759,877 |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billings in excess of costs and earnings, Amounts billed | -310,521 | -181,698 |
Billings in excess of costs and earnings, Costs and earnings for contracts in progress | $307,904 | $177,059 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Insurance | $17,917 | $16,778 |
Accumulated deficit in joint ventures | 10,383 | 10,383 |
Payroll and employee benefits | 6,646 | 8,808 |
Income and other taxes | 3,543 | 5,857 |
Interest | 3,069 | 8,270 |
Fuel hedge contracts | 1,978 | 3,029 |
Percentage of completion adjustment | 1,096 | 1,870 |
Other | 13,402 | 15,046 |
Total accrued expenses | $58,034 | $70,041 |
Longterm_debt_Narrative_Detail
Long-term debt (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 04, 2014 | Feb. 28, 2019 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | $20,000 | $49,497 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 20000.00% | ||||||||
Revolving credit facility, basis spread on variable rate | 20000.00% | ||||||||
Letters of credit outstanding | 125,461 | ||||||||
Letter of credit remaining borrowing capacity | 64,539 | ||||||||
Principal amount | 50,000 | ||||||||
Borrowed aggregate principal amount | 47,360 | ||||||||
Redemption prices | 100.00% | 101.80% | 103.70% | ||||||
Term loan facility bear interest fixed rate | 4.66% | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 2.00% | ||||||||
Term Loan number of years | 5 years | ||||||||
Net book value of related assets | 160,113 | ||||||||
Secured promissory note which has an aggregate principal amount | 7,544 | ||||||||
Secured promissory note accrues interest rate | 5.00% | ||||||||
Long-term Debt, Current Maturities | 7,818 | 5,859 | |||||||
Purchases of property and equipment | 20,777 | 21,631 | |||||||
Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 275,000 | ||||||||
Stated interest rate | 7.38% | ||||||||
Interest Rate, Stated Percentage | 7.38% | ||||||||
Term Loan Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value of related assets | 49,039 | ||||||||
Vessels and Ancillary Equipment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 5.75% | ||||||||
Interest Rate, Stated Percentage | 5.75% | ||||||||
Long-term Debt, Current Maturities | 2,818 | ||||||||
Long-term Debt, Excluding Current Maturities | 14,470 | ||||||||
Purchases of property and equipment | 15,569 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 210,000 | ||||||||
Line of Credit Facility, Amount Outstanding | 20,000 | ||||||||
Line of credit facility optional increase capacity | 15,000 | ||||||||
Revolving credit facility, interest rate description | The Credit Agreement is collateralized by a substantial portion of the Company's operating equipment with a net book value at March 31, 2015 of $160,113. Depending on the Company's consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the amended revolving credit facility will bear interest at the option of the Company at either a LIBOR rate plus a margin of between 1.50% to 2.50% per annum or a base rate plus a margin of between 0.50% to 1.50% per annum. | ||||||||
Multicurrency [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 50,000 | ||||||||
Swingline Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 10,000 | ||||||||
GLDD Corporation [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | 20,000 | 41,944 | |||||||
Long-term Debt, Current Maturities | $6,953 | $5,000 | |||||||
Maximum [Member] | LIBOR Rate [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Revolving credit facility, basis spread on variable rate | 2.50% | ||||||||
Maximum [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Revolving credit facility, basis spread on variable rate | 1.50% | ||||||||
Minimum [Member] | LIBOR Rate [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Revolving credit facility, basis spread on variable rate | 1.50% | ||||||||
Minimum [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Revolving credit facility, basis spread on variable rate | 0.50% |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Feb. 01, 2019 | Dec. 31, 2014 | Nov. 30, 2014 | Mar. 31, 2011 |
gal | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Derivative underlying hedge percent | 80.00% | ||||
Derivative, Nonmonetary Notional Amount, Volume | 6,400,000 | ||||
Fair value hedge liabilities | $1,978 | $3,029 | |||
Senior Notes | 274,887 | 275,000 | 274,880 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.38% | ||||
Senior notes interest rate | 7.38% | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fixed price range | 2.92 | ||||
Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fixed price range | 1.83 | ||||
Other Financial Instruments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Senior Notes | $281,875 | $275,000 | $275,000 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.38% | 7.38% | |||
Senior notes interest rate | 7.38% | 7.38% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements at Reporting Date Using) (Details) (Fuel Hedge Contracts [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Net Asset (Liability) | $1,978 | $3,029 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Net Asset (Liability) | $1,978 | $3,029 |
Fair_Value_Measurements_Accumu
Fair Value Measurements (Accumulated other comprehensive loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Cumulative translation adjustments-net of tax | ($808) | ($189) |
Reclassification of derivative losses (gains) to earnings-net of tax | -46 | |
Change in fair value of derivatives-net of tax | -243 | |
Net unrealized (gain) loss on derivatives-net of tax (2) | -289 | |
Net unrealized gain on derivatives-net of tax | -808 | -478 |
Costs of contract revenues | 163,875 | 153,475 |
Income tax provision | -6,037 | -1,453 |
Net income (loss) | -8,390 | -5,195 |
Fuel Hedge Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Costs of contract revenues | -77 | |
Income tax provision | -31 | |
Net income (loss) | ($46) |
Fair_Value_Measurements_Balanc
Fair Value Measurements (Balance Sheet Location) (Details) (Designated as Hedging Instrument [Member], Other Current Assets [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | $1,978 | $3,029 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units | 662,000 | |
Share-based compensation expense | $1,057 | $996 |
Employees And Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 5,800,000 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | |
Jan. 14, 2015 | Jan. 31, 2014 | 31-May-13 | Mar. 31, 2015 | |
Commitments And Contingencies [Line Items] | ||||
Outstanding performance bonds | $1,164,253 | |||
Revenue value remaining from outstanding performance bonds | 493,501,000 | |||
Proceeds from Lines of Credit | 13,600,000 | |||
Proceeds from Legal Settlements | 5,309,000 | |||
Gain (Loss) Related to Litigation Settlement | 10,500,000 | |||
Funds remitted | 3,100,000 | |||
Projects Accounted For Discontinued Operations [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Outstanding performance bonds | 49,048,000 | |||
Maximum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Bids bond range | 10,000,000 | |||
Warranty periods | 3 years | |||
Minimum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Bids bond range | $1,000,000 | |||
Warranty periods | 1 year |
Investment_Investment_Details
Investment (Investment) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | |||
Accrued Liabilities Current | $58,034 | $70,041 | |
TerraSea Environmental Solutions [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other current assets | 25,005 | 22,898 | |
Accrued Liabilities Current | $10,383 | $10,383 |
Business_Combinations_And_Disp
Business Combinations And Dispositions (Results Of Discontinued Operations) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 23, 2014 | Mar. 31, 2014 |
Business Dispositions [Abstract] | ||
Revenue | $12,124 | |
Loss before income taxes from discontinued operations | -9,620 | |
Income tax benefit | 6,881 | |
Loss from discontinued operations, net of income taxes | -2,739 | |
Proceeds from Divestiture of Businesses | $5,309 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
segment | ||
Segment Reporting Information [Line Items] | ||
Contract revenues | $174,557 | $174,382 |
Number of reportable segments | 2 | |
Dredging [Member] | ||
Segment Reporting Information [Line Items] | ||
Contract revenues | 154,128 | 161,960 |
Number of reportable segments | 2 | |
Demolition [Member] | ||
Segment Reporting Information [Line Items] | ||
Contract revenues | 21,552 | 12,730 |
Foreign [Member] | ||
Segment Reporting Information [Line Items] | ||
Contract revenues | 41,699 | 16,470 |
Intersegment Revenues [Member] | ||
Segment Reporting Information [Line Items] | ||
Contract revenues | ($1,123) | ($308) |
Segment_Information_Segment_Re
Segment Information (Segment Reporting By Segment) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
segment | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | $174,557 | $174,382 | |
Operating income (loss) | -7,258 | 2,885 | |
Depreciation and amortization | 13,153 | 10,885 | |
Total assets | 889,349 | 893,234 | |
Property and equipment - net | 418,839 | 399,445 | |
Investment in joint ventures | 7,726 | 7,889 | |
Number of Reportable Segments | 2 | ||
GLDD Corporation [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 724,947 | 694,611 | |
Dredging [Member] | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 154,128 | 161,960 | |
Operating income (loss) | 7,874 | 7,429 | |
Number of Reportable Segments | 2 | ||
Demolition [Member] | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 21,552 | 12,730 | |
Operating income (loss) | ($15,132) | ($4,544) |
Subsidiary_Guarantors_Narrativ
Subsidiary Guarantors (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Feb. 01, 2019 | Dec. 31, 2014 |
Subsidiary Guarantors [Abstract] | |||
Senior Notes | $274,887 | $275,000 | $274,880 |
Senior notes interest rate | 7.38% | ||
Owned Domestic Subsidiaries Percent | 100.00% |
Subsidiary_Guarantors_Condense
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) (Details) (USD $) | Feb. 01, 2019 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||||
ASSETS | |||||
Cash and cash equivalents | $30,619 | $42,389 | $58,695 | $75,338 | |
Accounts receivable-net | 75,348 | 113,188 | |||
Contract revenues in excess of billings | 102,002 | 82,557 | |||
Inventories | 32,870 | 34,735 | |||
Prepaid expenses and other current assets | 79,643 | 69,375 | |||
Total current assets | 320,482 | 342,244 | |||
PROPERTY AND EQUIPMENT-Net | 418,839 | 399,445 | |||
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 93,522 | 95,289 | |||
INVENTORIES-Noncurrent | 36,555 | 36,262 | |||
INVESTMENTS IN JOINT VENTURES | 7,726 | 7,889 | |||
OTHER | 12,225 | 12,105 | |||
TOTAL | 889,349 | 893,234 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | 102,361 | 119,971 | |||
Accrued expenses | 58,034 | 70,041 | |||
Billings in excess of contract revenues | 2,617 | 4,639 | |||
Current portion of long term debt | 7,818 | 5,859 | |||
Total current liabilities | 170,830 | 200,510 | |||
7 3/8% SENIOR NOTES | 275,000 | 274,887 | 274,880 | ||
REVOLVING CREDIT FACILITY | 20,000 | 49,497 | |||
NOTES PAYABLE | 62,393 | 49,497 | |||
DEFERRED INCOME TAXES | 92,137 | 92,007 | |||
OTHER | 20,549 | 20,377 | |||
Total liabilities | 640,796 | 637,271 | |||
EQUITY: | |||||
TOTAL EQUITY | 248,553 | 255,963 | 237,700 | 242,101 | |
TOTAL | 889,349 | 893,234 | |||
Subsidiary Guarantors [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 29,268 | 41,724 | 56,659 | 71,939 | |
Accounts receivable-net | 77,237 | 115,739 | |||
Receivables from affiliates | 152,822 | ||||
Contract revenues in excess of billings | 99,307 | 78,631 | |||
Inventories | 32,870 | 34,735 | |||
Prepaid expenses and other current assets | 57,921 | 54,327 | |||
Total current assets | 296,603 | 477,978 | |||
PROPERTY AND EQUIPMENT-Net | 418,819 | 399,421 | |||
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 93,522 | 95,289 | |||
INVENTORIES-Noncurrent | 36,555 | 36,262 | |||
INVESTMENTS IN JOINT VENTURES | 7,726 | 7,889 | |||
RECEIVABLES FROM AFFILIATES | 24,037 | ||||
INVESTMENTS IN SUBSIDIARIES | 3,725 | 3,757 | |||
OTHER | 7,603 | 7,135 | |||
TOTAL | 888,590 | 1,027,731 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | 103,231 | 121,282 | |||
Payables to affiliates | 84,193 | 196,829 | |||
Due from Affiliate, Current | 152,822 | ||||
Accrued expenses | 54,528 | 60,415 | |||
Billings in excess of contract revenues | 2,394 | 4,639 | |||
Current portion of long term debt | 865 | 859 | |||
Total current liabilities | 161,018 | 384,024 | |||
REVOLVING CREDIT FACILITY | 7,553 | ||||
NOTES PAYABLE | 7,653 | ||||
DEFERRED INCOME TAXES | -369 | 172 | |||
OTHER | 20,110 | 19,939 | |||
Total liabilities | 272,605 | 411,688 | |||
EQUITY: | |||||
TOTAL EQUITY | 615,985 | 616,043 | |||
TOTAL | 888,590 | 1,027,731 | |||
Non-Guarantor Subsidiaries [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 1,349 | 663 | 1,971 | 3,399 | |
Accounts receivable-net | 258 | 355 | |||
Receivables from affiliates | 3,673 | ||||
Contract revenues in excess of billings | 3,131 | 4,236 | |||
Prepaid expenses and other current assets | 396 | 431 | |||
Total current assets | 5,134 | 9,358 | |||
PROPERTY AND EQUIPMENT-Net | 20 | 24 | |||
RECEIVABLES FROM AFFILIATES | 3,671 | ||||
OTHER | 3 | 3 | |||
TOTAL | 8,828 | 9,385 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | 1,566 | 1,389 | |||
Payables to affiliates | 728 | 403 | |||
Due from Affiliate, Current | 3,673 | ||||
Accrued expenses | 202 | 659 | |||
Billings in excess of contract revenues | 223 | ||||
Total current liabilities | 1,991 | 2,451 | |||
Total liabilities | 2,719 | 2,451 | |||
EQUITY: | |||||
TOTAL EQUITY | 6,109 | 6,934 | |||
TOTAL | 8,828 | 9,385 | |||
GLDD Corporation [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 2 | 2 | 65 | ||
Receivables from affiliates | 55,805 | ||||
Prepaid expenses and other current assets | 21,326 | 14,617 | |||
Total current assets | 21,328 | 70,424 | |||
RECEIVABLES FROM AFFILIATES | 80,631 | ||||
INVESTMENTS IN SUBSIDIARIES | 618,369 | 619,220 | |||
OTHER | 4,619 | 4,967 | |||
TOTAL | 724,947 | 694,611 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | 147 | 516 | |||
Payables to affiliates | 23,418 | 15,068 | |||
Due from Affiliate, Current | 55,805 | ||||
Accrued expenses | 3,304 | 8,967 | |||
Current portion of long term debt | 6,953 | 5,000 | |||
Total current liabilities | 10,404 | 29,551 | |||
7 3/8% SENIOR NOTES | 274,887 | 274,880 | |||
REVOLVING CREDIT FACILITY | 20,000 | 41,944 | |||
NOTES PAYABLE | 54,740 | ||||
DEFERRED INCOME TAXES | 92,506 | 91,835 | |||
OTHER | 439 | 438 | |||
Total liabilities | 476,394 | 438,648 | |||
EQUITY: | |||||
TOTAL EQUITY | 248,553 | 255,963 | |||
TOTAL | 724,947 | 694,611 | |||
Eliminations [Member] | |||||
ASSETS | |||||
Accounts receivable-net | -2,147 | -2,906 | |||
Receivables from affiliates | -212,300 | ||||
Contract revenues in excess of billings | -436 | -310 | |||
Total current assets | -2,583 | -215,516 | |||
RECEIVABLES FROM AFFILIATES | -108,339 | ||||
INVESTMENTS IN SUBSIDIARIES | -622,094 | -622,977 | |||
TOTAL | -733,016 | -838,493 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | -2,583 | -3,216 | |||
Payables to affiliates | -108,339 | -212,300 | |||
Due from Affiliate, Current | -212,300 | ||||
Total current liabilities | -2,583 | -215,516 | |||
Total liabilities | -110,922 | -215,516 | |||
EQUITY: | |||||
TOTAL EQUITY | -622,094 | -622,977 | |||
TOTAL | ($733,016) | ($838,493) |
Subsidiary_Guarantors_Condense1
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Contract revenues | $174,557 | $174,382 |
Costs of contract revenues | -163,875 | -153,475 |
Gross profit | 10,682 | 20,907 |
General and administrative expenses | 17,948 | 17,870 |
Loss on sale of assets-net | -8 | 152 |
Operating income (loss) | -7,258 | 2,885 |
Interest expense-net | -5,630 | -5,016 |
Equity in loss of joint ventures | -1,098 | -1,843 |
Other income (expense) | -441 | 65 |
Income (loss) from continuing operations before income taxes | -14,427 | |
Loss from continuing operations before income taxes | -14,427 | -3,909 |
Income tax (provision) benefit | 6,037 | 1,453 |
Loss from continuing operations | -8,390 | -2,456 |
Loss from discontinued operations, net of income taxes | -2,739 | |
Net loss | -8,390 | -5,195 |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -8,390 | -5,195 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -9,198 | -5,673 |
Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Contract revenues | 172,354 | 173,322 |
Costs of contract revenues | -161,204 | -150,737 |
Gross profit | 11,150 | 22,585 |
General and administrative expenses | 17,948 | 17,870 |
Loss on sale of assets-net | -8 | 152 |
Operating income (loss) | -6,790 | 4,563 |
Interest expense-net | -299 | 69 |
Equity in earnings (loss) of subsidiaries | 4 | -1,143 |
Equity in loss of joint ventures | -1,098 | -1,843 |
Other income (expense) | -434 | 58 |
Income (loss) from continuing operations before income taxes | -8,617 | |
Loss from continuing operations before income taxes | 1,704 | |
Income tax (provision) benefit | 480 | |
Loss from continuing operations | -8,617 | 2,184 |
Loss from discontinued operations, net of income taxes | -2,868 | |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -684 | |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -8,617 | -973 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Contract revenues | 3,192 | 6,029 |
Costs of contract revenues | -3,660 | -7,707 |
Gross profit | -468 | -1,678 |
Operating income (loss) | -468 | -1,678 |
Interest expense-net | -129 | |
Other income (expense) | -7 | 7 |
Income (loss) from continuing operations before income taxes | -475 | |
Loss from continuing operations before income taxes | -1,800 | |
Income tax (provision) benefit | -81 | |
Loss from continuing operations | -556 | -1,800 |
Loss from discontinued operations, net of income taxes | -1,024 | |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -2,824 | |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -1,364 | -3,013 |
GLDD Corporation [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest expense-net | -5,331 | -4,956 |
Equity in earnings (loss) of subsidiaries | -9,177 | 3,505 |
Income (loss) from continuing operations before income taxes | -14,508 | |
Loss from continuing operations before income taxes | -1,451 | |
Income tax (provision) benefit | 6,118 | 973 |
Loss from continuing operations | -8,390 | -478 |
Loss from discontinued operations, net of income taxes | -4,717 | |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -5,195 | |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -9,198 | -5,673 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Contract revenues | -989 | -4,969 |
Costs of contract revenues | 989 | 4,969 |
Equity in earnings (loss) of subsidiaries | 9,173 | -2,362 |
Income (loss) from continuing operations before income taxes | 9,173 | |
Loss from continuing operations before income taxes | -2,362 | |
Loss from continuing operations | 9,173 | -2,362 |
Loss from discontinued operations, net of income taxes | 5,870 | |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 3,508 | |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $9,981 | $3,986 |
Subsidiary_Guarantors_Condense2
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | ($10,577) | $8,645 |
Net cash flows used in operating activities of discontinued operations | -2,635 | |
Cash provided by (used in) operating activities | -10,577 | 6,010 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | -20,777 | -21,631 |
Proceeds from dispositions of property and equipment | 40 | 64 |
Payments on vendor performance obligations | -3,100 | |
Net cash flows used in investing activities of continuing operations | -20,737 | -24,667 |
Net cash flows used in investing activities of discontinued operations | -26 | |
Cash used in investing activities | -20,737 | -24,693 |
FINANCING ACTIVITIES: | ||
Deferred financing fees | -29 | |
Taxes paid on settlement of vested share awards | -13 | |
Repayment of long term note payable | -1,250 | |
Repayments of equipment debt | -214 | |
Proceeds from equipment debt | 408 | |
Purchase of noncontrolling interest | 205 | |
Exercise of options and purchases from employee stock plans | 736 | 415 |
Excess income tax benefit from share-based compensation | 8 | 4 |
Borrowings under revolving loans | 53,000 | 40,000 |
Repayments of revolving loans | -33,000 | -38,000 |
Net cash flows provided by (used in) financing activities of continuing operations | 19,646 | |
Net cash provided by financing activities | 19,646 | 2,214 |
Effect of foreign currency exchange rates on cash and cash equivalents | -102 | -174 |
Net decrease in cash and cash equivalents | -11,770 | -16,643 |
Cash and cash equivalents at beginning of period | 42,389 | 75,338 |
Cash and cash equivalents at end of period | 30,619 | 58,695 |
Subsidiary Guarantors [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | -2,484 | 11,746 |
Net cash flows used in operating activities of discontinued operations | -1,611 | |
Cash provided by (used in) operating activities | 10,135 | |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | -20,777 | -21,631 |
Proceeds from dispositions of property and equipment | 40 | 64 |
Payments on vendor performance obligations | -3,100 | |
Net change in accounts with affiliates | 9,748 | -722 |
Net cash flows used in investing activities of continuing operations | -10,989 | -25,389 |
Net cash flows used in investing activities of discontinued operations | -26 | |
Cash used in investing activities | -25,415 | |
FINANCING ACTIVITIES: | ||
Repayments of equipment debt | -214 | |
Proceeds from equipment debt | -15,569 | |
Capital contributions | 16,800 | |
Net cash flows provided by (used in) financing activities of continuing operations | 1,017 | |
Net decrease in cash and cash equivalents | -12,456 | -15,280 |
Cash and cash equivalents at beginning of period | 41,724 | 71,939 |
Cash and cash equivalents at end of period | 29,268 | 56,659 |
Non-Guarantor Subsidiaries [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | 155 | -2,094 |
Net cash flows used in operating activities of discontinued operations | -1,024 | |
Cash provided by (used in) operating activities | -3,118 | |
FINANCING ACTIVITIES: | ||
Net change in accounts with affiliates, in finance activities | 633 | 1,864 |
Net cash flows provided by (used in) financing activities of continuing operations | 633 | |
Net cash provided by financing activities | 1,864 | |
Effect of foreign currency exchange rates on cash and cash equivalents | -102 | -174 |
Net decrease in cash and cash equivalents | 686 | -1,428 |
Cash and cash equivalents at beginning of period | 663 | 3,399 |
Cash and cash equivalents at end of period | 1,349 | 1,971 |
GLDD Corporation [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | -8,248 | -1,007 |
Cash provided by (used in) operating activities | -1,007 | |
FINANCING ACTIVITIES: | ||
Deferred financing fees | -29 | |
Taxes paid on settlement of vested share awards | -13 | |
Repayment of long term note payable | -1,250 | |
Proceeds from equipment debt | 15,977 | |
Purchase of noncontrolling interest | 205 | |
Exercise of options and purchases from employee stock plans | 736 | 415 |
Excess income tax benefit from share-based compensation | 8 | 4 |
Net change in accounts with affiliates, in finance activities | -10,381 | -1,142 |
Borrowings under revolving loans | 53,000 | 40,000 |
Repayments of revolving loans | -33,000 | -38,000 |
Capital contributions | -16,800 | |
Net cash flows provided by (used in) financing activities of continuing operations | 8,248 | |
Net cash provided by financing activities | 1,072 | |
Net decrease in cash and cash equivalents | 65 | |
Cash and cash equivalents at beginning of period | 2 | |
Cash and cash equivalents at end of period | 2 | 65 |
Eliminations [Member] | ||
INVESTING ACTIVITIES: | ||
Net change in accounts with affiliates | -9,748 | 722 |
Net cash flows used in investing activities of continuing operations | -9,748 | 722 |
Cash used in investing activities | 722 | |
FINANCING ACTIVITIES: | ||
Net change in accounts with affiliates, in finance activities | 9,748 | -722 |
Net cash flows provided by (used in) financing activities of continuing operations | 9,748 | |
Net cash provided by financing activities | ($722) |