Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GLDD | |
Entity Registrant Name | Great Lakes Dredge & Dock CORP | |
Entity Central Index Key | 1,372,020 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,521,274 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 14,696 | $ 42,389 |
Accounts receivable-net | 106,592 | 113,188 |
Contract revenues in excess of billings | 116,552 | 82,557 |
Inventories | 34,205 | 34,735 |
Prepaid expenses and other current assets | 67,730 | 69,375 |
Total current assets | 339,775 | 342,244 |
PROPERTY AND EQUIPMENT-Net | 418,308 | 399,445 |
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 89,014 | 95,289 |
INVENTORIES-Noncurrent | 37,084 | 36,262 |
INVESTMENTS IN JOINT VENTURES | 5,859 | 7,889 |
OTHER | 12,209 | 12,105 |
TOTAL | 902,249 | 893,234 |
CURRENT LIABILITIES: | ||
Accounts payable | 119,119 | 119,971 |
Accrued expenses | 60,884 | 70,041 |
Billings in excess of contract revenues | 3,904 | 4,639 |
Current portion of long term debt | 8,272 | 5,859 |
Total current liabilities | 192,179 | 200,510 |
7 3/8% SENIOR NOTES | 274,895 | 274,880 |
REVOLVING CREDIT FACILITY | 18,000 | |
NOTES PAYABLE | 53,880 | 49,497 |
DEFERRED INCOME TAXES | 89,368 | 92,007 |
OTHER | 21,759 | 20,377 |
Total liabilities | $ 650,081 | $ 637,271 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
EQUITY: | ||
Common stock-$.0001 par value; 90,000 authorized, 60,521 and 60,170 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively. | $ 6 | $ 6 |
Additional paid-in capital | 280,792 | 278,166 |
Accumulated deficit | (27,141) | (21,475) |
Accumulated other comprehensive loss | (1,489) | (734) |
Total equity | 252,168 | 255,963 |
TOTAL | $ 902,249 | $ 893,234 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 60,521,000 | 60,170,000 |
Common stock, shares outstanding | 60,521,000 | 60,170,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Operations [Abstract] | ||||
Contract revenues | $ 238,877 | $ 184,709 | $ 413,434 | $ 359,091 |
Costs of contract revenues | 206,590 | 158,506 | 370,465 | 311,981 |
Gross profit | 32,287 | 26,203 | 42,969 | 47,110 |
General and administrative expenses | 15,543 | 15,918 | 33,491 | 33,788 |
Impairment of goodwill | 2,750 | 2,750 | ||
(Gain) loss on sale of assets-net | 5 | 16 | (3) | 168 |
Operating income (loss) | 13,989 | 10,269 | 6,731 | 13,154 |
Interest expense-net | (5,567) | (5,012) | (11,197) | (10,028) |
Equity in loss of joint ventures | (2,616) | (1,435) | $ (3,714) | (3,278) |
Gain on bargain purchase acquisition | 2,197 | 2,197 | ||
Other income (expense) | (618) | (39) | $ (1,059) | 26 |
Income (loss) from continuing operations before income taxes | 5,188 | 5,980 | (9,239) | 2,071 |
Income tax (provision) benefit | (2,464) | (2,097) | 3,573 | (644) |
Income (loss) from continuing operations | 2,724 | 3,883 | $ (5,666) | 1,427 |
Loss from discontinued operations, net of income taxes | (5,320) | (8,059) | ||
Net income (loss) | $ 2,724 | $ (1,437) | $ (5,666) | $ (6,632) |
Basic earnings (loss) per share attributable to continuing operations | $ 0.05 | $ 0.06 | $ (0.09) | $ 0.02 |
Basic loss per share attributable to discontinued operations, net of tax | (0.08) | (0.13) | ||
Basic earnings (loss) per share | $ 0.05 | $ (0.02) | $ (0.09) | $ (0.11) |
Basic weighted average shares | 60,473 | 59,863 | 60,369 | 59,786 |
Diluted earnings (loss) per share attributable to continuing operations | $ 0.05 | $ 0.06 | $ (0.09) | $ 0.02 |
Diluted loss per share attributable to discontinued operations, net of tax | (0.08) | (0.13) | ||
Diluted earnings (loss) per share | $ 0.05 | $ (0.02) | $ (0.09) | $ (0.11) |
Diluted weighted average shares | 60,924 | 60,538 | 60,369 | 60,459 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||||
Net income (loss) | $ 2,724 | $ (1,437) | $ (5,666) | $ (6,632) | |
Currency translation adjustment-net of tax (1) | [1] | 53 | 216 | (755) | 27 |
Net unrealized gain on derivatives-net of tax (2) | [2] | 259 | (30) | ||
Other comprehensive income (loss)-net of tax | 53 | 475 | (755) | (3) | |
Comprehensive income (loss) | $ 2,777 | $ (962) | $ (6,421) | $ (6,635) | |
[1] | Net of income tax (expense) benefit of $(35) and $(143) for the three months ended June 30, 2015 and 2014, respectively and $500 and $(17) for six months ended June 30, 2015 and 2014, respectively. | ||||
[2] | Net of income tax (expense) benefit of $173 and $(21) for the three and six months ended June 30, 2014, respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Currency translation adjustment, tax | $ (35) | $ (143) | $ 500 | $ (17) |
Net unrealized (gain) loss on derivatives-net of tax | $ 173 | $ (21) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Total |
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 | 987 | 987 | ||||
Share-based compensation, Shares | 63 | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (484) | (484) | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 110 | |||||
Exercise of options and purchases from employee stock plans, Value | 620 | 620 | ||||
Exercise of options and purchases from employee stock plans, Shares | 112 | |||||
Excess income tax benefit from share based compensation | 64 | 64 | ||||
Distributions paid to noncontrolling interests | (988) | $ 845 | (143) | |||
Net income (loss) | (6,632) | (6,632) | ||||
Total other comprehensive income (loss) | (3) | (3) | ||||
BALANCE - value at Jun. 30, 2014 | $ 6 | 275,382 | (38,402) | (476) | 236,510 | |
BALANCE - shares at Jun. 30, 2014 | 59,955 | |||||
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 | 2,058 | 2,058 | ||||
Share-based compensation, Shares | 93 | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (265) | (265) | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 98 | |||||
Exercise of options and purchases from employee stock plans, Value | 846 | 846 | ||||
Exercise of options and purchases from employee stock plans, Shares | 160 | |||||
Excess income tax benefit from share based compensation | (13) | (13) | ||||
Net income (loss) | (5,666) | (5,666) | ||||
Total other comprehensive income (loss) | (755) | (755) | ||||
BALANCE - value at Jun. 30, 2015 | $ 6 | $ 280,792 | $ (27,141) | $ (1,489) | $ 252,168 | |
BALANCE - shares at Jun. 30, 2015 | 60,521 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ (5,666) | $ (6,632) |
Loss from discontinued operations, net of income taxes | (8,059) | |
Income (loss) from continuing operations | $ (5,666) | 1,427 |
Adjustments to reconcile net income (loss) to net cash flows used in operating activities: | ||
Depreciation and amortization | 33,025 | 21,921 |
Equity in loss of joint ventures | 4,939 | 3,278 |
Deferred income taxes | (3,659) | (6,292) |
(Gain) loss on sale of assets | (3) | 168 |
Impairment of goodwill | $ 2,750 | |
Gain on bargain purchase acquisition | (2,197) | |
Gain on adjustment of contingent consideration | $ (8,444) | |
Amortization of deferred financing fees | 1,212 | 576 |
Unrealized net gain from mark-to-market valuations of derivatives | (2,629) | |
Unrealized foreign currency gain | (789) | (56) |
Share-based compensation expense | 2,058 | 987 |
Excess income tax benefit from share-based compensation | 13 | (64) |
Changes in assets and liabilities: | ||
Accounts receivable | 5,644 | 21,052 |
Contract revenues in excess of billings | (34,625) | (21,387) |
Inventories | (291) | (1,188) |
Prepaid expenses and other current assets | 1,418 | 5,217 |
Accounts payable and accrued expenses | 1,126 | (12,611) |
Billings in excess of contract revenues | (750) | 5,266 |
Other noncurrent assets and liabilities | (2,210) | (1,106) |
Net cash flows provided by (used in) operating activities of continuing operations | (6,881) | 14,991 |
Net cash flows used in operating activities of discontinued operations | (3,965) | |
Cash provided by (used in) operating activities | (6,881) | 11,026 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (36,830) | (48,525) |
Proceeds from dispositions of property and equipment | 115 | 341 |
Payments on vendor performance obligations (Note 9) | (3,100) | |
Payments for acquisitions of businesses | (2,048) | |
Net cash flows used in investing activities of continuing operations | (36,715) | (53,332) |
Net cash flows provided by investing activities of discontinued operations | 5,275 | |
Cash used in investing activities | (36,715) | (48,057) |
FINANCING ACTIVITIES: | ||
Deferred financing fees | (29) | |
Taxes paid on settlement of vested share awards | (265) | (484) |
Repayment of term loan facility | (2,500) | |
Repayments of equipment debt | (506) | (41) |
Proceeds from equipment debt | 410 | |
Purchase of noncontrolling interest | (205) | |
Exercise of options and purchases from employee stock plans | 846 | 620 |
Excess income tax benefit from share-based compensation | (13) | 64 |
Borrowings under revolving loans | 79,000 | 69,500 |
Repayments of revolving loans | (61,000) | (69,500) |
Net cash (used in) provided by financing activities | 15,943 | (46) |
Effect of foreign currency exchange rates on cash and cash equivalents | (40) | (194) |
Net increase (decrease) in cash and cash equivalents | (27,693) | (37,271) |
Cash and cash equivalents at beginning of period | 42,389 | 75,338 |
Cash and cash equivalents at end of period | 14,696 | 38,067 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 12,296 | 9,521 |
Cash paid (refunded) for income taxes | 987 | (11,033) |
Non-cash Investing and Financing Activities | ||
Property and equipment purchased but not yet paid | 2,690 | 9,197 |
Property and equipment purchased on capital leases and equipment notes | 1,825 | 1,309 |
Purchase of noncontrolling interest | $ 988 | |
Property and equipment purchased on notes payable | $ 15,569 |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis of presentation [Abstract] | |
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 June 30, 2015 , and its results of operations for the three and six months ended June 30, 2015 and 2014 and cash flows for the six months ended June 30, 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. Due to a decline in the overall financial performance and declining cash flows in the Terra Contracting Services, LLC (“Terra”) reporting unit, the Company concluded there was a triggering event that required an interim impairment test for the reporting unit in the second quarter of 201 5 and recorded a goodwill impairment charge of $2,750 during the q uarter ended June 30, 2015 . This impairment of goodwill is discussed in Note 6 . In co nnection with the acquisition of Magnus Pacific (“Magnus”) in the fourth quarter of 2014, the Company issued a secured promissory note to the former owners of Magnus which has terms that could reduce the amount owed based on minimum EBITDA expectations. The Company remeasures the fair value of the promissory note at each reporting period based on projections of the earnings target for the business. Based on the Company’s projections at June 30, 2015, Magnus is not expected to reach the minimum EBITDA threshold for 2015 designated in the secured promissory note; therefore, the Company has reduced the remaining fair value by $7,013 to zero and is reflected in general and administrative expenses. 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 April 2015, the Financial Accounting Standards Board issued Accounting Standard Update No. 2015-03 (“ASU 2015-03”), Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update is effective for fiscal years beginning after December 15, 2015 , and is required to be applied retrospectively. The Company does not expect a material impact to our consolidated financial statements . 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 has been deferred to be effective for fiscal years beginning after December 15, 201 7 , including interim periods within that reporting period, which will be our first quarter of fiscal 201 8 . Early adoption is permitted in fiscal 2017 . We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 , the dilutive effect of 488 thousand stock options and restricted stock units were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during th is period . For the three months ended June 30, 2015 , 1,019 thousand stock options or restricted stock units were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method. For the three and six months ended June 30, 2014, 518 thousand and 420 thousand, respectively, stock options or restricted stock units were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method. The computations for basic and diluted earnings ( loss ) per share from continuing operations are as follows: Three Months Ended Six Months Ended (shares in thousands) June 30, June 30, 2015 2014 2015 2014 Income (loss) from continuing operations $ $ $ $ Loss on discontinued operations, net of income taxes - - Net income (loss) Weighted-average common shares outstanding — basic Effect of stock options and restricted stock units - Weighted-average common shares outstanding — diluted Earnings (loss) per share from continuing operations — basic $ $ $ $ Earnings (loss) per share from continuing operations — diluted $ $ $ $ |
Accounts Receivable And Contrac
Accounts Receivable And Contracts In Progress | 6 Months Ended |
Jun. 30, 2015 | |
Accounts Receivable And Contracts In Progress [Abstract] | |
Accounts Receivables And Contracts In Progress | 3. Accounts receivable and contracts in progress Accounts receivable at June 30, 2015 and December 31, 2014 are as follows: June 30, December 31, 2015 2014 Completed contracts $ $ Contracts in progress Retainage Allowance for doubtful accounts Total accounts receivable—net $ $ Current portion of accounts receivable—net $ $ Long-term accounts receivable and retainage Total accounts receivable—net $ $ The components of contracts in progress at June 30, 2015 and December 31, 2014 are as follows: June 30, December 31, 2015 2014 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ $ Amounts billed Costs and earnings in excess of billings for contracts in progress Costs and earnings in excess of billings for completed contracts Total contract revenues in excess of billings $ $ Billings in excess of costs and earnings: Amounts billed $ $ Costs and earnings for contracts in progress Total billings in excess of contract revenues $ $ |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | 4. Accrued expenses Accrued expenses at June 30, 2015 and December 31, 2014 are as follows: June 30, December 31, 2015 2014 Insurance $ $ Accumulated deficit in joint ventures Payroll and employee benefits Interest Percentage of completion adjustment Income and other taxes Fuel hedge contracts Other Total accrued expenses $ $ |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 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 ( as subsequently amended, 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 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 feature 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 June 30, 2015 of $ 155,526 . Depending on the Company’s consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the 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 C redit Agreement 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 June 30, 2015 , the Company had $ 18,000 of borrowings on the revolver and $ 110,487 of letters of credit outstanding, resulting in $ 81,513 of availability under the Credit Agreement. At June 30, 2015 , the Company was in compliance with its various financial covenants under the Credit Agreement. Term loan facility On November 4, 2014, the Company entered into a 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. T he Company has 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 “ATB”) . 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, which commenced 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 June 30, 2015 of $ 47,707 . 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 The Company enters into note arrangements to finance certain vessels and ancillary equipment. During the first quarter of 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 $3,145 . The long term portion is $14,047 and is included in n otes payable. |
Impairment of Goodwill
Impairment of Goodwill | 6 Months Ended |
Jun. 30, 2015 | |
Impairment Of Goodwill [Abstract] | |
Impairment Of Goodwill | 6. Impairment of goodwill The Company’s annual goodwill impairment test is conducted in the third quarter of each year and interim evaluations are performed when the Company determines that a triggering event has occurred that would more likely than not reduce the fair value of goodwill below its carrying value. Due to a decline in the overall financial performance and declining cash flows in the Terra reporting unit, the Company concluded there was a triggering event that required an interim impairment test for the reporting unit in the second quarter of 201 5. In connection with the Company’s preparation of this Quarterly Report on Form 10-Q, the Company performed step one of the goodwill impairment test as of June 30, 201 5 , which compared the fair value of the Terra reporting unit against its carrying amount, including goodwill. In deriving the fair value of the Terra reporting unit, the Company used both a market-based approach and an income-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated revenue and Adjusted EBITDA from continuing operations . Based on the first step analysis, management concluded that the fair value of the Terra reporting unit was less than its carrying value; therefore, the Company performed step two of the goodwill impairment analysis. Step two of the goodwill impairment analysis measures the impairment charge by allocating the reporting unit’s fair value to all of the assets and liabilities of the reporting unit in a hypothetical analysis that calculates implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. Any excess of the carrying value of the reporting unit’s goodwill over the implied fair value of the reporting unit’s goodwill is recorded as a loss on impairment of goodwill. Management determined that the Terra reporting unit’s implied fair value of goodwill was below the ca rrying value as of June 30, 2015 . As a result, the Company has recorded a n impairment charge of $2,750 in the second quarter of 201 5 . The change in the carrying value of goodwill for the period ended June 30, 2015 is as follows: Dredging Segment Environmental & Remediation Segment Total Balance — December 31, 2014 $ $ $ Impairment of goodwill - BALANCE—June 30, 2015 $ $ $ |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7. 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: Fair Value Measurements at Reporting Date Using Description At June 30, 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 $ $ - $ $ - 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 $ $ - $ $ - 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 June 30, 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 June 30, 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 May 2016 . As of June 30, 2015 , there were 6.3 million gallons remaining on these contracts which represent approximately 80 % of the Company’s forecasted domestic fuel purchases through May 2016 . Under these swap agreements, the Company will pay fixed prices ranging from $ 1.83 to $ 3.01 per gallon. At June 30, 2015 and December 31, 2014 , the fair value liability of the fuel hedge contracts was estimated to be $ 400 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 June 30, 2015 and December 31, 2014 is as follows: Fair Value at June 30, December 31, Balance Sheet Location 2015 2014 Liability derivatives: Derivatives not designated as hedging instruments Fuel hedge contracts Accrued expenses $ $ Assets and liabilities measured at fair value on a nonrecurring basis All other nonfinancial assets and liabilities measured at fair value in the financial statements on a nonrecurring basis are subject to fair value measurements and disclosures. Nonfinancial assets and liabilities included in our condensed consolidated balance sheets and measured on a nonrecurring basis consist of goodwill and long-lived assets, including other acquired intangibles. Goodwill and long-lived assets are measured at fair value to test for and measure impairment, if any, at least annually for goodwill or when necessary for both goodwill and long-lived assets. The Company estimated the fair value of our Terra reporting unit for our goodwill impairment test by using both a market-based approach and an income-based approach. The income approach is dependent on a number of factors, including estimates of future market growth trends, forecasted revenues and expenses based upon historical operating data, appropriate discount rates and other variables. The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated revenue and Adjusted EBITDA from continuing operations . The Company analyzed companies that performed similar services or are considered peers. An impairment of goodwill was recorded in the amount of $2,750 in the second quarter of 2015. The fair value of goodwill was determined using quantitative models that contained significant unobservable inputs. See Note 6. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2015 Goodwill Balance at January 1, $ Impairment of goodwill Balance at June 30, $ Accumulated other comprehensive income ( loss ) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Cumulative translation adjustments—net of tax $ $ $ $ Derivatives: Reclassification of derivative (gains) losses to earnings—net of tax - - Change in fair value of derivatives—net of tax - - Net unrealized (gain) loss on derivatives—net of tax - - Total other comprehensive income (loss) $ $ $ $ Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended Six Months Ended June 30, June 30, Statement of Operations Location 2014 2014 Derivatives: Fuel hedge contracts Costs of contract revenues $ $ Income tax (provision) benefit $ $ 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 June 30, 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 $280,500 at June 30, 2015 , which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Share-based compensation[Abstract] | |
Share-based Compensation | 8. 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 698 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 $ 2,058 and $ 987 for the six months ended June 30, 2015 and 2014, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 9 . 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. In April 2015, we entered into additional bonding agreements with ACE Holdings, Inc., Argonaut Insurance Company, Berkley Insurance Company, and Liberty Mutual Insurance Company (collectively, the “Additional Sureties”). The bonding agreements with the Additional Sureties contain similar term s and conditions as the Zurich bonding a greement. 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 June 30, 2015 , the Company had outstanding performance bonds totaling approximately $ 1,244,847 , of which $ 53,548 relates to projects accounted for in discontinued operations. The revenue value remaining in backlog related to the projects of continuing operations totaled approximately $ 526,569 . 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 the results of operations, cash flows or financial condition of the Company . 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 agreed to a settlement , which is expected to be paid by insurance. The court preliminarily approved the settlement on June 12, 2015, and the final approval hearing is scheduled for September 18, 2015. 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 agreed to a settlement , which is exp ected to be paid by insurance. The DuPage County Circuit Court preliminarily approved the settlement on May 13, 2015, and the final hearing is scheduled for August 7, 2015 . 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 | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | 10 . 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 June 30 , 2015 and December 31, 2014 , the Company ha d net advances to TerraSea of $24,047 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 $ 11,856 and $10,383 at June 30, 2015 and December 31, 2014 , respectively, 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. The joint venture partner has notified the Company that it disagrees with the amount of net advances to TerraSea. The Company believes that its joint venture partner remains obligated for its share of net advances, and any future advances necessary to complete TerraSea’s remaining project. During July 2015, the Company proposed taking a larger percent of the loss on a TerraSea project. Based on this proposal, the Company accrued $1,506 at June 30, 2015 representing the estimated share of additional losses to be assumed. To the extent that net 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 | 6 Months Ended |
Jun. 30, 2015 | |
Business Dispositions [Abstract] | |
Business Dispositions | 11. 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 9). 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 Six Months Ended June 30, June 30, 2014 2014 Revenue $ $ Loss before income taxes from discontinued operations $ $ Income tax benefit Loss from discontinued operations, net of income taxes $ $ |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | 12 . 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Dredging Contract revenues $ $ $ $ Operating income Environmental & remediation Contract revenues $ $ $ $ Operating loss Intersegment revenues $ $ Total Contract revenues $ $ $ $ Operating income Foreign dredging revenue of $ 47,539 and $89,238 for the three and six months ended June 30, 2015 , respectively, was primarily attributable to work done in the Middle East and Brazil . Foreign dredging revenue for the three and six months ended June 30, 2014 was $ 29,181 and $45,651 , respectively. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Subsidiary Guarantors [Abstract] | |
Subsidiary Guarantors | 13 . Subsidiary guarantors The Company’s long-term debt at June 30, 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 June 30, 2015 and December 31, 2014 ; (ii) statements of operations and comprehens ive income (loss) for the three and six months ended June 30, 2015 and 2014 ; and (iii) stat ements of cash flows for the six months ended June 30, 2015 and 2014 . GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2015 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals CURRENT ASSETS: Cash and cash equivalents $ $ $ $ - $ Accounts receivable — net - - Contract revenues in excess of billings - - Inventories - - - Prepaid expenses and other current assets - Total current assets - PROPERTY AND EQUIPMENT—Net - - GOODWILL AND OTHER INTANGIBLE ASSETS—Net - - - INVENTORIES — Noncurrent - - - INVESTMENTS IN JOINT VENTURES - - - RECEIVABLES FROM AFFILIATES - INVESTMENTS IN SUBSIDIARIES - - OTHER - TOTAL $ $ $ $ $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ $ $ - $ - $ Accrued expenses - Billings in excess of contract revenues - - Current portion of long term debt - - Total current liabilities - 7 3/8% SENIOR NOTES - - - REVOLVING CREDIT FACILITY - - - NOTES PAYABLE - - DEFERRED INCOME TAXES - - PAYABLES TO AFFILIATES - OTHER - - Total liabilities TOTAL EQUITY TOTAL $ $ $ $ $ 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 $ $ $ $ - $ Accounts receivable — net - Receivables from affiliates - Contract revenues in excess of billings - Inventories - - - Prepaid expenses and other current assets - Total current assets PROPERTY AND EQUIPMENT—Net - - GOODWILL AND OTHER INTANGIBLE ASSETS—Net - - - INVENTORIES — Noncurrent - - - INVESTMENTS IN JOINT VENTURES - - - INVESTMENTS IN SUBSIDIARIES - - OTHER - TOTAL $ $ $ $ $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ $ $ $ $ Payables to affiliates - Accrued expenses - Billings in excess of contract revenues - - - Current portion of long term debt - - Total current liabilities 7 3/8% SENIOR NOTES - - - NOTE PAYABLE - - DEFERRED INCOME TAXES - - OTHER - - Total liabilities TOTAL EQUITY TOTAL $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ $ Costs of contract revenues - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Impairment of goodwill - - - Loss on sale of assets—net - - - Operating income - - Interest expense—net - - Equity in earnings of subsidiaries - - - Equity in loss of joint ventures - - - Other expense - - - Income before income taxes Income tax provision - - Net income $ $ Comprehensive income $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ $ Costs of contract revenues - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Loss on sale of assets—net - - - Operating income - - Interest expense—net - Equity in earnings of subsidiaries - - Equity in loss of joint ventures - - - Gain on bargain purchase acquisition - - - Other expense - - - Income from continuing operations before income taxes Income tax (provision) benefit - - Income from continuing operations Loss from discontinued operations, net of income taxes Net income (loss) Comprehensive income (loss) $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ $ Costs of contract revenues - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Impairment of goodwill - - - Gain on sale of assets—net - - - Operating income ( loss ) - - Interest expense—net - - Equity in earnings of subsidiaries - - Equity in loss of joint ventures - - - Other expense - - Income (loss) before income taxes Income tax (provision) benefit - - Net income (loss) $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ - $ Costs of contract revenues - - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Loss on sale of assets—net - - - Operating income (loss) - - Interest expense—net - Equity in earnings (loss) of subsidiaries - - Equity in loss of joint ventures - - - Gain on bargain purchase acquisition - - - Other income - - Income (loss) from continuing operations before income taxes Income tax (provision) benefit - - Income (loss) from continuing operations Loss from discontinued operations, net of income taxes Net income (loss) $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals OPERATING ACTIVITIES: Net cash flows provided by (used in) operating activities $ $ $ $ - $ INVESTING ACTIVITIES: Purchases of property and equipment - - - Proceeds from dispositions of property and equipment - - - Net change in accounts with affiliates - - - Net cash flows used in investing activities - - FINANCING ACTIVITIES: Deferred financing fees - - - Taxes paid on settlement of vested share awards - - - Repayments of term loan facility - - - Repayments of equipment debt - - - Proceeds from equipment debt - - Net change in accounts with affiliates - - Capital contributions - - - Exercise of options and purchases from employee stock plans - - - Excess income tax benefit from share-based compensation - - - Borrowings under revolving loans - - - Repayments of revolving loans - - - Net cash flows provided by financing activities Effect of foreign currency exchange rates on cash and cash equivalents - - - Net increase (decrease) in cash and cash equivalents - - Cash and cash equivalents at beginning of period - Cash and cash equivalents at end of period $ $ $ $ - $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 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 $ $ $ $ - $ Net cash flows used in operating activities of discontinued operations - - Cash provided by (used in) operating activities - INVESTING ACTIVITIES: Purchases of property and equipment - - - Proceeds from dispositions of property and equipment - - - Proceeds from vendor performance obligations - - - Payments for acquisitions of businesses - - - Net change in accounts with affiliates - - - Net cash flows used in investing activities of continuing operations - - Net cash flows provided by investing activities of discontinued operations - - - Cash used in investing activities - - FINANCING ACTIVITIES: Purchase of noncontrolling interest - - - Taxes paid on settlement of vested share awards - - - Repayment of equipment debt - - - Net change in accounts with affiliates - - Exercise of options and purchases from employee stock plans - - - Excess income tax benefit from share-based compensation - - - Borrowings under revolving loans - - - Repayments of revolving loans - - - Cash (used in) provided by financing activities Effect of foreign currency exchange rates on cash and cash equivalents - - - Net increase (decrease) in cash and cash equivalents - Cash and cash equivalents at beginning of period - - Cash and cash equivalents at end of period $ $ $ $ - $ |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings per share [Abstract] | |
Computations For Basic And Diluted Earnings Per Share | Three Months Ended Six Months Ended (shares in thousands) June 30, June 30, 2015 2014 2015 2014 Income (loss) from continuing operations $ $ $ $ Loss on discontinued operations, net of income taxes - - Net income (loss) Weighted-average common shares outstanding — basic Effect of stock options and restricted stock units - Weighted-average common shares outstanding — diluted Earnings (loss) per share from continuing operations — basic $ $ $ $ Earnings (loss) per share from continuing operations — diluted $ $ $ $ |
Accounts Receivable And Contr23
Accounts Receivable And Contracts In Progress (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounts Receivable And Contracts In Progress [Abstract] | |
Schedule Of Accounts Receivable | June 30, December 31, 2015 2014 Completed contracts $ $ Contracts in progress Retainage Allowance for doubtful accounts Total accounts receivable—net $ $ Current portion of accounts receivable—net $ $ Long-term accounts receivable and retainage Total accounts receivable—net $ $ |
Components Of Contracts In Progress | June 30, December 31, 2015 2014 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ $ Amounts billed Costs and earnings in excess of billings for contracts in progress Costs and earnings in excess of billings for completed contracts Total contract revenues in excess of billings $ $ Billings in excess of costs and earnings: Amounts billed $ $ Costs and earnings for contracts in progress Total billings in excess of contract revenues $ $ |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | June 30, December 31, 2015 2014 Insurance $ $ Accumulated deficit in joint ventures Payroll and employee benefits Interest Percentage of completion adjustment Income and other taxes Fuel hedge contracts Other Total accrued expenses $ $ |
Impairment Of Goodwill (Tables)
Impairment Of Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Impairment Of Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | Dredging Segment Environmental & Remediation Segment Total Balance — December 31, 2014 $ $ $ Impairment of goodwill - BALANCE—June 30, 2015 $ $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Values Of Financial Instruments And Nonfinancial Assets And Liabilities Measured At The Reporting Date | Fair Value Measurements at Reporting Date Using Description At June 30, 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 $ $ - $ $ - 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 $ $ - $ $ - |
Schedule Fair Value Measurements Balance Sheet Location | Fair Value at June 30, December 31, Balance Sheet Location 2015 2014 Liability derivatives: Derivatives not designated as hedging instruments Fuel hedge contracts Accrued expenses $ $ |
Changes In Components Of Accumulated Other Comprehensive Income (Loss) | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Cumulative translation adjustments—net of tax $ $ $ $ Derivatives: Reclassification of derivative (gains) losses to earnings—net of tax - - Change in fair value of derivatives—net of tax - - Net unrealized (gain) loss on derivatives—net of tax - - Total other comprehensive income (loss) $ $ $ $ |
Adjustments Reclassified From Accumulated Other Comprehensive Income To Earnings | Three Months Ended Six Months Ended June 30, June 30, Statement of Operations Location 2014 2014 Derivatives: Fuel hedge contracts Costs of contract revenues $ $ Income tax (provision) benefit $ $ |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2015 Goodwill Balance at January 1, $ Impairment of goodwill Balance at June 30, $ |
Business Dispositions (Tables)
Business Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Dispositions [Abstract] | |
Schedule Of Discontinued Operation | Three Months Ended Six Months Ended June 30, June 30, 2014 2014 Revenue $ $ Loss before income taxes from discontinued operations $ $ Income tax benefit Loss from discontinued operations, net of income taxes $ $ |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Segment Reporting By Segment | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Dredging Contract revenues $ $ $ $ Operating income Environmental & remediation Contract revenues $ $ $ $ Operating loss Intersegment revenues $ $ Total Contract revenues $ $ $ $ Operating income |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Subsidiary Guarantors [Abstract] | |
Condensed Consolidating of Balance Sheet | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2015 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals CURRENT ASSETS: Cash and cash equivalents $ $ $ $ - $ Accounts receivable — net - - Contract revenues in excess of billings - - Inventories - - - Prepaid expenses and other current assets - Total current assets - PROPERTY AND EQUIPMENT—Net - - GOODWILL AND OTHER INTANGIBLE ASSETS—Net - - - INVENTORIES — Noncurrent - - - INVESTMENTS IN JOINT VENTURES - - - RECEIVABLES FROM AFFILIATES - INVESTMENTS IN SUBSIDIARIES - - OTHER - TOTAL $ $ $ $ $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ $ $ - $ - $ Accrued expenses - Billings in excess of contract revenues - - Current portion of long term debt - - Total current liabilities - 7 3/8% SENIOR NOTES - - - REVOLVING CREDIT FACILITY - - - NOTES PAYABLE - - DEFERRED INCOME TAXES - - PAYABLES TO AFFILIATES - OTHER - - Total liabilities TOTAL EQUITY TOTAL $ $ $ $ $ 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 $ $ $ $ - $ Accounts receivable — net - Receivables from affiliates - Contract revenues in excess of billings - Inventories - - - Prepaid expenses and other current assets - Total current assets PROPERTY AND EQUIPMENT—Net - - GOODWILL AND OTHER INTANGIBLE ASSETS—Net - - - INVENTORIES — Noncurrent - - - INVESTMENTS IN JOINT VENTURES - - - INVESTMENTS IN SUBSIDIARIES - - OTHER - TOTAL $ $ $ $ $ LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ $ $ $ $ Payables to affiliates - Accrued expenses - Billings in excess of contract revenues - - - Current portion of long term debt - - Total current liabilities 7 3/8% SENIOR NOTES - - - NOTE PAYABLE - - DEFERRED INCOME TAXES - - OTHER - - Total liabilities TOTAL EQUITY TOTAL $ $ $ $ $ |
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 JUNE 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ $ Costs of contract revenues - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Impairment of goodwill - - - Loss on sale of assets—net - - - Operating income - - Interest expense—net - - Equity in earnings of subsidiaries - - - Equity in loss of joint ventures - - - Other expense - - - Income before income taxes Income tax provision - - Net income $ $ Comprehensive income $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ $ Costs of contract revenues - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Loss on sale of assets—net - - - Operating income - - Interest expense—net - Equity in earnings of subsidiaries - - Equity in loss of joint ventures - - - Gain on bargain purchase acquisition - - - Other expense - - - Income from continuing operations before income taxes Income tax (provision) benefit - - Income from continuing operations Loss from discontinued operations, net of income taxes Net income (loss) Comprehensive income (loss) $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ $ Costs of contract revenues - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Impairment of goodwill - - - Gain on sale of assets—net - - - Operating income ( loss ) - - Interest expense—net - - Equity in earnings of subsidiaries - - Equity in loss of joint ventures - - - Other expense - - Income (loss) before income taxes Income tax (provision) benefit - - Net income (loss) $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ $ $ - $ - $ Costs of contract revenues - - Gross profit - - OPERATING EXPENSES: General and administrative expenses - - - Loss on sale of assets—net - - - Operating income (loss) - - Interest expense—net - Equity in earnings (loss) of subsidiaries - - Equity in loss of joint ventures - - - Gain on bargain purchase acquisition - - - Other income - - Income (loss) from continuing operations before income taxes Income tax (provision) benefit - - Income (loss) from continuing operations Loss from discontinued operations, net of income taxes Net income (loss) $ $ $ $ $ Comprehensive income (loss) $ $ $ $ $ |
Condensed Cash Flow Statement | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals OPERATING ACTIVITIES: Net cash flows provided by (used in) operating activities $ $ $ $ - $ INVESTING ACTIVITIES: Purchases of property and equipment - - - Proceeds from dispositions of property and equipment - - - Net change in accounts with affiliates - - - Net cash flows used in investing activities - - FINANCING ACTIVITIES: Deferred financing fees - - - Taxes paid on settlement of vested share awards - - - Repayments of term loan facility - - - Repayments of equipment debt - - - Proceeds from equipment debt - - Net change in accounts with affiliates - - Capital contributions - - - Exercise of options and purchases from employee stock plans - - - Excess income tax benefit from share-based compensation - - - Borrowings under revolving loans - - - Repayments of revolving loans - - - Net cash flows provided by financing activities Effect of foreign currency exchange rates on cash and cash equivalents - - - Net increase (decrease) in cash and cash equivalents - - Cash and cash equivalents at beginning of period - Cash and cash equivalents at end of period $ $ $ $ - $ GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 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 $ $ $ $ - $ Net cash flows used in operating activities of discontinued operations - - Cash provided by (used in) operating activities - INVESTING ACTIVITIES: Purchases of property and equipment - - - Proceeds from dispositions of property and equipment - - - Proceeds from vendor performance obligations - - - Payments for acquisitions of businesses - - - Net change in accounts with affiliates - - - Net cash flows used in investing activities of continuing operations - - Net cash flows provided by investing activities of discontinued operations - - - Cash used in investing activities - - FINANCING ACTIVITIES: Purchase of noncontrolling interest - - - Taxes paid on settlement of vested share awards - - - Repayment of equipment debt - - - Net change in accounts with affiliates - - Exercise of options and purchases from employee stock plans - - - Excess income tax benefit from share-based compensation - - - Borrowings under revolving loans - - - Repayments of revolving loans - - - Cash (used in) provided by financing activities Effect of foreign currency exchange rates on cash and cash equivalents - - - Net increase (decrease) in cash and cash equivalents - Cash and cash equivalents at beginning of period - - Cash and cash equivalents at end of period $ $ $ $ - $ |
Basis Of Presentation (Narrativ
Basis Of Presentation (Narrative) (Details) - Jun. 30, 2015 $ in Thousands | USD ($) | USD ($)segment |
Number of reportable segments | segment | 2 | |
Number of operating Segments | segment | 4 | |
Impairment of goodwill | $ 2,750 | $ 2,750 |
Terra Contracting Services [Member] | ||
Impairment of goodwill | $ 2,750 | |
Maximum [Member] | ||
Average equipment-related costs of total costs of contract revenue | 22.00% | |
Minimum [Member] | ||
Average equipment-related costs of total costs of contract revenue | 20.00% |
Earnings per share (Narrative)
Earnings per share (Narrative) (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings per share [Abstract] | ||||
Shares excluded from computation of diluted earnings per share | 1,019 | 518 | 488 | 420 |
Earnings per share (Computation
Earnings per share (Computations For Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basis of presentation [Abstract] | ||||
Income (loss) from continuing operations | $ 2,724 | $ 3,883 | $ (5,666) | $ 1,427 |
Loss on discontinued operations, net of income taxes | (5,320) | (8,059) | ||
Net income (loss) | $ 2,724 | $ (1,437) | $ (5,666) | $ (6,632) |
Weighted-average common shares outstanding - basic and diluted | 60,473 | 59,863 | 60,369 | 59,786 |
Effect of stock options and restricted stock units | 451 | 675 | 673 | |
Weighted-average common shares outstanding - diluted | 60,924 | 60,538 | 60,369 | 60,459 |
Earnings (loss) per share from continuing operations - basic | $ 0.05 | $ 0.06 | $ (0.09) | $ 0.02 |
Earnings (loss) per share from continuing operations - diluted | $ 0.05 | $ 0.06 | $ (0.09) | $ 0.02 |
Accounts Receivable And Contr33
Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Receivable [Line Items] | ||
Retainage | $ 17,424 | $ 27,371 |
Accounts receivable, gross | 109,013 | 115,172 |
Allowance for doubtful accounts | (754) | (578) |
Total accounts receivable-net | 108,259 | 114,594 |
Current portion of accounts receivable-net | 106,592 | 113,188 |
Long-term accounts receivable and retainage | 1,667 | 1,406 |
Completed Contracts [Member] | ||
Accounts Receivable [Line Items] | ||
Completed contracts | 25,938 | 15,342 |
Contracts In Progress [Member] | ||
Accounts Receivable [Line Items] | ||
Completed contracts | $ 65,651 | $ 72,459 |
Accounts Receivable And Contr34
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings in excess of billings for contracts in progress | $ 101,566 | $ 73,491 |
Costs and earnings in excess of billings for completed contracts | 14,986 | 9,066 |
Total contract revenues in excess of billings | 116,552 | 82,557 |
Total billings in excess of contract revenues | (3,904) | (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 | 506,399 | 833,368 |
Amounts billed | (404,833) | (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 | (70,463) | (181,698) |
Billings in excess of costs and earnings, Costs and earnings for contracts in progress | $ 66,559 | $ 177,059 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Expenses [Abstract] | ||
Insurance | $ 17,569 | $ 16,778 |
Accumulated deficit in joint ventures | 11,856 | 10,383 |
Payroll and employee benefits | 9,236 | 8,808 |
Interest | 7,710 | 8,270 |
Percentage of completion adjustment | 2,640 | 1,870 |
Income and other taxes | 2,593 | 5,857 |
Fuel hedge contracts | 400 | 3,029 |
Other | 8,880 | 15,046 |
Total accrued expenses | $ 60,884 | $ 70,041 |
Long-term debt (Narrative) (Det
Long-term debt (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Nov. 04, 2014USD ($) | Jun. 04, 2012USD ($) | |
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | $ 18,000,000 | |||||
Net Leverage Ratio | item | 4.50 | |||||
Fixed Charge Coverage Ratio | 1.25% | |||||
Letters of credit outstanding | $ 110,487,000 | |||||
Letter of credit remaining borrowing capacity | $ 81,513,000 | |||||
Principal amount | $ 50,000,000 | |||||
Borrowed aggregate principal amount | $ 47,360,000 | |||||
Term Loan number of years | 5 years | |||||
Term loan facility bear interest fixed rate | 4.655% | |||||
Debt Instrument, Interest Rate, Increase (Decrease) | 2.00% | |||||
Net book value of related assets | $ 155,526,000 | |||||
Long-term Debt, Current Maturities | 8,272,000 | $ 5,859,000 | ||||
Purchases of property and equipment | $ 36,830,000 | $ 48,525,000 | ||||
Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of principal to be repaid yearly during first two years of term | 10.00% | |||||
Percentage of principal to be repaid yearly during third and fourth years of term | 20.00% | |||||
Percentage of principal to be repaid during fifth year of term | 25.00% | |||||
Net book value of related assets | $ 47,707,000 | |||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 275,000,000 | |||||
Stated interest rate | 7.375% | |||||
Maturity date | Feb. 1, 2019 | |||||
Interest Rate, Stated Percentage | 7.375% | |||||
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 | $ 3,145,000 | |||||
Long-term Debt, Excluding Current Maturities | 14,047,000 | |||||
Purchases of property and equipment | $ 15,569,000 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 210,000,000 | |||||
Line of Credit Facility, Amount Outstanding | $ 18,000,000 | |||||
Line of credit facility optional increase capacity | 15,000,000 | |||||
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 June 30, 2015 of $155,526. Depending on the Company's consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the 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 | 50,000,000 | |||||
Swingline Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |||||
GLDD Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | $ 18,000,000 | |||||
Long-term Debt, Current Maturities | $ 6,953,000 | $ 5,000,000 | ||||
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% | |||||
If Redeemed In 2015 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 103.70% | |||||
If Redeemed In 2016 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 101.80% | |||||
If Redeemed After 2016 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Impairment Of Goodwill (Narrati
Impairment Of Goodwill (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Impairment of goodwill | $ 2,750 | $ 2,750 |
Terra Contracting Services [Member] | ||
Impairment of goodwill | $ 2,750 |
Impairment Of Goodwill (Change
Impairment Of Goodwill (Change In The Carrying Amount Of Goodwill) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 86,325 | |
Impairment of goodwill | $ (2,750) | (2,750) |
Goodwill, Ending Balance | 83,575 | 83,575 |
Dredging Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 76,575 | |
Goodwill, Ending Balance | 76,575 | 76,575 |
Environmental & Remediation Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 9,750 | |
Impairment of goodwill | (2,750) | |
Goodwill, Ending Balance | $ 7,000 | $ 7,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands, gal in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)$ / gal | Jun. 30, 2015USD ($)$ / galgal | Dec. 31, 2014USD ($) | Nov. 30, 2014USD ($) | Jan. 31, 2011USD ($) | |
Derivatives, Fair Value [Line Items] | |||||
Derivative underlying hedge percent | 80.00% | ||||
Derivative, Nonmonetary Notional Amount, Volume | gal | 6.3 | ||||
Fair value hedge liabilities | $ 400 | $ 400 | $ 3,029 | ||
Senior Notes | 274,895 | 274,895 | $ 274,880 | ||
Impairment of goodwill | 2,750 | $ 2,750 | |||
Terra Contracting Services [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment of goodwill | $ 2,750 | ||||
Maximum [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fixed price range | $ / gal | 3.01 | 3.01 | |||
Minimum [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fixed price range | $ / gal | 1.83 | 1.83 | |||
Senior Notes [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Senior Notes | $ 275,000 | $ 275,000 | $ 275,000 | $ 275,000 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.375% | 7.375% | 7.375% | 7.375% | |
Senior notes interest rate | 7.375% | 7.375% | 7.375% | 7.375% | |
Debt Instrument, Maturity Date | Feb. 1, 2019 | ||||
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Senior Notes | $ 280,500 | $ 280,500 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements At Reporting Date Using) (Details) - Fuel Hedge Contracts [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 400 | $ 3,029 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 400 | $ 3,029 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Balance Sheet Location Fuel Hedge Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fuel Hedge Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | $ 400 | $ 3,029 |
Fair Value Measurements (Fair42
Fair Value Measurements (Fair Value Measurements Using Significant Unobservable) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Impairment of goodwill | $ (2,750) | $ (2,750) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 86,325 | |
Impairment of goodwill | (2,750) | |
Ending balance | $ 83,575 | $ 83,575 |
Fair Value Measurements (Sche43
Fair Value Measurements (Schedule Of Accumulated Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivatives, Fair Value [Line Items] | |||||
Cumulative translation adjustments-net of tax | $ 53 | $ 216 | $ (755) | $ 27 | |
Reclassification of derivative gains to earnings-net of tax | 20 | (26) | |||
Change in fair value of derivatives-net of tax | 239 | (4) | |||
Net unrealized (gain) loss on derivatives-net of tax | [1] | 259 | (30) | ||
Total other comprehensive income (loss) | 53 | 475 | (755) | (3) | |
Costs of contract revenues | 206,590 | 158,506 | 370,465 | 311,981 | |
Net Income (Loss) Attributable to Parent | $ 2,724 | (1,437) | (5,666) | $ (6,632) | |
Fuel Hedge Contracts [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Costs of contract revenues | 33 | (44) | |||
Net Income (Loss) Attributable to Parent | $ 20 | $ (26) | |||
[1] | Net of income tax (expense) benefit of $173 and $(21) for the three and six months ended June 30, 2014, respectively. |
Fair Value Measurements (Adjust
Fair Value Measurements (Adjustments Reclassified From Accumulated Balances Other Comprohensive Income (Loss) To Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Costs of contract revenues | $ 206,590 | $ 158,506 | $ 370,465 | $ 311,981 |
Income tax (provision) benefit | (2,464) | (2,097) | 3,573 | (644) |
Net Income (Loss) Attributable to Parent | 2,724 | (1,437) | (5,666) | (6,632) |
Fuel Hedge Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Costs of contract revenues | 33 | (44) | ||
Income tax (provision) benefit | 13 | (18) | ||
Net Income (Loss) Attributable to Parent | 20 | (26) | ||
GLDD Corporation [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Income tax (provision) benefit | (2,365) | (2,227) | $ 3,753 | (1,254) |
Net Income (Loss) Attributable to Parent | $ 2,724 | $ (1,437) | $ (6,632) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units | 698 | ||
Share-based compensation expense | $ 2,058 | $ 987 | |
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 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | Jan. 14, 2015 | Jan. 31, 2014 | May. 31, 2013 | Jun. 30, 2015 |
Commitments And Contingencies [Line Items] | ||||
Outstanding performance bonds | $ 1,244,847 | |||
Revenue value remaining from outstanding performance bonds | 526,569,000 | |||
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 | |||
Discontinued Operations [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Outstanding performance bonds | 53,548,000 | |||
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 (Details)
Investment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
TerraSea Environmental Solutions [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current assets | $ 24,047 | $ 22,898 |
Accrued expenses | 11,856 | $ 10,383 |
Provision for losses to be assumed | $ 1,506 | |
Ownership percentage | 50.00% | |
Amboy Aggregates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% |
Business Dispositions (Details)
Business Dispositions (Details) - USD ($) $ in Thousands | Apr. 23, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Dispositions [Abstract] | ||||
Revenue | $ 2,315 | $ 14,439 | ||
Loss before income taxes from discontinued operations | (7,720) | (17,340) | ||
Income tax benefit | 2,400 | 9,281 | ||
Loss from discontinued operations, net of income | $ (5,320) | $ (8,059) | ||
Proceeds from Divestiture of Businesses | $ 5,309 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Contract revenues | $ 238,877 | $ 184,709 | $ 413,434 | $ 359,091 |
Number of reportable segments | segment | 2 | |||
Intersegment Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | (1,095) | (1,717) | $ (2,218) | (2,025) |
Dredging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 190,046 | 157,114 | $ 344,174 | 319,074 |
Number of reportable segments | segment | 2 | |||
Demolition [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 49,926 | 29,312 | $ 71,478 | 42,042 |
Foreign [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | $ 47,539 | $ 29,181 | $ 89,238 | $ 45,651 |
Segment Information (Segment Re
Segment Information (Segment Reporting By Segment) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Contract revenues | $ 238,877 | $ 184,709 | $ 413,434 | $ 359,091 | |
Operating income (loss) | 13,989 | 10,269 | 6,731 | 13,154 | |
Depreciation and amortization | 33,025 | 21,921 | |||
Property and equipment - net | 418,308 | 418,308 | $ 399,445 | ||
Goodwill | 83,575 | 83,575 | 86,325 | ||
Investment in joint ventures | 5,859 | $ 5,859 | $ 7,889 | ||
Number of Reportable Segments | segment | 2 | ||||
Dredging [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 190,046 | 157,114 | $ 344,174 | 319,074 | |
Operating income (loss) | 18,115 | 10,995 | $ 25,989 | 18,424 | |
Number of Reportable Segments | segment | 2 | ||||
Demolition [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 49,926 | 29,312 | $ 71,478 | 42,042 | |
Operating income (loss) | $ (4,126) | $ (726) | $ (19,258) | $ (5,270) |
Subsidiary Guarantors (Narrativ
Subsidiary Guarantors (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Jan. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Senior Notes | $ 274,895 | $ 274,880 | ||
Senior Notes [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Senior Notes | $ 275,000 | $ 275,000 | $ 275,000 | |
Senior notes interest rate | 7.375% | 7.375% | 7.375% | |
Owned Domestic Subsidiaries Percent | 100.00% |
Subsidiary Guarantors (Condense
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 14,696 | $ 42,389 | $ 38,067 | $ 75,338 |
Accounts receivable-net | 106,592 | 113,188 | ||
Contract revenues in excess of billings | 116,552 | 82,557 | ||
Inventories | 34,205 | 34,735 | ||
Prepaid expenses and other current assets | 67,730 | 69,375 | ||
Total current assets | 339,775 | 342,244 | ||
PROPERTY AND EQUIPMENT-Net | 418,308 | 399,445 | ||
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 89,014 | 95,289 | ||
INVENTORIES-Noncurrent | 37,084 | 36,262 | ||
INVESTMENTS IN JOINT VENTURES | 5,859 | 7,889 | ||
OTHER | 12,209 | 12,105 | ||
TOTAL | 902,249 | 893,234 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 119,119 | 119,971 | ||
Accrued expenses | 60,884 | 70,041 | ||
Billings in excess of contract revenues | 3,904 | 4,639 | ||
Current portion of long term debt | 8,272 | 5,859 | ||
Total current liabilities | 192,179 | 200,510 | ||
7 3/8% SENIOR NOTES | 274,895 | 274,880 | ||
REVOLVING CREDIT FACILITY | 18,000 | |||
NOTES PAYABLE | 53,880 | 49,497 | ||
DEFERRED INCOME TAXES | 89,368 | 92,007 | ||
OTHER | 21,759 | 20,377 | ||
Total liabilities | 650,081 | 637,271 | ||
EQUITY: | ||||
Total equity | 252,168 | 255,963 | 236,510 | 242,101 |
TOTAL | 902,249 | 893,234 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Accounts receivable-net | (2,906) | |||
Receivables from affiliates | (212,300) | |||
Contract revenues in excess of billings | (310) | |||
Total current assets | (215,516) | |||
RECEIVABLES FROM AFFILIATES | (75,290) | |||
INVESTMENTS IN SUBSIDIARIES | (634,059) | (622,977) | ||
TOTAL | (709,349) | (838,493) | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | (3,216) | |||
Payables to affiliates | (212,300) | |||
Total current liabilities | (215,516) | |||
PAYABLES TO AFFILIATES | (75,290) | |||
Total liabilities | (75,290) | (215,516) | ||
EQUITY: | ||||
Total equity | (634,059) | (622,977) | ||
TOTAL | (709,349) | (838,493) | ||
Subsidiary Guarantors [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 13,161 | 41,724 | 35,898 | 71,939 |
Accounts receivable-net | 105,232 | 115,739 | ||
Receivables from affiliates | 152,822 | |||
Contract revenues in excess of billings | 114,132 | 78,631 | ||
Inventories | 34,205 | 34,735 | ||
Prepaid expenses and other current assets | 50,540 | 54,327 | ||
Total current assets | 317,270 | 477,978 | ||
PROPERTY AND EQUIPMENT-Net | 418,287 | 399,421 | ||
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 89,014 | 95,289 | ||
INVENTORIES-Noncurrent | 37,084 | 36,262 | ||
INVESTMENTS IN JOINT VENTURES | 5,859 | 7,889 | ||
RECEIVABLES FROM AFFILIATES | 15,285 | |||
INVESTMENTS IN SUBSIDIARIES | 3,731 | 3,757 | ||
OTHER | 7,937 | 7,135 | ||
TOTAL | 894,467 | 1,027,731 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 118,112 | 121,282 | ||
Payables to affiliates | 196,829 | |||
Accrued expenses | 52,190 | 60,415 | ||
Billings in excess of contract revenues | 3,889 | 4,639 | ||
Current portion of long term debt | 1,319 | 859 | ||
Total current liabilities | 175,510 | 384,024 | ||
NOTES PAYABLE | 390 | 7,553 | ||
DEFERRED INCOME TAXES | (357) | 172 | ||
PAYABLES TO AFFILIATES | 69,908 | |||
OTHER | 21,321 | 19,939 | ||
Total liabilities | 266,772 | 411,688 | ||
EQUITY: | ||||
Total equity | 627,695 | 616,043 | ||
TOTAL | 894,467 | 1,027,731 | ||
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,533 | 663 | 2,166 | $ 3,399 |
Accounts receivable-net | 1,360 | 355 | ||
Receivables from affiliates | 3,673 | |||
Contract revenues in excess of billings | 2,420 | 4,236 | ||
Prepaid expenses and other current assets | 556 | 431 | ||
Total current assets | 5,869 | 9,358 | ||
PROPERTY AND EQUIPMENT-Net | 21 | 24 | ||
RECEIVABLES FROM AFFILIATES | 3,683 | |||
OTHER | 3 | 3 | ||
TOTAL | 9,576 | 9,385 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 1,007 | 1,389 | ||
Payables to affiliates | 403 | |||
Accrued expenses | 781 | 659 | ||
Billings in excess of contract revenues | 15 | |||
Total current liabilities | 1,803 | 2,451 | ||
PAYABLES TO AFFILIATES | 1,409 | |||
Total liabilities | 3,212 | 2,451 | ||
EQUITY: | ||||
Total equity | 6,364 | 6,934 | ||
TOTAL | 9,576 | 9,385 | ||
GLDD Corporation [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2 | 2 | $ 3 | |
Receivables from affiliates | 55,805 | |||
Prepaid expenses and other current assets | 16,634 | 14,617 | ||
Total current assets | 16,636 | 70,424 | ||
RECEIVABLES FROM AFFILIATES | 56,322 | |||
INVESTMENTS IN SUBSIDIARIES | 630,328 | 619,220 | ||
OTHER | 4,269 | 4,967 | ||
TOTAL | 707,555 | 694,611 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 516 | |||
Payables to affiliates | 15,068 | |||
Accrued expenses | 7,913 | 8,967 | ||
Current portion of long term debt | 6,953 | 5,000 | ||
Total current liabilities | 14,866 | 29,551 | ||
7 3/8% SENIOR NOTES | 274,895 | 274,880 | ||
REVOLVING CREDIT FACILITY | 18,000 | |||
NOTES PAYABLE | 53,490 | 41,944 | ||
DEFERRED INCOME TAXES | 89,725 | 91,835 | ||
PAYABLES TO AFFILIATES | 3,973 | |||
OTHER | 438 | 438 | ||
Total liabilities | 455,387 | 438,648 | ||
EQUITY: | ||||
Total equity | 252,168 | 255,963 | ||
TOTAL | $ 707,555 | $ 694,611 |
Subsidiary Guarantors (Conden53
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | $ 238,877 | $ 184,709 | $ 413,434 | $ 359,091 |
Costs of contract revenues | (206,590) | (158,506) | (370,465) | (311,981) |
Gross profit | 32,287 | 26,203 | 42,969 | 47,110 |
General and administrative expenses | 15,543 | 15,918 | 33,491 | 33,788 |
Impairment of goodwill | 2,750 | 2,750 | ||
Loss on sale of assets-net | 5 | 16 | (3) | 168 |
Operating income (loss) | 13,989 | 10,269 | 6,731 | 13,154 |
Interest expense-net | (5,567) | (5,012) | (11,197) | (10,028) |
Equity in loss of joint ventures | (2,616) | (1,435) | $ (3,714) | (3,278) |
Gain on bargain purchase acquisition | 2,197 | 2,197 | ||
Other loss/expense | (618) | (39) | $ (1,059) | 26 |
Income (loss) from continuing operations before income taxes | 5,188 | 5,980 | (9,239) | 2,071 |
Income (loss) from continuing operations before income taxes | 5,188 | 5,980 | (9,239) | 2,071 |
Income tax (provision) benefit | (2,464) | (2,097) | 3,573 | (644) |
Income (loss) from continuing operations | 2,724 | 3,883 | $ (5,666) | 1,427 |
Loss from discontinued operations, net of income | (5,320) | (8,059) | ||
Net income (loss) | 2,724 | (1,437) | $ (5,666) | (6,632) |
Comprehensive income (loss) | 2,777 | (962) | (6,421) | (6,635) |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | (592) | 4,969 | (1,581) | |
Costs of contract revenues | 592 | (4,969) | 1,581 | |
Equity in earnings (loss) of subsidiaries | (10,696) | (10,131) | (1,523) | (12,493) |
Income (loss) from continuing operations before income taxes | (10,696) | (10,131) | (1,523) | (12,493) |
Income (loss) from continuing operations before income taxes | (10,696) | (10,131) | (1,523) | (12,493) |
Income (loss) from continuing operations | (10,131) | (1,523) | (12,493) | |
Loss from discontinued operations, net of income | 3,532 | 9,402 | ||
Net income (loss) | (10,696) | (6,599) | (3,091) | |
Comprehensive income (loss) | (10,749) | (7,074) | (768) | (3,088) |
Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | 235,151 | 167,943 | 407,505 | 341,265 |
Costs of contract revenues | (203,184) | (142,070) | (364,388) | (292,807) |
Gross profit | 31,967 | 25,873 | 43,117 | 48,458 |
General and administrative expenses | 15,543 | 15,918 | 33,491 | 33,788 |
Impairment of goodwill | 2,750 | 2,750 | ||
Loss on sale of assets-net | 5 | 16 | (3) | 168 |
Operating income (loss) | 13,669 | 9,939 | 6,879 | 14,502 |
Interest expense-net | 40 | 82 | (259) | 151 |
Equity in earnings (loss) of subsidiaries | 1,037 | 4 | (106) | |
Equity in loss of joint ventures | (2,616) | (1,435) | (3,714) | (3,278) |
Gain on bargain purchase acquisition | 2,197 | 2,197 | ||
Other loss/expense | (618) | (39) | (1,052) | 19 |
Income (loss) from continuing operations before income taxes | 10,475 | 11,781 | 1,858 | 13,485 |
Income (loss) from continuing operations before income taxes | 10,475 | 11,781 | 1,858 | 13,485 |
Income tax (provision) benefit | 130 | 610 | ||
Income (loss) from continuing operations | 11,911 | 1,858 | 14,095 | |
Loss from discontinued operations, net of income | (5,191) | (8,059) | ||
Net income (loss) | 10,475 | 6,720 | 6,036 | |
Comprehensive income (loss) | 10,475 | 6,979 | 1,858 | 6,006 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | 4,318 | 11,797 | 7,510 | 17,826 |
Costs of contract revenues | (3,998) | (11,467) | (7,658) | (19,174) |
Gross profit | 320 | 330 | (148) | (1,348) |
Operating income (loss) | 320 | 330 | (148) | (1,348) |
Interest expense-net | (132) | (261) | ||
Other loss/expense | (7) | 7 | ||
Income (loss) from continuing operations before income taxes | 320 | 198 | (155) | (1,602) |
Income (loss) from continuing operations before income taxes | 320 | 198 | (155) | (1,602) |
Income tax (provision) benefit | (99) | (180) | ||
Income (loss) from continuing operations | 198 | (335) | (1,602) | |
Loss from discontinued operations, net of income | (319) | (1,343) | ||
Net income (loss) | 221 | (121) | (2,945) | |
Comprehensive income (loss) | 274 | 95 | (1,090) | (2,918) |
GLDD Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest expense-net | (5,607) | (4,962) | (10,938) | (9,918) |
Equity in earnings (loss) of subsidiaries | 10,696 | 9,094 | 1,519 | 12,599 |
Income (loss) from continuing operations before income taxes | 5,089 | 4,132 | (9,419) | 2,681 |
Income (loss) from continuing operations before income taxes | 5,089 | 4,132 | (9,419) | 2,681 |
Income tax (provision) benefit | (2,365) | (2,227) | 3,753 | (1,254) |
Income (loss) from continuing operations | 1,905 | (5,666) | 1,427 | |
Loss from discontinued operations, net of income | (3,342) | (8,059) | ||
Net income (loss) | 2,724 | (1,437) | (6,632) | |
Comprehensive income (loss) | $ 2,777 | $ (962) | $ (6,421) | $ (6,635) |
Subsidiary Guarantors (Conden54
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | $ (6,881) | $ 14,991 |
Net cash flows used in operating activities of discontinued operations | (3,965) | |
Cash provided by (used in) operating activities | (6,881) | 11,026 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (36,830) | (48,525) |
Proceeds from dispositions of property and equipment | 115 | 341 |
Payments for acquisitions of businesses | 2,048 | |
Payments on vendor performance obligations | (3,100) | |
Payments for acquisitions of businesses | (2,048) | |
Net cash flows used in investing activities of continuing operations | (36,715) | (53,332) |
Net cash flows provided by investing activities of discontinued operations | 5,275 | |
Cash used in investing activities | (36,715) | (48,057) |
FINANCING ACTIVITIES: | ||
Deferred financing fees | (29) | |
Taxes paid on settlement of vested share awards | (265) | (484) |
Repayment of term loan facility | (2,500) | |
Repayments of equipment debt | (506) | (41) |
Proceeds from equipment debt | 410 | |
Purchase of noncontrolling interest | (205) | |
Exercise of options and purchases from employee stock plans | 846 | 620 |
Excess income tax benefit from share-based compensation | (13) | 64 |
Borrowings under revolving loans | 79,000 | 69,500 |
Repayments of revolving loans | (61,000) | (69,500) |
Net cash (used in) provided by financing activities | 15,943 | (46) |
Effect of foreign currency exchange rates on cash and cash equivalents | (40) | (194) |
Net increase (decrease) in cash and cash equivalents | (27,693) | (37,271) |
Cash and cash equivalents at beginning of period | 42,389 | 75,338 |
Cash and cash equivalents at end of period | 14,696 | 38,067 |
Eliminations [Member] | ||
INVESTING ACTIVITIES: | ||
Net change in accounts with affiliates | 12,571 | 7,748 |
Net cash flows used in investing activities of continuing operations | 12,571 | 7,748 |
Cash used in investing activities | 7,748 | |
FINANCING ACTIVITIES: | ||
Net change in accounts with affiliates, in finance activities | (12,571) | (7,748) |
Net cash (used in) provided by financing activities | (12,571) | (7,748) |
Subsidiary Guarantors [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | 4,427 | 22,746 |
Net cash flows used in operating activities of discontinued operations | (2,941) | |
Cash provided by (used in) operating activities | 19,805 | |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (36,830) | (48,525) |
Proceeds from dispositions of property and equipment | 115 | 341 |
Payments for acquisitions of businesses | 2,048 | |
Payments on vendor performance obligations | (3,100) | |
Payments for acquisitions of businesses | (2,048) | |
Net change in accounts with affiliates | (12,571) | (7,748) |
Net cash flows used in investing activities of continuing operations | (49,286) | (61,080) |
Net cash flows provided by investing activities of discontinued operations | 5,275 | |
Cash used in investing activities | (55,805) | |
FINANCING ACTIVITIES: | ||
Repayments of equipment debt | (506) | (41) |
Proceeds from equipment debt | 2 | |
Capital contributions | 16,800 | |
Net cash (used in) provided by financing activities | 16,296 | (41) |
Net increase (decrease) in cash and cash equivalents | (28,563) | (36,041) |
Cash and cash equivalents at beginning of period | 41,724 | 71,939 |
Cash and cash equivalents at end of period | 13,161 | 35,898 |
Non-Guarantor Subsidiaries [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | (322) | (3,266) |
Net cash flows used in operating activities of discontinued operations | (1,024) | |
Cash provided by (used in) operating activities | (4,290) | |
FINANCING ACTIVITIES: | ||
Net change in accounts with affiliates, in finance activities | 1,232 | 3,251 |
Net cash (used in) provided by financing activities | 1,232 | 3,251 |
Effect of foreign currency exchange rates on cash and cash equivalents | (40) | (194) |
Net increase (decrease) in cash and cash equivalents | 870 | (1,233) |
Cash and cash equivalents at beginning of period | 663 | 3,399 |
Cash and cash equivalents at end of period | 1,533 | 2,166 |
GLDD Corporation [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities of continuing operations | (10,986) | (4,489) |
Cash provided by (used in) operating activities | (4,489) | |
FINANCING ACTIVITIES: | ||
Deferred financing fees | (29) | |
Taxes paid on settlement of vested share awards | (265) | (484) |
Repayment of term loan facility | (2,500) | |
Proceeds from equipment debt | 408 | |
Purchase of noncontrolling interest | (205) | |
Exercise of options and purchases from employee stock plans | 846 | 620 |
Excess income tax benefit from share-based compensation | (13) | 64 |
Net change in accounts with affiliates, in finance activities | 11,339 | 4,497 |
Borrowings under revolving loans | 79,000 | 69,500 |
Repayments of revolving loans | (61,000) | (69,500) |
Capital contributions | (16,800) | |
Net cash (used in) provided by financing activities | 10,986 | 4,492 |
Net increase (decrease) in cash and cash equivalents | 3 | |
Cash and cash equivalents at beginning of period | 2 | |
Cash and cash equivalents at end of period | $ 2 | $ 3 |