Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 60,940,829 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 13,595 | $ 14,184 |
Accounts receivable—net | 115,753 | 130,777 |
Contract revenues in excess of billings | 75,843 | 81,195 |
Inventories | 35,734 | 35,963 |
Prepaid expenses and other current assets | 78,341 | 67,614 |
Total current assets | 319,266 | 329,733 |
PROPERTY AND EQUIPMENT—Net | 436,691 | 430,210 |
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 85,314 | 86,004 |
INVENTORIES—Noncurrent | 48,706 | 41,646 |
INVESTMENTS IN JOINT VENTURES | 5,791 | 3,761 |
OTHER | 8,366 | 6,770 |
TOTAL | 904,134 | 898,124 |
CURRENT LIABILITIES: | ||
Accounts payable | 109,255 | 118,846 |
Accrued expenses | 57,365 | 72,277 |
Billings in excess of contract revenues | 9,677 | 7,061 |
Revolving credit facility | 60,000 | |
Current portion of long term debt | 11,745 | 7,506 |
Total current liabilities | 248,042 | 205,690 |
7 3/8% SENIOR NOTES | 272,748 | 271,998 |
REVOLVING CREDIT FACILITY | 20,000 | |
NOTES PAYABLE | 45,012 | 53,792 |
DEFERRED INCOME TAXES | 73,753 | 74,006 |
OTHER | 10,002 | 20,465 |
Total liabilities | 649,557 | 645,951 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
EQUITY: | ||
Common stock—$.0001 par value; 90,000 authorized, 61,215 and 60,709 shares issued; 60,937 and 60,431 shares outstanding at September 30, 2016 and December 31, 2015, respectively. | 6 | 6 |
Treasury stock, at cost | (1,433) | (1,433) |
Additional paid-in capital | 286,266 | 283,247 |
Accumulated deficit | (28,858) | (27,664) |
Accumulated other comprehensive loss | (1,404) | (1,983) |
Total equity | 254,577 | 252,173 |
TOTAL | $ 904,134 | $ 898,124 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 61,215,000 | 60,709,000 |
Common stock, shares outstanding | 60,937,000 | 60,431,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Contract revenues | $ 198,869 | $ 220,802 | $ 554,180 | $ 634,236 |
Costs of contract revenues | 178,824 | 196,717 | 489,889 | 567,182 |
Gross profit | 20,045 | 24,085 | 64,291 | 67,054 |
General and administrative expenses | 7,187 | 15,277 | 47,027 | 48,768 |
Impairment of goodwill | 2,750 | |||
(Gain) loss on sale of assets—net | (2) | (884) | 675 | (887) |
Operating income | 12,860 | 9,692 | 16,589 | 16,423 |
Interest expense—net | (4,819) | (7,293) | (16,443) | (18,490) |
Equity in earnings (loss) of joint ventures | 6 | (2,051) | 19 | (5,765) |
Other income (expense) | (637) | 706 | (1,918) | (353) |
Income (loss) before income taxes | 7,410 | 1,054 | (1,753) | (8,185) |
Income tax (provision) benefit | (2,850) | (742) | 559 | 2,831 |
Net income (loss) | $ 4,560 | $ 312 | $ (1,194) | $ (5,354) |
Basic earnings (loss) per share | $ 0.08 | $ (0.02) | $ (0.09) | |
Basic weighted average shares | 60,811 | 60,496 | 60,676 | 60,411 |
Diluted earnings (loss) per share | $ 0.08 | $ (0.02) | $ (0.09) | |
Diluted weighted average shares | 61,526 | 60,841 | 60,676 | 60,411 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 4,560 | $ 312 | $ (1,194) | $ (5,354) | |
Currency translation adjustment-net of tax | [1] | 39 | (639) | 596 | (1,394) |
Net unrealized gain on derivatives—net of tax | [2] | (17) | (17) | ||
Other comprehensive income (loss)—net of tax | 22 | (639) | 579 | (1,394) | |
Comprehensive income (loss) | $ 4,582 | $ (327) | $ (615) | $ (6,748) | |
[1] | Net of income tax (provision) benefit of $(25) and $422 for the three months ended September 30, 2016 and 2015, respectively and $(395) and $922 for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[2] | Net of income tax benefit of $11 for the three and nine months ended September 30, 2016, respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Currency translation adjustment, tax | $ (25) | $ 422 | $ (395) | $ 922 |
Net unrealized (gain) loss on derivatives-net of tax | $ 11 | $ 11 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
BALANCE - value at Dec. 31, 2014 | $ 255,963 | $ 6 | $ 278,166 | $ (21,475) | $ (734) | |
BALANCE - shares at Dec. 31, 2014 | 60,170 | |||||
Share-based compensation, Value | 2,897 | 2,897 | ||||
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 | 1,356 | 1,356 | ||||
Exercise of options and purchases from employee stock plans, Shares | 160 | |||||
Excess income tax benefit from share-based compensation | (13) | (13) | ||||
Purchase of treasury stock, value | (1,107) | $ (1,107) | ||||
Purchase of treasury stock, shares | (213) | |||||
Net loss | (5,354) | (5,354) | ||||
Other comprehensive income—net of tax | (1,394) | (1,394) | ||||
BALANCE - value at Sep. 30, 2015 | 252,083 | $ 6 | $ (1,107) | 282,141 | (26,829) | (2,128) |
BALANCE - shares at Sep. 30, 2015 | 60,521 | (213) | ||||
BALANCE - value at Dec. 31, 2015 | 252,173 | $ 6 | $ (1,433) | 283,247 | (27,664) | (1,983) |
BALANCE - shares at Dec. 31, 2015 | 60,709 | (278) | ||||
Share-based compensation, Value | 2,276 | 2,276 | ||||
Share-based compensation, Shares | 126 | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (162) | (162) | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 71 | |||||
Exercise of options and purchases from employee stock plans, Value | 905 | 905 | ||||
Exercise of options and purchases from employee stock plans, Shares | 309 | |||||
Net loss | (1,194) | (1,194) | ||||
Other comprehensive income—net of tax | 579 | 579 | ||||
BALANCE - value at Sep. 30, 2016 | $ 254,577 | $ 6 | $ (1,433) | $ 286,266 | $ (28,858) | $ (1,404) |
BALANCE - shares at Sep. 30, 2016 | 61,215 | (278) |
Condensed Consolidated Stateme8
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (1,194) | $ (5,354) |
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities: | ||
Depreciation and amortization | 45,692 | 47,747 |
Equity in earnings of joint ventures | (6,313) | (3,402) |
Cash distributions from joint ventures | 3,234 | 2,500 |
Deferred income taxes | 152 | (3,031) |
(Gain) loss on sale of assets—net | 675 | (887) |
Impairment of goodwill | 2,750 | |
Gain on adjustment of contingent consideration | (8,940) | (8,444) |
Amortization of deferred financing fees | 1,879 | 2,126 |
Unrealized net gain from mark-to-market valuations of derivatives | (5,285) | (1,479) |
Unrealized foreign currency gain | (213) | (1,076) |
Share-based compensation expense | 2,276 | 2,897 |
Excess income tax benefit from share-based compensation | 13 | |
Changes in assets and liabilities: | ||
Accounts receivable | 14,163 | (31,819) |
Contract revenues in excess of billings | 5,712 | 14,328 |
Inventories | (6,831) | (3,761) |
Prepaid expenses and other current assets | (6,839) | (6,727) |
Accounts payable and accrued expenses | (26,317) | (9,896) |
Billings in excess of contract revenues | 2,593 | 1,657 |
Other noncurrent assets and liabilities | (1,466) | (2,039) |
Cash provided by (used in) operating activities | 12,978 | (3,897) |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (58,842) | (53,394) |
Proceeds from dispositions of property and equipment | 10,455 | 1,167 |
Net cash flows used in investing activities | (48,387) | (52,227) |
FINANCING ACTIVITIES: | ||
Deferred financing fees | (332) | (29) |
Repayments of long term note payable | (803) | (488) |
Taxes paid on settlement of vested share awards | (162) | (265) |
Repayments of term loan facility | (3,750) | (3,750) |
Repayments of equipment debt | (1,064) | (853) |
Proceeds from equipment debt | 410 | |
Exercise of options and purchases from employee stock plans | 905 | 1,356 |
Excess income tax benefit from share-based compensation | (13) | |
Treasury stock | (1,107) | |
Borrowings under revolving loans | 133,000 | 146,000 |
Repayments of revolving loans | (93,000) | (118,000) |
Net cash provided by financing activities | 34,794 | 23,261 |
Effect of foreign currency exchange rates on cash and cash equivalents | 26 | (105) |
Net decrease in cash and cash equivalents | (589) | (32,968) |
Cash and cash equivalents at beginning of period | 14,184 | 42,389 |
Cash and cash equivalents at end of period | 13,595 | 9,421 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 23,846 | 23,645 |
Cash paid (refunded) for income taxes | (226) | 987 |
Non-cash Investing and Financing Activities | ||
Property and equipment purchased but not yet paid | $ 14,511 | 4,981 |
Property and equipment purchased on capital leases and equipment notes | 2,190 | |
Property and equipment purchased on notes payable | $ 15,569 |
Basis Of Presentation Policies
Basis Of Presentation Policies | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [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, 2015. 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 September 30, 2016, and its results of operations for the three and nine months ended September 30, 2016 and 2015 and cash flows for the nine months ended September 30, 2016 and 2015 have been included. The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals 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. The Company’s cost structure includes significant annual equipment-related costs, including depreciation, maintenance, insurance and long-term rentals. These costs have averaged approximately 21% 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 two operating segments: dredging and environmental & infrastructure, previously referred to as environmental & remediation, which are also the Company’s two reportable segments. The Company has determined that dredging, Terra Contracting Services, LLC (“Terra”) and Great Lakes Environmental & Infrastructure, LLC (“GLEI”) are the Company’s three reporting units. The Company performed its most recent annual test of impairment as of July 1, 2016 with no indication of impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2017. 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 2015 and recorded a goodwill impairment charge of $2,750 during the quarter ended June 30, 2015. This impairment of goodwill is discussed in Note 6. 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 August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2016-15 (“ASU 2016-15”), Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation – Stock Compensation (Topic 718) In February 2016, the FASB issued Accounting Standard Update No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) In November 2015, the FASB issued Accounting Standard Update No. 2015-17 (“ASU 2015-17”), Income Taxes: Balance Sheet Classifications of Deferred Taxes (Topic 740) In April 2015, the FASB issued Accounting Standard Update No. 2015-03 (“ASU 2015-03”), Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued Accounting Standard Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
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 nine months ended September 30, 2016 and 2015, the dilutive effect of 576 thousand and 462 thousand stock options and restricted stock units, respectively, were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during these periods. For the three and nine months ended September 30, 2016, 1,594 thousand and 1,603 thousand stock options and restricted stock units were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such stock options and restricted stock units were determined to be anti-dilutive. Similarly, for the three months ended September 30, 2015, 1,170 thousand stock options and 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 are as follows: Three Months Ended Nine Months Ended (shares in thousands) September 30, September 30, 2016 2015 2016 2015 Net income (loss) $ 4,560 $ 312 $ (1,194 ) $ (5,354 ) Weighted-average common shares outstanding — basic 60,811 60,496 60,676 60,411 Effect of stock options and restricted stock units 715 345 — — Weighted-average common shares outstanding — diluted 61,526 60,841 60,676 60,411 Earnings (loss) per share — $ 0.08 $ — $ (0.02 ) $ (0.09 ) Earnings (loss) per share — diluted $ 0.08 $ — $ (0.02 ) $ (0.09 ) |
Accounts Receivable And Contrac
Accounts Receivable And Contracts In Progress | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Accounts receivable and contracts in progress | 3. Accounts receivable and contracts in progress Accounts receivable at September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, 2016 2015 Completed contracts $ 12,379 $ 37,111 Contracts in progress 87,965 70,787 Retainage 20,340 27,203 120,684 135,101 Allowance for doubtful accounts (469 ) (754 ) Total accounts receivable—net $ 120,215 $ 134,347 Current portion of accounts receivable—net $ 115,753 $ 130,777 Long-term accounts receivable and retainage 4,462 3,570 Total accounts receivable—net $ 120,215 $ 134,347 The components of contracts in progress at September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, 2016 2015 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 404,541 $ 230,159 Amounts billed (351,754 ) (176,283 ) Costs and earnings in excess of billings for contracts in progress 52,787 53,876 Costs and earnings in excess of billings for completed contracts 23,056 27,319 Total contract revenues in excess of billings $ 75,843 $ 81,195 Billings in excess of costs and earnings: Amounts billed $ (270,274 ) $ (207,550 ) Costs and earnings for contracts in progress 260,597 200,489 Total billings in excess of contract revenues $ (9,677 ) $ (7,061 ) The Company has $17,910 included in costs in excess of billings that are dependent upon the sale of environmental credits earned for a wetland mitigation project. The sale of these credits is subject to market factors that could cause the amount of expected revenue to be higher or lower than currently estimated. If the amount of proceeds received from the sale of the environmental credits is lower than our expectations, we could sustain a loss of part or all of the costs incurred related to this project. Additionally, the timing of realization may be impacted by the timing of a delay in the sale of these environmental credits, resulting in a longer period to recover our investment. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 4. Accrued expenses Accrued expenses at September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, 2016 2015 Insurance $ 15,962 $ 16,291 Accumulated deficit in joint ventures 14,359 15,408 Payroll and employee benefits 7,282 13,317 Income and other taxes 4,341 3,726 Interest 4,014 8,743 Percentage of completion adjustment 2,876 2,837 Fuel hedge contracts — 4,388 Other 8,531 7,567 Total accrued expenses $ 57,365 $ 72,277 |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [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 $199,000, 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 September 30, 2016 of $132,178. The Company’s Credit Agreement matures on June 2, 2017 and the Company is in discussions with lenders to finalize a successor credit facility with substantially similar terms as the current Credit Agreement. On June 24, 2016, the Company entered into the seventh amendment to the Credit Agreement which modified the Credit Agreement to allow for the sale of the vessel known as the Reem Island Reem Island On June 30, 2016 the Company entered into the eighth amendment (the “Eighth Amendment”) to the Credit Agreement which increased the margin applicable to interest rates, letters of credit and commitment fees thereunder. Depending on the Company’s consolidated total leverage ratio (as defined in the Credit Agreement and further described below), borrowings under the revolving credit facility will bear interest at the option of the Company at either the LIBOR rate plus a margin between 1.50% and 3.50% or a base rate plus a margin between 0.50% and 2.50%. In addition, the Eighth Amendment modifies the consolidated total leverage covenant contained in the Credit Agreement and adds a maximum capital expenditures covenant. The Company may not permit the consolidated total leverage ratio to be greater than (i) 5.00 to 1.00 for the fiscal quarter ending June 30, 2016, (ii) 4.75 to 1.00 for the fiscal quarter ending September 30, 2016 and (iii) 4.50 to 1.00 for any fiscal quarter ending thereafter. Further, the Company and its subsidiaries may not allow its aggregate capital expenditures to exceed (i) $105,000 for the fiscal year ending December 31, 2016 and (ii) $45,000 during any fiscal year thereafter. Last, the Eighth Amendment requires the Company and its subsidiaries party to the Credit Agreement to pledge their respective inventory as security for the revolving credit facility. The Credit 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 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 September 30, 2016, the Company had $60,000 of borrowings on the revolver and $68,893 of letters of credit outstanding, resulting in $70,107 of availability under the Credit Agreement. At September 30, 2016, 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, as subsequently amended, (the “Loan Agreement”) by and among the lenders party thereto from time to time and Bank of America, N.A., as administrative agent. The Company borrowed an aggregate principal amount of $47,360 in 2014 and an additional $2,640 in 2015. 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 representations, affirmative and negative covenants and events of default customary 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 September 30, 2016 of $47,975. 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 $2,442. The long term portion is $15,275 and is included in notes payable or other long term liabilities. |
Impairment Of Goodwill
Impairment Of Goodwill | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Impairment Of Goodwill | 6. Impairment of goodwill The Company performed its most recent annual test of impairment as of July 1, 2016 with no indication of impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2017. 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 2015. The Company performed step one of the goodwill impairment test as of June 30, 2015, 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 carrying value as of June 30, 2015. As a result, the Company recorded an impairment charge of $2,750 in the second quarter of 2015. The change in the carrying value of goodwill for the period ended September 30, 2015 is as follows: Dredging Environmental & Infrastructure Total Balance — December 31, 2014 $ 76,576 $ 9,750 $ 86,326 Impairment of goodwill — (2,750 ) (2,750 ) BALANCE—September 30, 2015 $ 76,576 $ 7,000 $ 83,576 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [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 September 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 869 $ — $ 869 $ — Fair Value Measurements at Reporting Date Using Description At December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 4,388 $ — $ 4,388 $ — 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 September 30, 2016, 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 June 2017. As of September 30, 2016, there were 8.6 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted domestic fuel purchases through June 2017. Under these swap agreements, the Company will pay fixed prices ranging from $1.02 to $1.70 per gallon. At September 30, 2016 the fair value asset of the fuel hedge contracts was estimated to be $869 and is recorded in prepaid expenses and other current assets. At December 31, 2015, the fair value liability of the fuel hedge contracts was estimated to be $4,388 and is recorded in accrued expenses. For fuel hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the nine months ended September 30, 2016 were $46. The remaining gains and losses included in accumulated other comprehensive loss at September 30, 2016 will be reclassified into earnings over the next nine months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as cost of contract revenues in the Statement of Operations. 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 September 30, 2016 and December 31, 2015 is as follows: Fair Value at September 30, December 31, Balance Sheet Location 2016 2015 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ (28 ) $ — Derivatives not designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets 897 — Total asset derivatives $ 869 $ — Liability derivatives: Derivatives not designated as hedging instruments Fuel hedge contracts Accrued expenses $ — $ 4,388 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 2015 Goodwill Balance at January 1, $ 86,326 Impairment of goodwill (2,750 ) Balance at December 31, $ 83,576 Accumulated other comprehensive income (loss) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cumulative translation adjustments—net of tax $ 39 $ (639 ) $ 596 $ (1,394 ) Derivatives: Reclassification of derivative losses to earnings—net of tax 46 — 46 — Change in fair value of derivatives—net of tax (63 ) — (63 ) — Net unrealized gain on derivatives—net of tax (17 ) — (17 ) — Total other comprehensive income (loss) $ 22 $ (639 ) $ 579 $ (1,394 ) Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended Nine Months Ended September 30, September 30, Statement of Operations Location 2016 2016 Derivatives: Fuel Costs of contract revenues $ 76 $ 76 Income tax benefit 30 30 $ 46 $ 46 Other financial instruments The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying value of our senior revolving credit agreement approximates fair value. The Term Loan Facility 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 September 30, 2016 (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 $269,500 at September 30, 2016, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 2016, the Company granted 716 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 $270 and $839 for the three months ended September 30, 2016 and 2015, respectively, and $2,276 and $2,897 for the nine months ended September 30, 2016 and 2015, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [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 & infrastructure projects. The Company has a bonding agreement with Zurich American Insurance Company (“Zurich”) under which the Company can obtain performance, bid and payment bonds (the “Zurich Bonding Agreement”). 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 terms and conditions as the Zurich Bonding Agreement. 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 September 30, 2016, the Company had outstanding performance bonds with a notional amount of approximately $1,043,976, of which $41,082 relates to projects from the Company’s historical demolition business. The revenue value remaining in backlog related to these projects totaled approximately $422,956. In connection with the sale of our historical demolition business, the Company was obligated to keep in place the surety bonds on pending demolition projects for the period required under the respective contract for a project. Certain foreign projects performed by the Company have warranty periods, typically spanning no more than one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications. Legal proceedings and other contingencies As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company. Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition. On 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. On or about February 5, 2016, the parties agreed to a tentative settlement in the amount of $275, without any admission of liability and subject to final documentation. On June 3, 2016, a Consent Judgment was entered as a final judgment in Massachusetts Superior Court to implement that settlement. 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. Except as noted above, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments | 10. Investments 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 September 30, 2016 and December 31, 2015, the Company had net advances to TerraSea of $24,898 and $27,592, 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 $14,359 and $14,271 at September 30, 2016 and December 31, 2015, respectively, which is presented in accrued expenses. The Company has commenced the wind down 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. The joint venture partner and the Company are continuing discussions. If those discussions do not lead to a resolution satisfactory to both parties, the joint venture partner and the Company will go to binding arbitration as stipulated by the TerraSea operating agreement. To the extent that net advances are not fully recoverable, additional losses may result in future periods. The Company and its joint venture partner remained obligated to fund TerraSea through the completion of its remaining project. The remaining TerraSea project was substantially complete at September 30, 2016. |
Business Dispositions
Business Dispositions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Dispositions | 11. Business combinations and dispositions Discontinued operations On April 23, 2014, the Company entered into an agreement and completed the sale of NASDI and Yankee, 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. 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. Magnus Pacific acquisition On November 4, 2014, the Company acquired Magnus Pacific Corporation (“Magnus”), a California corporation, for an aggregate purchase price of approximately $40 million. Under the terms of the acquisition, the aggregate purchase price is satisfied by payment of $25,000 paid at closing, the issuance of a promissory note and an earnout payment. In the event Magnus did not achieve minimum earnings before interest, taxes, depreciation and amortization, as adjusted in the 2015 fiscal year, the principal amount of the promissory note would be reduced. Magnus did not reach the minimum EBITDA threshold for 2015 designated in the secured promissory note; therefore, during the second quarter of 2015, the Company reduced the remaining fair value by $7,013 to zero and the corresponding change was reflected in general and administrative expenses. Under the terms of the acquisition, the maximum potential aggregate earnout (the “Earnout Payment”) will be determined based on the attainment of combined Adjusted EBITDA targets of Magnus and Terra for the year ending December 31, 2019. During the third quarter of 2016, the Company signed an amendment to the Magnus, now referred to as GLEI, share purchase agreement which modified the terms of the Earnout Payment. The Earnout Payment remains at $11,400 The Company remeasures the fair value of the contingent Earnout Payment based on projections of the earnings target for the business. Based on the Company’s projections at September 30, 2016, GLEI is not expected to reach the minimum Adjusted EBITDA threshold designated in the amended share purchase agreement; therefore, during the third quarter of 2016, the Company reduced the remaining fair value of $8,940 to zero and the corresponding change is reflected in general and administrative expenses and interest expense. Other During the third quarter of 2016, the Company entered into a definitive agreement (“Services Asset Sale Agreement”) to sell the assets associated with certain services lines of the environmental & infrastructure segment’s business, excluding the assets supporting the remediation service line. The Services Asset Sale Agreement was subject to customary closing conditions and financing approval. Subsequent to the end of the third quarter of 2016, the Company amended the terms of the Services Asset Sale Agreement to exclude certain assets thereby reducing the purchase price and extending the anticipated closing date to December 15, 2016. The Company completed the sale of a portion of these assets which were excluded from the Services Asset Sale Agreement to a separate party subsequent to the end of the third quarter of 2016. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 12. Segment information The Company and its subsidiaries currently operate in two reportable segments: dredging and environmental & infrastructure, previously referred to as the environment & remediation segment. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Dredging Contract revenues $ 154,448 $ 162,526 $ 453,122 $ 506,700 Operating income 5,553 19,598 26,762 45,587 Environmental & infrastructure Contract revenues $ 44,565 $ 60,451 $ 103,437 $ 131,929 Operating income (loss) 7,307 (9,906 ) (10,173 ) (29,164 ) Intersegment revenues $ (144 ) $ (2,175 ) $ (2,379 ) $ (4,393 ) Total Contract revenues $ 198,869 $ 220,802 $ 554,180 $ 634,236 Operating income 12,860 9,692 16,589 16,423 Foreign dredging revenue of $21,139 and $34,331 for the three and nine months ended September 30, 2016, respectively, was attributable to work done in the Middle East. Foreign dredging revenue for the three and nine months ended September 30, 2015 was $38,042 and $127,280, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Subsidiary Guarantors | 13. Subsidiary guarantors The Company’s long-term debt at September 30, 2016 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 September 30, 2016 and December 31, 2015; (ii) statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015; and (iii) statements of cash flows for the nine months ended September 30, 2016 and 2015. GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2016 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals CURRENT ASSETS: Cash and cash equivalents $ 13,064 $ 529 $ 2 $ — $ 13,595 Accounts receivable — net 115,335 418 — — 115,753 Contract revenues in excess of billings 73,765 2,078 — — 75,843 Inventories 35,734 — — — 35,734 Prepaid expenses and other current assets 77,988 185 168 — 78,341 Total current assets 315,886 3,210 170 — 319,266 PROPERTY AND EQUIPMENT—Net 436,684 7 — — 436,691 GOODWILL AND OTHER INTANGIBLE ASSETS—Net 85,314 — — — 85,314 INVENTORIES — Noncurrent 48,706 — — — 48,706 INVESTMENTS IN JOINT VENTURES 5,791 — — — 5,791 RECEIVABLES FROM AFFILIATES 10,982 6,637 85,327 (102,946 ) — INVESTMENTS IN SUBSIDIARIES 3,551 — 640,658 (644,209 ) — OTHER 7,558 1 807 — 8,366 TOTAL $ 914,472 $ 9,855 $ 726,962 $ (747,155 ) $ 904,134 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 108,883 $ 372 $ — $ — $ 109,255 Accrued expenses 52,424 764 4,177 — 57,365 Revolving Credit Facility — — 60,000 — 60,000 Billings in excess of contract revenues 9,557 120 — — 9,677 Current portion of long term debt 1,449 — 10,296 — 11,745 Total current liabilities 172,313 1,256 74,473 — 248,042 7 3/8% SENIOR NOTES — — 272,748 — 272,748 NOTES PAYABLE 220 — 44,792 — 45,012 DEFERRED INCOME TAXES (794 ) — 74,547 — 73,753 PAYABLES TO AFFILIATES 91,359 5,926 5,661 (102,946 ) — OTHER 9,838 — 164 — 10,002 Total liabilities 272,936 7,182 472,385 (102,946 ) 649,557 TOTAL EQUITY 641,536 2,673 254,577 (644,209 ) 254,577 TOTAL $ 914,472 $ 9,855 $ 726,962 $ (747,155 ) $ 904,134 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals CURRENT ASSETS: Cash and cash equivalents $ 12,035 $ 2,147 $ 2 $ — $ 14,184 Accounts receivable — net 129,978 799 — — 130,777 Contract revenues in excess of billings 79,477 1,718 — — 81,195 Inventories 35,963 — — — 35,963 Prepaid expenses and other current assets 66,919 218 477 — 67,614 Total current assets 324,372 4,882 479 — 329,733 PROPERTY AND EQUIPMENT—Net 430,192 18 — — 430,210 GOODWILL AND OTHER INTANGIBLE ASSETS—Net 86,004 — — — 86,004 INVENTORIES — Noncurrent 41,646 — — — 41,646 INVESTMENTS IN JOINT VENTURES 3,761 — — — 3,761 RECEIVABLES FROM AFFILIATES 18,326 6,009 70,738 (95,073 ) — INVESTMENTS IN SUBSIDIARIES 3,706 — 621,984 (625,690 ) — OTHER 6,702 3 65 — 6,770 TOTAL $ 914,709 $ 10,912 $ 693,266 $ (720,763 ) $ 898,124 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 118,619 $ 227 $ — $ — $ 118,846 Accrued expenses 62,861 509 8,907 — 72,277 Billings in excess of contract revenues 6,964 97 — — 7,061 Current portion of long term debt 1,424 — 6,082 — 7,506 Total current liabilities 189,868 833 14,989 — 205,690 7 3/8% SENIOR NOTES — — 271,998 — 271,998 REVOLVING CREDIT FACILITY — — 20,000 — 20,000 NOTE PAYABLE 323 — 53,469 — 53,792 DEFERRED INCOME TAXES (783 ) — 74,789 — 74,006 PAYABLES TO AFFILIATES 85,859 3,505 5,709 (95,073 ) — OTHER 20,326 — 139 — 20,465 Total liabilities 295,593 4,338 441,093 (95,073 ) 645,951 TOTAL EQUITY 619,116 6,574 252,173 (625,690 ) 252,173 TOTAL $ 914,709 $ 10,912 $ 693,266 $ (720,763 ) $ 898,124 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 198,100 $ 1,333 $ — $ (564 ) $ 198,869 Costs of contract revenues (177,032 ) (2,356 ) — 564 (178,824 ) Gross profit 21,068 (1,023 ) — — 20,045 OPERATING EXPENSES: General and administrative expenses 7,185 — 2 — 7,187 Gain on sale of assets—net (2 ) — — — (2 ) Operating income (loss) 13,885 (1,023 ) (2 ) — 12,860 Interest expense—net 896 — (5,715 ) — (4,819 ) Equity in earnings (loss) of subsidiaries (3 ) — 13,041 (13,038 ) — Equity in earnings of joint ventures 6 — — — 6 Other expense (637 ) — — — (637 ) Income (loss) before income taxes 14,147 (1,023 ) 7,324 (13,038 ) 7,410 Income tax provision — (86 ) (2,764 ) — (2,850 ) Net income (loss) $ 14,147 $ (1,109 ) $ 4,560 $ (13,038 ) $ 4,560 Comprehensive income (loss) $ 14,130 $ (1,070 ) $ 4,582 $ (13,060 ) $ 4,582 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 216,993 $ 4,402 $ — $ (593 ) $ 220,802 Costs of contract revenues (193,955 ) (3,355 ) — 593 (196,717 ) Gross profit 23,038 1,047 — — 24,085 OPERATING EXPENSES: General and administrative expenses 15,277 — — — 15,277 Gain on sale of assets—net (884 ) — — — (884 ) Operating income 8,645 1,047 — — 9,692 Interest expense—net (90 ) — (7,203 ) — (7,293 ) Equity in earnings of subsidiaries 2 — 8,144 (8,146 ) — Equity in loss of joint ventures (2,051 ) — — — (2,051 ) Other income 706 — — — 706 Income before income taxes 7,212 1,047 941 (8,146 ) 1,054 Income tax (provision) benefit 7 (120 ) (629 ) — (742 ) Net income $ 7,219 $ 927 $ 312 $ (8,146 ) $ 312 Comprehensive income (loss) $ 7,219 $ 288 $ (327 ) $ (7,507 ) $ (327 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 554,388 $ 1,333 $ — $ (1,541 ) $ 554,180 Costs of contract revenues (486,220 ) (5,210 ) — 1,541 (489,889 ) Gross profit 68,168 (3,877 ) — — 64,291 OPERATING EXPENSES: General and administrative expenses 47,076 4 (53 ) — 47,027 Loss on sale of assets—net 675 — — — 675 Operating income (loss) 20,417 (3,881 ) 53 — 16,589 Interest expense—net 531 — (16,974 ) — (16,443 ) Equity in earnings (loss) of subsidiaries (181 ) — 15,082 (14,901 ) — Equity in earnings of joint ventures 19 — — — 19 Other expense (1,910 ) (8 ) — — (1,918 ) Income (loss) before income taxes 18,876 (3,889 ) (1,839 ) (14,901 ) (1,753 ) Income tax (provision) benefit — (86 ) 645 — 559 Net income (loss) $ 18,876 $ (3,975 ) $ (1,194 ) $ (14,901 ) $ (1,194 ) Comprehensive income (loss) $ 18,859 $ (3,379 ) $ (615 ) $ (15,480 ) $ (615 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 624,498 $ 11,912 $ — $ (2,174 ) $ 634,236 Costs of contract revenues (558,343 ) (11,013 ) — 2,174 (567,182 ) Gross profit 66,155 899 — — 67,054 OPERATING EXPENSES: General and administrative expenses 48,768 — — — 48,768 Impairment of goodwill 2,750 — — — 2,750 Gain on sale of assets—net (887 ) — — — (887 ) Operating income 15,524 899 — — 16,423 Interest expense—net (349 ) — (18,141 ) — (18,490 ) Equity in earnings of subsidiaries 6 — 9,663 (9,669 ) — Equity in loss of joint ventures (5,765 ) — — — (5,765 ) Other expense (346 ) (7 ) — — (353 ) Income (loss) before income taxes 9,070 892 (8,478 ) (9,669 ) (8,185 ) Income tax (provision) benefit 7 (300 ) 3,124 — 2,831 Net income (loss) $ 9,077 $ 592 $ (5,354 ) $ (9,669 ) $ (5,354 ) Comprehensive income (loss) $ 9,077 $ (802 ) $ (6,748 ) $ (8,275 ) $ (6,748 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ 36,242 $ (3,096 ) $ (20,168 ) $ — $ 12,978 INVESTING ACTIVITIES: Purchases of property and equipment (58,842 ) — — — (58,842 ) Proceeds from dispositions of property and equipment 10,455 — — — 10,455 Net change in accounts with affiliates 10,505 — — (10,505 ) — Net cash flows used in investing activities (37,882 ) — — (10,505 ) (48,387 ) FINANCING ACTIVITIES: Deferred financing fees — — (332 ) — (332 ) Repayments of long term note payable — — (803 ) — (803 ) Repayments of term loan facility — — (3,750 ) — (3,750 ) Repayments of equipment debt (1,064 ) — — — (1,064 ) Net change in accounts with affiliates 26,733 1,452 (38,690 ) 10,505 — Intercompany dividends (23,000 ) — 23,000 — — Exercise of options and purchases from employee stock plans — — 905 — 905 Taxes paid on settlement of vested share awards — — (162 ) — (162 ) Borrowings under revolving loans — — 133,000 — 133,000 Repayments of revolving loans — — (93,000 ) — (93,000 ) Net cash flows provided by financing activities 2,669 1,452 20,168 10,505 34,794 Effect of foreign currency exchange rates on cash and cash equivalents — 26 — — 26 Net increase (decrease) in cash and cash equivalents 1,029 (1,618 ) — — (589 ) Cash and cash equivalents at beginning of period 12,035 2,147 2 — 14,184 Cash and cash equivalents at end of period $ 13,064 $ 529 $ 2 $ — $ 13,595 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 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 $ 15,013 $ (1,308 ) $ (17,602 ) $ — $ (3,897 ) INVESTING ACTIVITIES: Purchases of property and equipment (53,394 ) — — — (53,394 ) Proceeds from dispositions of property and equipment 1,167 — — — 1,167 Net change in accounts with affiliates (29,059 ) — (9,839 ) 38,898 — Net cash flows used in investing activities (81,286 ) — (9,839 ) 38,898 (52,227 ) FINANCING ACTIVITIES: Deferred financing fees — — (29 ) — (29 ) Repayments of long term note payable — — (488 ) — (488 ) Taxes paid on settlement of vested share awards — — (265 ) — (265 ) Repayments of term loan facility — — (3,750 ) — (3,750 ) Repayment of equipment debt (853 ) — — — (853 ) Proceeds from equipment debt — — 410 — 410 Net change in accounts with affiliates 17,416 1,355 20,127 (38,898 ) — Capital contributions 16,800 — (16,800 ) — — Exercise of options and purchases from employee stock plans — — 1,356 — 1,356 Excess income tax benefit from share-based compensation — — (13 ) — (13 ) Treasury stock — — (1,107 ) — (1,107 ) Borrowings under revolving loans — — 146,000 — 146,000 Repayments of revolving loans — — (118,000 ) — (118,000 ) Net cash flows provided by financing activities 33,363 1,355 27,441 (38,898 ) 23,261 Effect of foreign currency exchange rates on cash and cash equivalents — (105 ) — — (105 ) Net decrease in cash and cash equivalents (32,910 ) (58 ) — — (32,968 ) Cash and cash equivalents at beginning of period 41,724 663 2 — 42,389 Cash and cash equivalents at end of period $ 8,814 $ 605 $ 2 $ — $ 9,421 |
Basis Of Presentation Policies
Basis Of Presentation Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2016-15 (“ASU 2016-15”), Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation – Stock Compensation (Topic 718) In February 2016, the FASB issued Accounting Standard Update No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) In November 2015, the FASB issued Accounting Standard Update No. 2015-17 (“ASU 2015-17”), Income Taxes: Balance Sheet Classifications of Deferred Taxes (Topic 740) In April 2015, the FASB issued Accounting Standard Update No. 2015-03 (“ASU 2015-03”), Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued Accounting Standard Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computations For Basic And Diluted Earnings Per Share | The computations for basic and diluted earnings (loss) per share are as follows: Three Months Ended Nine Months Ended (shares in thousands) September 30, September 30, 2016 2015 2016 2015 Net income (loss) $ 4,560 $ 312 $ (1,194 ) $ (5,354 ) Weighted-average common shares outstanding — basic 60,811 60,496 60,676 60,411 Effect of stock options and restricted stock units 715 345 — — Weighted-average common shares outstanding — diluted 61,526 60,841 60,676 60,411 Earnings (loss) per share — $ 0.08 $ — $ (0.02 ) $ (0.09 ) Earnings (loss) per share — diluted $ 0.08 $ — $ (0.02 ) $ (0.09 ) |
Accounts Receivable And Contr24
Accounts Receivable And Contracts In Progress (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule Of Accounts Receivable | Accounts receivable at September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, 2016 2015 Completed contracts $ 12,379 $ 37,111 Contracts in progress 87,965 70,787 Retainage 20,340 27,203 120,684 135,101 Allowance for doubtful accounts (469 ) (754 ) Total accounts receivable—net $ 120,215 $ 134,347 Current portion of accounts receivable—net $ 115,753 $ 130,777 Long-term accounts receivable and retainage 4,462 3,570 Total accounts receivable—net $ 120,215 $ 134,347 |
Components Of Contracts In Progress | The components of contracts in progress at September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, 2016 2015 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 404,541 $ 230,159 Amounts billed (351,754 ) (176,283 ) Costs and earnings in excess of billings for contracts in progress 52,787 53,876 Costs and earnings in excess of billings for completed contracts 23,056 27,319 Total contract revenues in excess of billings $ 75,843 $ 81,195 Billings in excess of costs and earnings: Amounts billed $ (270,274 ) $ (207,550 ) Costs and earnings for contracts in progress 260,597 200,489 Total billings in excess of contract revenues $ (9,677 ) $ (7,061 ) |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses at September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, 2016 2015 Insurance $ 15,962 $ 16,291 Accumulated deficit in joint ventures 14,359 15,408 Payroll and employee benefits 7,282 13,317 Income and other taxes 4,341 3,726 Interest 4,014 8,743 Percentage of completion adjustment 2,876 2,837 Fuel hedge contracts — 4,388 Other 8,531 7,567 Total accrued expenses $ 57,365 $ 72,277 |
Impairment Of Goodwill (Tables)
Impairment Of Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in the carrying value of goodwill for the period ended September 30, 2015 is as follows: Dredging Environmental & Infrastructure Total Balance — December 31, 2014 $ 76,576 $ 9,750 $ 86,326 Impairment of goodwill — (2,750 ) (2,750 ) BALANCE—September 30, 2015 $ 76,576 $ 7,000 $ 83,576 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Values Of Financial Instruments And Nonfinancial Assets And Liabilities Measured At The Reporting Date | The fair values of these financial instruments are summarized as follows: Fair Value Measurements at Reporting Date Using Description At September 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 869 $ — $ 869 $ — Fair Value Measurements at Reporting Date Using Description At December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 4,388 $ — $ 4,388 $ — |
Schedule Fair Value Measurements Balance Sheet Location | The fair value of the fuel hedge contracts outstanding as of September 30, 2016 and December 31, 2015 is as follows: Fair Value at September 30, December 31, Balance Sheet Location 2016 2015 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ (28 ) $ — Derivatives not designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets 897 — Total asset derivatives $ 869 $ — Liability derivatives: Derivatives not designated as hedging instruments Fuel hedge contracts Accrued expenses $ — $ 4,388 |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | The fair value of goodwill was determined using quantitative models that contained significant unobservable inputs. See Note 6. Fair 2015 Goodwill Balance at January 1, $ 86,326 Impairment of goodwill (2,750 ) Balance at December 31, $ 83,576 |
Changes In Components Of Accumulated Other Comprehensive Income (Loss) | Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cumulative translation adjustments—net of tax $ 39 $ (639 ) $ 596 $ (1,394 ) Derivatives: Reclassification of derivative losses to earnings—net of tax 46 — 46 — Change in fair value of derivatives—net of tax (63 ) — (63 ) — Net unrealized gain on derivatives—net of tax (17 ) — (17 ) — Total other comprehensive income (loss) $ 22 $ (639 ) $ 579 $ (1,394 ) |
Adjustments Reclassified From Accumulated Other Comprehensive Loss To Earnings | Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended Nine Months Ended September 30, September 30, Statement of Operations Location 2016 2016 Derivatives: Fuel Costs of contract revenues $ 76 $ 76 Income tax benefit 30 30 $ 46 $ 46 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting By Segment | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Dredging Contract revenues $ 154,448 $ 162,526 $ 453,122 $ 506,700 Operating income 5,553 19,598 26,762 45,587 Environmental & infrastructure Contract revenues $ 44,565 $ 60,451 $ 103,437 $ 131,929 Operating income (loss) 7,307 (9,906 ) (10,173 ) (29,164 ) Intersegment revenues $ (144 ) $ (2,175 ) $ (2,379 ) $ (4,393 ) Total Contract revenues $ 198,869 $ 220,802 $ 554,180 $ 634,236 Operating income 12,860 9,692 16,589 16,423 |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating of Balance Sheet | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2016 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals CURRENT ASSETS: Cash and cash equivalents $ 13,064 $ 529 $ 2 $ — $ 13,595 Accounts receivable — net 115,335 418 — — 115,753 Contract revenues in excess of billings 73,765 2,078 — — 75,843 Inventories 35,734 — — — 35,734 Prepaid expenses and other current assets 77,988 185 168 — 78,341 Total current assets 315,886 3,210 170 — 319,266 PROPERTY AND EQUIPMENT—Net 436,684 7 — — 436,691 GOODWILL AND OTHER INTANGIBLE ASSETS—Net 85,314 — — — 85,314 INVENTORIES — Noncurrent 48,706 — — — 48,706 INVESTMENTS IN JOINT VENTURES 5,791 — — — 5,791 RECEIVABLES FROM AFFILIATES 10,982 6,637 85,327 (102,946 ) — INVESTMENTS IN SUBSIDIARIES 3,551 — 640,658 (644,209 ) — OTHER 7,558 1 807 — 8,366 TOTAL $ 914,472 $ 9,855 $ 726,962 $ (747,155 ) $ 904,134 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 108,883 $ 372 $ — $ — $ 109,255 Accrued expenses 52,424 764 4,177 — 57,365 Revolving Credit Facility — — 60,000 — 60,000 Billings in excess of contract revenues 9,557 120 — — 9,677 Current portion of long term debt 1,449 — 10,296 — 11,745 Total current liabilities 172,313 1,256 74,473 — 248,042 7 3/8% SENIOR NOTES — — 272,748 — 272,748 NOTES PAYABLE 220 — 44,792 — 45,012 DEFERRED INCOME TAXES (794 ) — 74,547 — 73,753 PAYABLES TO AFFILIATES 91,359 5,926 5,661 (102,946 ) — OTHER 9,838 — 164 — 10,002 Total liabilities 272,936 7,182 472,385 (102,946 ) 649,557 TOTAL EQUITY 641,536 2,673 254,577 (644,209 ) 254,577 TOTAL $ 914,472 $ 9,855 $ 726,962 $ (747,155 ) $ 904,134 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals CURRENT ASSETS: Cash and cash equivalents $ 12,035 $ 2,147 $ 2 $ — $ 14,184 Accounts receivable — net 129,978 799 — — 130,777 Contract revenues in excess of billings 79,477 1,718 — — 81,195 Inventories 35,963 — — — 35,963 Prepaid expenses and other current assets 66,919 218 477 — 67,614 Total current assets 324,372 4,882 479 — 329,733 PROPERTY AND EQUIPMENT—Net 430,192 18 — — 430,210 GOODWILL AND OTHER INTANGIBLE ASSETS—Net 86,004 — — — 86,004 INVENTORIES — Noncurrent 41,646 — — — 41,646 INVESTMENTS IN JOINT VENTURES 3,761 — — — 3,761 RECEIVABLES FROM AFFILIATES 18,326 6,009 70,738 (95,073 ) — INVESTMENTS IN SUBSIDIARIES 3,706 — 621,984 (625,690 ) — OTHER 6,702 3 65 — 6,770 TOTAL $ 914,709 $ 10,912 $ 693,266 $ (720,763 ) $ 898,124 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 118,619 $ 227 $ — $ — $ 118,846 Accrued expenses 62,861 509 8,907 — 72,277 Billings in excess of contract revenues 6,964 97 — — 7,061 Current portion of long term debt 1,424 — 6,082 — 7,506 Total current liabilities 189,868 833 14,989 — 205,690 7 3/8% SENIOR NOTES — — 271,998 — 271,998 REVOLVING CREDIT FACILITY — — 20,000 — 20,000 NOTE PAYABLE 323 — 53,469 — 53,792 DEFERRED INCOME TAXES (783 ) — 74,789 — 74,006 PAYABLES TO AFFILIATES 85,859 3,505 5,709 (95,073 ) — OTHER 20,326 — 139 — 20,465 Total liabilities 295,593 4,338 441,093 (95,073 ) 645,951 TOTAL EQUITY 619,116 6,574 252,173 (625,690 ) 252,173 TOTAL $ 914,709 $ 10,912 $ 693,266 $ (720,763 ) $ 898,124 |
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 NINE MONTHS ENDED SEPTEMBER 30, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 554,388 $ 1,333 $ — $ (1,541 ) $ 554,180 Costs of contract revenues (486,220 ) (5,210 ) — 1,541 (489,889 ) Gross profit 68,168 (3,877 ) — — 64,291 OPERATING EXPENSES: General and administrative expenses 47,076 4 (53 ) — 47,027 Loss on sale of assets—net 675 — — — 675 Operating income (loss) 20,417 (3,881 ) 53 — 16,589 Interest expense—net 531 — (16,974 ) — (16,443 ) Equity in earnings (loss) of subsidiaries (181 ) — 15,082 (14,901 ) — Equity in earnings of joint ventures 19 — — — 19 Other expense (1,910 ) (8 ) — — (1,918 ) Income (loss) before income taxes 18,876 (3,889 ) (1,839 ) (14,901 ) (1,753 ) Income tax (provision) benefit — (86 ) 645 — 559 Net income (loss) $ 18,876 $ (3,975 ) $ (1,194 ) $ (14,901 ) $ (1,194 ) Comprehensive income (loss) $ 18,859 $ (3,379 ) $ (615 ) $ (15,480 ) $ (615 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 624,498 $ 11,912 $ — $ (2,174 ) $ 634,236 Costs of contract revenues (558,343 ) (11,013 ) — 2,174 (567,182 ) Gross profit 66,155 899 — — 67,054 OPERATING EXPENSES: General and administrative expenses 48,768 — — — 48,768 Impairment of goodwill 2,750 — — — 2,750 Gain on sale of assets—net (887 ) — — — (887 ) Operating income 15,524 899 — — 16,423 Interest expense—net (349 ) — (18,141 ) — (18,490 ) Equity in earnings of subsidiaries 6 — 9,663 (9,669 ) — Equity in loss of joint ventures (5,765 ) — — — (5,765 ) Other expense (346 ) (7 ) — — (353 ) Income (loss) before income taxes 9,070 892 (8,478 ) (9,669 ) (8,185 ) Income tax (provision) benefit 7 (300 ) 3,124 — 2,831 Net income (loss) $ 9,077 $ 592 $ (5,354 ) $ (9,669 ) $ (5,354 ) Comprehensive income (loss) $ 9,077 $ (802 ) $ (6,748 ) $ (8,275 ) $ (6,748 ) |
Condensed Cash Flow Statement | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ 36,242 $ (3,096 ) $ (20,168 ) $ — $ 12,978 INVESTING ACTIVITIES: Purchases of property and equipment (58,842 ) — — — (58,842 ) Proceeds from dispositions of property and equipment 10,455 — — — 10,455 Net change in accounts with affiliates 10,505 — — (10,505 ) — Net cash flows used in investing activities (37,882 ) — — (10,505 ) (48,387 ) FINANCING ACTIVITIES: Deferred financing fees — — (332 ) — (332 ) Repayments of long term note payable — — (803 ) — (803 ) Repayments of term loan facility — — (3,750 ) — (3,750 ) Repayments of equipment debt (1,064 ) — — — (1,064 ) Net change in accounts with affiliates 26,733 1,452 (38,690 ) 10,505 — Intercompany dividends (23,000 ) — 23,000 — — Exercise of options and purchases from employee stock plans — — 905 — 905 Taxes paid on settlement of vested share awards — — (162 ) — (162 ) Borrowings under revolving loans — — 133,000 — 133,000 Repayments of revolving loans — — (93,000 ) — (93,000 ) Net cash flows provided by financing activities 2,669 1,452 20,168 10,505 34,794 Effect of foreign currency exchange rates on cash and cash equivalents — 26 — — 26 Net increase (decrease) in cash and cash equivalents 1,029 (1,618 ) — — (589 ) Cash and cash equivalents at beginning of period 12,035 2,147 2 — 14,184 Cash and cash equivalents at end of period $ 13,064 $ 529 $ 2 $ — $ 13,595 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 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 $ 15,013 $ (1,308 ) $ (17,602 ) $ — $ (3,897 ) INVESTING ACTIVITIES: Purchases of property and equipment (53,394 ) — — — (53,394 ) Proceeds from dispositions of property and equipment 1,167 — — — 1,167 Net change in accounts with affiliates (29,059 ) — (9,839 ) 38,898 — Net cash flows used in investing activities (81,286 ) — (9,839 ) 38,898 (52,227 ) FINANCING ACTIVITIES: Deferred financing fees — — (29 ) — (29 ) Repayments of long term note payable — — (488 ) — (488 ) Taxes paid on settlement of vested share awards — — (265 ) — (265 ) Repayments of term loan facility — — (3,750 ) — (3,750 ) Repayment of equipment debt (853 ) — — — (853 ) Proceeds from equipment debt — — 410 — 410 Net change in accounts with affiliates 17,416 1,355 20,127 (38,898 ) — Capital contributions 16,800 — (16,800 ) — — Exercise of options and purchases from employee stock plans — — 1,356 — 1,356 Excess income tax benefit from share-based compensation — — (13 ) — (13 ) Treasury stock — — (1,107 ) — (1,107 ) Borrowings under revolving loans — — 146,000 — 146,000 Repayments of revolving loans — — (118,000 ) — (118,000 ) Net cash flows provided by financing activities 33,363 1,355 27,441 (38,898 ) 23,261 Effect of foreign currency exchange rates on cash and cash equivalents — (105 ) — — (105 ) Net decrease in cash and cash equivalents (32,910 ) (58 ) — — (32,968 ) Cash and cash equivalents at beginning of period 41,724 663 2 — 42,389 Cash and cash equivalents at end of period $ 8,814 $ 605 $ 2 $ — $ 9,421 |
Basis Of Presentation (Narrativ
Basis Of Presentation (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015USD ($) | Sep. 30, 2016segment | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Average equipment-related costs of total costs of contract revenue | 21.00% | |||
Number of operating Segments | segment | 2 | |||
Number of reportable segments | segment | 2 | |||
Number of reportable segments with goodwill | segment | 3 | |||
Impairment of goodwill | $ | $ 2,750 | |||
Unamortized debt issuance costs | $ | $ 3,502 | |||
Terra Contracting Services [Member] | ||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment of goodwill | $ | $ 2,750 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Shares excluded from computation of diluted earnings per share | 1,594 | 1,170 | 1,603 | |
Securities excluded from computation of earnings per share amount due to loss | 576 | 462 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 4,560 | $ 312 | $ (1,194) | $ (5,354) |
Weighted-average common shares outstanding — basic | 60,811 | 60,496 | 60,676 | 60,411 |
Effect of stock options and restricted stock units | 715 | 345 | ||
Weighted-average common shares outstanding — diluted | 61,526 | 60,841 | 60,676 | 60,411 |
Earnings (loss) per share — basic | $ 0.08 | $ (0.02) | $ (0.09) | |
Earnings (loss) per share — diluted | $ 0.08 | $ (0.02) | $ (0.09) |
Accounts Receivable And Contr33
Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Completed contracts | $ 12,379 | $ 37,111 |
Contracts in progress | 87,965 | 70,787 |
Retainage | 20,340 | 27,203 |
Accounts receivable, gross | 120,684 | 135,101 |
Allowance for doubtful accounts | (469) | (754) |
Total accounts receivable—net | 120,215 | 134,347 |
Current portion of accounts receivable—net | 115,753 | 130,777 |
Long-term accounts receivable and retainage | $ 4,462 | $ 3,570 |
Accounts Receivable And Contr34
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings in excess of billings for contracts in progress | $ 52,787 | $ 53,876 |
Costs and earnings in excess of billings for completed contracts | 23,056 | 27,319 |
Total contract revenues in excess of billings | 75,843 | 81,195 |
Total billings in excess of contract revenues | (9,677) | (7,061) |
Costs And Earnings In Excess Of Billings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 404,541 | 230,159 |
Amounts billed | (351,754) | (176,283) |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 260,597 | 200,489 |
Amounts billed | $ (270,274) | $ (207,550) |
Accounts Receivable And Contr35
Accounts Receivable And Contracts In Progress (Narrative) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Receivables [Abstract] | |
Costs in excess of billings | $ 17,910 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Insurance | $ 15,962 | $ 16,291 |
Accumulated deficit in joint ventures | 14,359 | 15,408 |
Payroll and employee benefits | 7,282 | 13,317 |
Income and other taxes | 4,341 | 3,726 |
Interest | 4,014 | 8,743 |
Percentage of completion adjustment | 2,876 | 2,837 |
Fuel hedge contracts | 4,388 | |
Other | 8,531 | 7,567 |
Total accrued expenses | $ 57,365 | $ 72,277 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jun. 24, 2016 | Mar. 31, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 04, 2014 | Jun. 04, 2012 |
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 199,000,000 | $ 210,000,000 | |||||||
Net book value of related assets | $ 132,178,000 | ||||||||
Fixed Charge Coverage Ratio | 1.25% | ||||||||
Revolving credit facility | $ 60,000,000 | ||||||||
Letters of credit outstanding | 68,893,000 | ||||||||
Letter of credit remaining borrowing capacity | 70,107,000 | ||||||||
Borrowed aggregate principal amount | $ 2,640,000 | $ 47,360,000 | |||||||
Purchases of property and equipment | 58,842,000 | $ 53,394,000 | |||||||
Long-term Debt, Current Maturities | 11,745,000 | $ 7,506,000 | |||||||
7.375% Senior Notes Due In 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 275,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | ||||||||
Maturity date | Feb. 1, 2019 | ||||||||
If Redeemed In 2015 [Member] | 7.375% Senior Notes Due In 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.70% | ||||||||
If Redeemed In 2016 [Member] | 7.375% Senior Notes Due In 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.80% | ||||||||
If Redeemed After 2016 [Member] | 7.375% Senior Notes Due In 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Term Loan Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value of related assets | $ 47,975,000 | ||||||||
Debt instrument, face amount | $ 50,000,000 | ||||||||
Debt Instrument, Term | 5 years | ||||||||
Term Loan Facility Bear Interest Fixed Rate | 4.655% | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 2.00% | ||||||||
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% | ||||||||
Vessels and Ancillary Equipment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Purchases of property and equipment | $ 15,569,000 | ||||||||
Operating leases expiration year | 2,023 | ||||||||
Long-term Debt, Current Maturities | 2,442,000 | ||||||||
Long-term Debt, Excluding Current Maturities | $ 15,275,000 | ||||||||
Vessels and Ancillary Equipment [Member] | 5.75% Senior Notes Due In 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total leverage ratio for fiscal quarter ending June 30, 2016 | 5.00% | ||||||||
Total leverage ratio for fiscal quarter ending September 30, 2016 | 4.75% | ||||||||
Total leverage ratio for any fiscal quarter ending thereafter | 4.50% | ||||||||
Aggregate capital expenditures for fiscal year ending December 30, 2016 | $ 105,000,000 | ||||||||
Aggregate capital expenditures during any fiscal year thereafter | $ 45,000,000 | ||||||||
Maximum [Member] | LIBOR Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||
Maximum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Minimum [Member] | LIBOR Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Minimum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 199,000,000 | ||||||||
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 September 30, 2016 of $132,178. Depending on the Company’s consolidated total leverage ratio (as defined in the Credit Agreement and further described below), borrowings under the revolving credit facility will bear interest at the option of the Company at either the LIBOR rate plus a margin between 1.50% and 3.50% or a base rate plus a margin between 0.50% and 2.50%. | ||||||||
Revolving credit facility, maturity date | Jun. 2, 2017 | ||||||||
Repayments of Lines of Credit | $ 10,000,000 | ||||||||
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 |
Impairment Of Goodwill (Narrati
Impairment Of Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2015 | Sep. 30, 2015 | |
Goodwill [Line Items] | ||
Impairment of goodwill | $ 2,750 | |
Terra Contracting Services [Member] | ||
Goodwill [Line Items] | ||
Impairment of goodwill | $ 2,750 |
Impairment Of Goodwill (Change
Impairment Of Goodwill (Change In The Carrying Amount Of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 86,326 |
Impairment of goodwill | (2,750) |
Goodwill, Ending Balance | 83,576 |
Dredging Segment [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 76,576 |
Goodwill, Ending Balance | 76,576 |
Environmental & Remediation Segment [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 9,750 |
Impairment of goodwill | (2,750) |
Goodwill, Ending Balance | $ 7,000 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements At Reporting Date Using) (Details) - Fuel Hedge Contracts [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 869 | $ 4,388 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 869 | $ 4,388 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) gal in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)$ / gal | Jun. 30, 2015USD ($) | Sep. 30, 2016USD ($)$ / galgal | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivatives Fair Value [Line Items] | |||||
Derivative underlying hedge percent | 80.00% | ||||
Derivative, Nonmonetary Notional Amount, Volume | gal | 8.6 | ||||
Fair value hedge assets | $ 869,000 | $ 869,000 | |||
Fair value hedge liabilities | $ 4,388,000 | ||||
Reclassification of derivative losses to earnings-net of tax | (46,000) | (46,000) | |||
Impairment of goodwill | $ 2,750,000 | ||||
7.375% Senior Notes Due In 2019 [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Debt instrument, face amount | $ 275,000,000 | $ 275,000,000 | |||
Stated interest rate | 7.375% | 7.375% | |||
Maturity date | Feb. 1, 2019 | ||||
7.375% Senior Notes Due In 2019 [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fair value of debt | $ 269,500,000 | $ 269,500,000 | |||
Terra Contracting Services [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Impairment of goodwill | $ 2,750,000 | ||||
Minimum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fixed price range | $ / gal | 1.02 | 1.02 | |||
Maximum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fixed price range | $ / gal | 1.70 | 1.70 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Balance Sheet Location Fuel Hedge Contracts) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives Fair Value [Line Items] | ||
Fair value hedge assets | $ 869 | |
Fair value hedge liabilities | $ 4,388 | |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value hedge assets | (28) | |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value hedge assets | $ 897 | |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value hedge liabilities | $ 4,388 |
Fair Value Measurements (Fair43
Fair Value Measurements (Fair Value Measurements Using Significant Unobservable) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Impairment of goodwill | $ (2,750) | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 86,326 | $ 86,326 |
Impairment of goodwill | (2,750) | |
Ending balance | $ 83,576 |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Components Of Accumulated Other Comprehensive (Income) Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Fair Value Disclosures [Abstract] | |||||
Cumulative translation adjustments—net of tax | [1] | $ 39 | $ (639) | $ 596 | $ (1,394) |
Reclassification of derivative losses to earnings—net of tax | 46 | 46 | |||
Change in fair value of derivatives—net of tax | (63) | (63) | |||
Net unrealized gain on derivatives—net of tax | [2] | (17) | (17) | ||
Other comprehensive income (loss)—net of tax | $ 22 | $ (639) | $ 579 | $ (1,394) | |
[1] | Net of income tax (provision) benefit of $(25) and $422 for the three months ended September 30, 2016 and 2015, respectively and $(395) and $922 for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[2] | Net of income tax benefit of $11 for the three and nine months ended September 30, 2016, respectively. |
Fair Value Measurements (Adjust
Fair Value Measurements (Adjustments Reclassified From Accumulated Balances Other Comprehensive Loss To Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Costs of contract revenues | $ (178,824) | $ (196,717) | $ (489,889) | $ (567,182) |
Income tax (provision) benefit | 2,850 | 742 | (559) | (2,831) |
Net income (loss) | (4,560) | $ (312) | 1,194 | $ 5,354 |
Fuel Hedge Contracts [Member] | Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges | Reclassification Out Of Accumulated Other Comprehensive Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Costs of contract revenues | 76 | 76 | ||
Income tax (provision) benefit | 30 | 30 | ||
Net income (loss) | $ 46 | $ 46 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units | 716 | ||||
Share-based compensation expense | $ 270 | $ 839 | $ 2,276 | $ 2,897 | |
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 | 5,800 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) | Feb. 05, 2016 | Jan. 14, 2015 | Sep. 30, 2016 |
Commitments And Contingencies [Line Items] | |||
Outstanding performance bonds | $ 1,043,976,000 | ||
Revenue value remaining from outstanding performance bonds | 422,956,000 | ||
Tentative settlement subject to final documentation | $ 275,000 | ||
Proceeds from Legal Settlements | $ 5,309,000 | ||
Discontinued Operations [Member] | |||
Commitments And Contingencies [Line Items] | |||
Outstanding performance bonds | 41,082,000 | ||
Minimum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Bids bond range | $ 1,000,000 | ||
Warranty periods | 1 year | ||
Maximum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Bids bond range | $ 10,000,000 | ||
Warranty periods | 3 years |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | |||
Accumulated deficit in joint ventures | $ 14,359 | $ 15,408 | |
TerraSea Environmental Solutions [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% | ||
Other current assets | $ 24,898 | 27,592 | |
Accumulated deficit in joint ventures | $ 14,359 | $ 14,271 | |
Provision for losses to be assumed | $ 1,506 |
Business Combinations And Dispo
Business Combinations And Dispositions (Narrative) (Details) - USD ($) $ in Thousands | Nov. 04, 2014 | Apr. 23, 2014 | Sep. 30, 2016 | Jun. 30, 2015 |
Great Lakes Environmental & Infrastructure, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Adjustment to fair value of debt | $ 8,940 | |||
Fair value of debt | 0 | |||
Maximum potential aggregate earnout payment | $ 11,400 | |||
Magnus Pacific Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Base purchase price | $ 40,000 | |||
Payments for Previous Acquisition | $ 25,000 | |||
Magnus Pacific Acquisition [Member] | 5.75% Senior Notes Due In 2023 [Member] | ||||
Business Acquisition [Line Items] | ||||
Adjustment to fair value of debt | $ 7,013 | |||
Fair value of debt | $ 0 | |||
NASDI and Yankee | ||||
Business Acquisition [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 5,309 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)segment | Sep. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Contract revenues | $ 198,869 | $ 220,802 | $ 554,180 | $ 634,236 |
Dredging Segment [Member] | Foreign [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | $ 21,139 | $ 38,042 | $ 34,331 | $ 127,280 |
Segment Information (Segment Re
Segment Information (Segment Reporting By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Contract revenues | $ 198,869 | $ 220,802 | $ 554,180 | $ 634,236 |
Operating income (loss) | 12,860 | 9,692 | 16,589 | 16,423 |
Dredging Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 5,553 | 19,598 | 26,762 | 45,587 |
Environmental And Infrastructure Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 7,307 | (9,906) | (10,173) | (29,164) |
Operating Segment [Member] | Dredging Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 154,448 | 162,526 | 453,122 | 506,700 |
Operating Segment [Member] | Environmental And Infrastructure Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | 44,565 | 60,451 | 103,437 | 131,929 |
Intersegment Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Contract revenues | $ (144) | $ (2,175) | $ (2,379) | $ (4,393) |
Subsidiary Guarantors (Narrativ
Subsidiary Guarantors (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
7 3/8% SENIOR NOTES | $ 272,748 | $ 271,998 |
Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
7 3/8% SENIOR NOTES | $ 275,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | |
Owned Domestic Subsidiaries Percent | 100.00% |
Subsidiary Guarantors (Condense
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 13,595 | $ 14,184 | $ 9,421 | $ 42,389 |
Accounts receivable—net | 115,753 | 130,777 | ||
Contract revenues in excess of billings | 75,843 | 81,195 | ||
Inventories | 35,734 | 35,963 | ||
Prepaid expenses and other current assets | 78,341 | 67,614 | ||
Total current assets | 319,266 | 329,733 | ||
PROPERTY AND EQUIPMENT—Net | 436,691 | 430,210 | ||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 85,314 | 86,004 | ||
INVENTORIES—Noncurrent | 48,706 | 41,646 | ||
INVESTMENTS IN JOINT VENTURES | 5,791 | 3,761 | ||
OTHER | 8,366 | 6,770 | ||
TOTAL | 904,134 | 898,124 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 109,255 | 118,846 | ||
Accrued expenses | 57,365 | 72,277 | ||
Revolving Credit Facility | 60,000 | |||
Billings in excess of contract revenues | 9,677 | 7,061 | ||
Current portion of long term debt | 11,745 | 7,506 | ||
Total current liabilities | 248,042 | 205,690 | ||
7 3/8% SENIOR NOTES | 272,748 | 271,998 | ||
REVOLVING CREDIT FACILITY | 20,000 | |||
NOTES PAYABLE | 45,012 | 53,792 | ||
DEFERRED INCOME TAXES | 73,753 | 74,006 | ||
OTHER | 10,002 | 20,465 | ||
Total liabilities | 649,557 | 645,951 | ||
TOTAL EQUITY | 254,577 | 252,173 | 252,083 | 255,963 |
TOTAL | 904,134 | 898,124 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 13,064 | 12,035 | 8,814 | 41,724 |
Accounts receivable—net | 115,335 | 129,978 | ||
Contract revenues in excess of billings | 73,765 | 79,477 | ||
Inventories | 35,734 | 35,963 | ||
Prepaid expenses and other current assets | 77,988 | 66,919 | ||
Total current assets | 315,886 | 324,372 | ||
PROPERTY AND EQUIPMENT—Net | 436,684 | 430,192 | ||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 85,314 | 86,004 | ||
INVENTORIES—Noncurrent | 48,706 | 41,646 | ||
INVESTMENTS IN JOINT VENTURES | 5,791 | 3,761 | ||
RECEIVABLES FROM AFFILIATES | 10,982 | 18,326 | ||
INVESTMENTS IN SUBSIDIARIES | 3,551 | 3,706 | ||
OTHER | 7,558 | 6,702 | ||
TOTAL | 914,472 | 914,709 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 108,883 | 118,619 | ||
Accrued expenses | 52,424 | 62,861 | ||
Billings in excess of contract revenues | 9,557 | 6,964 | ||
Current portion of long term debt | 1,449 | 1,424 | ||
Total current liabilities | 172,313 | 189,868 | ||
NOTES PAYABLE | 220 | 323 | ||
Deferred Tax Assets | (794) | (783) | ||
PAYABLES TO AFFILIATES | 91,359 | 85,859 | ||
OTHER | 9,838 | 20,326 | ||
Total liabilities | 272,936 | 295,593 | ||
TOTAL EQUITY | 641,536 | 619,116 | ||
TOTAL | 914,472 | 914,709 | ||
Non Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 529 | 2,147 | 605 | 663 |
Accounts receivable—net | 418 | 799 | ||
Contract revenues in excess of billings | 2,078 | 1,718 | ||
Prepaid expenses and other current assets | 185 | 218 | ||
Total current assets | 3,210 | 4,882 | ||
PROPERTY AND EQUIPMENT—Net | 7 | 18 | ||
RECEIVABLES FROM AFFILIATES | 6,637 | 6,009 | ||
OTHER | 1 | 3 | ||
TOTAL | 9,855 | 10,912 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 372 | 227 | ||
Accrued expenses | 764 | 509 | ||
Billings in excess of contract revenues | 120 | 97 | ||
Total current liabilities | 1,256 | 833 | ||
PAYABLES TO AFFILIATES | 5,926 | 3,505 | ||
Total liabilities | 7,182 | 4,338 | ||
TOTAL EQUITY | 2,673 | 6,574 | ||
TOTAL | 9,855 | 10,912 | ||
GLDD Corporation [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2 | 2 | $ 2 | $ 2 |
Prepaid expenses and other current assets | 168 | 477 | ||
Total current assets | 170 | 479 | ||
RECEIVABLES FROM AFFILIATES | 85,327 | 70,738 | ||
INVESTMENTS IN SUBSIDIARIES | 640,658 | 621,984 | ||
OTHER | 807 | 65 | ||
TOTAL | 726,962 | 693,266 | ||
LIABILITIES AND EQUITY | ||||
Accrued expenses | 4,177 | 8,907 | ||
Revolving Credit Facility | 60,000 | |||
Current portion of long term debt | 10,296 | 6,082 | ||
Total current liabilities | 74,473 | 14,989 | ||
7 3/8% SENIOR NOTES | 272,748 | 271,998 | ||
REVOLVING CREDIT FACILITY | 20,000 | |||
NOTES PAYABLE | 44,792 | 53,469 | ||
DEFERRED INCOME TAXES | 74,547 | 74,789 | ||
PAYABLES TO AFFILIATES | 5,661 | 5,709 | ||
OTHER | 164 | 139 | ||
Total liabilities | 472,385 | 441,093 | ||
TOTAL EQUITY | 254,577 | 252,173 | ||
TOTAL | 726,962 | 693,266 | ||
Consolidation Eliminations [Member] | ||||
ASSETS | ||||
RECEIVABLES FROM AFFILIATES | (102,946) | (95,073) | ||
INVESTMENTS IN SUBSIDIARIES | (644,209) | (625,690) | ||
TOTAL | (747,155) | (720,763) | ||
LIABILITIES AND EQUITY | ||||
PAYABLES TO AFFILIATES | (102,946) | (95,073) | ||
Total liabilities | (102,946) | (95,073) | ||
TOTAL EQUITY | (644,209) | (625,690) | ||
TOTAL | $ (747,155) | $ (720,763) |
Subsidiary Guarantors (Conden54
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | $ 198,869 | $ 220,802 | $ 554,180 | $ 634,236 |
Costs of contract revenues | (178,824) | (196,717) | (489,889) | (567,182) |
Gross profit | 20,045 | 24,085 | 64,291 | 67,054 |
General and administrative expenses | 7,187 | 15,277 | 47,027 | 48,768 |
Impairment of goodwill | 2,750 | |||
(Gain) loss on sale of assets—net | (2) | (884) | 675 | (887) |
Operating income | 12,860 | 9,692 | 16,589 | 16,423 |
Interest expense—net | (4,819) | (7,293) | (16,443) | (18,490) |
Equity in earnings (loss) of joint ventures | 6 | (2,051) | 19 | (5,765) |
Other income (expense) | (637) | 706 | (1,918) | (353) |
Income (loss) before income taxes | 7,410 | 1,054 | (1,753) | (8,185) |
Income tax (provision) benefit | (2,850) | (742) | 559 | 2,831 |
Net income (loss) | 4,560 | 312 | (1,194) | (5,354) |
Comprehensive income (loss) | 4,582 | (327) | (615) | (6,748) |
Consolidation Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | (564) | (593) | (1,541) | (2,174) |
Costs of contract revenues | 564 | 593 | 1,541 | 2,174 |
Equity in earnings (loss) of subsidiaries | (13,038) | (8,146) | (14,901) | (9,669) |
Income (loss) before income taxes | (13,038) | (8,146) | (14,901) | (9,669) |
Net income (loss) | (13,038) | (8,146) | (14,901) | (9,669) |
Comprehensive income (loss) | (13,060) | (7,507) | (15,480) | (8,275) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | 198,100 | 216,993 | 554,388 | 624,498 |
Costs of contract revenues | (177,032) | (193,955) | (486,220) | (558,343) |
Gross profit | 21,068 | 23,038 | 68,168 | 66,155 |
General and administrative expenses | 7,185 | 15,277 | 47,076 | 48,768 |
Impairment of goodwill | 2,750 | |||
(Gain) loss on sale of assets—net | (2) | (884) | 675 | (887) |
Operating income | 13,885 | 8,645 | 20,417 | 15,524 |
Interest expense—net | 896 | (90) | 531 | (349) |
Equity in earnings (loss) of subsidiaries | (3) | 2 | (181) | 6 |
Equity in earnings (loss) of joint ventures | 6 | (2,051) | 19 | (5,765) |
Other income (expense) | (637) | 706 | (1,910) | (346) |
Income (loss) before income taxes | 14,147 | 7,212 | 18,876 | 9,070 |
Income tax (provision) benefit | 7 | 7 | ||
Net income (loss) | 14,147 | 7,219 | 18,876 | 9,077 |
Comprehensive income (loss) | 14,130 | 7,219 | 18,859 | 9,077 |
Non Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contract revenues | 1,333 | 4,402 | 1,333 | 11,912 |
Costs of contract revenues | (2,356) | (3,355) | (5,210) | (11,013) |
Gross profit | (1,023) | 1,047 | (3,877) | 899 |
General and administrative expenses | 4 | |||
Operating income | (1,023) | 1,047 | (3,881) | 899 |
Other income (expense) | (8) | (7) | ||
Income (loss) before income taxes | (1,023) | 1,047 | (3,889) | 892 |
Income tax (provision) benefit | (86) | (120) | (86) | (300) |
Net income (loss) | (1,109) | 927 | (3,975) | 592 |
Comprehensive income (loss) | (1,070) | 288 | (3,379) | (802) |
GLDD Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expenses | 2 | (53) | ||
Operating income | (2) | 53 | ||
Interest expense—net | (5,715) | (7,203) | (16,974) | (18,141) |
Equity in earnings (loss) of subsidiaries | 13,041 | 8,144 | 15,082 | 9,663 |
Income (loss) before income taxes | 7,324 | 941 | (1,839) | (8,478) |
Income tax (provision) benefit | (2,764) | (629) | 645 | 3,124 |
Net income (loss) | 4,560 | 312 | (1,194) | (5,354) |
Comprehensive income (loss) | $ 4,582 | $ (327) | $ (615) | $ (6,748) |
Subsidiary Guarantors (Conden55
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities | $ 12,978 | $ (3,897) |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (58,842) | (53,394) |
Proceeds from dispositions of property and equipment | 10,455 | 1,167 |
Net cash flows used in investing activities | (48,387) | (52,227) |
FINANCING ACTIVITIES: | ||
Deferred financing fees | (332) | (29) |
Repayments of long term note payable | (803) | (488) |
Taxes paid on settlement of vested share awards | (162) | (265) |
Repayments of term loan facility | (3,750) | (3,750) |
Repayments of equipment debt | (1,064) | (853) |
Proceeds from equipment debt | 410 | |
Exercise of options and purchases from employee stock plans | 905 | 1,356 |
Excess income tax benefit from share-based compensation | (13) | |
Treasury stock | (1,107) | |
Borrowings under revolving loans | 133,000 | 146,000 |
Repayments of revolving loans | (93,000) | (118,000) |
Net cash provided by financing activities | 34,794 | 23,261 |
Effect of foreign currency exchange rates on cash and cash equivalents | 26 | (105) |
Net decrease in cash and cash equivalents | (589) | (32,968) |
Cash and cash equivalents at beginning of period | 14,184 | 42,389 |
Cash and cash equivalents at end of period | 13,595 | 9,421 |
Consolidation Eliminations [Member] | ||
INVESTING ACTIVITIES: | ||
Net change in accounts with affiliates | (10,505) | 38,898 |
Net cash flows used in investing activities | (10,505) | 38,898 |
FINANCING ACTIVITIES: | ||
Net change in accounts with affiliates | 10,505 | (38,898) |
Net cash provided by financing activities | 10,505 | (38,898) |
Guarantor Subsidiaries [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities | 36,242 | 15,013 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (58,842) | (53,394) |
Proceeds from dispositions of property and equipment | 10,455 | 1,167 |
Net change in accounts with affiliates | 10,505 | (29,059) |
Net cash flows used in investing activities | (37,882) | (81,286) |
FINANCING ACTIVITIES: | ||
Repayments of equipment debt | (1,064) | (853) |
Net change in accounts with affiliates | 26,733 | 17,416 |
Capital contributions | 16,800 | |
Intercompany dividends | (23,000) | |
Net cash provided by financing activities | 2,669 | 33,363 |
Net decrease in cash and cash equivalents | 1,029 | (32,910) |
Cash and cash equivalents at beginning of period | 12,035 | 41,724 |
Cash and cash equivalents at end of period | 13,064 | 8,814 |
Non Guarantor Subsidiaries [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities | (3,096) | (1,308) |
FINANCING ACTIVITIES: | ||
Net change in accounts with affiliates | 1,452 | 1,355 |
Net cash provided by financing activities | 1,452 | 1,355 |
Effect of foreign currency exchange rates on cash and cash equivalents | 26 | (105) |
Net decrease in cash and cash equivalents | (1,618) | (58) |
Cash and cash equivalents at beginning of period | 2,147 | 663 |
Cash and cash equivalents at end of period | 529 | 605 |
GLDD Corporation [Member] | ||
OPERATING ACTIVITIES: | ||
Net cash flows provided by (used in) operating activities | (20,168) | (17,602) |
INVESTING ACTIVITIES: | ||
Net change in accounts with affiliates | (9,839) | |
Net cash flows used in investing activities | (9,839) | |
FINANCING ACTIVITIES: | ||
Deferred financing fees | (332) | (29) |
Repayments of long term note payable | (803) | (488) |
Taxes paid on settlement of vested share awards | (162) | (265) |
Repayments of term loan facility | (3,750) | (3,750) |
Proceeds from equipment debt | 410 | |
Net change in accounts with affiliates | (38,690) | 20,127 |
Capital contributions | (16,800) | |
Intercompany dividends | 23,000 | |
Exercise of options and purchases from employee stock plans | 905 | 1,356 |
Excess income tax benefit from share-based compensation | (13) | |
Treasury stock | (1,107) | |
Borrowings under revolving loans | 133,000 | 146,000 |
Repayments of revolving loans | (93,000) | (118,000) |
Net cash provided by financing activities | 20,168 | 27,441 |
Cash and cash equivalents at beginning of period | 2 | 2 |
Cash and cash equivalents at end of period | $ 2 | $ 2 |