Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 | 60,962,105 | ||
Entity Public Float | $ 258,357,084 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 11,167 | $ 14,184 |
Accounts receivable—net | 88,091 | 130,777 |
Contract revenues in excess of billings | 95,012 | 81,195 |
Inventories | 37,137 | 35,963 |
Prepaid expenses | 12,407 | 7,924 |
Other current assets | 63,412 | 59,690 |
Total current assets | 307,226 | 329,733 |
PROPERTY AND EQUIPMENT—Net | 413,008 | 430,210 |
GOODWILL | 83,576 | 83,576 |
OTHER INTANGIBLE ASSETS — Net | 1,499 | 2,428 |
INVENTORIES—Noncurrent | 52,602 | 41,646 |
INVESTMENTS IN JOINT VENTURES | 4,734 | 3,761 |
ASSETS HELD FOR SALE— Noncurrent | 9,299 | |
OTHER | 21,644 | 6,770 |
TOTAL | 893,588 | 898,124 |
CURRENT LIABILITIES: | ||
Accounts payable | 103,185 | 118,846 |
Accrued expenses | 69,043 | 72,277 |
Billings in excess of contract revenues | 5,141 | 7,061 |
Current portion of long term debt | 2,465 | 7,506 |
Total current liabilities | 179,834 | 205,690 |
7 3/8% SENIOR NOTES | 272,998 | 271,998 |
REVOLVING CREDIT FACILITY | 104,111 | 20,000 |
NOTES PAYABLE | 13,293 | 53,792 |
DEFERRED INCOME TAXES | 68,449 | 74,006 |
OTHER | 7,013 | 20,465 |
Total liabilities | 645,698 | 645,951 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
EQUITY: | ||
Common stock—$.0001 par value; 90,000 authorized, 61,240 and 60,709 shares issued; 60,962 and 60,431 outstanding at December 31, 2016 and December 31, 2015, respectively. | 6 | 6 |
Treasury stock, at cost | (1,433) | (1,433) |
Additional paid-in capital | 286,303 | 283,247 |
Accumulated deficit | (35,841) | (27,664) |
Accumulated other comprehensive loss | (1,145) | (1,983) |
Total equity | 247,890 | 252,173 |
TOTAL | $ 893,588 | $ 898,124 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 61,240,000 | 60,709,000 |
Common stock, shares outstanding | 60,962,000 | 60,431,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
CONTRACT REVENUES | $ 767,585 | $ 856,878 | $ 806,831 |
COSTS OF CONTRACT REVENUES | 681,197 | 760,955 | 714,335 |
GROSS PROFIT | 86,388 | 95,923 | 92,496 |
OPERATING EXPENSES: | |||
GENERAL AND ADMINISTRATIVE EXPENSES | 65,533 | 71,069 | 67,911 |
IMPAIRMENT OF GOODWILL | 0 | 2,750 | |
(GAIN) LOSS ON SALE OF ASSETS—Net | 6,175 | (855) | 732 |
Total operating income | 14,680 | 22,959 | 23,853 |
OTHER EXPENSE: | |||
Interest expense—net | (22,907) | (24,365) | (19,967) |
Equity in earnings (loss) of joint ventures | (2,365) | (6,051) | 2,895 |
Gain on bargain purchase acquisition | 2,197 | ||
Other income (expense) | (3,377) | (1,229) | 210 |
Total other expense | (28,649) | (31,645) | (14,665) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (13,969) | (8,686) | 9,188 |
INCOME TAX BENEFIT | 5,792 | 2,497 | 11,530 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (8,177) | (6,189) | 20,718 |
Loss from discontinued operations, net of income taxes | (10,423) | ||
NET INCOME (LOSS) | $ (8,177) | $ (6,189) | $ 10,295 |
Basic earnings (loss) per share attributable to income from continuing operations | $ (0.13) | $ (0.10) | $ 0.35 |
Basic loss per share attributable to loss on discontinued operations, net of income taxes | (0.17) | ||
Basic earnings (loss) per share | $ (0.13) | $ (0.10) | $ 0.18 |
Basic weighted average shares | 60,744 | 60,410 | 59,938 |
Diluted earnings (loss) per share attributable to income from continuing operations | $ (0.13) | $ (0.10) | $ 0.34 |
Diluted loss per share attributable to loss on discontinued operations, net of income taxes | (0.17) | ||
Diluted earnings (loss) per share | $ (0.13) | $ (0.10) | $ 0.17 |
Diluted weighted average shares | 60,744 | 60,410 | 60,522 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (8,177) | $ (6,189) | $ 10,295 | |
Currency translation adjustment—net of tax | [1] | 508 | (1,249) | (62) |
Net unrealized (gain) loss on derivatives—net of tax | [2] | 330 | (199) | |
Other comprehensive income (loss)—net of tax | 838 | (1,249) | (261) | |
Comprehensive income (loss) | $ (7,339) | $ (7,438) | $ 10,034 | |
[1] | Net of income tax (provision) benefit of $(338), $827 and $41 for the years ended December 31, 2016, 2015 and 2014, respectively. | |||
[2] | Net of income tax (provision) benefit of $216 and $(132) for the years ended December 31, 2016 and 2014, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Currency translation adjustment, tax | $ (338) | $ 827 | $ 41 |
Net unrealized (gain) loss on derivatives, tax | $ 216 | $ (132) |
Consolidated Statements Of Equi
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] | Noncontrolling Interests [Member] |
BALANCE - value at Dec. 31, 2013 | $ 242,101 | $ 6 | $ 275,183 | $ (31,770) | $ (473) | $ (845) | |
BALANCE - shares at Dec. 31, 2013 | 59,670 | ||||||
Share-based compensation, Value | 2,694 | 2,694 | |||||
Share-based compensation, Shares | 118 | ||||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (497) | (497) | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 111 | ||||||
Exercise of stock options and purchases from employee stock plan, Value | 1,568 | 1,568 | |||||
Exercise of stock options and purchases from employee stock plan, Shares | 271 | ||||||
Excess income tax benefit from share-based compensation | 206 | 206 | |||||
Purchase of noncontrolling interests | (143) | (988) | $ 845 | ||||
Net income (loss) | 10,295 | 10,295 | |||||
Other comprehensive income (loss)—net of tax | (261) | (261) | |||||
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 | 4,040 | 4,040 | |||||
Share-based compensation, Shares | 154 | ||||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (267) | (267) | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 115 | ||||||
Exercise of stock options and purchases from employee stock plan, Value | 1,365 | 1,365 | |||||
Exercise of stock options and purchases from employee stock plan, Shares | 270 | ||||||
Excess income tax benefit from share-based compensation | (57) | (57) | |||||
Purchase of treasury stock, value | (1,433) | $ (1,433) | |||||
Purchase of treasury stock, shares | (278) | ||||||
Net income (loss) | (6,189) | (6,189) | |||||
Other comprehensive income (loss)—net of tax | (1,249) | (1,249) | |||||
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 | 2,455 | 2,455 | |||||
Share-based compensation, Shares | 148 | ||||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (171) | (171) | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 74 | ||||||
Exercise of stock options and purchases from employee stock plan, Value | 905 | 905 | |||||
Exercise of stock options and purchases from employee stock plan, Shares | 309 | ||||||
Excess income tax benefit from share-based compensation | (133) | (133) | |||||
Net income (loss) | (8,177) | (8,177) | |||||
Other comprehensive income (loss)—net of tax | 838 | 838 | |||||
BALANCE - value at Dec. 31, 2016 | $ 247,890 | $ 6 | $ (1,433) | $ 286,303 | $ (35,841) | $ (1,145) | |
BALANCE - shares at Dec. 31, 2016 | 61,240 | (278) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ (8,177) | $ (6,189) | $ 10,295 |
Loss from discontinued operations, net of income taxes | (10,423) | ||
Income (loss) from continuing operations | (8,177) | (6,189) | 20,718 |
Adjustments to reconcile net income (loss) to net cash flows used in operating activities: | |||
Depreciation and amortization | 63,023 | 64,585 | 50,129 |
Equity in (earnings) loss of joint ventures | (4,494) | 771 | (2,895) |
Cash distributions from joint ventures | 5,129 | 8,384 | 19,955 |
Deferred income taxes | (6,109) | (2,689) | (14,504) |
(Gain) loss on dispositions of property and equipment | 6,175 | (855) | 732 |
Impairment of goodwill | 0 | 2,750 | |
Gain on adjustment of contingent consideration | (8,940) | (8,444) | (1,086) |
Amortization of deferred financing fees | 2,922 | 2,766 | 1,453 |
Gain on bargain purchase acquisition | (2,197) | ||
Unrealized foreign currency (gain) loss | 477 | (1,054) | 593 |
Unrealized net (gain) loss from mark-to-market valuations of derivatives | (6,135) | 1,359 | 3,029 |
Share-based compensation expense | 2,455 | 4,040 | 2,694 |
Excess income tax benefit from share-based compensation | 133 | 57 | (206) |
Changes in assets and liabilities: | |||
Accounts receivable | 41,274 | (20,190) | 11,012 |
Contract revenues in excess of billings | (13,554) | 48 | (5,677) |
Inventories | (6,239) | (6,612) | 120 |
Prepaid expenses and other current assets | (5,310) | (9,730) | 1,780 |
Accounts payable and accrued expenses | (17,762) | 306 | (14,113) |
Billings in excess of contract revenues | (2,002) | 2,325 | (2,624) |
Other noncurrent assets and liabilities | (4,196) | (2,506) | (1,759) |
Net cash flows provided by operating activities of continuing operations | 38,670 | 29,122 | 67,154 |
Net cash flows used in operating activities of discontinued operations | (18,352) | ||
Cash provided by operating activities | 38,670 | 29,122 | 48,802 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (83,798) | (74,455) | (91,910) |
Proceeds from dispositions of property and equipment | 18,257 | 1,322 | 68 |
Changes in restricted cash | (7,035) | ||
Payments on vendor performance obligations (Note 13) | (3,100) | ||
Payments for acquisitions of businesses, net of cash acquired | (27,048) | ||
Net cash flows used in investing activities of continuing operations | (72,576) | (73,133) | (121,990) |
Net cash flows provided by investing activities of discontinued operations | 5,275 | ||
Cash used in investing activities | (72,576) | (73,133) | (116,715) |
FINANCING ACTIVITIES: | |||
Proceeds from term loan facility | 2,640 | 47,360 | |
Repayments of term loan facility | (44,582) | (5,000) | (417) |
Proceeds from issuance of 7 3/8% senior notes | 24,880 | ||
Deferred financing fees | (6,817) | (111) | (2,532) |
Repayment of long term note payable | (1,079) | (443) | |
Taxes paid on settlement of vested share awards | (171) | (267) | (497) |
Purchase of noncontrolling interest | (205) | ||
Proceeds from equipment debt | 410 | ||
Repayments of equipment debt | (1,424) | (1,201) | (235) |
Exercise of stock options and purchases from employee stock plans | 905 | 1,365 | 1,568 |
Excess income tax benefit from share-based compensation | (133) | (57) | 206 |
Purchase of treasury stock | (1,433) | ||
Borrowings under revolving loans | 288,611 | 179,500 | 236,500 |
Repayments of revolving loans | (204,500) | (159,500) | (271,500) |
Cash provided by financing activities | 30,810 | 15,903 | 35,128 |
Effect of foreign currency exchange rates on cash and cash equivalents | 79 | (97) | (164) |
Net decrease in cash and cash equivalents | (3,017) | (28,205) | (32,949) |
Cash and cash equivalents at beginning of period | 14,184 | 42,389 | 75,338 |
Cash and cash equivalents at end of period | 11,167 | 14,184 | 42,389 |
Supplemental Cash Flow Information | |||
Cash paid for interest | 26,563 | 25,391 | 18,901 |
Cash paid (refunded) for income taxes | 200 | 586 | (10,544) |
Non-cash Investing and Financing Activities | |||
Property and equipment purchased but not yet paid | $ 8,795 | 7,380 | 10,316 |
Property and equipment purchased on capital leases and equipment notes | 2,190 | 3,665 | |
Property & equipment purchased on notes payable | $ 15,569 | ||
Magnus [Member] | |||
Non-cash Investing and Financing Activities | |||
Purchase price of Magnus assets comprised of promissory notes and other liabilities | $ 16,210 |
Nature Of Business And Summary
Nature Of Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature Of Business And Summary Of Significant Accounting Policies | 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization —Great Lakes Dredge & Dock Corporation and its subsidiaries (the “Company” or “Great Lakes”) are in the business of marine construction, primarily dredging, and soil, water and sediment environmental and remediation services. The Company’s primary dredging customers are domestic and foreign government agencies, as well as private entities, and its environmental and remediation customers are general contractors, corporations, environmental engineering and construction firms that commission projects and local government and municipal agencies. Principles of Consolidation and Basis of Presentation —The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost. Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Revenue and Cost Recognition on Contracts —Substantially all of the Company’s contracts for dredging services are fixed-price contracts, which provide for remeasurement based on actual quantities dredged. The majority of the Company’s environmental & infrastructure contracts, previously referred to as environmental & remediation, are also fixed-price contracts, with others performed on a time-and-materials basis. Contract revenues are recognized under the percentage-of-completion method based on the Company’s engineering estimates of the physical percentage completed for dredging projects and based on costs incurred to date compared to total estimated costs for fixed-price environmental & infrastructure projects. For dredging projects, costs of contract revenues are adjusted to reflect the gross profit percentage expected to be achieved upon ultimate completion. For environmental & infrastructure contracts, contract revenues are adjusted to reflect the estimated gross profit percentage. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across our projects, does not significantly affect our results across annual reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. Change orders are not recognized in revenue until the recovery is probable and collectability is reasonably assured. Claims for additional compensation due to the Company are not recognized in contract revenues until such claims are settled. Billings on contracts are generally submitted after verification with the customers of physical progress and may not match the timing of revenue recognition. The difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Modifications may be negotiated when a change from the original contract specification is encountered, and a change in project scope, performance methodology and/or material disposal is necessary. Thus, the resulting modification is considered a change in the scope of the original project to which it relates. Significant expenditures incurred incidental to major contracts are deferred and recognized as contract costs based on contract performance over the duration of the related project. These expenditures are reported as prepaid expenses. 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. Project costs, excluding labor, have averaged approximately 21% of total costs of contract revenues over the prior three years. Hourly labor generally is hired on a project-by-project basis. Much of our domestic dredging hourly labor force is represented by labor unions with collective bargaining agreements that expire at various dates during 2018, which historically have been extended without disruption. The environmental & infrastructure segment’s hourly labor force is made up of union and non-union employees. During the year, both dredging 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 dredging revenues recognized over the year, to better match revenues and expenses. Specifically, at each interim reporting date the Company compares actual dredging revenues earned to date on the Company’s dredging contracts to expected annual revenues and recognizes dredging 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. As a result of this methodology, the recorded expense in any interim period may be higher or lower than the actual equipment costs incurred in that interim period. For some environmental & infrastructure contracts, the Company has entered into unincorporated construction joint ventures under which certain portions of a larger project are performed. These investments are accounted for under the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting. The Company’s interests in any profits and assets and proportionate share in any losses and liabilities are recognized based on the Company’s stated percentage partnership interest in the project. For projects related to proportionately consolidated joint ventures, we include only the Company’s percentage ownership of each joint venture's backlog. Classification of Current Assets and Liabilities —The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year. Cash Equivalents —The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Accounts Receivable —Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable when events or conditions indicate that amounts outstanding are not recoverable. Inventories —Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Spare part inventories are stated at weighted average historical cost, and are charged to expense when used in operations. Pipe inventory is recorded at cost and amortized to expense over the period of its use. Property and Equipment —Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are: Class Useful Life (years) Buildings and improvements 10 Furniture and fixtures 5-10 Vehicles, dozers, and other light operating equipment and systems 3-5 Heavy operating equipment (dredges and barges) 10-30 Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases. Goodwill and Other Intangible Assets —Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Other identifiable intangible assets mainly represent developed technology and databases, customer relationships, and customer contracts acquired in business combinations and are being amortized over a one to five-year period. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company assesses the fair values of its reporting units using 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. The income approach is dependent on a number of factors, including estimates of future market growth trends, forecasted revenues and expenses, appropriate discount rates and other variables. The estimates are based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. 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. The Company analyzes companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighs the results of this approach less than the income approach. The Company has two operating segments: dredging and environmental & infrastructure, which are also the Company’s two reportable segments. The historical demolition business has been retrospectively presented as discontinued operations and is no longer reflected in continuing operations. The Company has determined that dredging, Terra Contracting Services, LLC (“Terra”) and Great Lakes Environmental & Infrastructure, LLC (“GLEI”), previously referred to as Magnus Pacific, LLC, are the Company’s three reporting units. Long-Lived Assets —Long-lived assets are comprised of property and equipment and intangible assets subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. No triggering events were identified in 2016 or 2015. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell. Self-insurance Reserves —The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves. Income Taxes —The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. The Company’s current policy is to repatriate all earnings from foreign subsidiaries’ operations as generated and at this time no amounts are considered to be permanently reinvested in those operations. Hedging Instruments —At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions. The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring. Foreign Currency Translation —The financial statements of the Company’s foreign subsidiaries where the operations are primarily denominated in the foreign currency are translated into U.S. dollars for reporting. Balance sheet accounts are translated at the current foreign exchange rate at the end of each period and income statement accounts are translated at the average foreign exchange rate for each period. Gains and losses on foreign currency translations are reflected as a currency translation adjustment, net of tax, in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in other income (expense). Noncontrolling Interest —On January 1, 2009 the Company acquired a 65% interest in Yankee Environmental Services, LLC (“Yankee”). On April 23, 2014, the Company entered into and completed the sale of NASDI, LLC and Yankee, its two former subsidiaries that comprised the historical demolition business. As a result of the sale, the Company purchased the noncontrolling interest related to the membership interest the Company did not own in Yankee. Recent Accounting Pronouncements — In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2016-18 (“ASU 2016-18”), Statement of Cashflows (Topic 230): Restricted Cash. The amendments require that the statement of cash flows explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore amounts generally described as restricted cash or restricted cash equivalents should be included with the cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of ASU 2016-18 on its consolidated financial statements. In August 2016, the 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, Revenue from Contracts with Customers (Topic 606) Accounting Standard Updates related to Accounting Standards Codification Topic 606 (collectively, “ASC 606”) |
Earnings Per share
Earnings Per share | 12 Months Ended |
Dec. 31, 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 similar 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 years ended December 31, 2016 and 2015, the dilutive effect of 623 and 431 stock options (“NQSO”) and restricted stock units (“RSU”), respectively, were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during these periods. For the years ended December 31, 2016, 2015 and 2014 1,594, 1,179 and 540 NQSOs and RSUs, respectively, were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive. The computations for basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 are as follows: (shares in thousands) 2016 2015 2014 Income (loss) from continuing operations $ (8,177 ) $ (6,189 ) $ 20,718 Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation — — (10,423 ) Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation $ (8,177 ) $ (6,189 ) $ 10,295 Weighted-average common shares outstanding — basic 60,744 60,410 59,938 Effect of stock options and restricted stock units — — 584 Weighted-average common shares outstanding — diluted 60,744 60,410 60,522 Earnings (loss) per share from continuing operations — basic $ (0.13 ) $ (0.10 ) $ 0.35 Earnings (loss) per share from continuing operations — diluted $ (0.13 ) $ (0.10 ) $ 0.34 |
Restricted And Escrowed Cash
Restricted And Escrowed Cash | 12 Months Ended |
Dec. 31, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Restricted And Escrowed Cash | 3. RESTRICTED AND ESCROWED CASH At December 31, 2016, the Company had restricted cash of $10,777, of which $8,535 was included in other noncurrent assets and $2,242 was included in other current assets. Restricted cash included in other noncurrent assets relates to $7,035 of cash collateral issued for two letters of credit in connection with the termination of the Company’s former revolving credit agreement and $1,500 relates to cash held in escrow as security for the Company’s lease rental obligation under a long-term equipment operating lease. Restricted cash included in other current assets relates to cash held in escrow related to an outstanding lawsuit at our historical demolition business. At December 31, 2015, the Company had restricted cash of $3,742 of which $1,500 was included in other noncurrent assets and $2,242 was included in other current assets. Restricted cash included in other noncurrent assets relates to cash held in escrow as security for the Company’s lease rental obligation under a long-term equipment operating lease. Restricted cash included in other current assets relates to cash held in escrow related to an outstanding lawsuit at our historical demolition business. |
Accounts Receivable And Contrac
Accounts Receivable And Contracts In Progress | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts receivable and contracts in progress | 4. ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS Accounts receivable at December 31, 2016 and 2015 are as follows: 2016 2015 Completed contracts $ 18,727 $ 37,111 Contracts in progress 53,137 70,787 Retainage 21,399 27,203 93,263 135,101 Allowance for doubtful accounts (747 ) (754 ) Total accounts receivable—net $ 92,516 $ 134,347 Current portion of accounts receivable—net $ 88,091 $ 130,777 Long-term accounts receivable and retainage 4,425 3,570 Total accounts receivable—net $ 92,516 $ 134,347 The components of contracts in progress at December 31, 2016 and 2015 are as follows: 2016 2015 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 587,371 $ 230,159 Amounts billed (511,548 ) (176,283 ) Costs and earnings in excess of billings for contracts in progress 75,823 53,876 Costs and earnings in excess of billings for completed contracts 19,189 27,319 Total contract revenues in excess of billings $ 95,012 $ 81,195 Billings in excess of costs and earnings: Amounts billed $ (268,754 ) $ (207,550 ) Costs and earnings for contracts in progress 263,613 200,489 Total billings in excess of contract revenues $ (5,141 ) $ (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 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, requiring a longer period required to recover our investment. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property And Equipment | 5. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2016 and 2015 are as follows: 2016 2015 Land $ 9,992 $ 9,864 Buildings and improvements 5,133 5,896 Furniture and fixtures 11,998 10,587 Operating equipment 788,989 783,732 Total property and equipment 816,112 810,079 Accumulated depreciation (403,104 ) (379,869 ) Property and equipment — net $ 413,008 $ 430,210 Operating equipment of $9,299 was classified as held for sale, excluded from property and equipment, as of December 31, 2016. A $2,744 loss was recorded to (gain) loss on sale of assets—net for held for sale assets reclassified from property and equipment representing the fair value less cost to sell. Depreciation expense was $61,694, $58,050 and $48,569, for the years ended December 31, 2016, 2015 and 2014, respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | 6. The Company’s annual goodwill impairment test is conducted in the third quarter of each year and interim evaluations are performed when the Company determines that a triggering event has occurred that would more likely than not reduce the fair value of goodwill below its carrying value. The Company performed its annual goodwill impairment test as of July 1, 2016 with no indication of impairment. As of the test date, the fair value of the remaining reporting units was in excess of their carrying values. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2017 should no triggering events occur which would require a test prior to the next annual test. During 2015, 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 goodwill impairment test for the reporting unit. 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 amount of goodwill during the years ended December 31, 2016 and 2015 is as follows: Dredgin g Environmental & Infrastructur e Total Balance - January 1, 2015 $ 76,576 $ 9,750 $ 86,326 Impairment of goodwill — (2,750 ) (2,750 ) Balance - December 31, 2015 76,576 7,000 83,576 Balance - December 31, 2016 $ 76,576 $ 7,000 $ 83,576 At December 31, 2016 and 2015, the net book value of identifiable intangible assets was as follows: As of December 31, 2016 Cost Accumulated Amortization Net Non-compete agreements $ 2,377 $ 1,317 $ 1,060 Other 781 342 439 $ 3,158 $ 1,659 $ 1,499 As of December 31, 2015 Non-compete agreements $ 3,085 $ 1,625 $ 1,460 Trade names 1,037 873 164 Other 1,306 502 804 $ 5,428 $ 3,000 $ 2,428 Amortization expense was $1,329, $6,535 and $1,560, for the years ended December 31, 2016, 2015 and 2014, respectively, and is included as a component of general and administrative expenses. Amortization expense related to intangible assets is estimated to be $591 in 2017, $534 in 2018, $214 in 2019 and $80 in 2020. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 7. ACCRUED EXPENSES Accrued expenses at December 31, 2016 and 2015 are as follows: 2016 2015 Insurance $ 18,114 $ 16,291 Accumulated deficit in joint venture 17,016 15,408 Payroll and employee benefits 10,028 13,317 Interest 8,660 8,743 Percentage of completion adjustment 3,322 2,837 Income and other taxes 3,208 3,726 Fuel hedge contracts — 4,388 Other 8,695 7,567 Total accrued expenses $ 69,043 $ 72,277 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. LONG-TERM DEBT Long-term debt at December 31, 2016 and 2015 is as follows: 2016 2015 Revolving credit facility $ 104,111 $ 20,000 Equipment notes payable 2,680 3,972 Notes payable 14,438 60,005 7.375% senior notes 272,998 271,998 Subtotal 394,227 355,975 Current portion of equipment note payable (1,320 ) (1,293 ) Current portion of note payable (1,145 ) (6,213 ) Capital leases (included in other long term liabilities) (1,360 ) (2,679 ) Total $ 390,402 $ 345,790 Credit agreement On December 30, 2016, the Company, Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Dredge & Dock Environmental, Inc., Great Lakes Environmental & Infrastructure Solutions, LLC and Great Lakes Environmental & Infrastructure, LLC (collectively, the “Credit Parties”) entered into a revolving credit and security agreement, as subsequently amended, (the “Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, PNC Bank, National Association, as Agent, PNC Capital Markets, The PrivateBank and Trust Company, Suntrust Robinson Humphrey, Inc., Capital One, National Association and Bank of America, N.A., as Joint Lead Arrangers and Joint Bookrunners, Texas Capital Bank, National Association, as Syndication Agent and Woodforest National Bank, as Documentation Agent. The Credit Agreement, which replaced the Company’s former revolving credit agreement, provides for a senior secured revolving credit facility in an aggregate principal amount of up to $250,000, subfacilities for the issuance of standby letters of credit up to a $250,000 sublimit and swingline loans up to a $25,000 sublimit. The maximum borrowing capacity under the Credit Agreement is determined by a formula and may fluctuate depending on the value of the collateral included in such formula at the time of determination. The Credit Agreement also includes an increase option that will allow the Company to increase the senior secured revolving credit facility by an aggregate principal amount of up to $100,000. This increase is subject to lenders providing incremental commitments for such increase, the Credit Parties having adequate borrowing capacity and provided that no default or event of default exists both before and after giving effect to such incremental commitment increase. The Credit Agreement contains customary representations and affirmative and negative covenants, including a springing financial covenant that requires the Credit Parties to maintain a fixed charge coverage ratio (ratio of earnings before income taxes, depreciation and amortization, net interest expenses, non-cash charges and losses and certain other non-recurring charges, minus capital expenditures, income and franchise taxes, to net cash interest expense plus scheduled cash principal payments with respect to debt plus restricted payments paid in cash) of not more than 1.10 to 1.00. The Credit Parties are also restricted in the amount of capital expenditures they may make in each of the next three fiscal years. 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 providers. The obligations of the Credit Parties under the Credit Agreement will be 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. Borrowings under the Credit Agreement will be used to refinance existing indebtedness under the Company’s former revolving credit agreement, refinance existing indebtedness under the Company’s former term loan agreement, pay fees and expenses related to the Credit Agreement, finance acquisitions permitted under the Credit Agreement, finance ongoing working capital and for other general corporate purposes. The Credit Agreement matures on December 30, 2019; provided that the maturity date shall be accelerated to November 3, 2018 if the Company fails to refinance its unsecured senior notes that mature February 1, 2019. The refinanced notes must have a maturity on or after March 31, 2020. The obligations under the Credit Agreement are secured by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid first priority perfected lien on substantially all of the vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding provider). Interest on the senior secured revolving credit facility of the Credit Agreement is equal to either a Base Rate option or LIBOR option, at the Company’s election. The Base Rate option is (1) the base commercial lending rate of PNC Bank, National Association, as publically announced plus (2)(a) an interest margin of 2.0% or (b) after the date on which a borrowing base certificate is required to be delivered under Section 9.2 of the Credit Agreement (commencing with the fiscal quarter ending December 31, 2017, the “Adjustment Date”), an interest margin ranging between 1.5% and 2.0% depending on the quarterly average undrawn availability on the senior secured revolving credit facility. The LIBOR option is the sum of (1) LIBOR and (2) (a) an interest margin of 3.0% or (b) after the Adjustment Date, an interest rate margin ranging between 2.5% to 3.0% per annum depending on the quarterly average undrawn availability on the senior secured revolving credit facility. The Credit Agreement is subject to an unused fee ranging from 0.25% to 0.375% per annum depending on the amount of average daily outstandings under the senior secured revolving credit facility. As of December 31, 2016, the Company had $104,111 of borrowings on the revolver and $63,339 of letters of credit outstanding, resulting in $47,522 of availability under the Credit Agreement. Prior revolving credit agreement and term loan facility In conjunction with the Credit Agreement entered into on December 30, 2016, the senior revolving credit agreement with an aggregate principal amount of up to $199,000 and the senior secured term loan facility consisting of a term loan in an aggregate principal amount of $50,000 was paid in full. Depending on the Company’s consolidated leverage ratio, previous borrowings under the revolving credit facility beared interest at the option of the Company at either a LIBOR rate plus a margin of between 1.50% to 2.50% per annum or a base rate plus a margin of between 0.50% to 1.50% per annum. The previous borrowings under the Term Loan Facility beared interest at a fixed rate of 4.655% per annum. Senior notes The Company has outstanding $275,000 of 7.375% senior notes due March 2020. In January 2011, the Company issued $250,000 of senior notes and in November 2014 added $25,000 of senior notes. The balance sheet reflects senior notes, at December 31, 2016 of $272,998, which includes the balance outstanding, unamortized deferred financing fees and the debt discount on the November 2014 notes. As of February 1, 2015, 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 scheduled principal payments through the maturity date of the Company’s long-term debt, excluding equipment notes and capital leases, at December 31, 2016, are as follows: Years Ending December 31 2017 $ 41,145 2018 1,212 2019 340,613 2020 1,815 2021 1,922 Thereafter 6,878 Total $ 393,585 The Company incurred amortization of deferred financing fees for its long term debt of $2,438, $1,729 and $1,453 for each of the years ended December 31, 2016, 2015 and 2014. Such amortization is recorded as a component of interest expense. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. 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 December 31, 2016 Quoted Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable (Level 3) Fuel hedge contracts $ 2,293 $ — $ 2,293 $ — 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 $ — Foreign exchange contracts The Company has various exposures to foreign currencies that fluctuate in relation to the U.S. dollar. The Company periodically enters into foreign exchange forward contracts to hedge this risk. At December 31, 2016 and 2015 there were no outstanding contracts. Fuel hedge contracts The Company is exposed to certain market risks, primarily commodity price risk as it relates to the diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices will have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80% of the eligible fuel requirements for work in domestic backlog. As of December 31, 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 December 2017. As of December 31, 2016, there were 7.6 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted domestic fuel purchases through December 2017. Under these swap agreements, the Company will pay fixed prices ranging from $1.25 to $1.69 per gallon. At December 31, 2016, the fair value asset of the fuel hedge contracts was estimated to be $2,293, and is recorded in 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 gains reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 2016 were $30. The remaining gains and losses included in the accumulated other comprehensive loss at December 31, 2016 will be reclassified into earnings over the next twelve 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 value of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair values 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 December 31, 2016 and 2015 is as follows: Balance Sheet Location Fair Value at December 31, 2016 2015 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Other current assets 546 — Derivatives not designated as hedging instruments Fuel hedge contracts Other current assets 1,747 — Total asset derivatives $ 2,293 $ — 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 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. In the prior year, 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 and accordingly is a Level 3 fair value measurement. See Note 6. Fair Goodwill Balance at January 1, $ 86,326 Impairment of goodwill (2,750 ) Balance at December 31, 2015 $ 83,576 Accumulated other comprehensive income (loss) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: 2016 2015 2014 Cumulative translation adjustments—net of tax $ 508 $ (1,249 ) $ (62 ) Derivatives: Reclassification of derivative losses (gains) to earnings—net of tax 30 — (332 ) Change in fair value of derivatives—net of tax 300 — 133 Net unrealized (gain) loss on derivatives—net of tax 330 — (199 ) Total other comprehensive income (loss) $ 838 $ (1,249 ) $ (261 ) Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Statement of Operations Location 2016 2015 2014 Derivatives: Fuel hedge contracts Costs of contract revenues $ 50 $ — $ (286 ) Income tax (provision) benefit 20 — (46 ) $ 30 $ — $ (332 ) 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. 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 December 31, 2016 (See Note 8). 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 $272,250 at December 31, 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. The Company’s income tax benefit from continuing and discontinued operations for the years ended December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Income tax benefit from continuing operations $ 5,792 $ 2,497 $ 11,530 Income tax benefit from discontinued operations — — 8,744 Income tax benefit $ 5,792 $ 2,497 $ 20,274 The Company’s income (loss) from continuing operations before income tax from domestic and foreign continuing operations for the years ended December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Domestic operations $ (2,295 ) $ (35,996 ) $ (20,823 ) Foreign operations (11,674 ) 27,310 30,011 Total income (loss) from continuing operations before income tax $ (13,969 ) $ (8,686 ) $ 9,188 The benefit for income taxes from continuing operations as of December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Federal: Current $ 260 $ — $ (174 ) Deferred (5,098 ) (2,355 ) (9,531 ) State: Current 54 115 277 Deferred (1,153 ) (673 ) (3,577 ) Foreign: Current 146 416 1,475 Deferred — — — Total $ (5,791 ) $ (2,497 ) $ (11,530 ) The Company’s income tax benefit from continuing operations reconciles to the provision at the statutory U.S. federal income tax rate of 35% for the years ended December 31, 2016, 2015 and 2014 as follows: 2016 2015 2014 Tax provision at statutory U.S. federal income tax rate $ (4,889 ) $ (3,040 ) $ 3,214 State income tax — net of federal income tax benefit (1,118 ) (676 ) (2,726 ) Worthless stock deduction — — (9,631 ) Charitable contributions — (469 ) (1,764 ) Adjustment to deferred tax depreciation — 1,135 (1,670 ) Change in deferred state tax rate (1,082 ) — (811 ) Research and development tax credits (253 ) (286 ) (691 ) Purchase price adjustment — 393 (393 ) Changes in unrecognized tax benefits 10 (186 ) 127 Changes in valuation allowance 1,031 270 2,246 Other 510 362 569 Income tax benefit $ (5,791 ) $ (2,497 ) $ (11,530 ) During the fourth quarter of 2014, the Company liquidated one of its domestic subsidiaries which allowed it to claim a worthless stock deduction on its federal income tax return. The Company recorded an income tax benefit of $9,631 related to the worthless stock deduction. The Company utilized part of the benefit to offset income in the year and carried forward the remainder as a net operating loss to potentially offset future income. Accordingly, this benefit is characterized as a component of our continuing operations. In 2014, an entity 50% owned by the Company sold property to a third party and as part of the transaction donated adjacent property to a municipality. The fair market value of the donated property in excess of cost resulted in a benefit of $1,764 to the Company in 2014. In 2015, additional property was donated to the same municipality and the fair market value of the donated property in excess of the cost resulted in a benefit of $469 to the Company. At December 31, 2016 and 2015, the Company had loss carryforwards for federal income tax purposes of $51,158 and $70,534 respectively, which expire between 2034 and 2036. At December 31, 2016 and 2015, the Company had gross net operating loss carryforwards for state income tax purposes totaling $128,066 and $128,460, respectively, which expire between 2023 and 2035. Due to changes in state tax law enacted during the year in a certain state, a valuation allowance in the amount of $767 was established in 2016 for state net operating loss carryforwards. The Company also has foreign gross net operating loss carryforwards of approximately $12,165 and $11,507 as of December 31, 2016 and 2015, which expire between 2017 and 2036. At December 31, 2016 and 2015, a full valuation allowance has been established for the deferred tax asset of $3,795 and $3,586 related to foreign net operating loss carryforwards, respectively, as the Company believes it is more likely than not that the net operating loss carryforwards will not be realized. As of December 31, 2016 and 2015, the Company had $157 in unrecognized tax benefits, the recognition of which would have an impact of $102 on the effective tax rate. The Company does not expect that total unrecognized tax benefits will significantly increase or decrease within the next 12 months. Below is a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period. 2016 2015 2014 Unrecognized tax benefits — January 1 $ 157 $ 442 $ 253 Gross increases — tax positions in prior period — — — Gross increases — current period tax positions — — 270 Gross decreases — expirations — — (65 ) Gross decreases — tax positions in prior period — (285 ) (16 ) Unrecognized tax benefits — December 31, $ 157 $ 157 $ 442 The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2016 and 2015, the Company had approximately $37 and $23, respectively, of interest and penalties recorded. The Company files income tax returns at the U.S. federal level and in various state and foreign jurisdictions. U.S. federal income tax years prior to 2013 are closed and no longer subject to examination. In 2016, the Internal Revenue Service completed an examination of the Company’s 2011 and 2012 U.S. federal income tax returns. The examinations did not result in any material adjustments. With few exceptions, the statute of limitations in state taxing jurisdictions in which the Company operates has expired for all years prior to 2012. In foreign jurisdictions in which the Company operates, years prior to 2011 are closed and are no longer subject to examination. The Company’s deferred tax assets (liabilities) at December 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets: Accrued liabilities $ 16,194 $ 17,841 Federal NOLs 17,905 24,687 Foreign NOLs 3,795 3,586 State NOLs 5,989 6,008 Tax credit carryforwards 5,970 5,374 Charitable contribution 1,883 2,233 Valuation allowance (7,133 ) (6,102 ) Total deferred tax assets 44,603 53,627 Deferred tax liabilities: Depreciation and amortization (111,793 ) (126,174 ) Other liabilities (1,259 ) (1,459 ) Total deferred tax liabilities (113,052 ) (127,633 ) Net noncurrent deferred tax liabilities $ (68,449 ) $ (74,006 ) Deferred tax assets relate primarily to reserves and other liabilities for costs and expenses not currently deductible for tax purposes as well as net operating loss and other carryforwards. Deferred tax liabilities relate primarily to the cumulative difference between book depreciation and amounts deducted for tax purposes. The Company believes that it is more likely than not that the deferred income tax assets will ultimately be realized. However, valuation allowances have been recorded for foreign net operating loss carryforwards, foreign tax credits and certain state net operating loss carryforwards to reduce the balance of these deferred tax assets at December 31, 2016, or December 31, 2015. As discussed in Note 1, in 2015, the Company elected to early adopt guidance which requires that deferred tax liabilities and assets be classified as noncurrent in the balance sheet on a prospective basis. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 11. SHARE-BASED COMPENSATION The Company’s 2007 Long-Term Incentive Plan (“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 5,800 shares of common stock. The Company also issues share-based compensation as inducement awards to new employees upon approval of the Board of Directors. Compensation cost charged to expense related to share-based compensation arrangements was $2,455, $4,040 and $2,694, for the years ended December 31, 2016, 2015 and 2014, respectively. Non-qualified stock options The NQSO awards were granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date, and have ten year exercise periods. The fair value of the NQSOs was determined at the grant date using a Black-Scholes option pricing model, which requires the Company to make several assumptions. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The annual dividend yield on the Company’s common stock is based on estimates of future dividends during the expected term of the NQSOs. The expected life of the NQSOs was determined from historical exercise data providing a reasonable basis upon which to estimate the expected life. For grants issued in 2014, the volatility assumptions were based on historical volatility of Great Lakes. There is not an active market for options on the Company’s common stock and, as such, implied volatility for the Company’s stock was not considered. Additionally, the Company’s general policy is to issue new shares of registered common stock to satisfy stock option exercises or grants of restricted stock. No NQSO awards were granted in 2016 and 2015. The weighted-average grant-date fair value of options granted during the year ended December 31, 2014 was $4.23. The fair value of each option was estimated using the following assumptions: 2014 Expected volatility 53.9 % Expected dividends 0.0 % Expected term (in years) 7.0 Risk free rate 1.9 % A summary of stock option activity under the Incentive Plan as of December 31, 2016, and changes during the year ended December 31, 2016, is presented below: Options Shares Weighted Exercise Price Weighted-Average Remaining Contract Term (yrs) Aggregate Intrinsic Value ($000's) Outstanding as of January 1, 2016 1,726 $ 6.32 Granted — — Exercised — — Forfeited or Expired (27 ) 6.43 Outstanding as of December 31, 2016 1,699 $ 6.32 3.7 $ 45 Vested at December 31, 2016 1,610 $ 6.24 3.6 $ 45 Vested or expected to vest at December 31, 2016 1,698 $ 6.32 3.7 $ 45 Restricted stock units RSUs can either vest in equal portions over the three year vesting period or vest in one installment on the third anniversary of the grant date. The fair value of RSUs was based upon the Company’s stock price on the date of grant. A summary of the status of the Company’s non-vested RSUs as of December 31, 2016, and changes during the year ended December 31, 2016, is presented below: Nonvested Restricted Stock Units Shares Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2016 2,196 $ 6.57 Granted 716 3.58 Vested (112 ) 7.52 Forfeited (268 ) 6.69 Outstanding as of December 31, 2016 2,532 $ 5.23 Expected to vest at December 31, 2016 1,191 $ 4.53 As of December 31, 2016, there was $2,102 of total unrecognized compensation cost related to non-vested NQSOs and RSUs granted under the Plan. That cost for non-vested NQSOs and RSUs is expected to be recognized over a weighted-average period of 0.4 years and 1.9 years, respectively. The Incentive Plan permits the employee to use vested shares from RSUs to satisfy the grantee’s U.S. federal income tax liability resulting from the issuance of the shares through the Company’s retention of that number of common shares having a market value as of the vesting date equal to such tax obligation up to the minimum statutory withholding requirements. The amount related to shares used for such tax withholding obligations was approximately $171 and $267 for the years ended December 31, 2016 and 2015, respectively. Director compensation The Company uses a combination of cash and share-based compensation to attract and retain qualified candidates to serve on our Board of Directors. Compensation is paid to non-employee directors. Directors who are employees receive no additional compensation for services as members of the Board or any of its committees. Share-based compensation is paid pursuant to the Incentive Plan. Each non-employee director of the Company receives an annual retainer of $155, payable quarterly in arrears, and is paid 50% in cash and 50% in common stock of the Company. In 2016, the Chairman of the Board received an additional $100 of annual compensation, paid 50% in cash and 50% in common stock. In the years ended December 31, 2016, 2015 and 2014, 86 thousand, 112 thousand and 99 thousand shares, respectively, of the Company’s common stock were issued to non-employee directors under the Incentive Plan. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 12. RETIREMENT PLANS The Company sponsors four 401(k) savings plans, one covering substantially all non-union salaried employees (“Salaried Plan”), a second covering its hourly employees (“Hourly Plan”), a third plan specifically for its employees that are members of a tugboat union and a fourth for the salary and non-union employees of certain subsidiaries (“Affiliated Plan”). Under the Salaried Plan, the Hourly Plan and the Affiliated Plan, individual employees may contribute a percentage of compensation and the Company will match a portion of the employees’ contributions. The Salaried Plan and Affiliated Plan also include a discretionary profit-sharing component, permitting the Company to make discretionary employer contributions to all eligible employees of these plans. Additionally, the Company sponsors a Supplemental Savings Plan in which the Company makes contributions for certain key executives. The Company’s expense for matching, discretionary and Supplemental Savings Plan contributions for 2016, 2015 and 2014, was $3,705, $6,772 and $5,256, respectively. The Company also contributes to various multiemployer pension plans pursuant to collective bargaining agreements. In 2016, 2015 and 2014, the Company contributed $6,298, $4,990 and $4,383 respectively to all of the multiemployer plans that provide pension benefits in our continuing operations. The information available to the Company about the multiemployer plans in which it participates, whether via request to the plan or publicly available, is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act (“MPPAA”). Based upon these plans’ most recently available annual reports, the Company’s contributions to these plans were less than 5% of each plan’s total contributions for all but one plan. Information on significant multiemployer pension plans in which the Company participates is included in the table below: Pension Protection Act of 2006 Certified Zone Status at December 31, Company's Contributions Pension Plan Legal Name Federal Identification Number 2016 2015 Expiration of Collective Bargaining Arrangement with the Company 2016 2015 2014 Seafarers Pension Trust 13-6100329 001 Green Green February 28, 2018 $ 1,102 $ 1,005 $ 828 The Company does not expect any future increased contributions to have a material negative impact on its financial position, results of operations or cash flows for future years. The risks of participating in multiemployer plans are different from single employer plans as assets contributed are available to provide benefits to employees of other employers and unfunded obligations from an employer that discontinues contributions are the responsibility of all remaining employers. In addition, in the event of a plan’s termination or the Company’s withdrawal from a plan, the Company may be liable for a portion of the plan’s unfunded vested benefits. However, information from the plans’ administrators is not available to permit the Company to determine its share, if any, of unfunded vested benefits. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 13. 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. In April 2015, we entered into additional bonding agreements with Argonaut Insurance Company, Berkley Insurance Company, Chubb Surety 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. 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 and issued Zurich a letter of credit related to this exposure. In February 2017, the Company was notified by Zurich of an alleged default triggered on a historical demolition surety performance bond in the aggregate of $20,000 for failure of the contractor to perform in accordance with the terms of a project. Zurich could be obligated to reimburse the loss, damage and expense that may arise from the alleged default. The Company believes its remaining exposure on the project is less than the amount of the letter of credit, but given the recent nature of the claim, the Company cannot estimate the amount or range of potential loss that could result. 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. On January 14, 2015, the Company and our subsidiary, NASDI Holdings, LLC, brought an action in the Delaware Court of Chancery to enforce the terms of the Company's agreement to sell NASDI and Yankee. Under the terms of the agreement, the Company received cash of $5,309 and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close. The Company seeks specific performance of buyer’s obligation to collect and to remit the additional proceeds, and other related relief. Defendants have filed counterclaims alleging that the Company misrepresented the quality of its contracts and receivables prior to the sale. The Company denies defendants’ allegations and intends to vigorously defend against the counterclaims. In 2012, the Company contracted with a shipyard to perform the functional design drawings, detailed design drawings and follow on construction of a new Articulated Tug & Barge (“ATB”) Trailing Suction Hopper Dredge. In April 2013, the Company terminated the contract with the shipyard for default and the counterparty sent the Company a notice requesting arbitration under the contract with respect to the Company’s termination for default, including but not limited to the Company’s right to draw on letters of credit that had been issued by the shipyard as financial security required by the contract. In May 2013, the Company drew upon the shipyard’s letters of credit related to the contract and received $13,600. Arbitration proceedings were initiated. In January 2014, the Company and the shipyard executed a settlement agreement pursuant to which the Company retained $10,500 of the proceeds of the financial security and remitted $3,100 of those funds to the shipyard, all other claims were released, and the arbitration was dismissed with prejudice. The Company has not accrued any amounts with respect to the above matters as the Company does not believe, based on information currently known to it, that a loss relating to these matters is probable, and an estimate of a range of potential losses relating to these matters cannot reasonably be made. Lease obligations The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2023. The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions. Future minimum operating lease payments at December 31, 2016, are as follows: 2017 $ 23,394 2018 15,517 2019 11,991 2020 8,273 2021 7,557 Thereafter 7,018 Total minimum operating lease payments $ 73,750 Total rent expense under long-term operating lease arrangements for the years ended December 31, 2016, 2015 and 2014 was $21,061, $21,697 and $25,318, respectively. This excludes expenses for equipment and facilities rented on a short-term, as-needed basis. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments | 14. INVESTMENTS Amboy Aggregates The Company and a New Jersey aggregates company each own 50% of Amboy Aggregates (“Amboy”). Amboy was formed in December 1984 to mine sand from the entrance channel to New York Harbor to provide sand and aggregate for use in road and building construction and for clean land fill. Amboy sold its interest in a stone import business and its holdings in land during 2014 and is winding down operations. The land owned in conjunction with Lower Main Street Development, LLC (“Lower Main”) was sold for a combined gain of $29,729. The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: 2016 2015 2014 Revenue $ — $ 139 $ 13,784 Gross profit (loss) 758 (1,363 ) (118 ) Income (loss) from continuing operations 758 (3,152 ) 11,326 Net income (loss) 758 (3,152 ) 9,527 Lower Main Street Development The Company and a New Jersey aggregates company each own 50% of Lower Main. Lower Main was organized in February 2003 to hold land for development or sale. This land owned in conjunction with Amboy Aggregates was sold in 2014. Lower Main ceased operations in 2016. The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: 2015 2014 Revenue $ — $ 180 Gross profit — 180 Net income 28 14,803 TerraSea Environmental Solutions The Company owns 50% of TerraSea Environmental Solutions (“TerraSea”) as a joint venture. TerraSea is engaged in the environmental services business through its ability to remediate contaminated soil and dredged sediment treatment. At December 31, 2016 and December 31, 2015, the Company had net advances to TerraSea of $24,696 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 $17,016 and $14,271 at December 31, 2016 and 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 remaining net advances to TerraSea are ultimately recoverable as an obligation of our joint venture partner. The Company accrued $2,634 and $1,983 for the years ended December 31, 2016 and 2015, respectively, representing the estimated share of additional losses to be assumed from the joint venture. The joint venture partner and the Company have discussed resolution of the remaining net advances through additional funding of the joint venture. 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. There are no remaining TerraSea projects at December 31, 2016. The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: 2016 2015 2014 Revenue $ — $ 6,960 $ 11,278 Gross loss (183 ) (3,800 ) (19,153 ) Net loss (183 ) (3,800 ) (19,856 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. RELATED-PARTY TRANSACTIONS The historical demolition business was operated out of a building owned by a former minority interest owner in Yankee and prior to 2011, a profits interest owner in NASDI. In 2014, NASDI and Yankee paid the minority interest owner $375 for rent and property taxes. In conjunction with the sale of NASDI and Yankee (See Note 16), the lease was terminated as of October 31, 2014, and the Company also paid $490 in lease termination fees. There were no rents paid related to this building in 2016 and 2015. Our Terra business operates out of two facilities owned by the former owner of Terra Contracting, LLC. The Company paid $195 for rent on these two properties in 2016 and $243 in each of 2015 and 2014. In connection with the sale of assets associated with certain service lines of the environmental & infrastructure segment’s business, the lease was terminated as of November 11, 2016. Our GLEI business operates out of two facilities owned by Magnus Real Estate Group, LLC, which is owned by the formers owners of GLEI. In 2016, 2015 and 2014, the Company paid rent of $506, $402 and $46, respectively, for these two properties. |
Business Combinations And Dispo
Business Combinations And Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations And Dispositions | 16. BUSINESS COMBINATIONS AND DISPOSITIONS Discontinued operations On April 23, 2014, the Company entered into an agreement and completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two former subsidiaries that comprised the 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, and net of future payments of accounts payable existing at the date of close, including any future payments of obligations associated with outstanding claims. In the fourth quarter of 2013, the Company recorded a preliminary loss on disposal of assets held for sale in discontinued operations. The loss on disposal is subject to change based on the value of additional proceeds received on the working capital existing at the date of disposition. The amount and timing of the working capital settlement and the amount and timing of the realization of additional net proceeds may be impacted by the litigation with the buyer of the historical demolition business (see Note 13). However, management believes that the ultimate resolution of these matters will not be material to the Company’s consolidated financial position or results of operations. The results of the businesses have been reported in discontinued operations as follows: 2014 Revenue $ 14,803 Loss before income taxes from discontinued operations $ (19,167 ) Loss on disposal of assets held for sale — Income tax benefit 8,744 Loss from discontinued operations, net of income taxes $ (10,423 ) 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. Magnus Pacific Corporation is engaged in the business of environmental remediation, geotechnical construction, demolition, and sediments and wetlands construction. 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 payment is $11,400 (the “Earnout Payment”) and will be determined based on the attainment of combined Adjusted EBITDA targets of Magnus and Terra, a wholly-owned subsidiary of the Company 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 and will be determined based on the attainment of an average Adjusted EBITDA target of GLEI for the years ending December 31, 2017, December 31, 2018 and December 31, 2019. The Earnout Payment may be paid in cash or shares of the Company’s common stock, at the Company’s option. 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 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. The purchase price has been allocated to the assets acquired and liabilities assumed using estimated fair values as of the acquisition date. Tangible assets acquired of $57,303 primarily were receivables and contract revenues in excess of billings of $41,067 and property and equipment of $11,573. Finite-lived intangible assets acquired of $8,422 were primarily related to acquired backlog and also include a non-compete agreement, patents and trade names. The acquired backlog was amortized on a straight-line basis over one year while all other finite-lived intangible assets are being amortized on a straight-line basis over five years. Liabilities assumed of $27,586, includes primarily $20,732 of accounts payable. Goodwill of $7,000 represents the excess of cost over the fair value of the net tangible and intangible assets acquired and is included in the environmental & infrastructure segment. Concurrent with the closing of the acquisition of Magnus Pacific Corporation, the Company granted restricted stock unit awards to the shareholders representing the right to receive, in aggregate, up to 1,500 shares of Great Lakes’ common stock. Each award vests on March 31, 2020, subject to the applicable employee’s continuous employment with Great Lakes through such date and satisfaction of certain business milestones. The following unaudited pro forma financial information presents the consolidated results of operations of the Company as they may have appeared had the acquisition described above occurred as of January 1, 2013 for purposes of the unaudited pro forma consolidated statements of operations. The unaudited pro forma consolidated financial information are provided for illustrative purposes only and do not purport to present what the actual results of operations would have been had the transaction actually occurred on the date indicated, nor does it purport to represent results of operations for any future period. The information does not reflect any cost savings or benefits that may be obtained through synergies among the operations of the Company. 2014 (Unaudited) Revenue as reported $ 806,831 Revenue of purchased businesses for the period prior to the acquisition 106,723 Pro forma revenue $ 913,554 Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation $ 10,295 Net income of Magnus including net income prior to acquisition and pro forma acquisition accounting adjustments 6,328 Pro forma net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation $ 16,623 The pro forma adjustments to net income represent amortization of intangibles established in purchase accounting, interest on the debt used to purchase Magnus and taxes on net income at the Company’s effective tax rate, all applied to the period prior to acquisition. Other During the fourth quarter of 2016, the Company sold assets associated with certain service lines of the environmental & infrastructure segment’s business, excluding assets supporting the remediation service line. In connection with the sale, the Company recorded a $2,758 loss to (gain) loss on sale of assets—net for the year ended December 31, 2016. The Company recorded a $2,197 noncash bargain purchase gain on a small asset acquisition in 2014. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 17. SEGMENT INFORMATION The Company and its subsidiaries currently operate in two reportable segments: dredging and environmental & infrastructure. 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 2016, 2015 and 2014, is provided as follows: 2016 2015 2014 Dredging: Contract revenues $ 637,468 $ 681,255 $ 697,711 Operating income 34,108 64,073 41,620 Depreciation and amortization 54,826 50,556 43,620 Total assets 912,880 872,297 812,181 Property and equipment—net 399,479 397,468 366,027 Goodwill 76,576 76,576 76,576 Investment in joint ventures 381 1 2,114 Capital expenditures 84,263 82,000 79,186 Environmental & infrastructure: Contract revenues 133,637 181,710 114,412 Operating loss (19,428 ) (41,114 ) (17,767 ) Depreciation and amortization 8,197 14,029 6,509 Total assets 81,166 127,907 134,324 Property and equipment—net 13,529 32,742 33,418 Goodwill 7,000 7,000 9,750 Investment in joint ventures 4,353 3,760 5,775 Capital expenditures 949 7,279 12,892 Intersegment: Contract revenues (3,520 ) (6,087 ) (5,292 ) Total assets (100,458 ) (102,080 ) (56,773 ) Total: Contract revenues 767,585 856,878 806,831 Operating income 14,680 22,959 23,853 Depreciation and amortization 63,023 64,585 50,129 Total assets 893,588 898,124 889,732 Property and equipment—net 413,008 430,210 399,445 Goodwill 83,576 83,576 86,326 Investment in joint ventures 4,734 3,761 7,889 Capital expenditures 85,212 89,279 92,078 The Company classifies the revenue related to its dredging projects into the following types of work: 2016 2015 2014 Capital dredging — U.S. $ 219,914 $ 207,058 $ 195,635 Capital dredging — foreign 59,413 139,945 155,000 Coastal protection dredging 215,041 184,060 194,219 Maintenance dredging 92,274 120,055 123,923 Rivers & lakes 50,826 30,137 28,934 Total dredging $ 637,468 $ 681,255 $ 697,711 The Company derived revenues and gross profit from foreign project operations for the years ended December 31, 2016, 2015, and 2014, as follows: 2016 2015 2014 Contract revenues $ 59,413 $ 139,945 $ 155,000 Costs of contract revenues (66,729 ) (105,951 ) (118,682 ) Gross profit $ (7,316 ) $ 33,994 $ 36,318 In 2016 and 2015, foreign revenues were primarily from work done in the Middle East and Brazil. In 2014 the majority of the Company’s foreign revenue came from the Wheatstone LNG project in Western Australia and from projects in the Middle East. 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. As of December 31, 2016 and 2015, long-lived assets with a net book value of $63,729 and $83,397, respectively, were located outside of the U.S. The Company’s primary customer is the U.S. Army Corps of Engineers (the “Corps”), which has responsibility for federally funded projects related to waterway navigation and flood control. In 2016, 2015 and 2014, 53.4%, 51.0% and 60.4%, respectively, of contract revenues were earned from contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. At December 31, 2016 and 2015, approximately 39.9% and 24.9%, respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company’s operations can be influenced by the level and timing of federal funding. The Company recognized an overall loss on a remediation project of $7,260 which if applied to the initial year of the contract would have decreased gross profit by nearly the entire amount of the loss in the year ended December 31, 2015. The Company recognized a loss on a landfill project of $7,446 on which the change in estimate to the gross profit percentage in the year resulted in a cumulative net impact on the project margin, which decreased gross profit by extensively the entire amount of the loss in the year ended December 31, 2015. The project was completed in 2016. In 2014, the Company earned significant revenue from a large, single customer foreign contract. A revision to the estimated gross profit percentage was recognized in the year resulting in a cumulative net impact on the project margin, which increased gross profit by $22,418 for the year ended December 31, 2014, including an increase in gross profit of $7,645 during the fourth quarter. The project was completed in 2014. Revenue from foreign projects has been concentrated in the Middle East which comprised less than 10% and 14.7% of total revenue in 2016 and 2015, respectively. At December 31, 2016 and 2015, approximately 13.0% and 24.6%, respectively, of total accounts receivable, including retainage and contract revenues in excess of billings, were due on contracts in the Middle East. There is a dependence on future projects in the Middle East, as vessels are currently located there. However, some of the vessels located in Middle East can be moved back to the U.S. or all can be moved to other international markets as opportunities arise. |
Subsidiary Guarantors
Subsidiary Guarantors | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Subsidiary Guarantors | 18. SUBSIDIARY GUARANTORS The Company’s long-term debt at December 31, 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 December 31, 2016 and 2015; (ii) statements of operations and comprehensive income (loss) for the years ended December 31, 2016, 2015 and 2014; and (iii) statements of cash flows for the years ended December 31, 2016, 2015 and 2014. GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2016 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 11,037 $ 128 $ 2 $ — $ 11,167 Accounts receivable — net 86,690 1,401 — — 88,091 Contract revenues in excess of billings 94,731 281 — — 95,012 Inventories 37,137 — — — 37,137 Prepaid expenses 12,407 — — — 12,407 Other current assets 63,089 323 — — 63,412 Total current assets 305,091 2,133 2 — 307,226 PROPERTY AND EQUIPMENT—Net 413,002 6 — — 413,008 GOODWILL 83,576 — — — 83,576 OTHER INTANGIBLE ASSETS—Net 1,499 — — — 1,499 INVENTORIES — Noncurrent 52,602 — — — 52,602 INVESTMENTS IN JOINT VENTURES 4,734 — — — 4,734 ASSETS HELD FOR SALE— Noncurrent 9,299 — — — 9,299 RECEIVABLES FROM AFFILIATES 11,524 6,883 82,340 (100,747 ) — INVESTMENTS IN SUBSIDIARIES 3,695 — 636,216 (639,911 ) — OTHER 14,692 1 6,951 — 21,644 TOTAL $ 899,714 $ 9,023 $ 725,509 $ (740,658 ) $ 893,588 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 102,654 $ 514 $ 17 $ — $ 103,185 Accrued expenses 58,192 970 9,881 — 69,043 Billings in excess of contract revenues 4,963 178 — — 5,141 Current portion of long term debt 1,320 — 1,145 — 2,465 Total current liabilities 167,129 1,662 11,043 — 179,834 7 3/8% SENIOR NOTES — — 272,998 — 272,998 REVOLVING CREDIT FACILITY — — 104,111 — 104,111 NOTE PAYABLE — — 13,293 — 13,293 DEFERRED INCOME TAXES (1,833 ) — 70,282 — 68,449 PAYABLES TO AFFILIATES 88,573 6,433 5,741 (100,747 ) — OTHER 6,862 — 151 — 7,013 Total liabilities 260,731 8,095 477,619 (100,747 ) 645,698 TOTAL EQUITY 638,983 928 247,890 (639,911 ) 247,890 TOTAL $ 899,714 $ 9,023 $ 725,509 $ (740,658 ) $ 893,588 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 Eliminations Consolidated 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 7,924 — — — 7,924 Other current assets 58,995 218 477 — 59,690 Total current assets 324,372 4,882 479 — 329,733 PROPERTY AND EQUIPMENT—Net 430,192 18 — — 430,210 GOODWILL 83,576 — — — 83,576 OTHER INTANGIBLE ASSETS—Net 2,428 — — — 2,428 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 YEAR ENDED DECEMBER 31, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals Contract revenues $ 767,723 $ 1,959 $ — $ (2,097 ) $ 767,585 Costs of contract revenues (675,844 ) (7,450 ) — 2,097 (681,197 ) Gross profit 91,879 (5,491 ) — — 86,388 OPERATING EXPENSES: General and administrative expenses 65,578 4 (49 ) — 65,533 Loss on sale of assets—net 6,175 — — — 6,175 Operating income (loss) 20,126 (5,495 ) 49 — 14,680 Interest income (expense)—net 488 — (23,395 ) — (22,907 ) Equity in earnings (loss) of subsidiaries (10 ) — 10,313 (10,303 ) — Equity in loss of joint ventures (2,365 ) — — — (2,365 ) Other expense (3,369 ) (8 ) — — (3,377 ) Income (loss) before income taxes 14,870 (5,503 ) (13,033 ) (10,303 ) (13,969 ) Income tax (provision) benefit 1,079 (143 ) 4,856 — 5,792 Net income (loss) $ 15,949 $ (5,646 ) $ (8,177 ) $ (10,303 ) $ (8,177 ) Comprehensive income (loss) $ 16,279 $ (5,138 ) $ (7,339 ) $ (11,141 ) $ (7,339 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals Contract revenues $ 845,889 $ 13,698 $ — $ (2,709 ) $ 856,878 Costs of contract revenues (750,509 ) (13,155 ) — 2,709 (760,955 ) Gross profit 95,380 543 — — 95,923 OPERATING EXPENSES: General and administrative expenses 71,069 — — — 71,069 Impairment of goodwill 2,750 — — — 2,750 Gain on sale of assets—net (855 ) — — — (855 ) Operating income 22,416 543 — — 22,959 Interest expense—net (526 ) — (23,839 ) — (24,365 ) Equity in earnings of subsidiaries 8 — 16,282 (16,290 ) — Equity in loss of joint ventures (6,051 ) — — — (6,051 ) Other expense (1,222 ) (7 ) — — (1,229 ) Income (loss) before income taxes 14,625 536 (7,557 ) (16,290 ) (8,686 ) Income tax (provision) benefit 1,505 (376 ) 1,368 — 2,497 Net income (loss) 16,130 160 $ (6,189 ) $ (16,290 ) $ (6,189 ) Comprehensive income (loss) $ 16,130 $ (1,089 ) $ (7,438 ) $ (15,041 ) $ (7,438 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 799,579 $ 26,282 $ — $ (19,030 ) $ 806,831 Costs of contract revenues (707,474 ) (25,891 ) — 19,030 (714,335 ) Gross profit 92,105 391 — — 92,496 OPERATING EXPENSES: General and administrative expenses 67,905 6 — — 67,911 Loss on sale of assets—net 732 — — — 732 Operating income 23,468 385 — — 23,853 Interest income (expense)—net 61 (261 ) (19,767 ) — (19,967 ) Equity in earnings of subsidiaries 20 — 10,373 (10,393 ) — Equity in earnings of joint ventures 2,895 — — — 2,895 Gain on bargain purchase acquisition 2,197 — — — 2,197 Other income 203 7 — — 210 Income (loss) before income taxes 28,844 131 (9,394 ) (10,393 ) 9,188 Income tax (provision) benefit (18,173 ) (409 ) 30,112 — 11,530 Income (loss) from continuing operations 10,671 (278 ) 20,718 (10,393 ) 20,718 Loss from discontinued operations, net of income taxes (10,423 ) (1,343 ) (10,423 ) 11,766 (10,423 ) Net income (loss) 248 (1,621 ) 10,295 1,373 10,295 Comprehensive income (loss) $ 49 $ (1,683 ) $ 10,034 $ 1,634 $ 10,034 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ 61,518 $ (3,786 ) $ (19,062 ) $ — $ 38,670 INVESTING ACTIVITIES: Purchases of property and equipment (83,798 ) — — — (83,798 ) Proceeds from dispositions of property and equipment 18,257 — — — 18,257 Changes in restricted cash (7,035 ) — — — (7,035 ) Net change in accounts with affiliates — — (36,172 ) 36,172 — Transfer to parent — — 23,000 (23,000 ) — Cash used in investing activities (72,576 ) — (13,172 ) 13,172 (72,576 ) FINANCING ACTIVITIES: Repayments of term loan facility — — (44,582 ) — (44,582 ) Deferred financing fees — — (6,817 ) — (6,817 ) Repayment of long term note payable — — (1,079 ) — (1,079 ) Taxes paid on settlement of vested share awards — — (171 ) — (171 ) Net change in accounts with affiliates 34,484 1,688 — (36,172 ) — Transfer to parent (23,000 ) — — 23,000 — Repayments of equipment debt (1,424 ) — — — (1,424 ) Exercise of stock options and purchases from employee stock plans — — 905 — 905 Excess income tax benefit from share-based compensation — — (133 ) — (133 ) Borrowings under revolving loans — — 288,611 — 288,611 Repayments of revolving loans — — (204,500 ) — (204,500 ) Cash provided by financing activities 10,060 1,688 32,234 (13,172 ) 30,810 Effect of foreign currency exchange rates on cash and cash equivalents — 79 — — 79 Net decrease in cash and cash equivalents (998 ) (2,019 ) — — (3,017 ) Cash and cash equivalents at beginning of period 12,035 2,147 2 — 14,184 Cash and cash equivalents at end of period $ 11,037 $ 128 $ 2 $ — $ 11,167 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals OPERATING ACTIVITIES: Cash provided by (used in) operating activities 52,498 312 (23,688 ) — 29,122 INVESTING ACTIVITIES: Purchases of property and equipment (74,455 ) — — — (74,455 ) Proceeds from dispositions of property and equipment 1,322 — — — 1,322 Net change in accounts with affiliates (29,402 ) — (12,222 ) 41,624 — Cash used in investing activities (102,535 ) — (12,222 ) 41,624 (73,133 ) FINANCING ACTIVITIES: Proceeds from term loan facility — — 2,640 — 2,640 Repayments of term loan facility — — (5,000 ) — (5,000 ) Deferred financing fees — — (111 ) — (111 ) Repayment of long term note payable — — (443 ) (443 ) Taxes paid on settlement of vested share awards — — (267 ) — (267 ) Net change in accounts with affiliates 4,291 1,269 36,064 (41,624 ) — Transfer from parent 17,258 — (17,258 ) — — Proceeds from equipment debt — — 410 — 410 Repayments of equipment debt (1,201 ) — — — (1,201 ) Exercise of stock options and purchases from employee stock plans — — 1,365 — 1,365 Excess income tax benefit from share-based compensation — — (57 ) — (57 ) Purchase of treasury stock — — (1,433 ) — (1,433 ) Borrowings under revolving loans — — 179,500 — 179,500 Repayments of revolving loans — — (159,500 ) — (159,500 ) Cash provided by financing activities 20,348 1,269 35,910 (41,624 ) 15,903 Effect of foreign currency exchange rates on cash and cash equivalents — (97 ) — — (97 ) Net increase (decrease) in cash and cash equivalents (29,689 ) 1,484 — — (28,205 ) Cash and cash equivalents at beginning of period 41,724 663 2 — 42,389 Cash and cash equivalents at end of period $ 12,035 $ 2,147 $ 2 $ — $ 14,184 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals OPERATING ACTIVITIES: Net cash flows provided by (used in) operating activities of continuing operations $ 63,276 $ 999 $ 2,879 $ — $ 67,154 Net cash flows used in operating activities of discontinued operations (17,328 ) (1,024 ) — — (18,352 ) Cash provided by (used in) operating activities 45,948 (25 ) 2,879 — 48,802 INVESTING ACTIVITIES: Purchases of property and equipment (91,910 ) — — — (91,910 ) Proceeds from dispositions of property and equipment 68 — — — 68 Payments for acquisitions of businesses (2,048 ) — (25,000 ) — (27,048 ) Payments on vendor performance obligations (3,100 ) — — — (3,100 ) Net change in accounts with affiliates 68,187 — — (68,187 ) — Net cash flows used in investing activities of continuing operations (28,803 ) — (25,000 ) (68,187 ) (121,990 ) Net cash flows used in investing activities of discontinued operations 5,275 — — — 5,275 Cash used in investing activities (23,528 ) — (25,000 ) (68,187 ) (116,715 ) FINANCING ACTIVITIES: Proceeds from term loan facility — — 47,360 — 47,360 Repayments of term loan facility — — (417 ) — (417 ) Proceeds from issuance of 7 3/8% senior notes — — 24,880 — 24,880 Deferred financing fees — — (2,532 ) — (2,532 ) Taxes paid on settlement of vested share awards — — (497 ) — (497 ) Purchase of noncontrolling interest — — (205 ) — (205 ) Net change in accounts with affiliates — (2,547 ) (65,640 ) 68,187 — Transfer to parent (52,400 ) — 52,400 — — Repayments of equipment debt (235 ) — — — (235 ) Exercise of stock options and purchases from employee stock plans — — 1,568 — 1,568 Excess income tax benefit from share-based compensation — — 206 — 206 Borrowings under revolving loans — — 236,500 — 236,500 Repayments of revolving loans — — (271,500 ) — (271,500 ) Cash provided by (used in) financing activities (52,635 ) (2,547 ) 22,123 68,187 35,128 Effect of foreign currency exchange rates on cash and cash equivalents — (164 ) — — (164 ) Net decrease in cash and cash equivalents (30,215 ) (2,736 ) 2 — (32,949 ) Cash and cash equivalents at beginning of period 71,939 3,399 — — 75,338 Cash and cash equivalents at end of period $ 41,724 $ 663 $ 2 $ — $ 42,389 |
Schedule II-Valuation And Quali
Schedule II-Valuation And Qualify Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II-Valuation And Qualifying Accounts | Great Lakes Dredge & Dock Corporation Schedule II—Valuation and Qualifying Accounts For the Years Ended December 31, 2016, 2015 and 2014 (In thousands) Additions Beginning Balance Charged to costs and expenses Charged to other accounts Deductions Ending balance Description Year ended December 31, 2014 Allowances deducted from assets to which they apply: Allowances for doubtful accounts $ 1,529 $ 100 $ — $ (1,051 ) $ 578 Valuation allowance for deferred tax assets 2,505 4,074 6,579 Total $ 4,034 $ 4,174 $ — $ (1,051 ) $ 7,157 Year ended December 31, 2015 Allowances deducted from assets to which they apply: Allowances for doubtful accounts $ 578 $ 176 $ — $ — $ 754 Valuation allowance for deferred tax assets 6,579 270 (748 ) 6,101 Total $ 7,157 $ 446 $ — $ (748 ) $ 6,855 Year ended December 31, 2016 Allowances deducted from assets to which they apply: Allowances for doubtful accounts $ 754 $ 389 $ — $ (396 ) $ 747 Valuation allowance for deferred tax assets 6,101 1,032 7,133 Total $ 6,855 $ 1,421 $ — $ (396 ) $ 7,880 |
Nature Of Business And Summar28
Nature Of Business And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation — The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost. |
Use Of Estimates | Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Revenue and Cost Recognition on Contracts | Revenue and Cost Recognition on Contracts — Substantially all of the Company’s contracts for dredging services are fixed-price contracts, which provide for remeasurement based on actual quantities dredged. The majority of the Company’s environmental & infrastructure contracts, previously referred to as environmental & remediation, are also fixed-price contracts, with others performed on a time-and-materials basis. Contract revenues are recognized under the percentage-of-completion method based on the Company’s engineering estimates of the physical percentage completed for dredging projects and based on costs incurred to date compared to total estimated costs for fixed-price environmental & infrastructure projects. For dredging projects, costs of contract revenues are adjusted to reflect the gross profit percentage expected to be achieved upon ultimate completion. For environmental & infrastructure contracts, contract revenues are adjusted to reflect the estimated gross profit percentage. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across our projects, does not significantly affect our results across annual reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. Change orders are not recognized in revenue until the recovery is probable and collectability is reasonably assured. Claims for additional compensation due to the Company are not recognized in contract revenues until such claims are settled. Billings on contracts are generally submitted after verification with the customers of physical progress and may not match the timing of revenue recognition. The difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Modifications may be negotiated when a change from the original contract specification is encountered, and a change in project scope, performance methodology and/or material disposal is necessary. Thus, the resulting modification is considered a change in the scope of the original project to which it relates. Significant expenditures incurred incidental to major contracts are deferred and recognized as contract costs based on contract performance over the duration of the related project. These expenditures are reported as prepaid expenses. 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. Project costs, excluding labor, have averaged approximately 21% of total costs of contract revenues over the prior three years. Hourly labor generally is hired on a project-by-project basis. Much of our domestic dredging hourly labor force is represented by labor unions with collective bargaining agreements that expire at various dates during 2018, which historically have been extended without disruption. The environmental & infrastructure segment’s hourly labor force is made up of union and non-union employees. During the year, both dredging 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 dredging revenues recognized over the year, to better match revenues and expenses. Specifically, at each interim reporting date the Company compares actual dredging revenues earned to date on the Company’s dredging contracts to expected annual revenues and recognizes dredging 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. As a result of this methodology, the recorded expense in any interim period may be higher or lower than the actual equipment costs incurred in that interim period. For some environmental & infrastructure contracts, the Company has entered into unincorporated construction joint ventures under which certain portions of a larger project are performed. These investments are accounted for under the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting. The Company’s interests in any profits and assets and proportionate share in any losses and liabilities are recognized based on the Company’s stated percentage partnership interest in the project. For projects related to proportionately consolidated joint ventures, we include only the Company’s percentage ownership of each joint venture's backlog. |
Classification of Current Assets and Liabilities | Classification of Current Assets and Liabilities —The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year. |
Cash Equivalents | Cash Equivalents —The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. |
Accounts Receivable | Accounts Receivable —Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable when events or conditions indicate that amounts outstanding are not recoverable. |
Inventories | Inventories —Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Spare part inventories are stated at weighted average historical cost, and are charged to expense when used in operations. Pipe inventory is recorded at cost and amortized to expense over the period of its use. |
Property, Plant and Equipment | Property and Equipment —Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are: Class Useful Life (years) Buildings and improvements 10 Furniture and fixtures 5-10 Vehicles, dozers, and other light operating equipment and systems 3-5 Heavy operating equipment (dredges and barges) 10-30 Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets —Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Other identifiable intangible assets mainly represent developed technology and databases, customer relationships, and customer contracts acquired in business combinations and are being amortized over a one to five-year period. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company assesses the fair values of its reporting units using 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. The income approach is dependent on a number of factors, including estimates of future market growth trends, forecasted revenues and expenses, appropriate discount rates and other variables. The estimates are based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. 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. The Company analyzes companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighs the results of this approach less than the income approach. The Company has two operating segments: dredging and environmental & infrastructure, which are also the Company’s two reportable segments. The historical demolition business has been retrospectively presented as discontinued operations and is no longer reflected in continuing operations. The Company has determined that dredging, Terra Contracting Services, LLC (“Terra”) and Great Lakes Environmental & Infrastructure, LLC (“GLEI”), previously referred to as Magnus Pacific, LLC, are the Company’s three reporting units. |
Long-Lived Assets | Long-Lived Assets —Long-lived assets are comprised of property and equipment and intangible assets subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. No triggering events were identified in 2016 or 2015. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell. |
Self-insurance Reserves | Self-insurance Reserves —The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves. |
Income Taxes | Income Taxes — The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. The Company’s current policy is to repatriate all earnings from foreign subsidiaries’ operations as generated and at this time no amounts are considered to be permanently reinvested in those operations. |
Hedging Instruments | Hedging Instruments — At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions. The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring. |
Foreign Currency Translation | Foreign Currency Translation — The financial statements of the Company’s foreign subsidiaries where the operations are primarily denominated in the foreign currency are translated into U.S. dollars for reporting. Balance sheet accounts are translated at the current foreign exchange rate at the end of each period and income statement accounts are translated at the average foreign exchange rate for each period. Gains and losses on foreign currency translations are reflected as a currency translation adjustment, net of tax, in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in other income (expense). |
Noncontrolling Interest | Noncontrolling Interest — On January 1, 2009 the Company acquired a 65% interest in Yankee Environmental Services, LLC (“Yankee”). On April 23, 2014, the Company entered into and completed the sale of NASDI, LLC and Yankee, its two former subsidiaries that comprised the historical demolition business. As a result of the sale, the Company purchased the noncontrolling interest related to the membership interest the Company did not own in Yankee. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2016-18 (“ASU 2016-18”), Statement of Cashflows (Topic 230): Restricted Cash. The amendments require that the statement of cash flows explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore amounts generally described as restricted cash or restricted cash equivalents should be included with the cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of ASU 2016-18 on its consolidated financial statements. In August 2016, the 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, Revenue from Contracts with Customers (Topic 606) Accounting Standard Updates related to Accounting Standards Codification Topic 606 (collectively, “ASC 606”) |
Nature Of Business And Summar29
Nature Of Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Estimated Useful Lives By Class Of Assets | The estimated useful lives by class of assets are: Class Useful Life (years) Buildings and improvements 10 Furniture and fixtures 5-10 Vehicles, dozers, and other light operating equipment and systems 3-5 Heavy operating equipment (dredges and barges) 10-30 |
Earnings Per share (Tables)
Earnings Per share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computations For Basic And Diluted Earnings Per Share | The computations for basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 are as follows: (shares in thousands) 2016 2015 2014 Income (loss) from continuing operations $ (8,177 ) $ (6,189 ) $ 20,718 Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation — — (10,423 ) Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation $ (8,177 ) $ (6,189 ) $ 10,295 Weighted-average common shares outstanding — basic 60,744 60,410 59,938 Effect of stock options and restricted stock units — — 584 Weighted-average common shares outstanding — diluted 60,744 60,410 60,522 Earnings (loss) per share from continuing operations — basic $ (0.13 ) $ (0.10 ) $ 0.35 Earnings (loss) per share from continuing operations — diluted $ (0.13 ) $ (0.10 ) $ 0.34 |
Accounts Receivable And Contr31
Accounts Receivable And Contracts In Progress (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule Of Accounts Receivable | Accounts receivable at December 31, 2016 and 2015 are as follows: 2016 2015 Completed contracts $ 18,727 $ 37,111 Contracts in progress 53,137 70,787 Retainage 21,399 27,203 93,263 135,101 Allowance for doubtful accounts (747 ) (754 ) Total accounts receivable—net $ 92,516 $ 134,347 Current portion of accounts receivable—net $ 88,091 $ 130,777 Long-term accounts receivable and retainage 4,425 3,570 Total accounts receivable—net $ 92,516 $ 134,347 |
Components Of Contracts In Progress | The components of contracts in progress at December 31, 2016 and 2015 are as follows: 2016 2015 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 587,371 $ 230,159 Amounts billed (511,548 ) (176,283 ) Costs and earnings in excess of billings for contracts in progress 75,823 53,876 Costs and earnings in excess of billings for completed contracts 19,189 27,319 Total contract revenues in excess of billings $ 95,012 $ 81,195 Billings in excess of costs and earnings: Amounts billed $ (268,754 ) $ (207,550 ) Costs and earnings for contracts in progress 263,613 200,489 Total billings in excess of contract revenues $ (5,141 ) $ (7,061 ) |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule Of Property Plant And Equipment | 2016 2015 Land $ 9,992 $ 9,864 Buildings and improvements 5,133 5,896 Furniture and fixtures 11,998 10,587 Operating equipment 788,989 783,732 Total property and equipment 816,112 810,079 Accumulated depreciation (403,104 ) (379,869 ) Property and equipment — net $ 413,008 $ 430,210 |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in the carrying amount of goodwill during the years ended December 31, 2016 and 2015 is as follows: Dredgin g Environmental & Infrastructur e Total Balance - January 1, 2015 $ 76,576 $ 9,750 $ 86,326 Impairment of goodwill — (2,750 ) (2,750 ) Balance - December 31, 2015 76,576 7,000 83,576 Balance - December 31, 2016 $ 76,576 $ 7,000 $ 83,576 |
Schedule of the Net Book Value Of Identifiable Intangible Assets | At December 31, 2016 and 2015, the net book value of identifiable intangible assets was as follows: As of December 31, 2016 Cost Accumulated Amortization Net Non-compete agreements $ 2,377 $ 1,317 $ 1,060 Other 781 342 439 $ 3,158 $ 1,659 $ 1,499 As of December 31, 2015 Non-compete agreements $ 3,085 $ 1,625 $ 1,460 Trade names 1,037 873 164 Other 1,306 502 804 $ 5,428 $ 3,000 $ 2,428 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses at December 31, 2016 and 2015 are as follows: 2016 2015 Insurance $ 18,114 $ 16,291 Accumulated deficit in joint venture 17,016 15,408 Payroll and employee benefits 10,028 13,317 Interest 8,660 8,743 Percentage of completion adjustment 3,322 2,837 Income and other taxes 3,208 3,726 Fuel hedge contracts — 4,388 Other 8,695 7,567 Total accrued expenses $ 69,043 $ 72,277 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt at December 31, 2016 and 2015 is as follows: 2016 2015 Revolving credit facility $ 104,111 $ 20,000 Equipment notes payable 2,680 3,972 Notes payable 14,438 60,005 7.375% senior notes 272,998 271,998 Subtotal 394,227 355,975 Current portion of equipment note payable (1,320 ) (1,293 ) Current portion of note payable (1,145 ) (6,213 ) Capital leases (included in other long term liabilities) (1,360 ) (2,679 ) Total $ 390,402 $ 345,790 |
Maturities Of Long-Term Debt | The scheduled principal payments through the maturity date of the Company’s long-term debt, excluding equipment notes and capital leases, at December 31, 2016, are as follows: Years Ending December 31 2017 $ 41,145 2018 1,212 2019 340,613 2020 1,815 2021 1,922 Thereafter 6,878 Total $ 393,585 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 Quoted Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable (Level 3) Fuel hedge contracts $ 2,293 $ — $ 2,293 $ — 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 Of Fair Value Of Fuel Hedge Contracts Balance Sheet Location | The fair value of the fuel hedge contracts outstanding as of December 31, 2016 and 2015 is as follows: Balance Sheet Location Fair Value at December 31, 2016 2015 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Other current assets 546 — Derivatives not designated as hedging instruments Fuel hedge contracts Other current assets 1,747 — Total asset derivatives $ 2,293 $ — Liability derivatives: Derivatives not designated as hedging instruments Fuel hedge contracts Accrued expenses $ — $ 4,388 |
Schedule Of Fair Value Measurements Of Goodwill Using Significant Unobservable Inputs | The fair value of goodwill was determined using quantitative models that contained significant unobservable inputs and accordingly is a Level 3 fair value measurement. See Note 6. Fair Goodwill Balance at January 1, $ 86,326 Impairment of goodwill (2,750 ) Balance at December 31, 2015 $ 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: 2016 2015 2014 Cumulative translation adjustments—net of tax $ 508 $ (1,249 ) $ (62 ) Derivatives: Reclassification of derivative losses (gains) to earnings—net of tax 30 — (332 ) Change in fair value of derivatives—net of tax 300 — 133 Net unrealized (gain) loss on derivatives—net of tax 330 — (199 ) Total other comprehensive income (loss) $ 838 $ (1,249 ) $ (261 ) |
Adjustments Reclassified From Accumulated Balances Other Comprehensive Income (Loss) To Earnings | Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Statement of Operations Location 2016 2015 2014 Derivatives: Fuel hedge contracts Costs of contract revenues $ 50 $ — $ (286 ) Income tax (provision) benefit 20 — (46 ) $ 30 $ — $ (332 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income tax Benefit from Continuing and Discontinuing Operations | 2016 2015 2014 Income tax benefit from continuing operations $ 5,792 $ 2,497 $ 11,530 Income tax benefit from discontinued operations — — 8,744 Income tax benefit $ 5,792 $ 2,497 $ 20,274 |
Income (Loss) From Continuing Operations Before Income Tax From Domestic And Foreign Operations | 2016 2015 2014 Domestic operations $ (2,295 ) $ (35,996 ) $ (20,823 ) Foreign operations (11,674 ) 27,310 30,011 Total income (loss) from continuing operations before income tax $ (13,969 ) $ (8,686 ) $ 9,188 |
Benefit For Income Taxes | 2016 2015 2014 Federal: Current $ 260 $ — $ (174 ) Deferred (5,098 ) (2,355 ) (9,531 ) State: Current 54 115 277 Deferred (1,153 ) (673 ) (3,577 ) Foreign: Current 146 416 1,475 Deferred — — — Total $ (5,791 ) $ (2,497 ) $ (11,530 ) |
Income Tax Benefit Reconciliation | 2016 2015 2014 Tax provision at statutory U.S. federal income tax rate $ (4,889 ) $ (3,040 ) $ 3,214 State income tax — net of federal income tax benefit (1,118 ) (676 ) (2,726 ) Worthless stock deduction — — (9,631 ) Charitable contributions — (469 ) (1,764 ) Adjustment to deferred tax depreciation — 1,135 (1,670 ) Change in deferred state tax rate (1,082 ) — (811 ) Research and development tax credits (253 ) (286 ) (691 ) Purchase price adjustment — 393 (393 ) Changes in unrecognized tax benefits 10 (186 ) 127 Changes in valuation allowance 1,031 270 2,246 Other 510 362 569 Income tax benefit $ (5,791 ) $ (2,497 ) $ (11,530 ) |
Reconciliation Of Unrecognized Tax Benefits | 2016 2015 2014 Unrecognized tax benefits — January 1 $ 157 $ 442 $ 253 Gross increases — tax positions in prior period — — — Gross increases — current period tax positions — — 270 Gross decreases — expirations — — (65 ) Gross decreases — tax positions in prior period — (285 ) (16 ) Unrecognized tax benefits — December 31, $ 157 $ 157 $ 442 |
Deferred Tax Assets (Liabilities) | 2016 2015 Deferred tax assets: Accrued liabilities $ 16,194 $ 17,841 Federal NOLs 17,905 24,687 Foreign NOLs 3,795 3,586 State NOLs 5,989 6,008 Tax credit carryforwards 5,970 5,374 Charitable contribution 1,883 2,233 Valuation allowance (7,133 ) (6,102 ) Total deferred tax assets 44,603 53,627 Deferred tax liabilities: Depreciation and amortization (111,793 ) (126,174 ) Other liabilities (1,259 ) (1,459 ) Total deferred tax liabilities (113,052 ) (127,633 ) Net noncurrent deferred tax liabilities $ (68,449 ) $ (74,006 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Option Pricing Assumptions | The weighted-average grant-date fair value of options granted during the year ended December 31, 2014 was $4.23. The fair value of each option was estimated using the following assumptions: 2014 Expected volatility 53.9 % Expected dividends 0.0 % Expected term (in years) 7.0 Risk free rate 1.9 % |
Summary Of Stock Option Activity | A summary of stock option activity under the Incentive Plan as of December 31, 2016, and changes during the year ended December 31, 2016, is presented below: Options Shares Weighted Exercise Price Weighted-Average Remaining Contract Term (yrs) Aggregate Intrinsic Value ($000's) Outstanding as of January 1, 2016 1,726 $ 6.32 Granted — — Exercised — — Forfeited or Expired (27 ) 6.43 Outstanding as of December 31, 2016 1,699 $ 6.32 3.7 $ 45 Vested at December 31, 2016 1,610 $ 6.24 3.6 $ 45 Vested or expected to vest at December 31, 2016 1,698 $ 6.32 3.7 $ 45 |
Summary of Non-Vested Restricted Stock Units | A summary of the status of the Company’s non-vested RSUs as of December 31, 2016, and changes during the year ended December 31, 2016, is presented below: Nonvested Restricted Stock Units Shares Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2016 2,196 $ 6.57 Granted 716 3.58 Vested (112 ) 7.52 Forfeited (268 ) 6.69 Outstanding as of December 31, 2016 2,532 $ 5.23 Expected to vest at December 31, 2016 1,191 $ 4.53 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Significant Multiemployer Pension Plans | Information on significant multiemployer pension plans in which the Company participates is included in the table below: Pension Protection Act of 2006 Certified Zone Status at December 31, Company's Contributions Pension Plan Legal Name Federal Identification Number 2016 2015 Expiration of Collective Bargaining Arrangement with the Company 2016 2015 2014 Seafarers Pension Trust 13-6100329 001 Green Green February 28, 2018 $ 1,102 $ 1,005 $ 828 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Operating Lease Payments | Future minimum operating lease payments at December 31, 2016, are as follows: 2017 $ 23,394 2018 15,517 2019 11,991 2020 8,273 2021 7,557 Thereafter 7,018 Total minimum operating lease payments $ 73,750 |
Investment (Tables)
Investment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Amboy Aggregates [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments | The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: 2016 2015 2014 Revenue $ — $ 139 $ 13,784 Gross profit (loss) 758 (1,363 ) (118 ) Income (loss) from continuing operations 758 (3,152 ) 11,326 Net income (loss) 758 (3,152 ) 9,527 |
Lower Main Street Development [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments | The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: 2015 2014 Revenue $ — $ 180 Gross profit — 180 Net income 28 14,803 |
TerraSea Environmental Solutions [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments | The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: 2016 2015 2014 Revenue $ — $ 6,960 $ 11,278 Gross loss (183 ) (3,800 ) (19,153 ) Net loss (183 ) (3,800 ) (19,856 ) |
Business Combinations And Dis42
Business Combinations And Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule Of Discontinued Operations | The results of the businesses have been reported in discontinued operations as follows: 2014 Revenue $ 14,803 Loss before income taxes from discontinued operations $ (19,167 ) Loss on disposal of assets held for sale — Income tax benefit 8,744 Loss from discontinued operations, net of income taxes $ (10,423 ) |
Summary Of Unaudited Pro Forma Consolidated Financial Information | The unaudited pro forma consolidated financial information are provided for illustrative purposes only and do not purport to present what the actual results of operations would have been had the transaction actually occurred on the date indicated, nor does it purport to represent results of operations for any future period. The information does not reflect any cost savings or benefits that may be obtained through synergies among the operations of the Company. 2014 (Unaudited) Revenue as reported $ 806,831 Revenue of purchased businesses for the period prior to the acquisition 106,723 Pro forma revenue $ 913,554 Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation $ 10,295 Net income of Magnus including net income prior to acquisition and pro forma acquisition accounting adjustments 6,328 Pro forma net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation $ 16,623 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting By Segment | 2016 2015 2014 Dredging: Contract revenues $ 637,468 $ 681,255 $ 697,711 Operating income 34,108 64,073 41,620 Depreciation and amortization 54,826 50,556 43,620 Total assets 912,880 872,297 812,181 Property and equipment—net 399,479 397,468 366,027 Goodwill 76,576 76,576 76,576 Investment in joint ventures 381 1 2,114 Capital expenditures 84,263 82,000 79,186 Environmental & infrastructure: Contract revenues 133,637 181,710 114,412 Operating loss (19,428 ) (41,114 ) (17,767 ) Depreciation and amortization 8,197 14,029 6,509 Total assets 81,166 127,907 134,324 Property and equipment—net 13,529 32,742 33,418 Goodwill 7,000 7,000 9,750 Investment in joint ventures 4,353 3,760 5,775 Capital expenditures 949 7,279 12,892 Intersegment: Contract revenues (3,520 ) (6,087 ) (5,292 ) Total assets (100,458 ) (102,080 ) (56,773 ) Total: Contract revenues 767,585 856,878 806,831 Operating income 14,680 22,959 23,853 Depreciation and amortization 63,023 64,585 50,129 Total assets 893,588 898,124 889,732 Property and equipment—net 413,008 430,210 399,445 Goodwill 83,576 83,576 86,326 Investment in joint ventures 4,734 3,761 7,889 Capital expenditures 85,212 89,279 92,078 |
Revenue Related to Dredging Projects By Type Of Work | 2016 2015 2014 Capital dredging — U.S. $ 219,914 $ 207,058 $ 195,635 Capital dredging — foreign 59,413 139,945 155,000 Coastal protection dredging 215,041 184,060 194,219 Maintenance dredging 92,274 120,055 123,923 Rivers & lakes 50,826 30,137 28,934 Total dredging $ 637,468 $ 681,255 $ 697,711 |
Revenues And Gross Profit From Foreign Project Operations | 2016 2015 2014 Contract revenues $ 59,413 $ 139,945 $ 155,000 Costs of contract revenues (66,729 ) (105,951 ) (118,682 ) Gross profit $ (7,316 ) $ 33,994 $ 36,318 |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 12 Months Ended |
Dec. 31, 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 DECEMBER 31, 2016 (In thousands) ASSETS Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 11,037 $ 128 $ 2 $ — $ 11,167 Accounts receivable — net 86,690 1,401 — — 88,091 Contract revenues in excess of billings 94,731 281 — — 95,012 Inventories 37,137 — — — 37,137 Prepaid expenses 12,407 — — — 12,407 Other current assets 63,089 323 — — 63,412 Total current assets 305,091 2,133 2 — 307,226 PROPERTY AND EQUIPMENT—Net 413,002 6 — — 413,008 GOODWILL 83,576 — — — 83,576 OTHER INTANGIBLE ASSETS—Net 1,499 — — — 1,499 INVENTORIES — Noncurrent 52,602 — — — 52,602 INVESTMENTS IN JOINT VENTURES 4,734 — — — 4,734 ASSETS HELD FOR SALE— Noncurrent 9,299 — — — 9,299 RECEIVABLES FROM AFFILIATES 11,524 6,883 82,340 (100,747 ) — INVESTMENTS IN SUBSIDIARIES 3,695 — 636,216 (639,911 ) — OTHER 14,692 1 6,951 — 21,644 TOTAL $ 899,714 $ 9,023 $ 725,509 $ (740,658 ) $ 893,588 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 102,654 $ 514 $ 17 $ — $ 103,185 Accrued expenses 58,192 970 9,881 — 69,043 Billings in excess of contract revenues 4,963 178 — — 5,141 Current portion of long term debt 1,320 — 1,145 — 2,465 Total current liabilities 167,129 1,662 11,043 — 179,834 7 3/8% SENIOR NOTES — — 272,998 — 272,998 REVOLVING CREDIT FACILITY — — 104,111 — 104,111 NOTE PAYABLE — — 13,293 — 13,293 DEFERRED INCOME TAXES (1,833 ) — 70,282 — 68,449 PAYABLES TO AFFILIATES 88,573 6,433 5,741 (100,747 ) — OTHER 6,862 — 151 — 7,013 Total liabilities 260,731 8,095 477,619 (100,747 ) 645,698 TOTAL EQUITY 638,983 928 247,890 (639,911 ) 247,890 TOTAL $ 899,714 $ 9,023 $ 725,509 $ (740,658 ) $ 893,588 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 Eliminations Consolidated 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 7,924 — — — 7,924 Other current assets 58,995 218 477 — 59,690 Total current assets 324,372 4,882 479 — 329,733 PROPERTY AND EQUIPMENT—Net 430,192 18 — — 430,210 GOODWILL 83,576 — — — 83,576 OTHER INTANGIBLE ASSETS—Net 2,428 — — — 2,428 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 YEAR ENDED DECEMBER 31, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals Contract revenues $ 767,723 $ 1,959 $ — $ (2,097 ) $ 767,585 Costs of contract revenues (675,844 ) (7,450 ) — 2,097 (681,197 ) Gross profit 91,879 (5,491 ) — — 86,388 OPERATING EXPENSES: General and administrative expenses 65,578 4 (49 ) — 65,533 Loss on sale of assets—net 6,175 — — — 6,175 Operating income (loss) 20,126 (5,495 ) 49 — 14,680 Interest income (expense)—net 488 — (23,395 ) — (22,907 ) Equity in earnings (loss) of subsidiaries (10 ) — 10,313 (10,303 ) — Equity in loss of joint ventures (2,365 ) — — — (2,365 ) Other expense (3,369 ) (8 ) — — (3,377 ) Income (loss) before income taxes 14,870 (5,503 ) (13,033 ) (10,303 ) (13,969 ) Income tax (provision) benefit 1,079 (143 ) 4,856 — 5,792 Net income (loss) $ 15,949 $ (5,646 ) $ (8,177 ) $ (10,303 ) $ (8,177 ) Comprehensive income (loss) $ 16,279 $ (5,138 ) $ (7,339 ) $ (11,141 ) $ (7,339 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals Contract revenues $ 845,889 $ 13,698 $ — $ (2,709 ) $ 856,878 Costs of contract revenues (750,509 ) (13,155 ) — 2,709 (760,955 ) Gross profit 95,380 543 — — 95,923 OPERATING EXPENSES: General and administrative expenses 71,069 — — — 71,069 Impairment of goodwill 2,750 — — — 2,750 Gain on sale of assets—net (855 ) — — — (855 ) Operating income 22,416 543 — — 22,959 Interest expense—net (526 ) — (23,839 ) — (24,365 ) Equity in earnings of subsidiaries 8 — 16,282 (16,290 ) — Equity in loss of joint ventures (6,051 ) — — — (6,051 ) Other expense (1,222 ) (7 ) — — (1,229 ) Income (loss) before income taxes 14,625 536 (7,557 ) (16,290 ) (8,686 ) Income tax (provision) benefit 1,505 (376 ) 1,368 — 2,497 Net income (loss) 16,130 160 $ (6,189 ) $ (16,290 ) $ (6,189 ) Comprehensive income (loss) $ 16,130 $ (1,089 ) $ (7,438 ) $ (15,041 ) $ (7,438 ) GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals Contract revenues $ 799,579 $ 26,282 $ — $ (19,030 ) $ 806,831 Costs of contract revenues (707,474 ) (25,891 ) — 19,030 (714,335 ) Gross profit 92,105 391 — — 92,496 OPERATING EXPENSES: General and administrative expenses 67,905 6 — — 67,911 Loss on sale of assets—net 732 — — — 732 Operating income 23,468 385 — — 23,853 Interest income (expense)—net 61 (261 ) (19,767 ) — (19,967 ) Equity in earnings of subsidiaries 20 — 10,373 (10,393 ) — Equity in earnings of joint ventures 2,895 — — — 2,895 Gain on bargain purchase acquisition 2,197 — — — 2,197 Other income 203 7 — — 210 Income (loss) before income taxes 28,844 131 (9,394 ) (10,393 ) 9,188 Income tax (provision) benefit (18,173 ) (409 ) 30,112 — 11,530 Income (loss) from continuing operations 10,671 (278 ) 20,718 (10,393 ) 20,718 Loss from discontinued operations, net of income taxes (10,423 ) (1,343 ) (10,423 ) 11,766 (10,423 ) Net income (loss) 248 (1,621 ) 10,295 1,373 10,295 Comprehensive income (loss) $ 49 $ (1,683 ) $ 10,034 $ 1,634 $ 10,034 |
Condensed Cash Flow Statement | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2016 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ 61,518 $ (3,786 ) $ (19,062 ) $ — $ 38,670 INVESTING ACTIVITIES: Purchases of property and equipment (83,798 ) — — — (83,798 ) Proceeds from dispositions of property and equipment 18,257 — — — 18,257 Changes in restricted cash (7,035 ) — — — (7,035 ) Net change in accounts with affiliates — — (36,172 ) 36,172 — Transfer to parent — — 23,000 (23,000 ) — Cash used in investing activities (72,576 ) — (13,172 ) 13,172 (72,576 ) FINANCING ACTIVITIES: Repayments of term loan facility — — (44,582 ) — (44,582 ) Deferred financing fees — — (6,817 ) — (6,817 ) Repayment of long term note payable — — (1,079 ) — (1,079 ) Taxes paid on settlement of vested share awards — — (171 ) — (171 ) Net change in accounts with affiliates 34,484 1,688 — (36,172 ) — Transfer to parent (23,000 ) — — 23,000 — Repayments of equipment debt (1,424 ) — — — (1,424 ) Exercise of stock options and purchases from employee stock plans — — 905 — 905 Excess income tax benefit from share-based compensation — — (133 ) — (133 ) Borrowings under revolving loans — — 288,611 — 288,611 Repayments of revolving loans — — (204,500 ) — (204,500 ) Cash provided by financing activities 10,060 1,688 32,234 (13,172 ) 30,810 Effect of foreign currency exchange rates on cash and cash equivalents — 79 — — 79 Net decrease in cash and cash equivalents (998 ) (2,019 ) — — (3,017 ) Cash and cash equivalents at beginning of period 12,035 2,147 2 — 14,184 Cash and cash equivalents at end of period $ 11,037 $ 128 $ 2 $ — $ 11,167 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Eliminations Consolidated Totals OPERATING ACTIVITIES: Cash provided by (used in) operating activities 52,498 312 (23,688 ) — 29,122 INVESTING ACTIVITIES: Purchases of property and equipment (74,455 ) — — — (74,455 ) Proceeds from dispositions of property and equipment 1,322 — — — 1,322 Net change in accounts with affiliates (29,402 ) — (12,222 ) 41,624 — Cash used in investing activities (102,535 ) — (12,222 ) 41,624 (73,133 ) FINANCING ACTIVITIES: Proceeds from term loan facility — — 2,640 — 2,640 Repayments of term loan facility — — (5,000 ) — (5,000 ) Deferred financing fees — — (111 ) — (111 ) Repayment of long term note payable — — (443 ) (443 ) Taxes paid on settlement of vested share awards — — (267 ) — (267 ) Net change in accounts with affiliates 4,291 1,269 36,064 (41,624 ) — Transfer from parent 17,258 — (17,258 ) — — Proceeds from equipment debt — — 410 — 410 Repayments of equipment debt (1,201 ) — — — (1,201 ) Exercise of stock options and purchases from employee stock plans — — 1,365 — 1,365 Excess income tax benefit from share-based compensation — — (57 ) — (57 ) Purchase of treasury stock — — (1,433 ) — (1,433 ) Borrowings under revolving loans — — 179,500 — 179,500 Repayments of revolving loans — — (159,500 ) — (159,500 ) Cash provided by financing activities 20,348 1,269 35,910 (41,624 ) 15,903 Effect of foreign currency exchange rates on cash and cash equivalents — (97 ) — — (97 ) Net increase (decrease) in cash and cash equivalents (29,689 ) 1,484 — — (28,205 ) Cash and cash equivalents at beginning of period 41,724 663 2 — 42,389 Cash and cash equivalents at end of period $ 12,035 $ 2,147 $ 2 $ — $ 14,184 GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (In thousands) Subsidiary Guarantors Non-Guarantor Subsidiaries GLDD Corporation Eliminations Consolidated Totals OPERATING ACTIVITIES: Net cash flows provided by (used in) operating activities of continuing operations $ 63,276 $ 999 $ 2,879 $ — $ 67,154 Net cash flows used in operating activities of discontinued operations (17,328 ) (1,024 ) — — (18,352 ) Cash provided by (used in) operating activities 45,948 (25 ) 2,879 — 48,802 INVESTING ACTIVITIES: Purchases of property and equipment (91,910 ) — — — (91,910 ) Proceeds from dispositions of property and equipment 68 — — — 68 Payments for acquisitions of businesses (2,048 ) — (25,000 ) — (27,048 ) Payments on vendor performance obligations (3,100 ) — — — (3,100 ) Net change in accounts with affiliates 68,187 — — (68,187 ) — Net cash flows used in investing activities of continuing operations (28,803 ) — (25,000 ) (68,187 ) (121,990 ) Net cash flows used in investing activities of discontinued operations 5,275 — — — 5,275 Cash used in investing activities (23,528 ) — (25,000 ) (68,187 ) (116,715 ) FINANCING ACTIVITIES: Proceeds from term loan facility — — 47,360 — 47,360 Repayments of term loan facility — — (417 ) — (417 ) Proceeds from issuance of 7 3/8% senior notes — — 24,880 — 24,880 Deferred financing fees — — (2,532 ) — (2,532 ) Taxes paid on settlement of vested share awards — — (497 ) — (497 ) Purchase of noncontrolling interest — — (205 ) — (205 ) Net change in accounts with affiliates — (2,547 ) (65,640 ) 68,187 — Transfer to parent (52,400 ) — 52,400 — — Repayments of equipment debt (235 ) — — — (235 ) Exercise of stock options and purchases from employee stock plans — — 1,568 — 1,568 Excess income tax benefit from share-based compensation — — 206 — 206 Borrowings under revolving loans — — 236,500 — 236,500 Repayments of revolving loans — — (271,500 ) — (271,500 ) Cash provided by (used in) financing activities (52,635 ) (2,547 ) 22,123 68,187 35,128 Effect of foreign currency exchange rates on cash and cash equivalents — (164 ) — — (164 ) Net decrease in cash and cash equivalents (30,215 ) (2,736 ) 2 — (32,949 ) Cash and cash equivalents at beginning of period 71,939 3,399 — — 75,338 Cash and cash equivalents at end of period $ 41,724 $ 663 $ 2 $ — $ 42,389 |
Nature Of Business And Summar45
Nature Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)segment | Jan. 02, 2009 | |
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 | 2 | |
Number of reportable segments | 2 | |
Accounting Standard Update 2015-03 [Member] | Other Asset [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Unamortized debt issuance costs | $ | $ 3,502 | |
Magnus Pacific, LLC [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Number of reportable segments | 3 | |
Yankee Environmental Services, LLC [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Acquired membership interest | 65.00% | |
Minimum [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Identifiable intangible asset useful life | 1 year | |
Maximum [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Identifiable intangible asset useful life | 5 years |
Nature Of Business And Summar46
Nature Of Business And Summary Of Significant Accounting Policies (Estimated Useful Lives By Class Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Heavy Operating Equipment (Dredges And Barges) [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Heavy Operating Equipment (Dredges And Barges) [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Shares excluded from computation of diluted earnings per share | 1,594 | 1,179 | 540 |
Securities excluded from computation of earnings per share amount due to loss | 623 | 431 |
Earnings Per Share - (Computati
Earnings Per Share - (Computations For Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Income (loss) from continuing operations | $ (8,177) | $ (6,189) | $ 20,718 |
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | (10,423) | ||
NET INCOME (LOSS) | $ (8,177) | $ (6,189) | $ 10,295 |
Weighted-average common shares outstanding — basic | 60,744 | 60,410 | 59,938 |
Effect of stock options and restricted stock units | 584 | ||
Weighted-average common shares outstanding — diluted | 60,744 | 60,410 | 60,522 |
Earnings (loss) per share from continuing operations — basic | $ (0.13) | $ (0.10) | $ 0.35 |
Earnings (loss) per share from continuing operations — diluted | $ (0.13) | $ (0.10) | $ 0.34 |
Restricted And Escrowed Cash (N
Restricted And Escrowed Cash (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Line Items] | ||
Restricted cash | $ 10,777 | $ 3,742 |
Cash collateral | 7,035 | |
Long-term Equipment Operating Lease [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Restricted cash | 1,500 | |
Other Noncurrent Assets [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Restricted cash | 8,535 | 1,500 |
Other Current Assets [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Restricted cash | $ 2,242 | $ 2,242 |
Accounts Receivable And Contr50
Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Completed contracts | $ 18,727 | $ 37,111 |
Contracts in progress | 53,137 | 70,787 |
Retainage | 21,399 | 27,203 |
Accounts receivable, gross | 93,263 | 135,101 |
Allowance for doubtful accounts | (747) | (754) |
Total accounts receivable—net | 92,516 | 134,347 |
Current portion of accounts receivable—net | 88,091 | 130,777 |
Long-term accounts receivable and retainage | $ 4,425 | $ 3,570 |
Accounts Receivable And Contr51
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings in excess of billings for contracts in progress | $ 75,823 | $ 53,876 |
Costs and earnings in excess of billings for completed contracts | 19,189 | 27,319 |
Total contract revenues in excess of billings | 95,012 | 81,195 |
Total billings in excess of contract revenues | (5,141) | (7,061) |
Costs And Earnings In Excess Of Billings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 587,371 | 230,159 |
Amounts billed | (511,548) | (176,283) |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 263,613 | 200,489 |
Amounts billed | $ (268,754) | $ (207,550) |
Accounts Receivable And Contr52
Accounts Receivable And Contracts In Progress (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Receivables [Abstract] | |
Costs in excess of billings | $ 17,910 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 816,112 | $ 810,079 | |
Accumulated depreciation | (403,104) | (379,869) | |
Property and equipment — net | 413,008 | 430,210 | $ 399,445 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 9,992 | 9,864 | |
Building and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 5,133 | 5,896 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 11,998 | 10,587 | |
Operating Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 788,989 | $ 783,732 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
(Gain) loss on dispositions of property and equipment | $ 6,175 | $ (855) | $ 732 |
Depreciation | 61,694 | $ 58,050 | $ 48,569 |
Operating Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating equipment excluded from property and equipment held for sale | 9,299 | ||
(Gain) loss on dispositions of property and equipment | $ 2,744 |
Goodwill And Other Intangible55
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment of goodwill | $ 0 | $ 2,750 | ||
Amortization expense | 1,329 | $ 6,535 | $ 1,560 | |
2,017 | 591 | |||
2,018 | 534 | |||
2,019 | 214 | |||
2,020 | $ 80 | |||
Terra Contracting Services [Member] | ||||
Impairment of goodwill | $ 2,750 |
Goodwill And Other Intangible56
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 83,576 | $ 86,326 |
Impairment of goodwill | 0 | (2,750) |
Goodwill, Ending Balance | 83,576 | 83,576 |
Dredging Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 76,576 | 76,576 |
Impairment of goodwill | 0 | 0 |
Goodwill, Ending Balance | 76,576 | 76,576 |
Environmental & Remediation Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 7,000 | 9,750 |
Impairment of goodwill | 0 | (2,750) |
Goodwill, Ending Balance | $ 7,000 | $ 7,000 |
Goodwill And Other Intangible57
Goodwill And Other Intangible Assets (Net Book Value Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets [Line Items] | ||
Cost | $ 3,158 | $ 5,428 |
Accumulated amortization | 1,659 | 3,000 |
Net | 1,499 | 2,428 |
Non-compete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 2,377 | 3,085 |
Accumulated amortization | 1,317 | 1,625 |
Net | 1,060 | 1,460 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 781 | 1,306 |
Accumulated amortization | 342 | 502 |
Net | $ 439 | 804 |
Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 1,037 | |
Accumulated amortization | 873 | |
Net | $ 164 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Insurance | $ 18,114 | $ 16,291 |
Accumulated deficit in joint venture | 17,016 | 15,408 |
Payroll and employee benefits | 10,028 | 13,317 |
Interest | 8,660 | 8,743 |
Percentage of completion adjustment | 3,322 | 2,837 |
Income and other taxes | 3,208 | 3,726 |
Fuel hedge contracts | 4,388 | |
Other | 8,695 | 7,567 |
Total accrued expenses | $ 69,043 | $ 72,277 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 104,111 | $ 20,000 |
Equipment notes payable | 2,680 | 3,972 |
Notes payable | 14,438 | 60,005 |
7.375% senior notes | 272,998 | 271,998 |
Line of credit, senior note payable, equipment notes payable and senior note | 394,227 | 355,975 |
Current portion of equipment note payable | (1,320) | (1,293) |
Current portion of note payable | (1,145) | (6,213) |
Capital leases (included in other long term liabilities) | (1,360) | (2,679) |
Long term debt | $ 390,402 | $ 345,790 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Dec. 30, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Jan. 31, 2011 |
Debt Instrument [Line Items] | |||||||
Revolving credit facility | $ 104,111,000 | ||||||
Letters of credit outstanding | 63,339,000 | ||||||
Letter of credit remaining borrowing capacity | 47,522,000 | ||||||
7.375% senior notes | 272,998,000 | $ 271,998,000 | |||||
Purchases of property and equipment | 83,798,000 | 74,455,000 | $ 91,910,000 | ||||
Amortization of deferred financing fees | $ 2,438,000 | $ 1,729,000 | $ 1,453,000 | ||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 25,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 7.375% | ||||||
Vessels and Ancillary Equipment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Purchases of property and equipment | $ 15,569,000 | ||||||
Operating leases expiration year | 2,023 | ||||||
7.375% Senior Notes Due In 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 275,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 7.375% | ||||||
7.375% senior notes | $ 250,000,000 | ||||||
Maturity date | Mar. 1, 2020 | ||||||
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 | ||||||
5.75% Senior Notes Due In 2023 [Member] | Vessels and Ancillary Equipment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 5.75% | ||||||
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% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed charge coverage ratio | 1.10% | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | ||||||
Line of credit facility optional increase capacity | $ 100,000,000 | ||||||
Revolving credit facility, maturity date | Dec. 30, 2019 | ||||||
Revolving credit facility, Description | The Credit Agreement matures on December 30, 2019; provided that the maturity date shall be accelerated to November 3, 2018 if the Company fails to refinance its unsecured senior notes that mature February 1, 2019. The refinanced notes must have a maturity on or after March 31, 2020 | ||||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||
Revolving Credit Facility [Member] | LIBOR Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unused fee percentage | 0.375% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unused fee percentage | 0.25% | ||||||
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||
Standby Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | ||||||
Swingline Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 25,000,000 | ||||||
Prior Revolving Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payment of revolving credit | $ 199,000,000 | ||||||
Prior Revolving Credit Agreement [Member] | Maximum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||
Prior Revolving Credit Agreement [Member] | Maximum [Member] | LIBOR Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||
Prior Revolving Credit Agreement [Member] | Minimum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||
Prior Revolving Credit Agreement [Member] | Minimum [Member] | LIBOR Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||
Prior Secured Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payment of secured term loan | $ 50,000,000 | ||||||
Term loan facility bear interest fixed rate | 4.655% |
Long-Term Debt (Maturities Of L
Long-Term Debt (Maturities Of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 41,145 |
2,018 | 1,212 |
2,019 | 340,613 |
2,020 | 1,815 |
2,021 | 1,922 |
Thereafter | 6,878 |
Total | $ 393,585 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Values Of Financial Instruments And Nonfinancial Assets And Liabilities Measured At The Reporting Date) (Details) - Fuel Hedge Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 2,293 | $ 4,388 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 2,293 | $ 4,388 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) gal in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)Contract$ / galgal | Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($) | |
Derivatives Fair Value [Line Items] | ||||
Derivative underlying hedge percent | 80.00% | |||
Derivative, Nonmonetary Notional Amount, Volume | gal | 7.6 | |||
Fair value hedge assets | $ 2,293,000 | |||
Fair value hedge liabilities | $ 4,388,000 | |||
Reclassification of derivative gains to earnings-net of tax | (30,000) | $ 332,000 | ||
Impairment of goodwill | 0 | $ 2,750,000 | ||
7.375% Senior Notes Due In 2019 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Debt instrument, face amount | $ 275,000,000 | |||
Stated interest rate | 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 | $ 272,250,000 | |||
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 | 1.25 | |||
Maximum [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Fixed price range | $ / gal | 1.69 | |||
Foreign Exchange Contract [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Number of outstanding contracts | Contract | 0 | 0 |
Fair Value Measurements (Sche64
Fair Value Measurements (Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives Fair Value [Line Items] | ||
Fair value hedge assets | $ 2,293 | |
Fair value hedge liabilities | $ 4,388 | |
Derivatives Designated as Hedging Instruments [Member] | Other Current Assets [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value hedge assets | 546 | |
Derivatives Not Designated as Hedging Instruments [Member]” | Other Current Assets [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value hedge assets | $ 1,747 | |
Derivatives Not Designated as Hedging Instruments [Member]” | Accrued Expenses [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value hedge liabilities | $ 4,388 |
Fair Value Measurements (Sche65
Fair Value Measurements (Schedule Of Fair Value Measurements Of Goodwill Using Significant Unobservable Inputs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Impairment of goodwill | $ 0 | $ (2,750) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance at January 1, | $ 83,576 | 86,326 |
Impairment of goodwill | (2,750) | |
Balance at December 31, 2015 | $ 83,576 |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Components Of Accumulated Other Comprehensive (Income) Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ||||
Cumulative translation adjustments—net of tax | [1] | $ 508 | $ (1,249) | $ (62) |
Reclassification of derivative losses (gains) to earnings—net of tax | 30 | (332) | ||
Change in fair value of derivatives—net of tax | 300 | 133 | ||
Net unrealized (gain) loss on derivatives—net of tax | [2] | 330 | (199) | |
Other comprehensive income (loss)—net of tax | $ 838 | $ (1,249) | $ (261) | |
[1] | Net of income tax (provision) benefit of $(338), $827 and $41 for the years ended December 31, 2016, 2015 and 2014, respectively. | |||
[2] | Net of income tax (provision) benefit of $216 and $(132) for the years ended December 31, 2016 and 2014, respectively. |
Fair Value Measurements (Adjust
Fair Value Measurements (Adjustments Reclassified From Accumulated Balances Other Comprehensive Income (Loss) To Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments Gain Loss [Line Items] | |||
Costs of contract revenues | $ (681,197) | $ (760,955) | $ (714,335) |
Income tax (provision) benefit | 5,792 | 2,497 | 11,530 |
Net income (loss) | 8,177 | $ 6,189 | (10,295) |
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 | 50 | (286) | |
Income tax (provision) benefit | 20 | (46) | |
Net income (loss) | $ 30 | $ (332) |
Income Taxes (Income tax Benefi
Income Taxes (Income tax Benefit from Continuing and Discontinuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
INCOME TAX BENEFIT | $ 5,792 | $ 2,497 | $ 11,530 |
Income tax benefit from discontinued operations | 8,744 | ||
Income tax benefit | $ 5,792 | $ 2,497 | $ 20,274 |
Income Taxes (Income From Conti
Income Taxes (Income From Continuing Operations Before Income Tax From Domestic And Foreign Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ (2,295) | $ (35,996) | $ (20,823) |
Foreign operations | (11,674) | 27,310 | 30,011 |
Total income (loss) from continuing operations before income tax | $ (13,969) | $ (8,686) | $ 9,188 |
Income Taxes (Benefit For Incom
Income Taxes (Benefit For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current federal tax expense (benefit) | $ 260 | $ (174) | |
Deferred federal tax expense (benefit) | (5,098) | $ (2,355) | (9,531) |
Current state tax expense (benefit) | 54 | 115 | 277 |
Deferred state tax expense (benefit) | (1,153) | (673) | (3,577) |
Current foreign tax expense (benefit) | 146 | 416 | 1,475 |
Income tax provision (benefit) | $ (5,791) | $ (2,497) | $ (11,530) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ||||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Worthless stock deduction | $ 9,631 | |||
Charitable contributions | $ 469 | 1,764 | ||
loss carryforwards for federal income tax purposes | $ 51,158 | 70,534 | ||
Unrecognized tax benefits | 157 | 157 | $ 442 | $ 253 |
Amount of unrecognized tax benefits which would have an impact on the effective tax rate | 102 | 102 | ||
Interest and penalties recorded | 37 | 23 | ||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 128,066 | 128,460 | ||
Valuation allowance for net operating loss carryforwards | 767 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 12,165 | 11,507 | ||
Valuation allowance for net operating loss carryforwards | $ 3,795 | $ 3,586 |
Income Taxes (Income Tax Bene72
Income Taxes (Income Tax Benefit Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at statutory U.S. federal income tax rate | $ (4,889) | $ (3,040) | $ 3,214 |
State income tax — net of federal income tax benefit | (1,118) | (676) | (2,726) |
Worthless stock deduction | (9,631) | ||
Charitable contributions | (469) | (1,764) | |
Adjustment to deferred tax depreciation | 1,135 | (1,670) | |
Change in deferred state tax rate | (1,082) | (811) | |
Research and development tax credits | (253) | (286) | (691) |
Purchase price adjustment | 393 | (393) | |
Changes in unrecognized tax benefits | 10 | (186) | 127 |
Changes in valuation allowance | 1,031 | 270 | 2,246 |
Other | 510 | 362 | 569 |
Income tax provision (benefit) | $ (5,791) | $ (2,497) | $ (11,530) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits — January 1 | $ 442 | $ 253 |
Gross increases — current period tax positions | 270 | |
Gross decreases — expirations | (65) | |
Gross decreases — tax positions in prior period | (285) | (16) |
Unrecognized tax benefits — December 31, | $ 157 | $ 442 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Accrued liabilities | $ 16,194 | $ 17,841 |
Federal NOLs | 17,905 | 24,687 |
Foreign NOLs | 3,795 | 3,586 |
State NOLs | 5,989 | 6,008 |
Tax credit carryforwards | 5,970 | 5,374 |
Charitable contribution | 1,883 | 2,233 |
Valuation allowance | (7,133) | (6,102) |
Total deferred tax assets | 44,603 | 53,627 |
Depreciation and amortization | (111,793) | (126,174) |
Other liabilities | (1,259) | (1,459) |
Total deferred tax liabilities | (113,052) | (127,633) |
Net noncurrent deferred tax liabilities | $ (68,449) | $ (74,006) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 2,455 | $ 4,040 | $ 2,694 |
Weighted-average grant-date fair value of options granted | $ 4.23 | ||
Total unrecognized compensation cost related to non-vested NQSOs and RSUs | 2,102 | ||
Amount related to shares used for tax withholding obligations | $ 171 | $ 267 | |
Annual retainer per non-employee director, percentage paid in cash | 50.00% | ||
Annual retainer per non-employee director, percentage paid in common stock | 50.00% | ||
Shares of common stock received by employee directors | 86,000 | 112,000 | 99,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights | RSUs can either vest in equal portions over the three year vesting period or vest in one installment on the third anniversary of the grant date. | ||
Vesting period | 3 years | ||
Total unrecognized compensation cost, weighted-average period of recognition | 1 year 10 months 24 days | ||
Non Qualified Stock Options (NQSO) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted in period | 0 | 0 | |
Total unrecognized compensation cost, weighted-average period of recognition | 4 months 24 days | ||
Employees And Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 5,800,000 | ||
Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual retainer per non-employee director | $ 155 | ||
Chairman of the Board [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional annual retainer paid to non-employee director | $ 100 | ||
Additional percentage of annual retainer paid to non-employee director in common stock | 50.00% | ||
Additional percentage of annual retainer paid to non-employee director in cash | 50.00% |
Share-Based Compensation (Optio
Share-Based Compensation (Option Pricing Assumption (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Expected volatility | 53.90% |
Expected dividends | 0.00% |
Expected term (in years) | 7 years |
Risk free rate | 1.90% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding as of January 1, 2016 | shares | 1,726 |
Forfeited or Expired | shares | (27) |
Outstanding as of December 31, 2016 | shares | 1,699 |
Vested at December 31, 2016 | shares | 1,610 |
Vested or expected to vest at December 31, 2016 | shares | 1,698 |
Weighted average exercise price outstanding as of January 1, 2016 | $ / shares | $ 6.32 |
Weighted average exercise price, forfeited or expired | $ / shares | 6.43 |
Weighted average exercise price outstanding as of December 31, 2016 | $ / shares | 6.32 |
Weighted average exercise price, vested at December 31, 2016 | $ / shares | 6.24 |
Weighted average exercise price, vested and expected to vest at December 31, 2016 | $ / shares | $ 6.32 |
Weighted average remaining contractual term, outstanding at December 31, 2016 | 3 years 8 months 12 days |
Weighted average remaining contractual term, vested as of December 31, 2016 | 3 years 7 months 6 days |
Weighted average remaining contractual term, vested and expected to vest as of December 31, 2016 | 3 years 8 months 12 days |
Aggregate intrinsic value, outstanding as of December 31, 2016 | $ | $ 45 |
Aggregate intrinsic value, vested at December 31, 2016 | $ | 45 |
Aggregate intrinsic value, vested and expected to vest at December 31, 2016 | $ | $ 45 |
Share-Based Compensation (Sum78
Share-Based Compensation (Summary Of Non-Vested Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding as of January 1, 2016 | shares | 2,196 |
Options granted | shares | 716 |
Options vested | shares | (112) |
Options forfeited | shares | (268) |
Options outstanding as of December 31, 2016 | shares | 2,532 |
Options expected to vest at December 31, 2016 | shares | 1,191 |
Weighted-average grant-date fair value as of January 1, 2016 | $ / shares | $ 6.57 |
Weighted-average grant-date fair value, granted | $ / shares | 3.58 |
Weighted-average grant-date fair value, vested | $ / shares | 7.52 |
Weighted-average grant-date fair value, forfeited | $ / shares | 6.69 |
Weighted-average grant-date fair value as of December 31, 2016 | $ / shares | 5.23 |
Weighted-average grant-date fair value, expected to vest at December 31, 2016 | $ / shares | $ 4.53 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |||
Number of sponsored 401(k) plans | item | 4 | ||
Expense for matching and discretionary contributions | $ 3,705 | $ 6,772 | $ 5,256 |
Contributes to various multiemployer pension plans | $ 6,298 | $ 4,990 | $ 4,383 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Multiemployer plans collective-bargaining arrangement percentage of contributions | 5.00% |
Retirement Plans (Schedule of S
Retirement Plans (Schedule of Significant Multiemployer Pension Plans) (Details) - Seafarers Pension Trust [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Multiemployer Plans [Line Items] | |||
Federal Identification Number | 136,100,329 | ||
Multiemployer Plan Number | 1 | ||
Pension Protection Act of 2006 Certified Zone Status | Green | Green | |
Expiration of Collective Bargaining Arrangement with the Company | Feb. 28, 2018 | ||
Company's Contributions | $ 1,102 | $ 1,005 | $ 828 |
Commitments And Contingencies81
Commitments And Contingencies (Narrative) (Details) - USD ($) | Feb. 28, 2017 | Jan. 14, 2015 | Jan. 31, 2014 | May 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments And Contingencies [Line Items] | |||||||
Outstanding performance bonds | $ 1,185,875,000 | ||||||
Revenue value remaining from outstanding performance bonds | 404,924,000 | ||||||
Proceeds from Legal Settlements | $ 5,309,000 | ||||||
Proceeds from Lines of Credit | $ 13,600,000 | ||||||
Gain (Loss) Related to Litigation Settlement | $ 10,500,000 | ||||||
Funds remitted | $ 3,100,000 | ||||||
Rent expense under long term operating lease arrangements | 21,061,000 | $ 21,697,000 | $ 25,318,000 | ||||
Surety Bond [Member] | Subsequent Event [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Aggregate demolition surety performance bond | $ 20,000,000 | ||||||
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 |
Commitments And Contingencies82
Commitments And Contingencies (Future Minimum Operating Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 23,394 |
2,018 | 15,517 |
2,019 | 11,991 |
2,020 | 8,273 |
2,021 | 7,557 |
Thereafter | 7,018 |
Total minimum operating lease payments | $ 73,750 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | ||
Other current assets | $ 63,412 | $ 59,690 |
Accumulated deficit in joint ventures | $ 17,016 | 15,408 |
Amboy Aggregates [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% | |
Land sold | $ 29,729 | |
Lower Main Street Development [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% | |
TerraSea Environmental Solutions [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% | |
Other current assets | $ 24,696 | 27,592 |
Accumulated deficit in joint ventures | 17,016 | 14,271 |
Provision for losses to be assumed from joint venture | $ 2,634 | $ 1,983 |
Investment (Summary Financial I
Investment (Summary Financial Information Under Equity Method) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amboy Aggregates [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 139 | $ 13,784 | |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | $ 758 | (1,363) | (118) |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 758 | (3,152) | 11,326 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 758 | (3,152) | 9,527 |
Lower Main Street Development [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Revenue | 180 | ||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 180 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 28 | 14,803 | |
TerraSea Environmental Solutions [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Revenue | 6,960 | 11,278 | |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | (183) | (3,800) | (19,153) |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ (183) | $ (3,800) | $ (19,856) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Rent expense | $ 21,061,000 | $ 21,697,000 | $ 25,318,000 | |
NASDI And Yankee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rent and property taxes | 375,000 | |||
Lease termination fees | $ 490,000 | |||
Rent expense | 0 | 0 | ||
Terra Contracting LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rent expense | $ 195,000 | 243,000 | 243,000 | |
Great Lakes Environmental & Infrastructure, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease termination date | Nov. 11, 2016 | |||
Magnus Real Estate Group LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rent expense | $ 506,000 | $ 402,000 | $ 46,000 |
Business Combinations And Dis86
Business Combinations And Dispositions (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | Nov. 04, 2014 | Apr. 23, 2014 | Sep. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||
GOODWILL | $ 83,576 | $ 83,576 | $ 86,326 | ||||
(GAIN) LOSS ON SALE OF ASSETS—Net | 6,175 | (855) | 732 | ||||
Gain on bargain purchase acquisition | 2,197 | ||||||
Environmental And Infrastructure Segment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
GOODWILL | 7,000 | $ 7,000 | $ 9,750 | ||||
(GAIN) LOSS ON SALE OF ASSETS—Net | 2,758 | ||||||
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 | ||||||
Maximum potential aggregate earnout payment | $ 11,400 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, current assets, receivables | 57,303 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment | 11,573 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, intangibles | 8,422 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities | 27,586 | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, current liabilities, accounts payable | 20,732 | ||||||
GOODWILL | $ 7,000 | ||||||
Finite-lived intangible assets amortization period | 5 years | ||||||
Right to receive, in aggregate maximum, shares | 1,500 | ||||||
Magnus Pacific Acquisition [Member] | Excess Of Billings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, current assets, receivables | $ 41,067 | ||||||
Magnus Pacific Acquisition [Member] | Backlog [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived intangible assets amortization period | 1 year | ||||||
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, LLC and Yankee Environmental Services, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from divestiture of businesses | $ 5,309 |
Business Combinations And Dis87
Business Combinations And Dispositions - (Schedule Of Discontinued Operations) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Business Combinations [Abstract] | |
Revenue | $ 14,803 |
Loss before income taxes from discontinued operations | (19,167) |
Income tax benefit | 8,744 |
Loss from discontinued operations, net of income taxes | $ (10,423) |
Business Combinations And Dis88
Business Combinations And Dispositions - (Summary Of Unaudited Pro Forma Consolidated Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue as reported | $ 767,585 | $ 856,878 | $ 806,831 |
Revenue of purchased businesses for the period prior to the acquisition | 106,723 | ||
Pro forma revenue | 913,554 | ||
Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | (8,177) | (6,189) | 10,295 |
Net income of Magnus including net income prior to acquisition and pro forma acquisition accounting adjustments | 6,328 | ||
Pro forma net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 16,623 | ||
As Reported [Member] | |||
Revenue as reported | 806,831 | ||
GLDD Corporation [Member] | |||
Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ (8,177) | $ (6,189) | $ 10,295 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Long-lived assets, net book value | $ 63,729 | $ 83,397 | ||
Gross Profit | $ 86,388 | 95,923 | $ 92,496 | |
Landfill [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss on sale of project | $ (7,446) | |||
Single Customer Foreign Contract [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | $ 22,418 | |||
Increase gross profit from foreign contract | $ 7,645 | |||
Dredging [Member] | Sales [Member] | Geographic Concentration Risk [Member] | Middle East [Member] | Maximum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 10.00% | 14.70% | ||
Dredging [Member] | Sales [Member] | Federal Government Agencies [Member] | Customer Concentration Risk [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 53.40% | 51.00% | 60.40% | |
Dredging [Member] | Accounts Receivable [Member] | Geographic Concentration Risk [Member] | Middle East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 13.00% | 24.60% | ||
Dredging [Member] | Accounts Receivable [Member] | Federal Government Agencies [Member] | Customer Concentration Risk [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 39.90% | 24.90% | ||
Remediation Project [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss on sale of project | $ (7,260) |
Segment Information (Segment Re
Segment Information (Segment Reporting By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
CONTRACT REVENUES | $ 767,585 | $ 856,878 | $ 806,831 |
Operating income (loss) | 14,680 | 22,959 | 23,853 |
Depreciation and amortization | 63,023 | 64,585 | 50,129 |
Total assets | 893,588 | 898,124 | 889,732 |
PROPERTY AND EQUIPMENT—Net | 413,008 | 430,210 | 399,445 |
GOODWILL | 83,576 | 83,576 | 86,326 |
INVESTMENTS IN JOINT VENTURES | 4,734 | 3,761 | 7,889 |
Capital expenditures | 85,212 | 89,279 | 92,078 |
Dredging Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | 34,108 | 64,073 | 41,620 |
Depreciation and amortization | 54,826 | 50,556 | 43,620 |
Total assets | 912,880 | 872,297 | 812,181 |
PROPERTY AND EQUIPMENT—Net | 399,479 | 397,468 | 366,027 |
GOODWILL | 76,576 | 76,576 | 76,576 |
INVESTMENTS IN JOINT VENTURES | 381 | 1 | 2,114 |
Capital expenditures | 84,263 | 82,000 | 79,186 |
Environmental And Infrastructure Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (19,428) | (41,114) | (17,767) |
Depreciation and amortization | 8,197 | 14,029 | 6,509 |
Total assets | 81,166 | 127,907 | 134,324 |
PROPERTY AND EQUIPMENT—Net | 13,529 | 32,742 | 33,418 |
GOODWILL | 7,000 | 7,000 | 9,750 |
INVESTMENTS IN JOINT VENTURES | 4,353 | 3,760 | 5,775 |
Capital expenditures | 949 | 7,279 | 12,892 |
Operating Segment [Member] | Dredging Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
CONTRACT REVENUES | 637,468 | 681,255 | 697,711 |
Operating Segment [Member] | Environmental And Infrastructure Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
CONTRACT REVENUES | 133,637 | 181,710 | 114,412 |
Intersegment Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
CONTRACT REVENUES | (3,520) | (6,087) | (5,292) |
Total assets | $ (100,458) | $ (102,080) | $ (56,773) |
Segment Information (Dredging R
Segment Information (Dredging Revenue By Type Of Work) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue as reported | $ 767,585 | $ 856,878 | $ 806,831 |
Dredging [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue as reported | 637,468 | 681,255 | 697,711 |
Dredging [Member] | Capital Dredging - U.S. [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue as reported | 219,914 | 207,058 | 195,635 |
Dredging [Member] | Capital dredging - Foreign [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue as reported | 59,413 | 139,945 | 155,000 |
Dredging [Member] | Beach Nourishment Dredging [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue as reported | 215,041 | 184,060 | 194,219 |
Dredging [Member] | Maintenance Dredging [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue as reported | 92,274 | 120,055 | 123,923 |
Dredging [Member] | Rivers & Lakes [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue as reported | $ 50,826 | $ 30,137 | $ 28,934 |
Segment Information (Revenues A
Segment Information (Revenues And Gross Profit From Foreign Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
CONTRACT REVENUES | $ 767,585 | $ 856,878 | $ 806,831 |
Costs of contract revenues | (681,197) | (760,955) | (714,335) |
GROSS PROFIT | 86,388 | 95,923 | 92,496 |
Foreign [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
CONTRACT REVENUES | 59,413 | 139,945 | 155,000 |
Costs of contract revenues | (66,729) | (105,951) | (118,682) |
GROSS PROFIT | $ (7,316) | $ 33,994 | $ 36,318 |
Subsidiary Guarantors (Narrativ
Subsidiary Guarantors (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
7 3/8% SENIOR NOTES | $ 272,998 | $ 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 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 11,167 | $ 14,184 | $ 42,389 | $ 75,338 |
Accounts receivable—net | 88,091 | 130,777 | ||
Contract revenues in excess of billings | 95,012 | 81,195 | ||
Inventories | 37,137 | 35,963 | ||
Prepaid expenses | 12,407 | 7,924 | ||
Other current assets | 63,412 | 59,690 | ||
Total current assets | 307,226 | 329,733 | ||
PROPERTY AND EQUIPMENT—Net | 413,008 | 430,210 | 399,445 | |
GOODWILL | 83,576 | 83,576 | 86,326 | |
OTHER INTANGIBLE ASSETS — Net | 1,499 | 2,428 | ||
INVENTORIES—Noncurrent | 52,602 | 41,646 | ||
INVESTMENTS IN JOINT VENTURES | 4,734 | 3,761 | 7,889 | |
ASSETS HELD FOR SALE— Noncurrent | 9,299 | |||
OTHER | 21,644 | 6,770 | ||
TOTAL | 893,588 | 898,124 | 889,732 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 103,185 | 118,846 | ||
Accrued expenses | 69,043 | 72,277 | ||
Billings in excess of contract revenues | 5,141 | 7,061 | ||
Current portion of long term debt | 2,465 | 7,506 | ||
Total current liabilities | 179,834 | 205,690 | ||
7 3/8% SENIOR NOTES | 272,998 | 271,998 | ||
REVOLVING CREDIT FACILITY | 104,111 | 20,000 | ||
NOTE PAYABLE | 13,293 | 53,792 | ||
DEFERRED INCOME TAXES | 68,449 | 74,006 | ||
OTHER | 7,013 | 20,465 | ||
Total liabilities | 645,698 | 645,951 | ||
TOTAL EQUITY | 247,890 | 252,173 | 255,963 | 242,101 |
TOTAL | 893,588 | 898,124 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 11,037 | 12,035 | 41,724 | 71,939 |
Accounts receivable—net | 86,690 | 129,978 | ||
Contract revenues in excess of billings | 94,731 | 79,477 | ||
Inventories | 37,137 | 35,963 | ||
Prepaid expenses | 12,407 | 7,924 | ||
Other current assets | 63,089 | 58,995 | ||
Total current assets | 305,091 | 324,372 | ||
PROPERTY AND EQUIPMENT—Net | 413,002 | 430,192 | ||
GOODWILL | 83,576 | 83,576 | ||
OTHER INTANGIBLE ASSETS — Net | 1,499 | 2,428 | ||
INVENTORIES—Noncurrent | 52,602 | 41,646 | ||
INVESTMENTS IN JOINT VENTURES | 4,734 | 3,761 | ||
ASSETS HELD FOR SALE— Noncurrent | 9,299 | |||
RECEIVABLES FROM AFFILIATES | 11,524 | 18,326 | ||
INVESTMENTS IN SUBSIDIARIES | 3,695 | 3,706 | ||
OTHER | 14,692 | 6,702 | ||
TOTAL | 899,714 | 914,709 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 102,654 | 118,619 | ||
Accrued expenses | 58,192 | 62,861 | ||
Billings in excess of contract revenues | 4,963 | 6,964 | ||
Current portion of long term debt | 1,320 | 1,424 | ||
Total current liabilities | 167,129 | 189,868 | ||
NOTE PAYABLE | 323 | |||
DEFERRED INCOME TAXES | (1,833) | (783) | ||
PAYABLES TO AFFILIATES | 88,573 | 85,859 | ||
OTHER | 6,862 | 20,326 | ||
Total liabilities | 260,731 | 295,593 | ||
TOTAL EQUITY | 638,983 | 619,116 | ||
TOTAL | 899,714 | 914,709 | ||
Non Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 128 | 2,147 | 663 | $ 3,399 |
Accounts receivable—net | 1,401 | 799 | ||
Contract revenues in excess of billings | 281 | 1,718 | ||
Other current assets | 323 | 218 | ||
Total current assets | 2,133 | 4,882 | ||
PROPERTY AND EQUIPMENT—Net | 6 | 18 | ||
RECEIVABLES FROM AFFILIATES | 6,883 | 6,009 | ||
OTHER | 1 | 3 | ||
TOTAL | 9,023 | 10,912 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 514 | 227 | ||
Accrued expenses | 970 | 509 | ||
Billings in excess of contract revenues | 178 | 97 | ||
Total current liabilities | 1,662 | 833 | ||
PAYABLES TO AFFILIATES | 6,433 | 3,505 | ||
Total liabilities | 8,095 | 4,338 | ||
TOTAL EQUITY | 928 | 6,574 | ||
TOTAL | 9,023 | 10,912 | ||
GLDD Corporation [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2 | 2 | $ 2 | |
Other current assets | 477 | |||
Total current assets | 2 | 479 | ||
RECEIVABLES FROM AFFILIATES | 82,340 | 70,738 | ||
INVESTMENTS IN SUBSIDIARIES | 636,216 | 621,984 | ||
OTHER | 6,951 | 65 | ||
TOTAL | 725,509 | 693,266 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 17 | |||
Accrued expenses | 9,881 | 8,907 | ||
Current portion of long term debt | 1,145 | 6,082 | ||
Total current liabilities | 11,043 | 14,989 | ||
7 3/8% SENIOR NOTES | 272,998 | 271,998 | ||
REVOLVING CREDIT FACILITY | 104,111 | 20,000 | ||
NOTE PAYABLE | 13,293 | 53,469 | ||
DEFERRED INCOME TAXES | 70,282 | 74,789 | ||
PAYABLES TO AFFILIATES | 5,741 | 5,709 | ||
OTHER | 151 | 139 | ||
Total liabilities | 477,619 | 441,093 | ||
TOTAL EQUITY | 247,890 | 252,173 | ||
TOTAL | 725,509 | 693,266 | ||
Consolidation Eliminations [Member] | ||||
ASSETS | ||||
RECEIVABLES FROM AFFILIATES | (100,747) | (95,073) | ||
INVESTMENTS IN SUBSIDIARIES | (639,911) | (625,690) | ||
TOTAL | (740,658) | (720,763) | ||
LIABILITIES AND EQUITY | ||||
PAYABLES TO AFFILIATES | (100,747) | (95,073) | ||
Total liabilities | (100,747) | (95,073) | ||
TOTAL EQUITY | (639,911) | (625,690) | ||
TOTAL | $ (740,658) | $ (720,763) |
Subsidiary Guarantors (Conden95
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
CONTRACT REVENUES | $ 767,585 | $ 856,878 | $ 806,831 |
Costs of contract revenues | (681,197) | (760,955) | (714,335) |
GROSS PROFIT | 86,388 | 95,923 | 92,496 |
General and administrative expenses | 65,533 | 71,069 | 67,911 |
Impairment of goodwill | 0 | 2,750 | |
(GAIN) LOSS ON SALE OF ASSETS—Net | 6,175 | (855) | 732 |
Total operating income | 14,680 | 22,959 | 23,853 |
Interest income (expense)—net | (22,907) | (24,365) | (19,967) |
Equity in earnings (loss) of joint ventures | (2,365) | (6,051) | 2,895 |
Gain on bargain purchase acquisition | 2,197 | ||
Other income (expense) | (3,377) | (1,229) | 210 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (13,969) | (8,686) | 9,188 |
Income tax (provision) benefit | 5,792 | 2,497 | 11,530 |
Income (loss) from continuing operations | (8,177) | (6,189) | 20,718 |
Loss from discontinued operations, net of income taxes | (10,423) | ||
NET INCOME (LOSS) | (8,177) | (6,189) | 10,295 |
Comprehensive income (loss) | (7,339) | (7,438) | 10,034 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
CONTRACT REVENUES | 767,723 | 845,889 | 799,579 |
Costs of contract revenues | (675,844) | (750,509) | (707,474) |
GROSS PROFIT | 91,879 | 95,380 | 92,105 |
General and administrative expenses | 65,578 | 71,069 | 67,905 |
Impairment of goodwill | 2,750 | ||
(GAIN) LOSS ON SALE OF ASSETS—Net | 6,175 | (855) | 732 |
Total operating income | 20,126 | 22,416 | 23,468 |
Interest income (expense)—net | 488 | (526) | 61 |
Equity in earnings (loss) of subsidiaries | (10) | 8 | 20 |
Equity in earnings (loss) of joint ventures | (2,365) | (6,051) | 2,895 |
Gain on bargain purchase acquisition | 2,197 | ||
Other income (expense) | (3,369) | (1,222) | 203 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 14,870 | 14,625 | 28,844 |
Income tax (provision) benefit | 1,079 | 1,505 | (18,173) |
Income (loss) from continuing operations | 10,671 | ||
Loss from discontinued operations, net of income taxes | (10,423) | ||
NET INCOME (LOSS) | 15,949 | 16,130 | 248 |
Comprehensive income (loss) | 16,279 | 16,130 | 49 |
Non Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
CONTRACT REVENUES | 1,959 | 13,698 | 26,282 |
Costs of contract revenues | (7,450) | (13,155) | (25,891) |
GROSS PROFIT | (5,491) | 543 | 391 |
General and administrative expenses | 4 | 6 | |
Total operating income | (5,495) | 543 | 385 |
Interest income (expense)—net | (261) | ||
Other income (expense) | (8) | (7) | 7 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (5,503) | 536 | 131 |
Income tax (provision) benefit | (143) | (376) | (409) |
Income (loss) from continuing operations | (278) | ||
Loss from discontinued operations, net of income taxes | (1,343) | ||
NET INCOME (LOSS) | (5,646) | 160 | (1,621) |
Comprehensive income (loss) | (5,138) | (1,089) | (1,683) |
GLDD Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | (49) | ||
Total operating income | 49 | ||
Interest income (expense)—net | (23,395) | (23,839) | (19,767) |
Equity in earnings (loss) of subsidiaries | 10,313 | 16,282 | 10,373 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (13,033) | (7,557) | (9,394) |
Income tax (provision) benefit | 4,856 | 1,368 | 30,112 |
Income (loss) from continuing operations | 20,718 | ||
Loss from discontinued operations, net of income taxes | (10,423) | ||
NET INCOME (LOSS) | (8,177) | (6,189) | 10,295 |
Comprehensive income (loss) | (7,339) | (7,438) | 10,034 |
Consolidation Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
CONTRACT REVENUES | (2,097) | (2,709) | (19,030) |
Costs of contract revenues | 2,097 | 2,709 | 19,030 |
Equity in earnings (loss) of subsidiaries | (10,303) | (16,290) | (10,393) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (10,303) | (16,290) | (10,393) |
Income (loss) from continuing operations | (10,393) | ||
Loss from discontinued operations, net of income taxes | 11,766 | ||
NET INCOME (LOSS) | (10,303) | (16,290) | 1,373 |
Comprehensive income (loss) | $ (11,141) | $ (15,041) | $ 1,634 |
Subsidiary Guarantors (Conden96
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Cash provided by (used in) operating activities | $ 38,670 | $ 29,122 | $ 67,154 |
Net cash flows used in operating activities of discontinued operations | (18,352) | ||
Cash provided by operating activities | 38,670 | 29,122 | 48,802 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (83,798) | (74,455) | (91,910) |
Proceeds from dispositions of property and equipment | 18,257 | 1,322 | 68 |
Changes in restricted cash | (7,035) | ||
Payments for acquisitions of businesses, net of cash acquired | (27,048) | ||
Payments on vendor performance obligations | (3,100) | ||
Net cash flows used in investing activities of continuing operations | (72,576) | (73,133) | (121,990) |
Net cash flows provided by investing activities of discontinued operations | 5,275 | ||
Cash used in investing activities | (72,576) | (73,133) | (116,715) |
FINANCING ACTIVITIES: | |||
Proceeds from term loan facility | 2,640 | 47,360 | |
Repayments of term loan facility | (44,582) | (5,000) | (417) |
Proceeds from issuance of 7 3/8% senior notes | 24,880 | ||
Deferred financing fees | (6,817) | (111) | (2,532) |
Repayment of long term note payable | (1,079) | (443) | |
Taxes paid on settlement of vested share awards | (171) | (267) | (497) |
Purchase of noncontrolling interest | (205) | ||
Proceeds from equipment debt | 410 | ||
Repayments of equipment debt | (1,424) | (1,201) | (235) |
Exercise of stock options and purchases from employee stock plans | 905 | 1,365 | 1,568 |
Excess income tax benefit from share-based compensation | (133) | (57) | 206 |
Purchase of treasury stock | (1,433) | ||
Borrowings under revolving loans | 288,611 | 179,500 | 236,500 |
Repayments of revolving loans | (204,500) | (159,500) | (271,500) |
Cash provided by financing activities | 30,810 | 15,903 | 35,128 |
Effect of foreign currency exchange rates on cash and cash equivalents | 79 | (97) | (164) |
Net decrease in cash and cash equivalents | (3,017) | (28,205) | (32,949) |
Cash and cash equivalents at beginning of period | 14,184 | 42,389 | 75,338 |
Cash and cash equivalents at end of period | 11,167 | 14,184 | 42,389 |
Guarantor Subsidiaries [Member] | |||
OPERATING ACTIVITIES: | |||
Cash provided by (used in) operating activities | 61,518 | 52,498 | 63,276 |
Net cash flows used in operating activities of discontinued operations | (17,328) | ||
Cash provided by operating activities | 45,948 | ||
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (83,798) | (74,455) | (91,910) |
Proceeds from dispositions of property and equipment | 18,257 | 1,322 | 68 |
Changes in restricted cash | (7,035) | ||
Payments for acquisitions of businesses, net of cash acquired | (2,048) | ||
Payments on vendor performance obligations | (3,100) | ||
Net change in accounts with affiliates | (29,402) | 68,187 | |
Net cash flows used in investing activities of continuing operations | (28,803) | ||
Net cash flows provided by investing activities of discontinued operations | 5,275 | ||
Cash used in investing activities | (72,576) | (102,535) | (23,528) |
FINANCING ACTIVITIES: | |||
Net change in accounts with affiliates | 34,484 | 4,291 | |
Transfer (to) from parent | (23,000) | 17,258 | (52,400) |
Repayments of equipment debt | (1,424) | (1,201) | (235) |
Cash provided by financing activities | 10,060 | 20,348 | (52,635) |
Net decrease in cash and cash equivalents | (998) | (29,689) | (30,215) |
Cash and cash equivalents at beginning of period | 12,035 | 41,724 | 71,939 |
Cash and cash equivalents at end of period | 11,037 | 12,035 | 41,724 |
Non Guarantor Subsidiaries [Member] | |||
OPERATING ACTIVITIES: | |||
Cash provided by (used in) operating activities | (3,786) | 312 | 999 |
Net cash flows used in operating activities of discontinued operations | (1,024) | ||
Cash provided by operating activities | (25) | ||
FINANCING ACTIVITIES: | |||
Net change in accounts with affiliates | 1,688 | 1,269 | (2,547) |
Cash provided by financing activities | 1,688 | 1,269 | (2,547) |
Effect of foreign currency exchange rates on cash and cash equivalents | 79 | (97) | (164) |
Net decrease in cash and cash equivalents | (2,019) | 1,484 | (2,736) |
Cash and cash equivalents at beginning of period | 2,147 | 663 | 3,399 |
Cash and cash equivalents at end of period | 128 | 2,147 | 663 |
GLDD Corporation [Member] | |||
OPERATING ACTIVITIES: | |||
Cash provided by (used in) operating activities | (19,062) | (23,688) | 2,879 |
Cash provided by operating activities | 2,879 | ||
INVESTING ACTIVITIES: | |||
Payments for acquisitions of businesses, net of cash acquired | (25,000) | ||
Net change in accounts with affiliates | (36,172) | (12,222) | |
Net cash flows used in investing activities of continuing operations | (25,000) | ||
Transfer to parent | 23,000 | ||
Cash used in investing activities | (13,172) | (12,222) | (25,000) |
FINANCING ACTIVITIES: | |||
Proceeds from term loan facility | 2,640 | 47,360 | |
Repayments of term loan facility | (44,582) | (5,000) | (417) |
Proceeds from issuance of 7 3/8% senior notes | 24,880 | ||
Deferred financing fees | (6,817) | (111) | (2,532) |
Repayment of long term note payable | (1,079) | (443) | |
Taxes paid on settlement of vested share awards | (171) | (267) | (497) |
Purchase of noncontrolling interest | (205) | ||
Net change in accounts with affiliates | 36,064 | (65,640) | |
Transfer (to) from parent | (17,258) | 52,400 | |
Proceeds from equipment debt | 410 | ||
Exercise of stock options and purchases from employee stock plans | 905 | 1,365 | 1,568 |
Excess income tax benefit from share-based compensation | (133) | (57) | 206 |
Purchase of treasury stock | (1,433) | ||
Borrowings under revolving loans | 288,611 | 179,500 | 236,500 |
Repayments of revolving loans | (204,500) | (159,500) | (271,500) |
Cash provided by financing activities | 32,234 | 35,910 | 22,123 |
Net decrease in cash and cash equivalents | 2 | ||
Cash and cash equivalents at beginning of period | 2 | 2 | |
Cash and cash equivalents at end of period | 2 | 2 | 2 |
Consolidation Eliminations [Member] | |||
INVESTING ACTIVITIES: | |||
Net change in accounts with affiliates | 36,172 | 41,624 | (68,187) |
Net cash flows used in investing activities of continuing operations | (68,187) | ||
Transfer to parent | (23,000) | ||
Cash used in investing activities | 13,172 | 41,624 | (68,187) |
FINANCING ACTIVITIES: | |||
Net change in accounts with affiliates | (36,172) | (41,624) | 68,187 |
Transfer (to) from parent | 23,000 | ||
Cash provided by financing activities | $ (13,172) | $ (41,624) | $ 68,187 |
Schedule II-Valuation And Qua97
Schedule II-Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 6,855 | $ 7,157 | $ 4,034 |
Additions charged to costs and expenses | 1,421 | 446 | 4,174 |
Deductions | (396) | (748) | (1,051) |
Ending Balance | 7,880 | 6,855 | 7,157 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 754 | 578 | 1,529 |
Additions charged to costs and expenses | 389 | 176 | 100 |
Deductions | (396) | (1,051) | |
Ending Balance | 747 | 754 | 578 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 6,101 | 6,579 | 2,505 |
Additions charged to costs and expenses | 1,032 | 270 | 4,074 |
Deductions | (748) | ||
Ending Balance | $ 7,133 | $ 6,101 | $ 6,579 |