Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GLDD | |
Entity Registrant Name | Great Lakes Dredge & Dock Corporation | |
Entity Central Index Key | 0001372020 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 2122 York Road | |
Entity Address, City or Town | Oak Brook | |
Entity Address, State or Province | IL | |
Entity Common Stock, Shares Outstanding | 64,946,952 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-33225 | |
Entity Tax Identification Number | 20-5336063 | |
City Area Code | 630 | |
Local Phone Number | 574-3000 | |
Entity Address, Postal Zip Code | 60523 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock (Par Value $0.0001) | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 233,527 | $ 186,995 |
Accounts receivable—net | 33,894 | 19,785 |
Contract revenues in excess of billings | 20,436 | 22,560 |
Inventories | 30,377 | 30,189 |
Prepaid expenses and other current assets | 29,602 | 41,183 |
Total current assets | 347,836 | 300,712 |
PROPERTY AND EQUIPMENT—Net | 374,327 | 374,596 |
OPERATING LEASE ASSETS | 71,316 | 72,612 |
GOODWILL | 76,576 | 76,576 |
INVENTORIES—Noncurrent | 65,671 | 61,126 |
ASSETS HELD FOR SALE— Noncurrent | 3,970 | 3,970 |
OTHER | 8,372 | 7,960 |
TOTAL | 948,068 | 897,552 |
LIABILITIES AND EQUITY | ||
Accounts payable | 76,376 | 76,091 |
Accrued expenses | 44,938 | 51,225 |
Operating lease liabilities | 20,069 | 21,351 |
Billings in excess of contract revenues | 55,087 | 55,266 |
Total current liabilities | 196,470 | 203,933 |
LONG-TERM DEBT | 323,289 | 322,843 |
OPERATING LEASE LIABILITIES—Noncurrent | 51,390 | 51,131 |
DEFERRED INCOME TAXES | 48,926 | 35,740 |
OTHER | 6,991 | 4,506 |
Total liabilities | 627,066 | 618,153 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
EQUITY: | ||
Common stock—$.0001 par value; 90,000 authorized, 64,947 and 64,283 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively. | 6 | 6 |
Additional paid-in capital | 304,531 | 302,189 |
Retained earnings (accumulated deficit) | 19,856 | (23,091) |
Accumulated other comprehensive income (loss) | (3,391) | 295 |
Total equity | 321,002 | 279,399 |
TOTAL | $ 948,068 | $ 897,552 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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 | 64,947,000 | 64,283,000 |
Common stock, shares outstanding | 64,947,000 | 64,283,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Contract revenues | $ 167,920 | $ 184,811 | $ 385,615 | $ 377,448 |
Type of Revenue [Extensible List] | gldd:ContractMember | gldd:ContractMember | gldd:ContractMember | gldd:ContractMember |
Costs of contract revenues | $ 134,904 | $ 147,325 | $ 284,125 | $ 290,085 |
Type of Cost, Good or Service [Extensible List] | gldd:ContractMember | gldd:ContractMember | gldd:ContractMember | gldd:ContractMember |
Gross profit | $ 33,016 | $ 37,486 | $ 101,490 | $ 87,363 |
General and administrative expenses | 14,804 | 14,613 | 30,375 | 29,438 |
(Gain) loss on sale of assets—net | (39) | 81 | (184) | 360 |
Operating income | 18,251 | 22,792 | 71,299 | 57,565 |
Interest expense—net | (6,725) | (7,188) | (13,355) | (14,739) |
Other income (expense) | 565 | 123 | (556) | 295 |
Income from continuing operations before income taxes | 12,091 | 15,727 | 57,388 | 43,121 |
Income tax provision | (3,131) | (4,230) | (14,441) | (11,076) |
Income from continuing operations | 8,960 | 11,497 | 42,947 | 32,045 |
Loss from discontinued operations, net of income taxes | (3,251) | (6,631) | ||
Net income | $ 8,960 | $ 8,246 | $ 42,947 | $ 25,414 |
Basic earnings per share attributable to continuing operations | $ 0.14 | $ 0.18 | $ 0.66 | $ 0.51 |
Basic loss per share attributable to discontinued operations, net of tax | (0.05) | (0.10) | ||
Basic earnings per share | $ 0.14 | $ 0.13 | $ 0.66 | $ 0.41 |
Basic weighted average shares | 64,864 | 63,605 | 64,659 | 63,243 |
Diluted earnings per share attributable to continuing operations | $ 0.14 | $ 0.18 | $ 0.65 | $ 0.50 |
Diluted loss per share attributable to discontinued operations, net of tax | (0.05) | (0.10) | ||
Diluted earnings per share | $ 0.14 | $ 0.13 | $ 0.65 | $ 0.40 |
Diluted weighted average shares | 65,758 | 64,990 | 65,802 | 64,654 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 8,960 | $ 8,246 | $ 42,947 | $ 25,414 | |
Net unrealized (gain) loss on derivatives—net of tax | [1] | 3,440 | 237 | (3,686) | 2,977 |
Comprehensive income | $ 12,400 | $ 8,483 | $ 39,261 | $ 28,391 | |
[1] | Net of income tax benefit of $1,162 and $84 for the three months ended June 30, 2020 and 2019, respectively. Net of income tax (provision) benefit of $(1,255) and $1,055 for the six months ended June 30, 2020 and 2019, respectively. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net unrealized loss on derivatives, tax | $ 1,162 | $ 84 | $ (1,255) | $ 1,055 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect of Recent Accounting Pronouncements [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Cumulative Effect of Recent Accounting Pronouncements [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE - value at Dec. 31, 2018 | $ 214,928 | $ 6 | $ (1,433) | $ 295,135 | $ (74,971) | $ (3,809) | ||
BALANCE - shares at Dec. 31, 2018 | 62,830 | (278) | ||||||
BALANCE - value at Jun. 30, 2019 | 251,478 | $ 2,802 | $ 6 | 299,320 | (47,016) | $ 2,802 | (832) | |
Share-based compensation, value | 4,530 | 4,530 | ||||||
Share-based compensation, shares | 45 | |||||||
Vesting of restricted stock units and impact of shares withheld for taxes, value | (2,929) | (2,929) | ||||||
Vesting of restricted stock units and impact of shares withheld for taxes, shares | 554 | |||||||
Exercise of stock options and purchases from employee stock purchase plan, value | 3,756 | 3,756 | ||||||
Exercise of stock options and purchases from employee stock purchase plan, shares | 618 | |||||||
Cancellation of treasury stock, value | $ 1,433 | (1,173) | (261) | |||||
Cancellation of treasury stock, shares | (278) | 278 | ||||||
Net income | 25,414 | 25,414 | ||||||
Other comprehensive income (loss)—net of tax | 2,977 | 2,977 | ||||||
BALANCE - shares at Jun. 30, 2019 | 63,769 | |||||||
BALANCE - value at Mar. 31, 2019 | 239,277 | $ 6 | $ (1,433) | 296,774 | (55,001) | (1,069) | ||
BALANCE - shares at Mar. 31, 2019 | 63,600 | (278) | ||||||
BALANCE - value at Jun. 30, 2019 | 251,478 | $ 2,802 | $ 6 | 299,320 | (47,016) | $ 2,802 | (832) | |
Share-based compensation, value | 2,329 | 2,329 | ||||||
Share-based compensation, shares | 14 | |||||||
Vesting of restricted stock units and impact of shares withheld for taxes, value | (741) | (741) | ||||||
Vesting of restricted stock units and impact of shares withheld for taxes, shares | 101 | |||||||
Exercise of stock options and purchases from employee stock purchase plan, value | 2,130 | 2,130 | ||||||
Exercise of stock options and purchases from employee stock purchase plan, shares | 332 | |||||||
Cancellation of treasury stock, value | $ 1,433 | (1,173) | (261) | |||||
Cancellation of treasury stock, shares | (278) | 278 | ||||||
Net income | 8,246 | 8,246 | ||||||
Other comprehensive income (loss)—net of tax | 237 | 237 | ||||||
BALANCE - shares at Jun. 30, 2019 | 63,769 | |||||||
BALANCE - value at Dec. 31, 2019 | 279,399 | $ 6 | 302,189 | (23,091) | 295 | |||
BALANCE - shares at Dec. 31, 2019 | 64,283 | |||||||
BALANCE - value at Jun. 30, 2020 | 321,002 | $ 6 | 304,531 | 19,856 | (3,391) | |||
Share-based compensation, value | 3,130 | 3,130 | ||||||
Share-based compensation, shares | 61 | |||||||
Vesting of restricted stock units and impact of shares withheld for taxes, value | (2,106) | (2,106) | ||||||
Vesting of restricted stock units and impact of shares withheld for taxes, shares | 412 | |||||||
Exercise of stock options and purchases from employee stock purchase plan, value | 1,318 | 1,318 | ||||||
Exercise of stock options and purchases from employee stock purchase plan, shares | 191 | |||||||
Net income | 42,947 | 42,947 | ||||||
Other comprehensive income (loss)—net of tax | (3,686) | (3,686) | ||||||
BALANCE - shares at Jun. 30, 2020 | 64,947 | |||||||
BALANCE - value at Mar. 31, 2020 | 306,629 | $ 6 | 302,558 | 10,896 | (6,831) | |||
BALANCE - shares at Mar. 31, 2020 | 64,795 | |||||||
BALANCE - value at Jun. 30, 2020 | 321,002 | $ 6 | 304,531 | 19,856 | (3,391) | |||
Share-based compensation, value | 1,455 | 1,455 | ||||||
Share-based compensation, shares | 22 | |||||||
Vesting of restricted stock units and impact of shares withheld for taxes, value | (178) | (178) | ||||||
Vesting of restricted stock units and impact of shares withheld for taxes, shares | 24 | |||||||
Exercise of stock options and purchases from employee stock purchase plan, value | 696 | $ 696 | ||||||
Exercise of stock options and purchases from employee stock purchase plan, shares | 106 | |||||||
Net income | 8,960 | $ 8,960 | ||||||
Other comprehensive income (loss)—net of tax | $ 3,440 | $ 3,440 | ||||||
BALANCE - shares at Jun. 30, 2020 | 64,947 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
OPERATING ACTIVITIES: | ||
Net income | $ 42,947 | $ 25,414 |
Loss from discontinued operations, net of income taxes | (6,631) | |
Income from continuing operations | 42,947 | 32,045 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation and amortization | 18,707 | 18,001 |
Deferred income taxes | 14,441 | 11,179 |
(Gain) loss on sale of assets | (184) | 360 |
Amortization of deferred financing fees | 805 | 1,941 |
Share-based compensation expense | 3,130 | 3,619 |
Changes in assets and liabilities: | ||
Accounts receivable | (14,109) | 14,012 |
Contract revenues in excess of billings | 2,123 | (13,207) |
Inventories | (4,733) | (1,300) |
Prepaid expenses and other current assets | 10,733 | 870 |
Accounts payable and accrued expenses | (8,229) | 10,044 |
Billings in excess of contract revenues | (179) | 32,817 |
Other noncurrent assets and liabilities | 2,008 | 1,404 |
Net cash flows provided by operating activities from continuing operations | 67,460 | 111,785 |
Net cash flows used in operating activities of discontinued operations | (5,814) | |
Cash provided by operating activities | 67,460 | 105,971 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (21,076) | (24,316) |
Proceeds from dispositions of property and equipment | 936 | 5,516 |
Net cash flows used in investing activities of continuing operations | (20,140) | (18,800) |
Net cash flows provided by investing activities of discontinued operations | 17,198 | |
Cash used in investing activities | (20,140) | (1,602) |
FINANCING ACTIVITIES: | ||
Deferred financing fees | (2,388) | |
Taxes paid on settlement of vested share awards | (2,106) | (2,929) |
Exercise of options and purchases from employee stock plans | 1,318 | 3,756 |
Repayments of revolving loans | (11,500) | |
Net cash flows used in financing activities of continuing operations | (788) | (13,061) |
Net cash flows used in financing activities of discontinued operations | (191) | |
Cash used in financing activities | (788) | (13,252) |
Net increase in cash, cash equivalents and restricted cash | 46,532 | 91,117 |
Cash, cash equivalents and restricted cash at beginning of period | 186,995 | 34,458 |
Cash, cash equivalents and restricted cash at end of period | 233,527 | 125,575 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 12,548 | 12,963 |
Cash paid for income taxes | 175 | 168 |
Non-cash Investing and Financing Activities | ||
Property and equipment purchased but not yet paid | $ 4,608 | $ 7,760 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of presentation The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Great Lakes Dredge & Dock Corporation and Subsidiaries (the “Company” or “Great Lakes”) and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company’s financial position as of June 30, 2020 and December 31, 2019, and its results of operations for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019 have been included. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the coronavirus (COVID-19) pandemic which, among other things, includes various tax provisions relating to refundable payroll tax credits, deferment of the employer side of certain payroll taxes and social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company has elected to defer the employer side of certain payroll taxes and is continually assessing the financial impact of these tax-related changes. As of June 30, 2020, the Company has not been significantly impacted by COVID-19 but the uncertainty that surrounds this virus means that the Company must continue to monitor and assess any potential future impact on the Company’s business, financial condition and results of operations. The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor is generally hired on a project-by-project basis. Costs of contract revenues vary significantly depending on the type and location of work performed and assets utilized. The Company has one operating segment which is also the Company’s reportable segment and reporting unit of which the Company tests goodwill for impairment. The Company performed its most recent annual test of impairment as of July 1, 2019 with no indication of impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2020. The condensed consolidated results of operations and comprehensive income for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
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. The computations for basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended (shares in thousands) June 30, June 30, 2020 2019 2020 2019 Income from continuing operations $ 8,960 $ 11,497 $ 42,947 $ 32,045 Loss from discontinued operations, net of income taxes — (3,251 ) — (6,631 ) Net income 8,960 8,246 42,947 25,414 Weighted-average common shares outstanding — basic 64,864 63,605 64,659 63,243 Effect of stock options and restricted stock units 894 1,385 1,143 1,411 Weighted-average common shares outstanding — diluted 65,758 64,990 65,802 64,654 Earnings per share from continuing operations — basic $ 0.14 $ 0.18 $ 0.66 $ 0.51 Earnings per share from continuing operations — diluted $ 0.14 $ 0.18 $ 0.65 $ 0.50 For the six months ended June 30, 2019, 33 stock options (“NQSOs”) and restricted stock units (“RSUs”) 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. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 3 . Accrued expenses Accrued expenses at June 30, 2020 and December 31, 2019 were as follows: June 30, December 31, 2020 2019 Insurance $ 14,508 $ 15,702 Payroll and employee benefits 9,055 16,859 Contract reserves 4,161 6,248 Fuel hedge contracts 4,093 — Interest 3,285 3,284 Income and other taxes 1,674 1,597 Other 8,162 7,535 Total accrued expenses $ 44,938 $ 51,225 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4 . Long-term debt Credit agreement As of June 30, 2020 and December 31, 2019, the Company had no borrowings outstanding under our $200,000 amended and restated revolving credit and security agreement (as amended, the “Amended Credit Agreement”). There were $30,767 and $35,779 of letters of credit outstanding and $168,870 and $163,729 of availability under the Amended Credit Agreement as of June 30, 2020 and December 31, 2019, respectively. The availability under the Amended Credit Agreement is suppressed by $362 and $492 as of June 30, 2020 and December 31, 2019, respectively, as a result of certain limitations set forth in the Amended Credit Agreement. Senior Notes and subsidiary guarantors In May 2017, the Company issued $325,000 of 8.000% senior notes (“8% Senior Notes”) due May 15, 2022. The interest is paid semi-annually. The Company’s obligations under these Senior Notes are guaranteed by certain of the Company’s 100% owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several. The parent company issuer has no independent assets or operations and all non-guarantor subsidiaries have been determined to be minor. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5 . 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 commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: Fair Value Measurements at Reporting Date Using Description At June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 4,093 $ — $ 4,093 $ — Fair Value Measurements at Reporting Date Using Description At December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 849 $ — $ 849 $ — Fuel hedge contracts The Company is exposed to certain market risks, primarily commodity price risk as it relates to 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 could have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s typical goal is to hedge approximately 80% of the fuel requirements for work in domestic backlog. Due to the current economic environment, fuel prices are at record lows. As a result, the Company has currently adjusted hedging to 100% of the fuel requirements for work in the domestic backlog. As of June 30, 2020, the Company was party to various swap arrangements to hedge the price of its diesel fuel purchase requirements for work in its backlog to be performed through March 2021. As of June 30, 2020, there were 7.4 million gallons remaining on these contracts which represent approximately 100% of the Company’s forecasted domestic fuel purchases through March 2021. Under these swap agreements, the Company will pay fixed prices ranging from $1.12 to $2.01 per gallon. At June 30, 2020, the fair value liability of the fuel hedge contracts was estimated to be $4,093, and is recorded in accrued expenses. At December 31, 2019, the fair value asset of the fuel hedge contracts was estimated to be $849, and is recorded in prepaid expenses and other current assets. For fuel hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the six months ended June 30, 2020 were $3,828. The remaining gains and losses included in accumulated other comprehensive loss at June 30, 2020 will be reclassified into earnings over the next nine months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as cost of contract revenues in the Statement of Operations. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value of these fuel hedges using Level 2 inputs. The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis. The fair value of the fuel hedge contracts outstanding as of June 30, 2020 and December 31, 2019 is as follows: Fair Value at June 30, December 31, Balance Sheet Location 2020 2019 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ — $ 849 Liability derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Accrued expenses $ 4,093 $ — Accumulated other comprehensive income (loss) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Derivatives: Reclassification of derivative losses to earnings—net of tax 2,490 295 3,828 1,186 Change in fair value of derivatives—net of tax 950 (58 ) (7,514 ) 1,791 Total other comprehensive income (loss) $ 3,440 $ 237 $ (3,686 ) $ 2,977 Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended Six Months Ended June 30, June 30, Statement of Operations Location 2020 2019 2020 2019 Derivatives: Fuel Costs of contract revenues $ 3,340 $ 399 $ 5,132 $ 1,606 Income tax benefit 850 104 1,304 420 $ 2,490 $ 295 $ 3,828 $ 1,186 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 revolving credit agreement approximates fair value. In May 2017, the Company issued a total of $325,000 of 8% senior notes due May 15, 2022, which were outstanding at June 30, 2020 (see Note 4, Long-term debt). The 8% Senior Notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the 8% Senior Notes. The fair value of the senior notes was $333,125 at June 30, 2020, which is a Level 1 fair value measurement as the senior notes’ value was obtained using quoted prices in active markets. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 6 . Share-based compensation On May 11, 2017, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2017 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 3.3 million shares of common stock, plus an additional 1.7 million shares underlying equity awards issued under the 2007 Long-Term Incentive Plan. During the six months ended June 30, 2020, the Company granted 790 thousand restricted stock units to certain employees. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants or restricted stock units. Compensation cost charged to expense related to share-based compensation arrangements was $1,455 and $1,619 for the three months ended June 30, 2020 and 2019, respectively. Compensation cost charged to expense related to share-based compensation arrangements was $3,130 and $3,619 for the six months ended June 30, 2020 and 2019, respectively. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 7 . Revenue At June 30, 2020, the Company had $423,403 of remaining performance obligations, which the Company refers to as total backlog. Approximately 72% of the Company’s backlog will be completed in 2020 with the remaining balance expected to be completed in 2021. Revenue by category The following series of tables presents our revenue disaggregated by several categories. Domestically, our work generally is performed in coastal waterways and deep water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. The Company’s contract revenues by type of work, for the periods indicated, were as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2020 2019 2020 2019 Dredging: Capital—U.S. $ 63,440 $ 59,406 $ 146,989 $ 152,150 Capital—foreign 3,981 18,640 10,843 26,969 Coastal protection 56,038 58,195 135,888 91,938 Maintenance 41,968 30,188 84,353 59,837 Rivers & lakes 2,493 18,382 7,542 46,554 Total revenues $ 167,920 $ 184,811 $ 385,615 $ 377,448 The Company’s contract revenues by type of customer, for the periods indicated, were as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2020 2019 2020 2019 Dredging: Federal government $ 133,496 $ 126,804 $ 299,263 $ 296,959 State and local government 29,693 36,469 72,025 50,572 Private 750 2,898 3,484 2,948 Foreign 3,981 18,640 10,843 26,969 Total revenues $ 167,920 $ 184,811 $ 385,615 $ 377,448 Contract balances Accounts receivable at June 30, 2020 and December 31, 2019 are as follows: June 30, December 31, 2020 2019 Completed contracts $ 10,933 $ 3,444 Contracts in progress 17,616 9,490 Retainage 5,909 7,415 34,458 20,349 Allowance for doubtful accounts (564 ) (564 ) Total accounts receivable—net $ 33,894 $ 19,785 The components of contracts in progress at June 30, 2020 and December 31, 2019 are as follows: June 30, December 31, 2020 2019 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 159,952 $ 104,620 Amounts billed (143,369 ) (86,074 ) Costs and earnings in excess of billings for contracts in progress 16,583 18,546 Costs and earnings in excess of billings for completed contracts 5,965 6,126 Total contract revenues in excess of billings $ 22,548 $ 24,672 Current portion of contract revenues in excess of billings $ 20,436 $ 22,560 Long-term contract revenues in excess of billings 2,112 2,112 Total contract revenues in excess of billings $ 22,548 $ 24,672 Billings in excess of costs and earnings: Amounts billed $ (640,705 ) $ (628,491 ) Costs and earnings for contracts in progress 585,618 573,225 Total billings in excess of contract revenues $ (55,087 ) $ (55,266 ) At June 30, 2020 and December 31, 2019, costs to fulfill a contract with a customer recognized as an asset were $6,048 and $10,300, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three and six months ended June 30, 2020 and 2019, the Company amortized $3,612 and $8,804 and $2,998 and $5,749, respectively, of pre-construction costs. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . Commitments and contingencies Commercial commitments Performance and bid bonds are customarily required for dredging and marine construction projects, as well as some environmental & infrastructure projects. The Company has bonding agreements with Argonaut Insurance Company, Berkley Insurance Company, Chubb Surety and Liberty Mutual Insurance Company, under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty, Surety Company of America and Zurich American Insurance Company (“Zurich”). Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At June 30, 2020, the Company had outstanding performance bonds with a notional amount of approximately $1,046,175 of which $17,401 relates to projects from the Company’s historical environmental & infrastructure businesses. The revenue value remaining in backlog related to these projects totaled approximately $345,584. In connection with the sale of its 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 approximately $20,000 for failure of the contractor to perform in accordance with the terms of a project. In May 2017, Zurich drew upon the letter of credit in the amount of $20,881. In order to fund the draw on the letter of credit in May 2017, the Company had to increase the borrowings on its revolving credit facility. As the outstanding letters of credit previously reduced the Company’s availability under the revolving credit facility, this draw down on the Company’s letter of credit did not impact its liquidity or capital availability. Pursuant to the terms of sale of its historical demolition business, the Company received an indemnification commitment from the buyer for losses resulting from the bonding arrangement. In April 2020, the Court granted the Company’s motion for entry of final judgment in the amount of $21,934 based upon the buyer’s default of its obligations to indemnify the Company for losses resulting from the bonding arrangement. In May 2020, the Court entered that final judgment, and in June 2020, Defendants filed a notice of appeal from that judgment. 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. The Company will defend itself vigorously on all matters. 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. On January 14, 2015, the Company and its 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 the 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. In June 2019, the U.S. Attorney’s Office for the Eastern District of Louisiana informed the Company that it intends to file criminal charges against the Company in connection with a September 2016 oil spill. The oil spill occurred during the Company’s Cheniere Ronquille project, allegedly resulting in the discharge of around 160 barrels of crude oil in Bay Long, Louisiana. The Company has cooperated with the U.S. Attorney’s Office in its investigation of the oil spill and believes that criminal charges are not warranted. On September 27, 2019, the EPA Region 4 filed an administrative complaint against the Company relating to a project the Company performed at PortMiami from 2013-2015. The EPA is alleging violations of Section 103 of the Marine Protection, Research, and Sanctuaries Act (“MPRSA”) and failure to report violations of the MPRSA. The EPA seeks the statutory maximum penalty of $75 per violation of the MPRSA. The Company disagrees with the EPA on whether violations occurred and, if any violation did occur, the appropriate penalty calculation. Except as noted above, the Company has not accrued any amounts with respect to the above matters as the Company does not believe, based on information currently known to it, that a loss relating to these matters is probable, and an estimate of a range of potential losses relating to these matters cannot reasonably be made. Lease obligations The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2026. 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 Amended 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 Amended 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. |
Business Dispositions
Business Dispositions | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Business Dispositions | 9 . Business dispositions Discontinued operations During the second quarter of 2019, the Company entered into an agreement and completed the sale of the historical environmental & infrastructure business. Under the terms of the agreement, the Company received cash of $18,357. The results of the historical environmental & infrastructure businesses have been reported in discontinued operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2019 Revenue $ 15,856 $ 25,040 Loss before income taxes from discontinued operations (2,044 ) (6,237 ) Loss on disposal of assets held for sale (2,315 ) (2,630 ) Income tax benefit 1,108 2,236 Loss from discontinued operations, net of income taxes $ (3,251 ) $ (6,631 ) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events On August 4, 2020, the Company announced a share repurchase program approved by the board of directors of the Company, authorizing, but not obligating, the repurchase of up to an aggregate amount of $75,000,000 of its common stock. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Earnings Per Share | The computations for basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended (shares in thousands) June 30, June 30, 2020 2019 2020 2019 Income from continuing operations $ 8,960 $ 11,497 $ 42,947 $ 32,045 Loss from discontinued operations, net of income taxes — (3,251 ) — (6,631 ) Net income 8,960 8,246 42,947 25,414 Weighted-average common shares outstanding — basic 64,864 63,605 64,659 63,243 Effect of stock options and restricted stock units 894 1,385 1,143 1,411 Weighted-average common shares outstanding — diluted 65,758 64,990 65,802 64,654 Earnings per share from continuing operations — basic $ 0.14 $ 0.18 $ 0.66 $ 0.51 Earnings per share from continuing operations — diluted $ 0.14 $ 0.18 $ 0.65 $ 0.50 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses at June 30, 2020 and December 31, 2019 were as follows: June 30, December 31, 2020 2019 Insurance $ 14,508 $ 15,702 Payroll and employee benefits 9,055 16,859 Contract reserves 4,161 6,248 Fuel hedge contracts 4,093 — Interest 3,285 3,284 Income and other taxes 1,674 1,597 Other 8,162 7,535 Total accrued expenses $ 44,938 $ 51,225 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 4,093 $ — $ 4,093 $ — Fair Value Measurements at Reporting Date Using Description At December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 849 $ — $ 849 $ — |
Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location | The fair value of the fuel hedge contracts outstanding as of June 30, 2020 and December 31, 2019 is as follows: Fair Value at June 30, December 31, Balance Sheet Location 2020 2019 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ — $ 849 Liability derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Accrued expenses $ 4,093 $ — |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Derivatives: Reclassification of derivative losses to earnings—net of tax 2,490 295 3,828 1,186 Change in fair value of derivatives—net of tax 950 (58 ) (7,514 ) 1,791 Total other comprehensive income (loss) $ 3,440 $ 237 $ (3,686 ) $ 2,977 |
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: Three Months Ended Six Months Ended June 30, June 30, Statement of Operations Location 2020 2019 2020 2019 Derivatives: Fuel Costs of contract revenues $ 3,340 $ 399 $ 5,132 $ 1,606 Income tax benefit 850 104 1,304 420 $ 2,490 $ 295 $ 3,828 $ 1,186 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Contract Revenues by Type of Work and Customer | The Company’s contract revenues by type of work, for the periods indicated, were as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2020 2019 2020 2019 Dredging: Capital—U.S. $ 63,440 $ 59,406 $ 146,989 $ 152,150 Capital—foreign 3,981 18,640 10,843 26,969 Coastal protection 56,038 58,195 135,888 91,938 Maintenance 41,968 30,188 84,353 59,837 Rivers & lakes 2,493 18,382 7,542 46,554 Total revenues $ 167,920 $ 184,811 $ 385,615 $ 377,448 The Company’s contract revenues by type of customer, for the periods indicated, were as follows: Three Months Ended Six Months Ended June 30, June 30, Revenues 2020 2019 2020 2019 Dredging: Federal government $ 133,496 $ 126,804 $ 299,263 $ 296,959 State and local government 29,693 36,469 72,025 50,572 Private 750 2,898 3,484 2,948 Foreign 3,981 18,640 10,843 26,969 Total revenues $ 167,920 $ 184,811 $ 385,615 $ 377,448 |
Schedule of Accounts Receivable | Accounts receivable at June 30, 2020 and December 31, 2019 are as follows: June 30, December 31, 2020 2019 Completed contracts $ 10,933 $ 3,444 Contracts in progress 17,616 9,490 Retainage 5,909 7,415 34,458 20,349 Allowance for doubtful accounts (564 ) (564 ) Total accounts receivable—net $ 33,894 $ 19,785 |
Components of Contracts in Progress | The components of contracts in progress at June 30, 2020 and December 31, 2019 are as follows: June 30, December 31, 2020 2019 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 159,952 $ 104,620 Amounts billed (143,369 ) (86,074 ) Costs and earnings in excess of billings for contracts in progress 16,583 18,546 Costs and earnings in excess of billings for completed contracts 5,965 6,126 Total contract revenues in excess of billings $ 22,548 $ 24,672 Current portion of contract revenues in excess of billings $ 20,436 $ 22,560 Long-term contract revenues in excess of billings 2,112 2,112 Total contract revenues in excess of billings $ 22,548 $ 24,672 Billings in excess of costs and earnings: Amounts billed $ (640,705 ) $ (628,491 ) Costs and earnings for contracts in progress 585,618 573,225 Total billings in excess of contract revenues $ (55,087 ) $ (55,266 ) |
Business Dispositions (Tables)
Business Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The results of the historical environmental & infrastructure businesses have been reported in discontinued operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2019 Revenue $ 15,856 $ 25,040 Loss before income taxes from discontinued operations (2,044 ) (6,237 ) Loss on disposal of assets held for sale (2,315 ) (2,630 ) Income tax benefit 1,108 2,236 Loss from discontinued operations, net of income taxes $ (3,251 ) $ (6,631 ) |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating Segments | 1 |
Number of reportable segments | 1 |
Number of reportable segment with goodwill | 1 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $ 8,960 | $ 11,497 | $ 42,947 | $ 32,045 |
Loss from discontinued operations, net of income taxes | (3,251) | (6,631) | ||
Net income | $ 8,960 | $ 8,246 | $ 42,947 | $ 25,414 |
Weighted-average common shares outstanding — basic | 64,864 | 63,605 | 64,659 | 63,243 |
Effect of stock options and restricted stock units | 894 | 1,385 | 1,143 | 1,411 |
Weighted-average common shares outstanding — diluted | 65,758 | 64,990 | 65,802 | 64,654 |
Earnings per share from continuing operations — basic | $ 0.14 | $ 0.18 | $ 0.66 | $ 0.51 |
Earnings per share from continuing operations — diluted | $ 0.14 | $ 0.18 | $ 0.65 | $ 0.50 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2019shares | |
Earnings Per Share [Abstract] | |
Effect of stock options and restricted stock units | 33 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Insurance | $ 14,508 | $ 15,702 |
Payroll and employee benefits | 9,055 | 16,859 |
Contract reserves | 4,161 | 6,248 |
Fuel hedge contracts | 4,093 | |
Interest | 3,285 | 3,284 |
Income and other taxes | 1,674 | 1,597 |
Other | 8,162 | 7,535 |
Total accrued expenses | $ 44,938 | $ 51,225 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | ||
May 31, 2017 | Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 0 | $ 0 | |
Letters of credit outstanding | 30,767,000 | 35,779,000 | |
Letter of credit remaining borrowing capacity | 168,870,000 | 163,729,000 | |
Availability under credit agreement suppressed | 362,000 | 492,000 | |
8.000% Senior Notes Due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 325,000,000 | ||
Debt instrument, interest rate, stated percentage | 8.00% | ||
Maturity date | May 15, 2022 | ||
Owned Domestic Subsidiaries Percent | 100.00% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 4,093 | $ 849 |
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) | $ 4,093 | $ 849 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) gal in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2017USD ($) | Jun. 30, 2020USD ($)$ / gal | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)$ / galgal | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Derivatives Fair Value [Line Items] | ||||||
Derivative underlying hedge percent | 100.00% | |||||
Derivative, Nonmonetary Notional Amount, Volume | gal | 7.4 | |||||
Fair value hedge liability | $ 4,093,000 | $ 4,093,000 | ||||
Fair value hedge assets | $ 849,000 | |||||
Reclassification of derivative (gains) losses to earnings—net of tax | 2,490,000 | $ 295,000 | 3,828,000 | $ 1,186,000 | ||
8.000% Senior Notes Due in 2022 [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Debt instrument, face amount | $ 325,000,000 | |||||
Stated interest rate | 8.00% | |||||
Maturity date | May 15, 2022 | |||||
8.000% Senior Notes Due in 2022 [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Fair value of debt | $ 333,125,000 | $ 333,125,000 | ||||
Minimum [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Fixed price range | $ / gal | 1.12 | 1.12 | ||||
Maximum [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Fixed price range | $ / gal | 2.01 | 2.01 | ||||
Fuel Hedge Contracts [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Derivative underlying hedge percent | 80.00% | |||||
Derivative underlying hedge adjusted, percent | 100.00% |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivatives Fair Value [Line Items] | ||
Asset derivatives | $ 849 | |
Liability derivatives | $ 4,093 | |
Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives | $ 4,093 | |
Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives | $ 849 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | ||||
Reclassification of derivative losses to earnings—net of tax | $ 2,490 | $ 295 | $ 3,828 | $ 1,186 |
Change in fair value of derivatives—net of tax | 950 | (58) | (7,514) | 1,791 |
Total other comprehensive income (loss) | $ 3,440 | $ 237 | $ (3,686) | $ 2,977 |
Fair Value Measurements (Adjust
Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Other expense | $ 565 | $ 123 | $ (556) | $ 295 |
Costs of contract revenues | 134,904 | 147,325 | 284,125 | 290,085 |
Income tax benefit | (3,131) | (4,230) | (14,441) | (11,076) |
Net income (loss) | (8,960) | (8,246) | (42,947) | (25,414) |
Fuel Hedge Contracts [Member] | Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Costs of contract revenues | 3,340 | 399 | 5,132 | 1,606 |
Income tax benefit | 850 | 104 | 1,304 | 420 |
Net income (loss) | $ 2,490 | $ 295 | $ 3,828 | $ 1,186 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | May 11, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units | 790 | ||||
Share-based compensation expense | $ 1,455 | $ 1,619 | $ 3,130 | $ 3,619 | |
Employees and Directors [Member] | 2017 Long-Term Incentive Plan [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 | 3,300 | ||||
Employees and Directors [Member] | 2007 Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Underlying equity awards issued | 1,700 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Line Items] | |||||
Revenue, remaining performance obligation | $ 423,403 | $ 423,403 | |||
Percentage of performance obligation to be recognized as revenue | 72.00% | ||||
Performance obligation, expected to be recognized as revenue year | 2020 | ||||
Remaining performance obligation, expected timing of satisfaction, year | 2021 | 2021 | |||
Amortization on pre-construction costs | $ 3,612 | $ 2,998 | $ 8,804 | $ 5,749 | |
Other Current and Noncurrent Assets [Member] | |||||
Revenue From Contract With Customer [Line Items] | |||||
Costs to fulfill a contract with customer recognized as an asset | $ 6,048 | $ 6,048 | $ 10,300 |
Revenue (Summary of Contract Re
Revenue (Summary of Contract Revenues by Type of Work) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 167,920 | $ 184,811 | $ 385,615 | $ 377,448 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 167,920 | 184,811 | 385,615 | 377,448 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 63,440 | 59,406 | 146,989 | 152,150 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-Foreign [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 3,981 | 18,640 | 10,843 | 26,969 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Coastal Protection [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 56,038 | 58,195 | 135,888 | 91,938 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Maintenance [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 41,968 | 30,188 | 84,353 | 59,837 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Rivers & Lakes [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 2,493 | $ 18,382 | $ 7,542 | $ 46,554 |
Revenue (Summary of Contract _2
Revenue (Summary of Contract Revenues by Type of Customer) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 167,920 | $ 184,811 | $ 385,615 | $ 377,448 |
Type of Customer [Member] | Operating Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 167,920 | 184,811 | 385,615 | 377,448 |
Type of Customer [Member] | Operating Segment [Member] | Federal Government [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 133,496 | 126,804 | 299,263 | 296,959 |
Type of Customer [Member] | Operating Segment [Member] | State and Local Government [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 29,693 | 36,469 | 72,025 | 50,572 |
Type of Customer [Member] | Operating Segment [Member] | Private [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 750 | 2,898 | 3,484 | 2,948 |
Type of Customer [Member] | Operating Segment [Member] | Foreign [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 3,981 | $ 18,640 | $ 10,843 | $ 26,969 |
Revenue (Schedule of Accounts R
Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Completed contracts | $ 10,933 | $ 3,444 |
Contracts in progress | 17,616 | 9,490 |
Retainage | 5,909 | 7,415 |
Accounts receivable, gross | 34,458 | 20,349 |
Allowance for doubtful accounts | (564) | (564) |
Total accounts receivable—net | $ 33,894 | $ 19,785 |
Revenue (Components of Contract
Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings in excess of billings for contracts in progress | $ 16,583 | $ 18,546 |
Costs and earnings in excess of billings for completed contracts | 5,965 | 6,126 |
Total contract revenues in excess of billings | 22,548 | 24,672 |
Current portion of contract revenues in excess of billings | 20,436 | 22,560 |
Long-term contract revenues in excess of billings | 2,112 | 2,112 |
Total billings in excess of contract revenues | (55,087) | (55,266) |
Costs And Earnings In Excess Of Billings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 159,952 | 104,620 |
Amounts billed | (143,369) | (86,074) |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 585,618 | 573,225 |
Amounts billed | $ (640,705) | $ (628,491) |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | Sep. 27, 2019USD ($) | Feb. 28, 2017USD ($) | Jan. 14, 2015USD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2020USD ($)bbl | May 31, 2017USD ($) |
Commitments And Contingencies [Line Items] | ||||||
Outstanding performance bonds | $ 1,046,175,000 | |||||
Revenue value remaining from outstanding performance bonds | $ 345,584,000 | |||||
Proceeds from Legal Settlements | $ 5,309,000 | |||||
Statutory maximum penalty per violation | $ 75 | |||||
Crude Oil [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Quantity of oil spill | bbl | 160 | |||||
Surety Bond [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Aggregate demolition surety performance bond | $ 20,000,000 | |||||
Indemnification Commitment [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Aggregate demolition surety performance bond | $ 21,934,000 | |||||
Letter of Credit [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 20,881,000 | |||||
Environmental and Infrastructure Segment [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Outstanding performance bonds | $ 17,401,000 | |||||
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 |
Business Dispositions (Narrativ
Business Dispositions (Narrative) (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Proceeds from sale of historical environmental and infrastructure business | $ 18,357 |
Business Dispositions - (Schedu
Business Dispositions - (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Discontinued Operation Income Loss From Discontinued Operation Disclosures [Abstract] | ||
Revenue | $ 15,856 | $ 25,040 |
Loss before income taxes from discontinued operations | (2,044) | (6,237) |
Loss on disposal of assets held for sale | (2,315) | (2,630) |
Income tax benefit | 1,108 | 2,236 |
Loss from discontinued operations, net of income taxes | $ (3,251) | $ (6,631) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Aug. 04, 2020USD ($) |
Subsequent Event [Member] | Common Stock [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Stock repurchase program, authorized amount | $ 75,000,000 |