Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 1-33891 | ||
Entity Registrant Name | ORION GROUP HOLDINGS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-0097459 | ||
Entity Address, Address Line One | 12000 Aerospace Avenue, Suite 300 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77034 | ||
City Area Code | 713 | ||
Local Phone Number | 852-6500 | ||
Title of 12(b) Security | Common stock, $0.01 par value per share | ||
Trading Symbol | ORN | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 177.7 | ||
Entity Common Stock, Shares Outstanding | 30,970,233 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001402829 | ||
Amendment Flag | false | ||
Auditor Name | KPMG, LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Houston, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 12,293 | $ 1,589 |
Accounts receivable: | ||
Trade, net of allowance for credit losses of $323 and $411, respectively | 88,173 | 96,369 |
Retainage | 41,379 | 36,485 |
Income taxes receivable | 405 | 419 |
Other current | 17,585 | 59,492 |
Inventory | 1,428 | 1,548 |
Contract assets | 28,529 | 32,271 |
Prepaid expenses and other | 8,142 | 7,229 |
Total current assets | 197,934 | 235,402 |
Property and equipment, net of depreciation | 106,654 | 125,497 |
Operating lease right-of-use assets, net of amortization | 14,686 | 18,874 |
Financing lease right-of-use assets, net of amortization | 14,561 | 12,858 |
Inventory, non-current | 5,418 | 6,455 |
Intangible assets, net of amortization | 8,556 | 10,077 |
Deferred income tax asset | 41 | 70 |
Other non-current | 3,900 | 4,956 |
Total assets | 351,750 | 414,189 |
Current liabilities: | ||
Current debt, net of debt issuance costs | 39,141 | 4,344 |
Accounts payable: | ||
Trade | 48,217 | 48,252 |
Retainage | 923 | 716 |
Accrued liabilities | 38,594 | 84,637 |
Income taxes payable | 601 | 639 |
Contract liabilities | 26,998 | 33,135 |
Current portion of operating lease liabilities | 3,857 | 4,989 |
Current portion of financing lease liabilities | 3,406 | 3,901 |
Total current liabilities | 161,737 | 180,613 |
Long-term debt, net of debt issuance costs | 259 | 29,523 |
Operating lease liabilities | 11,637 | 14,537 |
Financing lease liabilities | 10,908 | 8,376 |
Other long-term liabilities | 18,942 | 19,837 |
Deferred income tax liability | 169 | 207 |
Interest rate swap liability | 1,602 | |
Total liabilities | 203,652 | 254,695 |
Stockholders' equity: | ||
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued | ||
Common stock -- $0.01 par value, 50,000,000 authorized, 31,712,457 and 31,171,804 issued; 31,001,226 and 30,460,573 outstanding at December 31, 2021 and December 31, 2020, respectively | 317 | 312 |
Treasury stock, 711,231 shares, at cost, as of December 31, 2021 and December 31, 2020, respectively | (6,540) | (6,540) |
Accumulated other comprehensive loss | (1,602) | |
Additional paid-in capital | 185,881 | 184,324 |
Retained loss | (31,560) | (17,000) |
Total stockholders' equity | 148,098 | 159,494 |
Total liabilities and stockholders' equity | $ 351,750 | $ 414,189 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Allowance for credit losses | $ 323 | $ 411 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,712,457 | 31,171,804 |
Common stock, shares outstanding | 31,001,226 | 30,460,573 |
Treasury stock, shares (in shares) | 711,231 | 711,231 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement | |||
Contract revenues | $ 601,360 | $ 709,942 | $ 708,390 |
Costs of contract revenues | 560,393 | 625,239 | 644,349 |
Gross profit | 40,967 | 84,703 | 64,041 |
Selling, general and administrative expenses | 60,181 | 65,091 | 61,012 |
Amortization of intangible assets | 1,521 | 2,070 | 2,640 |
Gain on disposal of assets, net | (11,418) | (9,044) | (1,804) |
Operating (loss) income | (9,317) | 26,586 | 2,193 |
Other (expense) income: | |||
Other income | 199 | 347 | 771 |
Interest income | 136 | 183 | 353 |
Interest expense | (5,076) | (4,920) | (6,808) |
Other expense, net | (4,741) | (4,390) | (5,684) |
(Loss) income before income taxes | (14,058) | 22,196 | (3,491) |
Income tax expense | 502 | 1,976 | 1,868 |
Net (loss) income | $ (14,560) | $ 20,220 | $ (5,359) |
Basic (loss) earnings per share (in dollars per share) | $ (0.47) | $ 0.67 | $ (0.18) |
Diluted (loss) earnings per share (in dollars per share) | $ (0.47) | $ 0.67 | $ (0.18) |
Shares used to compute (loss) income per share: | |||
Basic (in shares) | 30,763,527 | 30,122,362 | 29,322,054 |
Diluted (in shares) | 30,763,527 | 30,122,362 | 29,322,054 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (14,560) | $ 20,220 | $ (5,359) |
Change in fair value of cash flow hedge, net of tax expense of $368, tax benefit of $128 and tax benefit of $228 for the years ended December 31, 2021, 2020 and 2019, respectively | 1,234 | (429) | (765) |
Total comprehensive (loss) income | $ (13,326) | $ 19,791 | $ (6,124) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Change in fair value of cash flow hedge, tax expense (benefit) | $ 368 | $ (128) | $ (228) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Treasury Stock | Other Comprehensive Income (Loss) | Additional Paid-In Capital | Retained Earnings | Total |
Beginning balance, shares at Dec. 31, 2018 | 29,611,989 | |||||
Beginning treasury stock, shares at Dec. 31, 2018 | (711,231) | |||||
Beginning balance at Dec. 31, 2018 | $ 296 | $ (6,540) | $ (52) | $ 179,742 | $ (31,861) | $ 141,585 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 2,753 | $ 2,753 | ||||
Exercise of stock options, shares | 7,021 | 7,021 | ||||
Exercise of stock options | 35 | $ 35 | ||||
Issue restricted stock, shares | 757,012 | |||||
Issuance of restricted stock | $ 8 | (8) | ||||
Forfeiture of restricted stock (in shares) | (72,627) | |||||
Forfeiture of restricted stock | $ (1) | 1 | ||||
Cash flow hedge | (993) | (993) | ||||
Net income (loss) | (5,359) | (5,359) | ||||
Ending balance, shares at Dec. 31, 2019 | 30,303,395 | |||||
Ending treasury stock, shares at Dec. 31, 2019 | (711,231) | |||||
Ending balance at Dec. 31, 2019 | $ 303 | $ (6,540) | (1,045) | 182,523 | (37,220) | 138,021 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 1,998 | $ 1,998 | ||||
Exercise of stock options, shares | 0 | |||||
Issue restricted stock, shares | 1,038,044 | |||||
Issuance of restricted stock | $ 10 | (10) | ||||
Forfeiture of restricted stock (in shares) | (107,383) | |||||
Purchase of vested stock-based awards, shares | (62,252) | |||||
Purchase of vested stock-based awards | $ (1) | (187) | $ (188) | |||
Cash flow hedge | (557) | (557) | ||||
Net income (loss) | 20,220 | $ 20,220 | ||||
Ending balance, shares at Dec. 31, 2020 | 31,171,804 | 31,171,804 | ||||
Ending treasury stock, shares at Dec. 31, 2020 | (711,231) | (711,231) | ||||
Ending balance at Dec. 31, 2020 | $ 312 | $ (6,540) | (1,602) | 184,324 | (17,000) | $ 159,494 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 2,401 | $ 2,401 | ||||
Exercise of stock options, shares | 28,546 | 28,546 | ||||
Exercise of stock options | 110 | $ 110 | ||||
Payments related to tax withholding for stock-based compensation, shares | (170,192) | |||||
Payments related to tax withholding for stock-based compensation | $ (2) | (947) | (949) | |||
Issue restricted stock, shares | 916,531 | |||||
Issuance of restricted stock | $ 9 | (9) | ||||
Forfeiture of restricted stock (in shares) | (234,232) | |||||
Forfeiture of restricted stock | $ (2) | 2 | ||||
Cash flow hedge | $ 1,602 | 1,602 | ||||
Net income (loss) | (14,560) | $ (14,560) | ||||
Ending balance, shares at Dec. 31, 2021 | 31,712,457 | 31,712,457 | ||||
Ending treasury stock, shares at Dec. 31, 2021 | (711,231) | (711,231) | ||||
Ending balance at Dec. 31, 2021 | $ 317 | $ (6,540) | $ 185,881 | $ (31,560) | $ 148,098 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net (loss) income | $ (14,560) | $ 20,220 | $ (5,359) |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||
Depreciation and amortization | 22,608 | 23,893 | 26,096 |
Amortization of ROU operating leases | 5,102 | 5,874 | 5,177 |
Amortization of ROU finance leases | 2,822 | 3,324 | 2,312 |
Write-off of debt issuance costs upon debt modification | 790 | 399 | |
Amortization of deferred debt issuance costs | 430 | 763 | 453 |
Deferred income taxes | (9) | 17 | 71 |
Stock-based compensation | 2,401 | 1,998 | 2,753 |
Gain on disposal of assets, net | (11,418) | (6,185) | (1,804) |
Gain on involuntary disposition of assets, net | (2,859) | ||
Allowance for credit losses | (487) | ||
Change in operating assets and liabilities: | |||
Accounts receivable | 4,703 | 23,587 | (51,709) |
Income tax receivable | 14 | 543 | (495) |
Inventory | 371 | 148 | 503 |
Prepaid expenses and other | 143 | (1,070) | 131 |
Contract assets | 3,742 | 9,118 | (32,172) |
Accounts payable | 589 | (22,015) | 28,894 |
Accrued liabilities | (6,544) | 11,092 | 1,334 |
Operating lease liabilities | (4,940) | (5,399) | (5,843) |
Income tax payable | (38) | (884) | 1,523 |
Contract liabilities | (6,137) | (15,646) | 27,020 |
Net cash provided by (used in) operating activities | 69 | 46,032 | (716) |
Cash flows from investing activities: | |||
Proceeds from sale of property and equipment | 27,164 | 5,944 | 2,015 |
Purchase of property and equipment | (16,975) | (14,694) | (17,199) |
Contributions to CSV life insurance | (99) | (721) | |
Insurance claim proceeds related to property and equipment | 440 | 5,720 | 2,574 |
Net cash provided by (used in) investing activities | 10,629 | (3,129) | (13,331) |
Cash flows from financing activities: | |||
Borrowings from Credit Facility | 53,000 | 10,000 | 63,000 |
Payments made on borrowings from Credit Facility | (49,120) | (48,204) | (70,210) |
Proceeds from sale-leaseback arrangement | 18,210 | ||
Loan costs from Credit Facility | (389) | (1,680) | |
Payments of finance lease liabilities | (3,035) | (3,619) | (2,906) |
Payments related to tax withholding for stock-based compensation | (949) | (188) | |
Exercise of stock options | 110 | 35 | |
Net cash used in by financing activities | 6 | (42,400) | 6,449 |
Net change in cash, cash equivalents and restricted cash | 10,704 | 503 | (7,598) |
Cash, cash equivalents and restricted cash at beginning of period | 1,589 | 1,086 | 8,684 |
Cash, cash equivalents and restricted cash at end of period | 12,293 | 1,589 | 1,086 |
Supplemental disclosures of cash flow information, cash paid during the period for: | |||
Interest | 2,423 | 3,187 | 6,311 |
Taxes, net of refunds | $ 568 | $ 2,174 | $ 578 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 12,293 | $ 1,589 | $ 128 |
Restricted cash | 0 | 0 | 958 |
Total cash, cash equivalents and restricted cash shown above | $ 12,293 | $ 1,589 | $ 1,086 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business Orion Group Holdings, Inc., its subsidiaries and affiliates (hereafter collectively referred to as the "Company"), provide a broad range of specialty construction services in the infrastructure, industrial, and building sectors of the continental United States, Alaska, Canada and the Caribbean Basin. The Company’s marine segment services the infrastructure sector through marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment services the building sector by providing turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with offices throughout its operating areas. The tools used by the chief operating decision maker ("CODM") to allocate resources and assess performance are based on two reportable and operating segments: marine, which operates under the Orion brand and logo, and concrete, which operates under the TAS Commercial Concrete brand and logo. Although we describe the business in this report in terms of the services the Company provides, its base of customers and the areas in which it operates, the Company has determined that its operations currently comprise two reportable segments pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting In making this determination, the Company considered the similar economic characteristics of its operations that comprise its marine segment. For the marine segment, the methods used, and the internal processes employed, to deliver marine construction services are similar throughout the segment, including standardized estimating, project controls and project management. This segment has the same customers with similar funding drivers and are subject to similar regulatory regimes driven through Federal agencies such as the U.S. Army Corps of Engineers, U.S. Fish and Wildlife Service, U.S. Environmental Protection Agency and U.S. Occupational Safety and Health Administration ("OSHA"), among others. Additionally, the segment is driven by macro-economic considerations including the level of import/export seaborne transportation, development of energy-related infrastructure, cruise line expansion and operations, marine bridge infrastructure development, waterway pipeline crossings and the maintenance of waterways. These considerations, and others, are key catalysts for future prospects and are similar across the segment. For the concrete segment, the Company also considered the similar economic characteristics of these operations. The methods used, and the internal processes employed, to deliver concrete construction services are similar throughout the segment, including standardized estimating, project controls and project management. The projects of this segment are subject to similar regulatory regimes such as OSHA. Additionally, this segment is driven by macro-economic considerations, including movements in population, commercial real estate development, institutional funding and expansion, and recreational development, specifically in metropolitan areas of Texas. These considerations, and others, are key catalysts for current operations and future prospects and are similar across the segment. Basis of Presentation These consolidated financial statements include the accounts of the parent company, Orion Group Holdings, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In connection with preparing consolidated financial statements for each annual and interim reporting period, the Company is required to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Substantial doubt exists when conditions and events, considered in aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans and actions that have not been fully implemented as of the date that the financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued; and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued. The assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether the Company has adequate liquidity to operate. Significant assumptions used in the Company's forecasted model of liquidity include forecasted sales, costs, our ability to manage spending on capital expenditures, limit spending on the ERP system implementation and improve working capital. Based on a careful assessment of these factors management believes that the Company will have adequate liquidity for its operations for at least the next 12 months. Therefore, management’s conclusion is that substantial doubt is not raised as to our ability to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | 2. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates, judgments and assumptions are continually evaluated based on available information and experience; however, actual amounts could differ from those estimates. On an ongoing basis, the Company evaluates the significant accounting policies used to prepare its consolidated financial statements, including, but not limited to, those related to: ● Revenue recognition from construction contracts; ● The recording of accounts receivable and allowance for credit losses; ● The carrying value of property, plant and equipment; ● Leases; ● Finite and infinite-lived intangible assets, testing for indicators of impairment; ● Stock-based compensation; ● Income taxes; and ● Self-insurance Revenue Recognition The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty services. The Company’s projects are typically brief in duration, however may span a period of over one year. The Company determines the appropriate accounting treatment for each contract before work begins and, subject to qualifications discussed in the next paragraph, generally records contract over time. Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under Topic 606. Each of the Company’s contracts and related change orders typically represent a single performance obligation because the Company provides an integrated service and individual goods and services are not separately identifiable. Revenue is recognized over time because control of the promised goods and services are continuously transferred to the customer over the life of the contract. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the stand-alone selling price of each distinct good or service. Progress is measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract costs include all direct costs, such as material and labor, and those indirect costs incurred that are related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Upfront costs, such as costs to mobilize personnel and equipment prior to satisfying a performance obligation are capitalized and amortized over the contract performance period. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and reported revenue and are recognized in the period in which the revisions are determined. The effect of changes in estimates of contract revenue or contract costs is recognized as an adjustment to recognized revenue on a cumulative catch-up basis. When the Company anticipates a loss on a contract that is not yet complete, it recognizes the entire loss in the period in which such losses are determined. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. Contract revenue is derived from the original contract price as modified by agreed-upon change orders and estimates of variable consideration related to incentive fees and change orders or claims for which price has not yet been agreed by the customer. The Company estimates variable consideration based on its assessment of the most likely amount to which it expects to be entitled. Variable consideration is included in the estimated recognition of revenue to the extent it is probable that a significant reversal of cumulative recognized revenue will not occur. A determination that the collection of a claim is probable is based upon compliance with the terms of the contract and the extent to which the Company performed in accordance therewith but does not guarantee collection in full. Assets and liabilities derived from contracts with customers include the following: ● Accounts Receivable: Trade, net of allowance - Represent amounts billed and currently due from customers and are stated at their estimated net realizable value. ● Accounts Receivable: Retainage - Represent amounts which have not been billed to or paid by customers due to retainage provisions in construction contracts, which amounts generally become payable upon contract completion and acceptance by the customer. ● Contract Assets - Represent revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract and are recorded as a current asset, until such amounts are either received or written off. ● Contract Liabilities - Represent billings in excess of revenues recognized and are recorded as a current liability, until the underlying obligation has been performed or discharged. 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. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at December 31, 2021 and December 31, 2020 consisted primarily of overnight bank deposits. Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. Accounts Receivable Accounts receivable are stated at the historical carrying value, net of allowances for credit losses. The Company has significant investments in billed and unbilled receivables as of December 31, 2021 and December 31, 2020. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts represent recoverable costs and accrued profits that are not yet capable of being billed under the terms of the applicable contracts. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk receivables identified by management are reviewed individually for collectability. In establishing an allowance for credit losses, the Company evaluates its contract receivables and contract assets and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than the carrying value. As of December 31, 2021, and December 31, 2020, the Company has recorded an allowance for credit losses of $0.3 million and $0.4 million, respectively. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at December 31, 2021 totaled $41.4 million, of which $5.4 million is expected to be collected beyond December 31, 2022. Retainage at December 31, 2020 totaled $36.5 million. From time to time, the Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts previously recorded, which could result in the recording of a loss in the amount of the shortfall. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. Advertising Costs The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. Environmental Costs Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Environmental liabilities, if any, are recognized when the liability is considered probable and the amount can be reasonably estimated. The Company did not recognize any environmental liabilities as of December 31, 2021 or December 31, 2020. Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 8 The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets. Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime and is valued at the lower of cost (using historical average cost) or net realizable value. Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years The Company generally uses accelerated depreciation methods for tax purposes where beneficial. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. There were no assets classified as held for sale as of December 31, 2021 or December 31, 2020. Leases Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 19 Intangible Assets Intangible assets that have finite lives are amortized. In addition, the Company evaluates the remaining useful life of intangible assets in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. Intangible assets that have infinite lives are not amortized, but are subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset may be impaired. The Company has one infinite-lived intangible asset, a trade name, which it tests for impairment annually on October 31, or whenever events or circumstances indicate that the carrying amount of the trade name may not be recoverable. Impairment is calculated as the excess of the trade name’s carrying value over its fair value. The fair value of the trade name is determined using the relief from royalty method, a variation of the income approach. This method assumes that if a company owns intellectual property, it does not have to “rent” the asset and is, therefore, “relieved” from paying a royalty. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. See Note 9 Stock-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of subjective assumptions in the computation. Changes in these assumptions can cause significant fluctuations in the fair value of the option award. The fair value of restricted stock grants is equivalent to the fair value of the stock issued on the date of grant and is measured as the closing price of the stock on the date of grant. Compensation expense is recognized only for stock-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations. This assessment is updated on a periodic basis. See Note 15 Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, Income Taxes on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. See Note 13 Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers’ compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company’s workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the Consolidated Statements of Operations in the period in which they become known. The Company’s concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. The total accrual for insurance claims liabilities was $19.8 million and $60.4 million at December 31, 2021 and December 31, 2020, respectively, reflected as a component of accrued liabilities in the consolidated balance sheet. The total accrual for insurance claims receivable was $13.3 million and $57.0 million at December 31, 2021 and December 31, 2020, respectively, reflected as a component of other current accounts receivable in the consolidated balance sheet. Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an "ASU") from time to time to its Accounting Standards Codification (‘ASC’), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes During the periods presented in these financial statements, the Company implemented other new accounting pronouncements other than those noted above that are discussed in the notes where applicable. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Contract revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenues by service line for the marine and concrete segments: Year ended December 31, 2021 2020 2019 Marine Segment Construction $ 169,554 $ 272,870 $ 242,527 Dredging 80,831 106,647 112,303 Specialty Services 13,530 8,656 14,308 Marine segment contract revenues $ 263,915 $ 388,173 $ 369,138 Concrete Segment Structural $ 58,420 $ 85,904 $ 54,497 Light Commercial 279,018 235,835 284,624 Other 7 30 131 Concrete segment contract revenues $ 337,445 $ 321,769 $ 339,252 Total contract revenues $ 601,360 $ 709,942 $ 708,390 The Company has determined that it has two reportable segments pursuant to FASB ASC Topic 280, Segment Reporting Note 1 Marine Segment Construction services include construction, restoration, maintenance, dredging and repair of marine transportation facilities, marine pipelines, bridges and causeways and marine environmental structures. Dredging services generally enhance or preserve the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation and repair. Concrete Segment Structural services include elevated concrete pouring for products such as columns, elevated beams and structural walls. Light commercial services include horizontally poured concrete for products such as sidewalks, ramps, tilt walls and trenches. Other services comprise labor related to concrete pouring such as rebar installation and pumping services and typically support the Company’s structural and light commercial services. |
Concentration of Risk and Enter
Concentration of Risk and Enterprise-Wide Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk and Enterprise Wide Disclosures | 4. In both reportable segments accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner. The table below presents the concentrations of current receivables (trade and retainage) at December 31, 2021 and December 31, 2020, respectively: December 31, 2021 December 31, 2020 Federal Government $ 6,563 5 % $ 4,826 4 % State Governments 61 - % — - % Local Governments 11,923 9 % 17,823 13 % Private Companies 111,328 86 % 110,616 83 % Gross receivables 129,875 100 % 133,265 100 % Allowance for credit losses (323) (411) Net receivables $ 129,552 $ 132,854 At December 31, 2021 and 2020, no single customer accounted for more than 10.0% of total current receivables. Additionally, the table below represents concentrations of contract revenue by type of customer for the years ended December 31, 2021, 2020 and 2019. 2021 % 2020 % 2019 % Federal Government $ 54,480 9 % $ 51,793 7 % $ 46,425 6 % State Governments 4,790 1 % 27,574 4 % 47,831 7 % Local Government 120,311 20 % 202,839 29 % 212,958 30 % Private Companies 421,779 70 % 427,736 60 % 401,176 57 % Total contract revenues $ 601,360 100 % $ 709,942 100 % $ 708,390 100 % In the year ended December 31, 2020 one customer in the Local Governments category accounted for 11.4% of total contract revenues. In the years ended December 31, 2021 and 2019, no single customer exceeded 10.0% of total contract revenues. The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time. The concrete segment primarily purchases concrete from select suppliers. The loss of any one of these suppliers could adversely impact short-term operations. Contract revenues generated outside the United States totaled 0.5%, 1.8% and 1.6% of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively, and were primarily located in the Caribbean Basin and Mexico. |
Contracts in Progress
Contracts in Progress | 12 Months Ended |
Dec. 31, 2021 | |
Contractors [Abstract] | |
Contracts in Progress | 5. Contracts in progress are as follows at December 31, 2021 and December 31, 2020: December 31, December 31, 2021 2020 Costs incurred on uncompleted contracts $ 1,138,298 $ 1,151,987 Estimated earnings 168,861 202,369 1,307,159 1,354,356 Less: Billings to date (1,305,628) (1,355,220) $ 1,531 $ (864) Included in the accompanying Consolidated Balance Sheets under the following captions: Contract assets $ 28,529 $ 32,271 Contract liabilities (26,998) (33,135) $ 1,531 $ (864) Included in contract assets is approximately $3.8 million and $3.1 million at December 31, 2021 and December 31, 2020, respectively, related to claims and unapproved change orders. See Note 2 Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of December 31, 2021, the aggregate amount of the remaining performance obligations was approximately $590.0 million. Of this amount, the current expectation of the Company is that it will recognize $454.5 million, or 77%, in the next 12 months and the remaining balance thereafter. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. The following is a summary of property and equipment at December 31, 2021 and December 31, 2020: December 31, December 31, 2021 2020 Automobiles and trucks $ 2,337 $ 2,379 Building and improvements 34,796 44,324 Construction equipment 137,786 142,661 Vessels and other equipment 82,455 79,499 Office equipment 6,430 5,577 263,804 274,440 Less: Accumulated depreciation (191,542) (186,615) Net book value of depreciable assets 72,262 87,825 Construction in progress 6,507 1,809 Land 27,885 35,863 $ 106,654 $ 125,497 During the year ended December 31, 2021 the Company sold its land, building and improvements located in Tampa, Florida. The book value of the assets and related accumulated depreciation have been removed from the balance sheet and the Company recognized a net gain on the sale of $6.7 million. For the years ended December 31, 2021, 2020 and 2019, depreciation expense was $21.1 million, $21.8. million and $23.5. million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Consolidated Statements of Operations. Substantially all of the assets of the Company are pledged as collateral under the Company’s Credit Agreement (as defined in Note 11 Substantially all of the Company’s long-lived assets are located in the United States. See Note 2 |
Other Current Accounts Receivab
Other Current Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Other Current Accounts Receivable | |
Other Current Accounts Receivable | 7. Other current accounts receivable at December 31, 2021 and 2020 consisted of the following: December 31, 2021 December 31, 2020 Insurance claims receivable $ 13,273 $ 57,021 Accident loss receivables 3,760 1,448 Other current receivables 552 1,023 Total other current accounts receivable $ 17,585 $ 59,492 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 8. Recurring Fair Value Measurements The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. Due to their short-term nature, the Company believes that the carrying value of its accounts receivable, other current assets, accounts payable and other current liabilities approximate their fair values. The Company classifies financial assets and liabilities into the following three levels based on the inputs used to measure fair value in the order of priority indicated: ● Level 1- fair values are based on observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2 - fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and ● Level 3- fair values are based on unobservable inputs in which little or no market data exists. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company’s recurring financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 and December 31, 2020: Fair Value Measurements Carrying Value Level 1 Level 2 Level 3 December 31, 2021 Assets: Cash surrender value of life insurance policy $ 2,813 — 2,813 — Liabilities: Derivatives $ — — — — December 31, 2020 Assets: Cash surrender value of life insurance policy $ 3,169 — 3,169 — Liabilities: Derivatives $ 1,602 — 1,602 — The Company’s derivatives, which are comprised of interest rate swaps, are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves and credit risk adjustments, that are necessary to reflect the probability of default by us or the counterparty. These derivatives are classified as a Level 2 measurement within the fair value hierarchy. See Note 11 Our concrete segment has life insurance policies with a combined face value of $11.1 million as of December 31, 2021. The policies are invested in mutual funds and the fair value measurement of the cash surrender balance associated with these policies is determined using Level 2 inputs within the fair value hierarchy and will vary with investment performance. These assets are included in the "Other noncurrent" asset section in the Company’s Consolidated Balance Sheets. Non-Recurring Fair Value Measurements The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to the infinite-lived intangible asset. Other Fair Value Measurements The fair value of the Company’s debt at December 31, 2021 and 2020 approximated its carrying value of $39.4. million and $35.1 million, respectively, as interest is based on current market interest rates for debt with similar risk and maturity. If the Company’s debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 9. Intangible assets The tables below present the activity and amortizations of finite-lived intangible assets: December 31, December 31, 2021 2020 Finite-lived intangible assets, beginning of period $ 35,240 $ 35,240 Additions — — Total finite-lived intangible assets, end of period $ 35,240 $ 35,240 Accumulated amortization, beginning of period $ (32,055) $ (29,985) Current year amortization (1,521) (2,070) Total accumulated amortization (33,576) (32,055) Net finite-lived intangible assets, end of period $ 1,664 3,185 Infinite-lived intangible assets 6,892 6,892 Total net intangible assets $ 8,556 $ 10,077 Remaining net finite-lived intangible assets were acquired as part of the purchase of TAS during 2015 and TBC during 2017 and included customer relationships. Customer relationships were valued at approximately $18.8 million and are being amortized over eight years using an accelerated method based on the pattern in which the economic benefits of the assets are consumed. For the years ended December 31, 2021, 2020 and 2019, $1.5 million, $2.1 million and $2.6 million, respectively, of amortization expense was recognized for these assets. In 2021 and 2020, the Company evaluated the useful lives of these finite-lived intangible assets and no change was needed. Future expense remaining of approximately $1.7 million will be amortized as follows: 2022 1,238 2023 389 2024 37 $ 1,664 The annual impairment test for both 2021 and 2020 concluded that the fair value of the Company’s infinite-lived trade name was in excess of the carrying value, therefore no impairment was recorded in each respective year. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 10. Accrued liabilities at December 31, 2021 and 2020 consisted of the following: December 31, 2021 December 31, 2020 Accrued salaries, wages and benefits $ 9,879 $ 15,071 Accrued liabilities expected to be covered by insurance 19,818 60,365 Sales taxes 5,113 5,909 Property taxes 1,047 908 Sale-leaseback arrangement 743 676 Accounting and audit fees 413 344 Interest 23 22 Equipment purchase — 461 Other accrued expenses 1,558 881 Total accrued liabilities $ 38,594 $ 84,637 CARES Act On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which among other things includes an optional payment deferral of the employer's portion of the Social Security taxes that were otherwise due through December 31, 2020. The Company elected to defer payments of approximately $7.6 million with $3.8 million paid in December 2021 and the remaining $3.8 million due December 2022 reflected in accrued liabilities in the Company’s Consolidated Balance Sheets. |
Long-term Debt And Line of Cred
Long-term Debt And Line of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Line of Credit | 11. The Company entered into an amended syndicated credit agreement (the “Credit Agreement” also known as the “Fourth Amendment”) on July 31, 2018 with Regions Bank, as administrative agent and collateral agent, and the following co-syndication agents: Bank of America, N.A., BOKF, NA dba Bank of Texas, KeyBank National Association, NBH Bank, IBERIABANK, Trustmark National Bank, First Tennessee Bank NA, and Branch Banking and Trust Company. The Credit Agreement was subsequently amended in March 2019 (the “Fifth Amendment”), May 2019 (the “Sixth Amendment”) June 2020 (the “Seventh Amendment”) and October 2020 (the “Eighth Amendment”). The company incurred debt issuance costs related to the initial Credit Agreement and several of the subsequent amendments. The Credit Facility matures on July 31, 2023. The Credit Agreement, which may be amended from time to time, provides for borrowings under a revolving line of credit and a term loan (together, the “Credit Facility”). The Credit Facility is guaranteed by the subsidiaries of the Company, secured by the assets of the Company, including stock held in its subsidiaries, and may be used to finance general corporate and working capital purposes, to finance capital expenditures, to refinance existing indebtedness, to finance permitted acquisitions and associated fees, and to pay for all related expenses to the Credit Facility. Interest is due and is computed based on the designation of the loan, with the option of a Base Rate Loan (the base rate plus the Applicable Margin), or an Adjusted LIBOR Rate Loan (the adjusted LIBOR rate plus the Applicable Margin). Interest is due on the last day of each quarter end for Base Rate Loans and at the end of the LIBOR rate period for Adjusted LIBOR Rate Loans. Principal balances drawn under the Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. Amounts repaid under the revolving line of credit may be re-borrowed. Total debt issuance costs for the Fourth Amendment which included underwriter fees, legal fees and syndication fees were approximately $0.9 million and were capitalized as non-current deferred charges and scheduled for amortization using the effective interest rate method over the duration of the loan. The Company incurred additional debt issuance costs of approximately $0.6 million and $0.9 million respectively for the Fifth and Sixth Amendments. With the execution of the aforementioned Sixth Amendment, $50.0 million of the existing revolving line of credit was modified and accounted for under guidelines of ASC 470-50, Debt, Modifications and Extinguishments, and a pro-rated portion of unamortized debt issuance costs of approximately $0.4 million was recognized as interest expense as of May 2019. The then remaining debt issuance costs of approximately $0.9 million related to the Fourth, Fifth, and Sixth Amendments were scheduled to be amortized over the duration of the term loan, which coincides with the term of the Credit Facility. On June 8, 2020, the Company entered into a new syndicated credit agreement (the “ 364-Day America, N.A. and BOKF, NA dba Bank of Texas. Concurrent with this the Company executed an amendment to the Credit Agreement with its existing lenders (“also known as the “Seventh Amendment”) for the sole intent and outcome of executing the 364-Day Revolving Credit Facility. The 364-Day Revolving Credit Facility provided for borrowings of up to $20 million under a new revolving line of credit. No funds were ever drawn on the 364-Day Revolving Credit Facility. The 364-Day Revolving Credit Facility matured on June 7, 2021. Effective, October 9, 2020, the Company entered into the Eighth Amendment to the Credit Agreement") , with Regions Bank, as Administrative Agent and Collateral Agent and Bank of America, N.A., BOKF, NA dba Bank of Texas, Iberiabank, NBH Bank, Truist Bank, and Trustmark National Bank, as Lenders. The Eighth Amendment provides for administrative revisions to the Credit Agreement, including changes to repayment requirements for involuntary asset dispositions and changes to the timing of repayment for voluntary asset dispositions. There were no debt issuance costs incurred with respect to the Eighth Amendment. The yearly weighted average interest rate for the Credit Facility as of December 31, 2021 was 2.60%. The Company’s obligations under debt arrangements consisted of the following: December 31, 2021 December 31, 2020 Debt Issuance Debt Issuance Principal Costs (1) Total Principal Costs (1) Total Revolving line of credit $ 39,000 $ — $ 39,000 $ — $ — $ — Term loan - current — — — 4,500 (156) 4,344 Other debt 141 — 141 — — — Total current debt 39,141 — 39,141 4,500 (156) 4,344 Revolving line of credit — — — 5,000 (174) 4,826 Term loan - long-term — — — 25,586 (889) 24,697 Other debt 259 — 259 — — — Total long-term debt 259 — 259 30,586 (1,063) 29,523 Total debt $ 39,400 $ — $ 39,400 $ 35,086 $ (1,219) $ 33,867 (1) Total debt issuance costs, include underwriter fees, legal fees and syndication fees and fees related to the execution of the Fourth, Fifth, Sixth, Seventh and Eighth Amendments to the Credit Agreement. Provisions of the revolving line of credit The Company has a maximum borrowing availability under the revolving line of credit and swingline loans (as defined in the Credit Agreement) of $50.0 million. There is a letter of credit sublimit that is equal to the lesser of $20.0 million and the aggregate unused amount of the revolving commitments then in effect. There is also a swingline sublimit equal to the lesser of $5.0 million and the aggregate unused amount of the revolving commitments then in effect. Revolving loans may be designated as Base Rate Loan or Adjusted LIBOR Rate Loans, at the Company’s request, and must be drawn in an aggregate minimum amount of $1.0 million and integral multiples of $250,000 in excess of that amount. Swingline loans must be drawn in an aggregate minimum amount of $250,000 and integral multiples of $50,000 in excess of that amount. The Company may convert, change, or modify such designations from time to time. The Company is subject to a commitment fee for the unused portion of the maximum borrowing availability under the revolving line of credit. The commitment fee, which is due quarterly in arrears, is equal to the Applicable Margin of the actual daily amount by which the Aggregate Revolving Commitments exceeds the Total Revolving Outstanding. The revolving line of credit termination date is the earlier of the Credit Facility termination date, July 31, 2023, or the date the outstanding balance is permanently reduced to zero, in accordance with the terms of the amended Credit Facility. The maturity date for amounts drawn under the revolving line of credit is the earlier of the Facility termination date of July 31, 2023, or the date the outstanding balance is permanently reduced to zero. As of December 31, 2021, the Company had $39.0 million of borrowings under the revolving line of credit. There were $1.7 million in outstanding letters of credit as of December 31, 2021, which reduced the maximum borrowing availability on the revolving line of credit to $9.3 million. During the year ended December 31, 2021, the Company drew down $53.0 million for general corporate purposes and made payments of $19.0 million on the revolving line of credit which resulted in a net increase of $34.0 million. Provisions of the term loan The original principal amount of $60.0 million for the term loan commitment was paid off in quarterly installment payments (as stated in the Credit Agreement). During the quarter ended June 30, 2021, the term loan component of the Credit Facility was fully extinguished, in part using proceeds of the sale of property in Tampa, Florida (see Note 6 Other debt The Company entered into a debt agreement with De Lage Landen Financial Services, Inc. for the purpose of financing a piece of equipment purchased. As of December 31, 2021, the carrying value of this debt is $0.4 million. The agreement is secured by the financed equipment asset and the debt is included as a component of current debt and long-term debt on the Consolidated Balance Sheets. Financial covenants Restrictive financial covenants under the Credit Facility include: • A minimum consolidated EBITDA requirement to not be less than the following during each noted period: - Fiscal Quarter Ending March 31, 2022 - $2.6 million. - Fiscal Quarter Ending June 30, 2022 - $7.7 million on a year-to-date basis. • A consolidated Leverage Ratio to not exceed the following during each noted period: - Fiscal Quarter Ending September 30, 2022 and each Fiscal Quarter thereafter, to not exceed 3.00 to 1.00. • A consolidated Fixed Charge Coverage Ratio to not be less than the following during each noted period: - Fiscal Quarter Ending December 31, 2022 and each Fiscal Quarter thereafter, to not be less than 1.25 to 1.00. In addition, the Credit Facility contains events of default that are usual and customary for similar arrangements, including non-payment of principal, interest or fees; breaches of representations and warranties that are not timely cured; violation of covenants; bankruptcy and insolvency events; and events constituting a change of control. During the fourth quarter of 2021, the Company initiated discussions with the lead bank due to concerns it would not be in compliance with financial covenants. The Company executed the Ninth Amendment during March 2022. With the execution of the aforementioned amendment, the Company obtained a waiver on the financial covenants as of December 31, 2021. For further details of the Ninth Amendment, see Note 20 Derivative Financial Instruments On September 16, 2015, the Company entered into a series of receive-variable, pay-fixed interest rate swaps to hedge the variability in the interest payments on 50% of the aggregate principal amount of the Regions Term Loan outstanding, beginning with a notional amount of $67.5 million. There was a total of five sequential interest rate swaps to achieve the hedged position and each year on August 31, with the exception of the final swap, the existing interest rate swap was scheduled to expire and be immediately replaced with a new interest rate swap until the expiration of the final swap on July 31, 2020. On December 6, 2018, the Company entered into a sixth receive-variable, pay-fixed interest rate swap to hedge the variability of interest payments. The sixth swap began with a notional amount of $27.0 million on July 31, 2020 and hedged the variability in the interest payments on the aggregate scheduled principal amount of the Regions Term Loan outstanding. The sixth swap was scheduled to expire on July 31, 2023. At inception, these interest rate swaps were designated as cash flow hedges for hedge accounting, and as such, the effective portion of unrealized changes in market value were recorded in other comprehensive income (loss) and reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Gains and losses from hedge ineffectiveness were recognized in current earnings. Upon fully extinguishing the Term Loan during the quarter ended June 30, 2021, the Company canceled the remaining term of the sixth swap and no longer owns derivative financial instruments. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |
Other Long-Term Liabilities | 12. Other long-term liabilities at December 31, 2021 and 2020 consisted of the following: December 31, 2021 December 31, 2020 Sale-leaseback arrangement $ 15,969 $ 16,712 Deferred compensation 2,759 2,818 Accrued liabilities expected to be covered by insurance 214 307 Total other long-term liabilities $ 18,942 $ 19,837 Sale-Leaseback Arrangement On September 27, 2019, the Company entered into a purchase and sale agreement (the “Purchase and Sale Agreement”). Pursuant to the terms of the Purchase and Sale Agreement, the Company sold its 17300 & 17140 Market Street location in Channelview, Texas (the “Property”) for a purchase price of $19.1 million. Concurrent with the sale of the Property, the Company entered into a fifteen-year lease agreement (the “Lease Agreement”), whereby the Company will lease back the Property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0% . Under the Lease Agreement, the Company has two consecutive options to extend the term of the Lease by ten years for each such option. This transaction was recorded as a failed sale-leaseback. The Company recorded a liability for the amounts received, will continue to depreciate the non-land portion of the asset, and has imputed an interest rate so that the net carrying amount of the financial liability and remaining assets will be zero at the end of the initial lease term. Concurrently with the sale, the Company paid $18.2 million towards the Term loan portion of the Company’s Credit Facility, consistent with terms of the Sixth Amendment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. The following table presents the components of our consolidated income tax expense for the years ended December 31, 2021, 2020 and 2019: Current Deferred Total Year ended December 31, 2021 U.S. Federal $ — $ — $ — State and local 243 $ (20) $ 223 Foreign 268 11 279 $ 511 $ (9) $ 502 Year ended December 31, 2020 U.S. Federal $ — $ — $ — State and local 589 $ 13 $ 602 Foreign 1,370 4 1,374 $ 1,959 $ 17 $ 1,976 Year ended December 31, 2019 U.S. Federal $ — $ — $ — State and local 716 $ 104 $ 820 Foreign 1,081 (33) 1,048 $ 1,797 $ 71 $ 1,868 The Company’s income tax provision reconciles to the provision at the statutory U.S. federal income tax rate for each year ended December 31, as follows: 2021 2020 2019 Statutory amount $ (2,952) $ 4,662 $ (733) Valuation allowance on foreign tax credits 186 1,344 1,081 State income tax, net of federal benefit 44 792 991 Permanent differences, other 303 558 461 Permanent differences, stock compensation (262) 328 311 Valuation allowance, other 3,108 (5,795) (166) Other 75 87 (77) Consolidated income tax provision $ 502 $ 1,976 $ 1,868 Consolidated effective tax rate (3.6) % 8.9 % (53.5) % In the year ended 2021, the Company’s effective tax rate differed from the statutory federal rate of 21% primarily due to the valuation allowance related to the current year net loss. In the year ended 2020, the Company’s effective tax rate differed from the statutory federal rate of 21% primarily due to the movement in the valuation allowance for current year activity, state income taxes and the non-deductibility of other permanent items. In the year ended 2019, the Company’s effective tax rate differed from the statutory federal rate of 21% primarily due to the recording of an additional valuation allowance to offset net operating loss carryforwards and foreign tax credits generated during the period, foreign taxes, state income taxes and the non-deductibility of certain permanent items. Deferred Taxes The Company’s deferred tax assets and liabilities are as follows: Long Term As of December 31, 2021 2020 Assets related to: Accrued liabilities $ 1,568 $ 1,058 Intangible assets 2,510 2,818 Net operating loss carryforward 11,966 10,259 Stock-based compensation 326 377 Foreign tax credits 3,968 3,782 Goodwill 5,249 6,199 Leases 8,772 10,235 Other 2,040 1,518 Total gross deferred tax assets 36,399 36,246 Less valuation allowance (15,443) (12,493) Total net deferred tax assets 20,956 23,753 Liabilities related to: Depreciation and amortization (20,700) (23,308) Other (384) (582) Total deferred tax liabilities (21,084) (23,890) Net deferred tax liabilities $ (128) $ (137) The Company has net operating loss carryforwards for federal income tax purposes of $30.2 million as of December 31, 2021, which are available to reduce future taxable income. The Company’s federal net operating losses arose after the 2017 tax year and can be carried forward for an indefinite period of time but are limited to offset 80% of taxable income in any given year. The Company has state net operating losses of $124.3 million that expire beginning in 2027. A portion of the state losses that arose after the 2017 tax year may be carried forward indefinitely. Additionally, the Company has foreign tax credits of $4.0 million that can be carried forward for up to ten years. The Company has foreign tax credits that will expire next year. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to realize the existing deferred tax assets. The Company considers the scheduled reversal of deferred tax liabilities, available carryback periods, and tax-planning strategies in making this assessment. According to ASC subtopic 740-10, the Company’s history of losses is a significant piece of objective evidence. This objective evidence is weighed more heavily than the Company’s subjective positive evidence such as our estimated future taxable income and growth. Therefore, as of December 31, 2021, the Company continues to maintain a valuation allowance of $15.4 million. This valuation allowance increased by $3.0 million during the year ended December 31, 2021 primarily to offset net operating losses generated during the current period. Uncertain Tax Benefits The Company and its subsidiaries file consolidated federal income tax returns in the United States and also file in various states and foreign jurisdictions. With few exceptions, the Company remains subject to federal and state income tax examinations for the years of 2013-2021. As of December 31, 2021, the Company has recorded unrecognized tax benefits of $1.6 million for any uncertain tax positions. The Company does not expect that unrecognized tax benefits as of December 31, 2021 for certain federal income tax matters will significantly change over the next 12 months. The final outcome of these uncertain tax positions is not yet determinable. The change in the total gross unrecognized tax benefits and prior year audit resolutions of the Company during the years ended December 31, 2021and 2020 are reconciled in the table below: 2021 2020 Balance at beginning of the year $ 1,614 $ 1,614 Additions based on tax position related to current year — — Additions based on tax positions related to prior years — — Reductions based on tax positions related to current year — — Reductions based on tax positions related to prior years — — Settlements with tax authorities — — Lapse of statute of limitations — — Balance at end of the year $ 1,614 $ 1,614 The Company’s policy is to recognize interest and penalties related to any unrecognized tax liabilities as additional tax expense. No interest or penalties have been accrued at December 31, 2021, 2020 and 2019. The Company believes it has appropriate and adequate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. Although the Company believes its recorded assets and liabilities are reasonable, tax regulations are subject to interpretation and tax litigation is inherently uncertain; therefore the Company’s assessments can involve both a series of complex judgments about future events and rely heavily on estimates and assumptions. Although the Company believes that the estimates and assumptions supporting its assessments are reasonable, the final determination of tax audit settlements and any related litigation could be materially different from that which is reflected in historical income tax provisions and recorded assets and liabilities. If the Company were to settle an audit or a matter under litigation, it could have a material effect on the income tax provision, net income, or cash flows in the period or periods for which that determination is made. Any accruals for tax contingencies are provided for in accordance with U.S. GAAP . The Company does not believe that its tax positions will significantly change due to any settlement and/or expiration of statutes of limitations prior to December 31, 2022. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 14. Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. For the years ended December 31, 2021, 2020 and 2019, the Company had 831,077, 1,159,440, and 1,636,656, securities, respectively, that were potentially dilutive in earnings per share calculations. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. The exercise price for certain stock options awarded by the Company exceeded the average market price of the Company’s common stock for the years ended December 31, 2021, 2020 and 2019. Such stock options are antidilutive and are not included in the computation of earnings per share for those periods. The following table reconciles the denominators used in the computations of both basic and diluted earnings per share: Year ended December 31, 2021 2020 2019 Basic: Weighted average shares outstanding 30,763,527 30,122,362 29,322,054 Diluted: Total basic weighted average shares outstanding 30,763,527 30,122,362 29,322,054 Effect of potentially dilutive securities: Common stock options — — — Total weighted average shares outstanding assuming dilution 30,763,527 30,122,362 29,322,054 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 15. The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans, which include the balance of shares remaining under the 2011 Long Term Incentive Plan (the "2011 LTIP") and 2017 Long Term Incentive Plan (the "2017 LTIP"), which was approved by shareholders in May 2017 and authorized the maximum aggregate number of shares to be issued of 2,400,000. In general, the Company’s 2017 LTIP provides for grants of restricted stock and stock options to be issued with a per-share price equal to the fair market value of a share of common stock on the date of grant. Option terms are specified at each grant date, but are generally are 10 years from the date of issuance. Options generally vest over a three Restricted Stock The following table summarizes the restricted stock activity under the Company’s equity incentive plans : Weighted Number Average of Fair Value Shares Per Share Nonvested at January 1, 2019 417,941 $ 7.04 Granted 757,012 $ 2.52 Vested (585,754) $ 3.74 Forfeited shares (72,627) $ 6.05 Nonvested at December 31, 2019 516,572 $ 4.29 Granted 1,038,044 $ 2.76 Vested (496,797) $ 2.87 Forfeited shares (107,383) $ 7.13 Nonvested at December 31, 2020 950,436 $ 3.04 Granted 916,531 $ 4.58 Vested (690,676) $ 3.43 Forfeited shares (234,232) $ 4.22 Nonvested at December 31, 2021 942,059 $ 3.97 Independent directors receive equity compensation in the form of grants. In May 2021, the Company’s six independent directors each received equity compensation grants of 14,975 shares, with a fair value of $6.01 per share. In September 2021, the Company granted an independent director 18,215 shares of restricted common stock, which vested immediately on the date of grant. The fair value of all shares awarded on the date of grant was $5.49. In May 2020, the Company’s six independent directors each received equity compensation grants of 39,823 shares, with a fair value of $2.26 per share. In January 2019, two new independent directors each received equity compensation grants of 8,427 shares, with a fair value of $4.45 per share. In May 2019, five of the Company’s independent directors each received equity compensation grants of 45,918 shares, with a fair value of $1.96 per share. In October 2019, a In May 2021, certain officers and executives of the Company were awarded 160,000 shares of restricted common stock with a vesting period of three years and a fair value of $6.01 per share. In September 2021, the Company granted an executive of the Company 9,901 shares of restricted common stock with a vesting period of three years and a fair value of $5.05 per share. In December 2021, certain officers and executives of the Company were awarded 139,000 shares of restricted common stock with a vesting period of three years and a fair value of $3.75 per share. In February 2020, the Company granted an executive of the Company 15,121 shares of restricted common stock, which vested immediately on the date of grant. The fair value of all shares awarded on the date of grant was $4.96 per share. In March 2020, certain officers and executives of the Company were awarded 170,235 shares of restricted common stock with a vesting period of three years and a fair value of $3.73 per share. In May 2020, certain officers and executives of the Company were awarded 100,000 shares of restricted common stock with a vesting period of three years and a fair value of $2.26 per share. In September 2020, the Company granted an executive of the Company 25,000 shares of restricted common stock with a vesting period of three years and a fair value of $2.58 per share. In December 2020, certain officers and executives of the Company were awarded 95,000 shares with a vesting period of three years and a fair value of $4.92 per share. In March 2019, the Company granted an executive of the Company 168,350 shares of restricted common stock, which vested one-third at March 31, June 30, and September 30, 2019, respectively. The fair value of all shares awarded on the date of the grant was $2.97 per share. In May 2019, certain officers and executives of the Company were awarded 62,500 shares with a vesting period of three years and a fair value of $1.96 per share. In July 2019, certain officers and executives of the Company were awarded 46,500 shares with a vesting period of three years and a fair value of $3.66. In December 2019, certain officers and executives of the Company were awarded 31,500 shares with a vesting period of three years and a fair value of $5.08 per share. Performance Units In May 2021, the Company awarded certain executives 240,000 performance-based units. The performance-based units will potentially vest 100% if the target is met, with 100% of the units to be earned based on the achievement of an objective, tiered return on invested capital, measured over a three-year performance period. The Company evaluates the probability of achieving this each reporting period. The fair value of all units awarded on the date of the grant was $6.01 per unit. In May 2020, the Company awarded certain executives 300,000 performance-based units. The performance-based units will potentially vest 50% if the target is met, with 25% each vesting on the second and third anniversary of the determination that the target was met, with 100% of the units to be earned based on the achievement of an objective, tiered return on invested capital, measured over a one-year performance period ending June 30,2021. The Company evaluates the probability of achieving this each reporting period. The fair value of all units awarded on the date of the grant was $2.26 per unit. In August 2021, the Company determined the performance-based units awarded in May 2020 vested near the outperformance level established above the target set based on the achievement of an objective, tiered return on invested capital, measured over a one-year performance period ending June 30, 2021. As a result, the executives earned an additional 259,565 performance-based units with a fair value of $2.26, of which 50% vested immediately on the date of determination and 25% each will vest on the first and second anniversary of the date of determination. In May 2019, the Company awarded certain executives 187,500 performance-based units. The performance-based units will potentially vest 50% if the target is met, with 25% each vesting on the second and third anniversary of the grant, with 100% of the units to be earned based on the achievement of an objective, tiered return on invested capital, measured over a one-year performance period. The fair value of all units awarded on the date of the grant was $1.96 per unit. In August 2020, the Company determined the performance-based units awarded in May 2019 vested at the outperformance level established above the target set based on the achievement of an objective, tiered return on invested capital, measured over a one-year performance period ending June 30, 2020. As a result, the executives earned an additional 93,750 performance-based units with a fair value of $1.96, of which 50% vested immediately on the date of determination and 25% each will vest on the first and second anniversary of the date of determination. Stock Options The following table summarizes the stock option activity under the Company’s equity incentive plans: Weighted Weighted Average Average Number Exercise Contractual Aggregate of Price Life Intrinsic Shares Per Share (Years) Value Outstanding at January 1, 2019 1,664,781 $ 8.31 Exercised (7,021) $ 4.94 Forfeited (192,994) $ 15.26 Outstanding at December 31, 2019 1,464,766 $ 7.41 Forfeited (542,151) $ 7.94 Outstanding at December 31, 2020 922,615 $ 7.10 Exercised (28,546) $ 3.86 Forfeited (169,365) $ 6.32 Outstanding at December 31, 2021 724,704 $ 7.41 Vested and expected to vest at December 31, 2021 724,704 $ 7.41 4.57 $ — Exercisable at December 31, 2021 724,704 $ 7.41 4.57 $ — For years ended December 31, 2021, 2020 and 2019, compensation expense related to stock based awards outstanding for the periods was $2.4 million, $2.0 million and $2.8 million, respectively. The Company applies a 3.2% and 5.5% forfeiture rate, which gets compounded over the vesting terms of the individual award, to its restricted stock and option grants, respectively, based on historical analysis. For the year ended December 31, 2021, expense related to the purchase of vested stock-based awards for certain officers of the Company was approximately $0.9 million. For the year ended December 31, 2020, expense related to the purchase of vested stock-based awards for certain officers of the Company was approximately $0.2 million. In the year ended December 31, 2021, the Company received proceeds of approximately $0.1 million upon the exercise of 28,546 options. In the year ended December 31, 2020, no stock options were exercised. In the year ended December 31, 2019, the Company received proceeds of less than $0.1 million upon the exercise of 7,021 options. As of December 31, 2021, total unrecognized compensation expense related to unvested stock was approximately $3.2 million, which is expected to be recognized over a period of approximately 2.2 years. 2021 2020 2019 Total intrinsic value of options exercised $ 50 $ — $ — Total fair value of shares vested $ 93 $ 329 $ 769 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 16. All of the Company’s marine segment employees except the Associate Divers, the Associate Tugmasters, and union employees in the Pacific Northwest, are eligible to participate in the Company’s 401(k) Retirement Plan after completing six months of service. Each participant may contribute between 1% and 80% of eligible compensation on a pre-tax basis, up to the annual IRS limit. The Company matches 100% on the first 2% of eligible compensation contributed to the Plan and 50% on the next 2% of eligible compensation contributed to the Plan. Participants’ contributions are fully vested at all times. Employer matching contributions vest over a four-year period. At its discretion, the Company may make additional matching and profit-sharing contributions. During the years ended December 31, 2021, 2020 and 2019 the Company contributed $1.4 million, $1.2 million and $1.3 million, respectively to the Plan. All of the Company’s concrete segment employees except Leads, Helpers, Laborers, Finishers, Formsetters, Carpenters, Rodbusters, Patchmen, Equipment Operators, Field Engineering Trainees and certain Highly Compensated Employees are eligible to participate in the AGC Southwest Chapters 401(k) Retirement Plan, a multiple employer plan, after completing three months of service. Each participant may contribute up to the annual IRS limit. The Company matches 50% on the first 6% of eligible compensation contributed to the Plan. Participants’ contributions are fully vested at all times. Employer matching contributions vest over a five-year period. At its discretion, the Company may make additional matching and profit-sharing contributions. During the year ended December 31, 2021, 2020 and 2019, the Company contributed $0.9 million, less than $0.1 million and $0.1 million, respectively. The Company contributes to several multi-employer defined pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. Risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: ● Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers; ● If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and ● If the Company chooses to stop participating in its multi-employer plans, it may be required to pay a withdrawal liability based on the underfunded status of the plan. The following table presents the Company’s participation in these plans: Pension Protection Expiration Act ("PPA") of Employer Certified Zone Status FIP/RP Collective Identification (1) Status Contributions Surcharge Bargaining Pension Trust Fund Number 2021 2020 P/I (2) 2021 2020 2019 Imposed Agreement International Union of Operating Engineers - Employers Construction Industry Retirement Plan - Local 302 and 612 Trust Funds 91-6028571 Green Green N/A $ 1,297 $ 2,480 $ 3,021 — 2022 Washington Laborers 91-6022315 Green Green N/A $ 244 $ 236 $ 30 — 2023 Carpenters Retirement Plan of Western Washington 91-6029051 Green Green N/A $ 1,700 $ 1,898 $ 695 — 2022 Cement Masons & Plasterers Trust Funds 91-6066773 Green Green N/A $ 32 $ 39 $ 2 — 2023 Washington-Idaho-Montana Carpenters-Employers Retirement Trust Fund 91-6123987 Yellow Yellow I $ — $ — $ 36 — 2021 Engineers - AGC Retirement Trust of the Inland Empire 91-6070237 Yellow Yellow I $ — $ — $ 20 — 2021 Western Conference of Teamsters Pension Trust Fund 91-6145047 Green Green N/A $ 44 $ 15 $ — — 2023 Alaska Carpenters Trust Fund 92-0120866 Yellow Yellow I $ — $ 271 $ 377 — 2021 Alaska Laborers Trust Fund 91-6028298 Yellow Yellow I $ — $ 226 $ 552 — 2023 (1) The most recent PPA zone status available in 2021 and 2020 is for the plan’s year end during 2020 and 2019, respectively. Zone status is based on information received from the plan and is indicative of the plans funding status. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (2) The FIP/RP Status P/I column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending ("P"), or implemented ("I"). There are currently no plans to withdraw from any of the multi-employer plans in which the Company participates. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. On August 21, 2020, a Company dredge, the Waymon L. Boyd, was consumed by a fire while working on a project in the Port of Corpus Christi. Five and compensatory damages. The Company then filed a Default Motion with the Court which was granted on April 8, 2021 that barred the filing of any further claims. Applicable accounting guidance under ASC 450 required the Company to recognize a loss if the loss is determined to be probable and reasonably estimable. As of December 31, 2021, we have recognized $206.7 million in total liabilities with respect to this incident, which includes approximately $192.0 million paid by the Company to date (including full settlements with 17 of the 18 crewmembers and wreck removal costs), and accruals totaling approximately $14.6 million for outstanding claims. Since the end of the year the remaining crewmember claim has been settled, funded, and reimbursed, and the remaining property damages claim has settled, with funding and reimbursement pending. Thus, all claims arising from the August 21, 2020 incident have been settled within insurance coverage limits, the carriers of such insurance have reimbursed the Company $189.6 million, to date, and the Company remains confident that it otherwise has adequate vessels, equipment, and personnel to fulfill all ongoing, booked and reasonably foreseeable work. In addition, the Company is involved in various other legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes that it has recorded adequate accrued liabilities and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies. A legal matter was settled in the Company’s favor for $5.5 million during the first quarter of 2018. Settlement amounts were recorded in Other gain from continuing operations in the Condensed Consolidated Statement of Operations, Prepaid expenses and other (current portion of the notes receivable) and Other non-current assets (non-current portion of the notes receivable) in the Condensed Consolidated Balance Sheets. As of December 31, 2021, the current portion of the notes receivable was $0.8 million and the non-current portion was $1.1 million, net of $0.1 million of unamortized discount. Legal fees related to this matter were expensed as incurred during the respective reporting period. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 18. The Company currently operates in two reportable segments: marine and concrete. The Company’s financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments. Segment information for the periods presented is provided as follows: Year Ended December 31, 2021 2020 2019 Marine Contract revenues $ 263,915 $ 388,173 $ 369,138 Operating income 5,760 29,815 12,841 Depreciation and amortization expense (17,287) (18,369) (19,889) Total assets $ 236,773 $ 290,372 Property and equipment, net 93,383 109,298 Concrete Contract revenues $ 337,445 $ 321,769 $ 339,252 Operating income (15,077) (3,229) (10,648) Depreciation and amortization expense (8,143) (8,848) (8,519) Total assets $ 114,977 $ 123,817 Property and equipment, net 13,271 16,199 In connection with the preparation of the financial statements for the year ended December 31, 2021, the Company has identified and corrected certain immaterial errors in segment reporting for all periods presented. Specifically, certain corporate overhead costs previously recorded to the marine segment as part of operating income (loss) and allocated from the marine segment to the concrete segment below operating income in the other income (expense) line have been allocated from the marine segment to the concrete segment as part of the determination of operating income for each operating income There was less than $0.1 million in intersegment revenues between the Company’s two reportable segments for the year ended December 31, 2021. There were $2.8 million in intersegment revenues between the Company’s two reportable segments for the year ended December 31, 2020. The marine segment had foreign revenues of $2.9 million and $12.5. million, respectively, for the years ended December 31, 2021 and 2020. These revenues are derived from projects in the Caribbean Basin and Mexico and are paid primarily in U.S. dollars. There was no foreign revenue for the concrete segment. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 19. Leases The Company has operating and finance leases for office space, equipment and vehicles. Leases recorded on the balance sheet consists of the following: December 31, December 31, Leases 2021 2020 Assets Operating lease right-of-use assets, net (1) $ 14,686 $ 18,874 Financing lease right-of-use assets, net (2) 14,561 12,858 Total assets $ 29,247 $ 31,732 Liabilities Current Operating $ 3,857 $ 4,989 Financing 3,406 3,901 Total current 7,263 8,890 Noncurrent Operating 11,637 14,537 Financing 10,908 8,376 Total noncurrent 22,545 22,913 Total liabilities $ 29,808 $ 31,803 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $9.5 million and $9.0 million as of December 31, 2021 and 2020, respectively. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $2.7 million and $6.4 million as of December 31, 2021 and 2020, respectively. Other information related to lease term and discount rate is as follows: December 31, December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) Operating leases 4.90 5.25 Financing leases 4.70 4.96 Weighted Average Discount Rate Operating leases 4.75 % 4.73 % Financing leases 4.28 % 4.46 % The components of lease expense are as follows: Year Ended December 31, 2021 2020 2019 Operating lease costs: Operating lease cost $ 5,814 $ 6,430 $ 6,930 Short-term lease cost (1) 1,607 3,871 2,001 Financing lease costs: Interest on lease liabilities 491 548 362 Amortization of right-of-use assets 2,822 3,324 2,312 Total lease cost $ 10,734 $ 14,173 $ 11,605 (1) Includes expenses related to leases with a lease term of more than one month but less than one year. Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5,666 $ 6,262 $ 6,887 Operating cash flows for finance leases $ 491 $ 548 $ 362 Financing cash flows for finance leases $ 3,035 $ 3,619 $ 2,906 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 1,567 $ 7,829 $ 25,743 ROU assets obtained in exchange for new financing lease liabilities $ 7,318 $ 11,270 $ 1,021 Maturities of lease liabilities are summarized as follows: Operating Leases Finance Leases Year ending December 31, 2022 $ 4,495 $ 3,990 2023 3,666 3,134 2024 2,838 2,574 2025 2,354 1,968 2026 1,730 2,105 Thereafter 2,359 2,322 Total future minimum lease payments 17,442 16,093 Less - amount representing interest 1,948 1,779 Present value of future minimum lease payments 15,494 14,314 Less - current lease obligations 3,857 3,406 Long-term lease obligations $ 11,637 $ 10,908 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Event | |
Subsequent Event | 20. Subsequent Event During the fourth quarter of 2021, the Company initiated discussions with the lead bank due to concerns it would not be in compliance with financial covenants. The Company executed the Ninth Amendment during March 2022. With the execution of the aforementioned amendment, the Company obtained a waiver on the financial covenants as of December 31, 2021. This amendment to the Credit Agreement will among other things, waive covenant defaults, reset the revolver limit, implement an anti-cash hoarding provision and institute temporary covenant requirements. As of the execution date, the amendment will require a minimum consolidated EBITDA of $2.6 million in the first quarter of 2022 and a minimum consolidated EBITDA of $7.7 million in the second quarter of 2022 on a year-to-date basis. The consolidated leverage ratio requirement will be reinstated at not to exceed 3.00 times in the third quarter of 2022. The consolidated fixed charge coverage ratio requirement will be reinstated at not to be less than 1.25 times in the fourth quarter of 2022. Additionally, as of the execution date, the amendment will reduce the commitment on the revolving line of credit to $42.5 million. With the execution of the Ninth Amendment, the existing Credit Facility will be treated as a modification of debt and accounted for under the guidelines of ASC 470-50, Debt, Modifications and Extinguishments. The new debt issuance costs of approximately $1.0 million, inclusive of appraisal and bank consulting fees, related to the execution of the Ninth Amendment will be amortized through the maturity date. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | ORION GROUP HOLDINGS, INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Dollars in thousands) Balance at the Charged to Balance at the Beginning of Revenue, Cost End of Description the Period or Expense Deduction the Period Year ended December 31, 2019 Allowance for credit losses $ 4,280 $ — $ 1,680 $ 2,600 Reserve for losses on uncompleted contracts $ 22,770 $ 2,455 $ 14,300 $ 10,925 Year ended December 31, 2020 Allowance for credit losses $ 2,600 $ (487) $ 1,702 $ 411 Reserve for losses on uncompleted contracts $ 10,925 $ 543 $ 9,995 $ 1,473 Year ended December 31, 2021 Allowance for credit losses $ 411 $ — $ 88 $ 323 Reserve for losses on uncompleted contracts $ 1,473 $ 33 $ 1,472 $ 34 |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements include the accounts of the parent company, Orion Group Holdings, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In connection with preparing consolidated financial statements for each annual and interim reporting period, the Company is required to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Substantial doubt exists when conditions and events, considered in aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans and actions that have not been fully implemented as of the date that the financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued; and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued. The assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether the Company has adequate liquidity to operate. Significant assumptions used in the Company's forecasted model of liquidity include forecasted sales, costs, our ability to manage spending on capital expenditures, limit spending on the ERP system implementation and improve working capital. Based on a careful assessment of these factors management believes that the Company will have adequate liquidity for its operations for at least the next 12 months. Therefore, management’s conclusion is that substantial doubt is not raised as to our ability to continue as a going concern. |
Revenue Recognition | Revenue Recognition The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty services. The Company’s projects are typically brief in duration, however may span a period of over one year. The Company determines the appropriate accounting treatment for each contract before work begins and, subject to qualifications discussed in the next paragraph, generally records contract over time. Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under Topic 606. Each of the Company’s contracts and related change orders typically represent a single performance obligation because the Company provides an integrated service and individual goods and services are not separately identifiable. Revenue is recognized over time because control of the promised goods and services are continuously transferred to the customer over the life of the contract. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the stand-alone selling price of each distinct good or service. Progress is measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract costs include all direct costs, such as material and labor, and those indirect costs incurred that are related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Upfront costs, such as costs to mobilize personnel and equipment prior to satisfying a performance obligation are capitalized and amortized over the contract performance period. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and reported revenue and are recognized in the period in which the revisions are determined. The effect of changes in estimates of contract revenue or contract costs is recognized as an adjustment to recognized revenue on a cumulative catch-up basis. When the Company anticipates a loss on a contract that is not yet complete, it recognizes the entire loss in the period in which such losses are determined. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. Contract revenue is derived from the original contract price as modified by agreed-upon change orders and estimates of variable consideration related to incentive fees and change orders or claims for which price has not yet been agreed by the customer. The Company estimates variable consideration based on its assessment of the most likely amount to which it expects to be entitled. Variable consideration is included in the estimated recognition of revenue to the extent it is probable that a significant reversal of cumulative recognized revenue will not occur. A determination that the collection of a claim is probable is based upon compliance with the terms of the contract and the extent to which the Company performed in accordance therewith but does not guarantee collection in full. Assets and liabilities derived from contracts with customers include the following: ● Accounts Receivable: Trade, net of allowance - Represent amounts billed and currently due from customers and are stated at their estimated net realizable value. ● Accounts Receivable: Retainage - Represent amounts which have not been billed to or paid by customers due to retainage provisions in construction contracts, which amounts generally become payable upon contract completion and acceptance by the customer. ● Contract Assets - Represent revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract and are recorded as a current asset, until such amounts are either received or written off. ● Contract Liabilities - Represent billings in excess of revenues recognized and are recorded as a current liability, until the underlying obligation has been performed or discharged. |
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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at December 31, 2021 and December 31, 2020 consisted primarily of overnight bank deposits. |
Risk Concentrations | Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the historical carrying value, net of allowances for credit losses. The Company has significant investments in billed and unbilled receivables as of December 31, 2021 and December 31, 2020. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts represent recoverable costs and accrued profits that are not yet capable of being billed under the terms of the applicable contracts. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk receivables identified by management are reviewed individually for collectability. In establishing an allowance for credit losses, the Company evaluates its contract receivables and contract assets and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than the carrying value. As of December 31, 2021, and December 31, 2020, the Company has recorded an allowance for credit losses of $0.3 million and $0.4 million, respectively. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at December 31, 2021 totaled $41.4 million, of which $5.4 million is expected to be collected beyond December 31, 2022. Retainage at December 31, 2020 totaled $36.5 million. From time to time, the Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts previously recorded, which could result in the recording of a loss in the amount of the shortfall. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. |
Advertising Costs | Advertising Costs The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. |
Environmental Costs | Environmental Costs Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Environmental liabilities, if any, are recognized when the liability is considered probable and the amount can be reasonably estimated. The Company did not recognize any environmental liabilities as of December 31, 2021 or December 31, 2020. |
Fair Value Measurements | Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 8 The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets. |
Inventory | Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime and is valued at the lower of cost (using historical average cost) or net realizable value. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years The Company generally uses accelerated depreciation methods for tax purposes where beneficial. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. There were no assets classified as held for sale as of December 31, 2021 or December 31, 2020. |
Leases | Leases Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 19 |
Intangible Assets | Intangible Assets Intangible assets that have finite lives are amortized. In addition, the Company evaluates the remaining useful life of intangible assets in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. Intangible assets that have infinite lives are not amortized, but are subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset may be impaired. The Company has one infinite-lived intangible asset, a trade name, which it tests for impairment annually on October 31, or whenever events or circumstances indicate that the carrying amount of the trade name may not be recoverable. Impairment is calculated as the excess of the trade name’s carrying value over its fair value. The fair value of the trade name is determined using the relief from royalty method, a variation of the income approach. This method assumes that if a company owns intellectual property, it does not have to “rent” the asset and is, therefore, “relieved” from paying a royalty. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. See Note 9 |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of subjective assumptions in the computation. Changes in these assumptions can cause significant fluctuations in the fair value of the option award. The fair value of restricted stock grants is equivalent to the fair value of the stock issued on the date of grant and is measured as the closing price of the stock on the date of grant. Compensation expense is recognized only for stock-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations. This assessment is updated on a periodic basis. See Note 15 |
Income Taxes | Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, Income Taxes on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. See Note 13 |
Insurance Coverage | Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers’ compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company’s workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the Consolidated Statements of Operations in the period in which they become known. The Company’s concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. The total accrual for insurance claims liabilities was $19.8 million and $60.4 million at December 31, 2021 and December 31, 2020, respectively, reflected as a component of accrued liabilities in the consolidated balance sheet. The total accrual for insurance claims receivable was $13.3 million and $57.0 million at December 31, 2021 and December 31, 2020, respectively, reflected as a component of other current accounts receivable in the consolidated balance sheet. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an "ASU") from time to time to its Accounting Standards Codification (‘ASC’), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes During the periods presented in these financial statements, the Company implemented other new accounting pronouncements other than those noted above that are discussed in the notes where applicable. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of depreciable lives of property, plant and equipment | Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Year ended December 31, 2021 2020 2019 Marine Segment Construction $ 169,554 $ 272,870 $ 242,527 Dredging 80,831 106,647 112,303 Specialty Services 13,530 8,656 14,308 Marine segment contract revenues $ 263,915 $ 388,173 $ 369,138 Concrete Segment Structural $ 58,420 $ 85,904 $ 54,497 Light Commercial 279,018 235,835 284,624 Other 7 30 131 Concrete segment contract revenues $ 337,445 $ 321,769 $ 339,252 Total contract revenues $ 601,360 $ 709,942 $ 708,390 |
Concentration of Risk and Ent_2
Concentration of Risk and Enterprise-Wide Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and contract retainage receivables | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | December 31, 2021 December 31, 2020 Federal Government $ 6,563 5 % $ 4,826 4 % State Governments 61 - % — - % Local Governments 11,923 9 % 17,823 13 % Private Companies 111,328 86 % 110,616 83 % Gross receivables 129,875 100 % 133,265 100 % Allowance for credit losses (323) (411) Net receivables $ 129,552 $ 132,854 |
Contract revenues | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | 2021 % 2020 % 2019 % Federal Government $ 54,480 9 % $ 51,793 7 % $ 46,425 6 % State Governments 4,790 1 % 27,574 4 % 47,831 7 % Local Government 120,311 20 % 202,839 29 % 212,958 30 % Private Companies 421,779 70 % 427,736 60 % 401,176 57 % Total contract revenues $ 601,360 100 % $ 709,942 100 % $ 708,390 100 % |
Contracts in Progress (Tables)
Contracts in Progress (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contractors [Abstract] | |
Schedule of contracts in progress | December 31, December 31, 2021 2020 Costs incurred on uncompleted contracts $ 1,138,298 $ 1,151,987 Estimated earnings 168,861 202,369 1,307,159 1,354,356 Less: Billings to date (1,305,628) (1,355,220) $ 1,531 $ (864) Included in the accompanying Consolidated Balance Sheets under the following captions: Contract assets $ 28,529 $ 32,271 Contract liabilities (26,998) (33,135) $ 1,531 $ (864) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment | December 31, December 31, 2021 2020 Automobiles and trucks $ 2,337 $ 2,379 Building and improvements 34,796 44,324 Construction equipment 137,786 142,661 Vessels and other equipment 82,455 79,499 Office equipment 6,430 5,577 263,804 274,440 Less: Accumulated depreciation (191,542) (186,615) Net book value of depreciable assets 72,262 87,825 Construction in progress 6,507 1,809 Land 27,885 35,863 $ 106,654 $ 125,497 |
Other Current Accounts Receiv_2
Other Current Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Current Accounts Receivable | |
Schedule of other current accounts receivable | December 31, 2021 December 31, 2020 Insurance claims receivable $ 13,273 $ 57,021 Accident loss receivables 3,760 1,448 Other current receivables 552 1,023 Total other current accounts receivable $ 17,585 $ 59,492 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value, assets and liabilities measured on recurring basis | Fair Value Measurements Carrying Value Level 1 Level 2 Level 3 December 31, 2021 Assets: Cash surrender value of life insurance policy $ 2,813 — 2,813 — Liabilities: Derivatives $ — — — — December 31, 2020 Assets: Cash surrender value of life insurance policy $ 3,169 — 3,169 — Liabilities: Derivatives $ 1,602 — 1,602 — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes and amortization of finite-lived intangible assets | December 31, December 31, 2021 2020 Finite-lived intangible assets, beginning of period $ 35,240 $ 35,240 Additions — — Total finite-lived intangible assets, end of period $ 35,240 $ 35,240 Accumulated amortization, beginning of period $ (32,055) $ (29,985) Current year amortization (1,521) (2,070) Total accumulated amortization (33,576) (32,055) Net finite-lived intangible assets, end of period $ 1,664 3,185 Infinite-lived intangible assets 6,892 6,892 Total net intangible assets $ 8,556 $ 10,077 |
Summary of finite-lived intangible assets amortization expense | 2022 1,238 2023 389 2024 37 $ 1,664 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | December 31, 2021 December 31, 2020 Accrued salaries, wages and benefits $ 9,879 $ 15,071 Accrued liabilities expected to be covered by insurance 19,818 60,365 Sales taxes 5,113 5,909 Property taxes 1,047 908 Sale-leaseback arrangement 743 676 Accounting and audit fees 413 344 Interest 23 22 Equipment purchase — 461 Other accrued expenses 1,558 881 Total accrued liabilities $ 38,594 $ 84,637 |
Long-term Debt and Line of Cr_2
Long-term Debt and Line of Credit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | December 31, 2021 December 31, 2020 Debt Issuance Debt Issuance Principal Costs (1) Total Principal Costs (1) Total Revolving line of credit $ 39,000 $ — $ 39,000 $ — $ — $ — Term loan - current — — — 4,500 (156) 4,344 Other debt 141 — 141 — — — Total current debt 39,141 — 39,141 4,500 (156) 4,344 Revolving line of credit — — — 5,000 (174) 4,826 Term loan - long-term — — — 25,586 (889) 24,697 Other debt 259 — 259 — — — Total long-term debt 259 — 259 30,586 (1,063) 29,523 Total debt $ 39,400 $ — $ 39,400 $ 35,086 $ (1,219) $ 33,867 (1) Total debt issuance costs, include underwriter fees, legal fees and syndication fees and fees related to the execution of the Fourth, Fifth, Sixth, Seventh and Eighth Amendments to the Credit Agreement. |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |
Schedule of other long-term liabilities | December 31, 2021 December 31, 2020 Sale-leaseback arrangement $ 15,969 $ 16,712 Deferred compensation 2,759 2,818 Accrued liabilities expected to be covered by insurance 214 307 Total other long-term liabilities $ 18,942 $ 19,837 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax (benefit) expense | Current Deferred Total Year ended December 31, 2021 U.S. Federal $ — $ — $ — State and local 243 $ (20) $ 223 Foreign 268 11 279 $ 511 $ (9) $ 502 Year ended December 31, 2020 U.S. Federal $ — $ — $ — State and local 589 $ 13 $ 602 Foreign 1,370 4 1,374 $ 1,959 $ 17 $ 1,976 Year ended December 31, 2019 U.S. Federal $ — $ — $ — State and local 716 $ 104 $ 820 Foreign 1,081 (33) 1,048 $ 1,797 $ 71 $ 1,868 |
Schedule of effective income tax reconciliation | 2021 2020 2019 Statutory amount $ (2,952) $ 4,662 $ (733) Valuation allowance on foreign tax credits 186 1,344 1,081 State income tax, net of federal benefit 44 792 991 Permanent differences, other 303 558 461 Permanent differences, stock compensation (262) 328 311 Valuation allowance, other 3,108 (5,795) (166) Other 75 87 (77) Consolidated income tax provision $ 502 $ 1,976 $ 1,868 Consolidated effective tax rate (3.6) % 8.9 % (53.5) % |
Schedule of deferred tax assets and liabilities | Long Term As of December 31, 2021 2020 Assets related to: Accrued liabilities $ 1,568 $ 1,058 Intangible assets 2,510 2,818 Net operating loss carryforward 11,966 10,259 Stock-based compensation 326 377 Foreign tax credits 3,968 3,782 Goodwill 5,249 6,199 Leases 8,772 10,235 Other 2,040 1,518 Total gross deferred tax assets 36,399 36,246 Less valuation allowance (15,443) (12,493) Total net deferred tax assets 20,956 23,753 Liabilities related to: Depreciation and amortization (20,700) (23,308) Other (384) (582) Total deferred tax liabilities (21,084) (23,890) Net deferred tax liabilities $ (128) $ (137) |
Schedule of Unrecognized tax benefits | 2021 2020 Balance at beginning of the year $ 1,614 $ 1,614 Additions based on tax position related to current year — — Additions based on tax positions related to prior years — — Reductions based on tax positions related to current year — — Reductions based on tax positions related to prior years — — Settlements with tax authorities — — Lapse of statute of limitations — — Balance at end of the year $ 1,614 $ 1,614 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | Year ended December 31, 2021 2020 2019 Basic: Weighted average shares outstanding 30,763,527 30,122,362 29,322,054 Diluted: Total basic weighted average shares outstanding 30,763,527 30,122,362 29,322,054 Effect of potentially dilutive securities: Common stock options — — — Total weighted average shares outstanding assuming dilution 30,763,527 30,122,362 29,322,054 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of restricted stock activity | Weighted Number Average of Fair Value Shares Per Share Nonvested at January 1, 2019 417,941 $ 7.04 Granted 757,012 $ 2.52 Vested (585,754) $ 3.74 Forfeited shares (72,627) $ 6.05 Nonvested at December 31, 2019 516,572 $ 4.29 Granted 1,038,044 $ 2.76 Vested (496,797) $ 2.87 Forfeited shares (107,383) $ 7.13 Nonvested at December 31, 2020 950,436 $ 3.04 Granted 916,531 $ 4.58 Vested (690,676) $ 3.43 Forfeited shares (234,232) $ 4.22 Nonvested at December 31, 2021 942,059 $ 3.97 |
Schedule of stock options activity | Weighted Weighted Average Average Number Exercise Contractual Aggregate of Price Life Intrinsic Shares Per Share (Years) Value Outstanding at January 1, 2019 1,664,781 $ 8.31 Exercised (7,021) $ 4.94 Forfeited (192,994) $ 15.26 Outstanding at December 31, 2019 1,464,766 $ 7.41 Forfeited (542,151) $ 7.94 Outstanding at December 31, 2020 922,615 $ 7.10 Exercised (28,546) $ 3.86 Forfeited (169,365) $ 6.32 Outstanding at December 31, 2021 724,704 $ 7.41 Vested and expected to vest at December 31, 2021 724,704 $ 7.41 4.57 $ — Exercisable at December 31, 2021 724,704 $ 7.41 4.57 $ — |
Schedule of intrinsic value of options exercised and fair value of shares vested | 2021 2020 2019 Total intrinsic value of options exercised $ 50 $ — $ — Total fair value of shares vested $ 93 $ 329 $ 769 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of multi-employer plans | Pension Protection Expiration Act ("PPA") of Employer Certified Zone Status FIP/RP Collective Identification (1) Status Contributions Surcharge Bargaining Pension Trust Fund Number 2021 2020 P/I (2) 2021 2020 2019 Imposed Agreement International Union of Operating Engineers - Employers Construction Industry Retirement Plan - Local 302 and 612 Trust Funds 91-6028571 Green Green N/A $ 1,297 $ 2,480 $ 3,021 — 2022 Washington Laborers 91-6022315 Green Green N/A $ 244 $ 236 $ 30 — 2023 Carpenters Retirement Plan of Western Washington 91-6029051 Green Green N/A $ 1,700 $ 1,898 $ 695 — 2022 Cement Masons & Plasterers Trust Funds 91-6066773 Green Green N/A $ 32 $ 39 $ 2 — 2023 Washington-Idaho-Montana Carpenters-Employers Retirement Trust Fund 91-6123987 Yellow Yellow I $ — $ — $ 36 — 2021 Engineers - AGC Retirement Trust of the Inland Empire 91-6070237 Yellow Yellow I $ — $ — $ 20 — 2021 Western Conference of Teamsters Pension Trust Fund 91-6145047 Green Green N/A $ 44 $ 15 $ — — 2023 Alaska Carpenters Trust Fund 92-0120866 Yellow Yellow I $ — $ 271 $ 377 — 2021 Alaska Laborers Trust Fund 91-6028298 Yellow Yellow I $ — $ 226 $ 552 — 2023 (1) The most recent PPA zone status available in 2021 and 2020 is for the plan’s year end during 2020 and 2019, respectively. Zone status is based on information received from the plan and is indicative of the plans funding status. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (2) The FIP/RP Status P/I column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending ("P"), or implemented ("I"). |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting | Year Ended December 31, 2021 2020 2019 Marine Contract revenues $ 263,915 $ 388,173 $ 369,138 Operating income 5,760 29,815 12,841 Depreciation and amortization expense (17,287) (18,369) (19,889) Total assets $ 236,773 $ 290,372 Property and equipment, net 93,383 109,298 Concrete Contract revenues $ 337,445 $ 321,769 $ 339,252 Operating income (15,077) (3,229) (10,648) Depreciation and amortization expense (8,143) (8,848) (8,519) Total assets $ 114,977 $ 123,817 Property and equipment, net 13,271 16,199 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of leases recorded on the balance sheet | December 31, December 31, Leases 2021 2020 Assets Operating lease right-of-use assets, net (1) $ 14,686 $ 18,874 Financing lease right-of-use assets, net (2) 14,561 12,858 Total assets $ 29,247 $ 31,732 Liabilities Current Operating $ 3,857 $ 4,989 Financing 3,406 3,901 Total current 7,263 8,890 Noncurrent Operating 11,637 14,537 Financing 10,908 8,376 Total noncurrent 22,545 22,913 Total liabilities $ 29,808 $ 31,803 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $9.5 million and $9.0 million as of December 31, 2021 and 2020, respectively. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $2.7 million and $6.4 million as of December 31, 2021 and 2020, respectively. |
Schedule of information related to lease terms and discount rates | December 31, December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) Operating leases 4.90 5.25 Financing leases 4.70 4.96 Weighted Average Discount Rate Operating leases 4.75 % 4.73 % Financing leases 4.28 % 4.46 % |
Schedule of components of lease expense | Year Ended December 31, 2021 2020 2019 Operating lease costs: Operating lease cost $ 5,814 $ 6,430 $ 6,930 Short-term lease cost (1) 1,607 3,871 2,001 Financing lease costs: Interest on lease liabilities 491 548 362 Amortization of right-of-use assets 2,822 3,324 2,312 Total lease cost $ 10,734 $ 14,173 $ 11,605 (1) Includes expenses related to leases with a lease term of more than one month but less than one year. |
Schedule of supplemental cash flow information | Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5,666 $ 6,262 $ 6,887 Operating cash flows for finance leases $ 491 $ 548 $ 362 Financing cash flows for finance leases $ 3,035 $ 3,619 $ 2,906 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 1,567 $ 7,829 $ 25,743 ROU assets obtained in exchange for new financing lease liabilities $ 7,318 $ 11,270 $ 1,021 |
Schedule of operating lease maturities | Operating Leases Finance Leases Year ending December 31, 2022 $ 4,495 $ 3,990 2023 3,666 3,134 2024 2,838 2,574 2025 2,354 1,968 2026 1,730 2,105 Thereafter 2,359 2,322 Total future minimum lease payments 17,442 16,093 Less - amount representing interest 1,948 1,779 Present value of future minimum lease payments 15,494 14,314 Less - current lease obligations 3,857 3,406 Long-term lease obligations $ 11,637 $ 10,908 |
Schedule of finance lease maturities | Operating Leases Finance Leases Year ending December 31, 2022 $ 4,495 $ 3,990 2023 3,666 3,134 2024 2,838 2,574 2025 2,354 1,968 2026 1,730 2,105 Thereafter 2,359 2,322 Total future minimum lease payments 17,442 16,093 Less - amount representing interest 1,948 1,779 Present value of future minimum lease payments 15,494 14,314 Less - current lease obligations 3,857 3,406 Long-term lease obligations $ 11,637 $ 10,908 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) - segment | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of operating segments | 2 | 2 | |
Number of reportable segments | 2 | 2 | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash and Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable [Abstract] | ||
Allowance for credit losses | $ 300 | $ 400 |
Retainage | 41,379 | $ 36,485 |
Retainage, long-term | $ 5,400 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Property and Equipment (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)Asset | Dec. 31, 2020USD ($) | |
Property, Plant and Equipment | ||
Assets classified as held-for-sale | $ | $ 0 | $ 0 |
Infinite-lived intangible assets | ||
Number of infinite-lived intangible assets | Asset | 1 | |
Equipment improvement | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Equipment improvement | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Automobiles and trucks | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Automobiles and trucks | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Building and improvements | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Building and improvements | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 30 years | |
Construction equipment | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Construction equipment | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Vessels and other equipment | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Vessels and other equipment | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 40 years | |
Office equipment | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Office equipment | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 5 years | |
Dry-docking capitalized costs | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Dry-docking capitalized costs | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 7 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Insurance Coverage (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)policyitem | Dec. 31, 2020USD ($) | |
Insurance Coverage | ||
Number of employee health care insurance policies | policy | 2 | |
Accrued insurance claims liability | $ 19,800 | $ 60,400 |
Accrued insurance claims receivables | $ 13,273 | $ 57,021 |
Marine Segment | ||
Insurance Coverage | ||
Levels of insurance coverage maintained by the Company | item | 5 | |
Amount in excess of primary insurance coverage | $ 200,000 | |
Marine Segment | Other liability policies | ||
Insurance Coverage | ||
Primary limit of insurance coverage | 1,000 | |
Marine Segment | Maritime employer's liability | ||
Insurance Coverage | ||
Primary limit of insurance coverage | 10,000 | |
Marine Segment | Watercraft pollution policy | ||
Insurance Coverage | ||
Primary limit of insurance coverage | $ 5,000 | |
Concrete Segment | ||
Insurance Coverage | ||
Levels of insurance coverage maintained by the Company | item | 5 | |
Amount in excess of primary insurance coverage | $ 200,000 | |
Concrete Segment | Other liability policies | ||
Insurance Coverage | ||
Primary limit of insurance coverage | $ 1,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Accounting Standards Adopted (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Allowance for credit losses | $ (487) |
Revenue (Details)
Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($)segment | |
Disaggregation of Revenue [Line Items] | |||
Contract revenues | $ 601,360 | $ 709,942 | $ 708,390 |
Number of reportable segments | segment | 2 | 2 | 2 |
Marine Segment | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | $ 263,915 | $ 388,173 | $ 369,138 |
Marine Segment | Construction | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | 169,554 | 272,870 | 242,527 |
Marine Segment | Dredging | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | 80,831 | 106,647 | 112,303 |
Marine Segment | Specialty Services | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | 13,530 | 8,656 | 14,308 |
Concrete Segment | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | 337,445 | 321,769 | 339,252 |
Concrete Segment | Structural | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | 58,420 | 85,904 | 54,497 |
Concrete Segment | Light Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | 279,018 | 235,835 | 284,624 |
Concrete Segment | Other | |||
Disaggregation of Revenue [Line Items] | |||
Contract revenues | $ 7 | $ 30 | $ 131 |
Concentration of Risk and Ent_3
Concentration of Risk and Enterprise-Wide Disclosures (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)customer | Dec. 31, 2020USD ($)customer | Dec. 31, 2019USD ($)customer | |
Concentration Risk [Line Items] | |||
Allowance for credit losses | $ (323) | $ (411) | |
Contract revenues | $ 601,360 | $ 709,942 | $ 708,390 |
Foreign | |||
Concentration Risk [Line Items] | |||
Contract revenues, percent | 0.50% | 1.80% | 1.60% |
Customer concentration risk | Trade and contract retainage receivables | |||
Concentration Risk [Line Items] | |||
Gross receivables | $ 129,875 | $ 133,265 | |
Allowance for credit losses | (323) | (411) | |
Net receivables | $ 129,552 | $ 132,854 | |
Number of customers exceeding the 10% benchmark percentage | customer | 0 | 0 | |
Concentration risk, percentage | 100.00% | 100.00% | |
Customer concentration risk | Contract revenues | |||
Concentration Risk [Line Items] | |||
Number of customers exceeding the 10% benchmark percentage | customer | 0 | 0 | |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
Contract revenues | $ 601,360 | $ 709,942 | $ 708,390 |
Customer concentration risk | Federal Government | Trade and contract retainage receivables | |||
Concentration Risk [Line Items] | |||
Gross receivables | $ 6,563 | $ 4,826 | |
Concentration risk, percentage | 5.00% | 4.00% | |
Customer concentration risk | Federal Government | Contract revenues | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 9.00% | 7.00% | 6.00% |
Contract revenues | $ 54,480 | $ 51,793 | $ 46,425 |
Customer concentration risk | State Governments | Trade and contract retainage receivables | |||
Concentration Risk [Line Items] | |||
Gross receivables | $ 61 | ||
Customer concentration risk | State Governments | Contract revenues | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 1.00% | 4.00% | 7.00% |
Contract revenues | $ 4,790 | $ 27,574 | $ 47,831 |
Customer concentration risk | Local Governments | Trade and contract retainage receivables | |||
Concentration Risk [Line Items] | |||
Gross receivables | $ 11,923 | $ 17,823 | |
Concentration risk, percentage | 9.00% | 13.00% | |
Customer concentration risk | Local Governments | Contract revenues | |||
Concentration Risk [Line Items] | |||
Number of customers exceeding the 10% benchmark percentage | customer | 1 | ||
Concentration risk, percentage | 20.00% | 29.00% | 30.00% |
Contract revenues | $ 120,311 | $ 202,839 | $ 212,958 |
Customer concentration risk | Local Governments | Contract revenues | Customer One | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.40% | ||
Customer concentration risk | Private Companies | Trade and contract retainage receivables | |||
Concentration Risk [Line Items] | |||
Gross receivables | $ 111,328 | $ 110,616 | |
Concentration risk, percentage | 86.00% | 83.00% | |
Customer concentration risk | Private Companies | Contract revenues | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 70.00% | 60.00% | 57.00% |
Contract revenues | $ 421,779 | $ 427,736 | $ 401,176 |
Contracts in Progress (Details)
Contracts in Progress (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 1,138,298 | $ 1,151,987 |
Estimated earnings | 168,861 | 202,369 |
Costs incurred and estimated earnings on uncompleted contracts | 1,307,159 | 1,354,356 |
Less: Billings to date | (1,305,628) | (1,355,220) |
Costs and estimated earnings in excess of billings on uncompleted contracts, net | 1,531 | (864) |
Contract assets | 28,529 | 32,271 |
Contract liabilities | $ (26,998) | $ (33,135) |
Contracts in Progress - Additio
Contracts in Progress - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 28,529 | $ 32,271 |
Costs And Estimated Earnings In Excess Of Billings On Uncompleted Contracts | ||
Unbilled contract claims and change orders | ||
Claims and unapproved change orders | $ 3,800 | $ 3,100 |
Contracts in Progress - Remaini
Contracts in Progress - Remaining Performance Obligation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Performance obligations expected to be satisfied | $ 590 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Performance obligations expected to be satisfied | $ 454.5 |
Performance obligations expected to be satisfied, percentage | 77.00% |
Performance obligations expected to be satisfied, expected timing | 12 months |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment | ||
Property, plant and equipment, gross | $ 263,804 | $ 274,440 |
Less: accumulated depreciation | (191,542) | (186,615) |
Property, plant and equipment net book value of depreciable assets | 72,262 | 87,825 |
Property and equipment, net of depreciation | 106,654 | 125,497 |
Automobiles and trucks | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 2,337 | 2,379 |
Building and improvements | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 34,796 | 44,324 |
Construction equipment | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 137,786 | 142,661 |
Vessels and other equipment | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 82,455 | 79,499 |
Office equipment | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 6,430 | 5,577 |
Construction in progress | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 6,507 | 1,809 |
Land | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | $ 27,885 | $ 35,863 |
Property and Equipment Narrativ
Property and Equipment Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property and Equipment | |||
Gain on disposal of assets | $ 11,418 | $ 9,044 | $ 1,804 |
Depreciation expense | 21,100 | $ 21,800 | $ 23,500 |
Property, Tampa Bay FL | |||
Property and Equipment | |||
Gain on disposal of assets | $ 6,700 |
Other Current Accounts Receiv_3
Other Current Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Current Accounts Receivable | ||
Insurance claims receivable | $ 13,273 | $ 57,021 |
Accident loss receivables | 3,760 | 1,448 |
Other current receivables | 552 | 1,023 |
Total other current accounts receivable | $ 17,585 | $ 59,492 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance | $ 2,813 | $ 3,169 |
Derivatives | 1,602 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance | 0 | 0 |
Derivatives | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance | 2,813 | 3,169 |
Derivatives | 1,602 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance | 0 | 0 |
Derivatives | $ 0 | $ 0 |
Fair Value - Other Fair Value M
Fair Value - Other Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life Insurance, face amount | $ 11.1 | |
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 39.4 | $ 35.1 |
Intangible Assets - Finite-live
Intangible Assets - Finite-lived Intangible Assets Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-lived Intangible Assets, Gross [Roll Forward] | |||
Intangible assets, beginning of period | $ 35,240 | $ 35,240 | |
Additions | 0 | ||
Total intangible assets, end of period | 35,240 | 35,240 | $ 35,240 |
Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, January 1 | (32,055) | (29,985) | |
Current year amortization | (1,521) | (2,070) | (2,640) |
Total accumulated amortization | (33,576) | (32,055) | $ (29,985) |
Net intangible assets | |||
Net intangible assets, end of year | 1,664 | 3,185 | |
Infinite-lived intangible assets | 6,892 | 6,892 | |
Total net intangible assets | $ 8,556 | $ 10,077 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2021USD ($)Asset | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | ||||
Amortization expense | $ 1,521 | $ 2,070 | $ 2,640 | |
Net intangible assets, end of year | $ 1,664 | 3,185 | ||
Number of infinite-lived intangible assets | Asset | 1 | |||
Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles acquired | $ 18,800 | |||
Acquired finite-lived intangible assets, useful life | 8 years | |||
Amortization expense | $ 1,500 | 2,100 | $ 2,600 | |
Trade Names | ||||
Business Acquisition [Line Items] | ||||
impairment of infinite-lived assets | $ 0 | $ 0 |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization Expense of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 1,238 | |
2023 | 389 | |
2024 | 37 | |
Net intangible assets, end of year | $ 1,664 | $ 3,185 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Accrued salaries, wages and benefits | $ 9,879 | $ 15,071 |
Accrued liabilities expected to be covered by insurance | 19,818 | 60,365 |
Sales taxes | 5,113 | 5,909 |
Property taxes | 1,047 | 908 |
Sale-leaseback arrangement | 743 | 676 |
Accounting and audit fees | 413 | 344 |
Interest | 23 | 22 |
Equipment purchase | 461 | |
Other accrued expenses | 1,558 | 881 |
Total accrued liabilities | $ 38,594 | $ 84,637 |
Accrued Liabilities - CARES Act
Accrued Liabilities - CARES Act (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accrued Liabilities, Current [Abstract] | ||
CARES Act deferred payroll taxes, total | $ 7.6 | |
CARES Act deferred payroll taxes paid | $ 3.8 | |
CARES Act deferred payroll taxes, current | $ 3.8 |
Long-term Debt and Line of Cr_3
Long-term Debt and Line of Credit - Obligations under Debt Arrangements (Details) - USD ($) $ in Thousands | Oct. 09, 2020 | Jun. 08, 2020 | May 31, 2019 | Mar. 31, 2019 | Jul. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Principal current | $ 39,141 | $ 4,500 | |||||
Principal, long-term | 259 | 30,586 | |||||
Principal | 39,400 | 35,086 | |||||
Deferred Issuance Costs, current | (156) | ||||||
Deferred Issuance Costs, long-term | (1,063) | ||||||
Debt Issuance Costs, Net, Total | (1,219) | ||||||
Net Value, current | 39,141 | 4,344 | |||||
Net Value, long-term | 259 | 29,523 | |||||
Total debt | $ 39,400 | 33,867 | |||||
Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 2.60% | ||||||
Other Debt | |||||||
Debt Instrument [Line Items] | |||||||
Principal current | $ 141 | ||||||
Principal, long-term | 259 | ||||||
Principal | 400 | ||||||
Net Value, current | 141 | ||||||
Net Value, long-term | 259 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 50,000 | ||||||
Principal current | 39,000 | ||||||
Net Value, current | $ 39,000 | ||||||
Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance expense | $ 400 | ||||||
Principal, long-term | 5,000 | ||||||
Deferred Issuance Costs, long-term | (174) | ||||||
Net Value, long-term | 4,826 | ||||||
Term Loan | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Principal current | 4,500 | ||||||
Principal, long-term | 25,586 | ||||||
Deferred Issuance Costs, current | (156) | ||||||
Deferred Issuance Costs, long-term | (889) | ||||||
Net Value, current | 4,344 | ||||||
Net Value, long-term | 24,697 | ||||||
364-Day Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 20,000 | ||||||
Borrowings | 0 | ||||||
364-Day Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility term | 364 days | ||||||
Fourth, Fifth And Sixth Amendments To Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Debt Issuance Costs, Net, Total | $ (900) | ||||||
Fourth Amendment to Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost | $ 900 | ||||||
Fifth Amendment To Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost | $ 600 | ||||||
Sixth Amendment To Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 50,000 | ||||||
Sixth Amendment To Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost | $ 900 | ||||||
Eighth Amendment to Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost | $ 0 |
Long-term Debt and Line of Cr_4
Long-term Debt and Line of Credit - Provisions of Revolving Line of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Letters of credit outstanding | $ 1,700 | ||
Repayments of debt | 49,120 | $ 48,204 | $ 70,210 |
Proceeds from lines of credit | 53,000 | $ 10,000 | $ 63,000 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 50,000 | ||
Minimum borrowing increment amount | 1,000 | ||
Increment borrowing multiple for amounts borrowed in excess of minimum borrowing amount | 250 | ||
Amount outstanding | 39,000 | ||
Remaining borrowing capacity | 9,300 | ||
Repayments of debt | 19,000 | ||
Increase in debt balance | 34,000 | ||
Proceeds from lines of credit | 53,000 | ||
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 20,000 | ||
Bridge Loan | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 5,000 | ||
Minimum borrowing increment amount | 250 | ||
Increment borrowing multiple for amounts borrowed in excess of minimum borrowing amount | $ 50 |
Long-term Debt and Line of Cr_5
Long-term Debt and Line of Credit - Provisions of Term Loan (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Outstanding principal balance | $ 39,400,000 | $ 35,086,000 | ||
Interest paid on termination of interest rate swap | 2,423,000 | $ 3,187,000 | $ 6,311,000 | |
Other Debt | ||||
Debt Instrument [Line Items] | ||||
Outstanding principal balance | $ 400,000 | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Original principal amount | $ 60,000,000 | |||
Loss on mark to market of interest rate swap due to early extinguishment of debt | 1,300,000 | |||
Interest paid on termination of interest rate swap | 1,300,000 | |||
Charge-off of unamortized debt issuance costs due to early extinguishment of debt | 800,000 | |||
Early debt extinguishment penalties | $ 0 |
Long-term Debt and Line of Cr_6
Long-term Debt and Line of Credit - Financial covenants (Details) - Subsequent event $ in Millions | 3 Months Ended | |||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022USD ($) | Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | ||||
Covenant compliance, Fixed Charge Coverage Ratio, minimum | 1.25 | |||
Covenant compliance, Leverage Ratio, maximum | 3 | |||
Covenant compliance, EBITDA, minimum | $ 7.7 | $ 2.6 |
Long-term Debt and Line of Cr_7
Long-term Debt and Line of Credit - Derivative Financial Instruments (Details) $ in Millions | Jul. 31, 2020USD ($) | Sep. 16, 2015USD ($)item |
Debt Disclosure [Abstract] | ||
Percent Of aggregate principal amount hedged | 50.00% | |
Derivative, notional amount | $ | $ 27 | $ 67.5 |
Derivative, number of instruments held | item | 5 |
Other Long-Term Liabilities - C
Other Long-Term Liabilities - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other long-term liabilities | ||
Sale-leaseback arrangement | $ 15,969 | $ 16,712 |
Accrued liabilities expected to be covered by insurance | 2,759 | 2,818 |
Deferred rent | 214 | 307 |
Total other long-term liabilities | $ 18,942 | $ 19,837 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Sale-Leaseback (Details) $ in Millions | Sep. 27, 2019USD ($)Options |
Failed Sale Leaseback | |
Paydown of Term loan | $ 18.2 |
Failed Sale Leaseback | |
Failed Sale Leaseback | |
Sale price of properties sold | $ 19.1 |
Lease term | 15 years |
Annual rent | $ 1.5 |
Annual percentage rent increase | 2.00% |
Number of consecutive options to extend term | Options | 2 |
Term of available options | 10 years |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Benefit) Expense by Jurisdiction and by Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
State and local | |||
Current | $ 243 | $ 589 | $ 716 |
Deferred | (20) | 13 | 104 |
Total | 223 | 602 | 820 |
Foreign | |||
Current | 268 | 1,370 | 1,081 |
Deferred | 11 | 4 | (33) |
Total | 279 | 1,374 | 1,048 |
Total Income Taxes | |||
Current | 511 | 1,959 | 1,797 |
Deferred | (9) | 17 | 71 |
Total | $ 502 | $ 1,976 | $ 1,868 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax (Benefit) Expense Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory amount | $ (2,952) | $ 4,662 | $ (733) |
Valuation allowance on foreign tax credits | 186 | 1,344 | 1,081 |
State income tax, net of federal benefit | 44 | 792 | 991 |
Permanent differences, other | 303 | 558 | 461 |
Permanent differences, stock compensation | (262) | 328 | 311 |
Valuation allowance, other | 3,108 | (5,795) | (166) |
Other | 75 | 87 | (77) |
Income tax expense | $ 502 | $ 1,976 | $ 1,868 |
Effective income tax rate | (3.60%) | 8.90% | (53.50%) |
Federal statutory tax rate | 21.00% | 21.00% | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | |
Goodwill impairment charges | $ 0 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets related to: | ||
Accrued liabilities | $ 1,568 | $ 1,058 |
Intangible assets | 2,510 | 2,818 |
Net operating loss carryforward | 11,966 | 10,259 |
Stock-based compensation | 326 | 377 |
Foreign tax credits | 3,968 | 3,782 |
Goodwill | 5,249 | 6,199 |
Leases | 8,772 | 10,235 |
Other | 2,040 | 1,518 |
Total gross deferred tax assets | 36,399 | 36,246 |
Less valuation allowance | (15,443) | (12,493) |
Total net deferred tax assets | 20,956 | 23,753 |
Liabilities related to: | ||
Depreciation and amortization | (20,700) | (23,308) |
Other | (384) | (582) |
Total deferred tax liabilities | (21,084) | (23,890) |
Net deferred tax liabilities | $ (128) | $ (137) |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating loss carryforwards | ||
Valuation allowance | $ 15,443 | $ 12,493 |
Change in valuation allowance | 3,000 | |
Foreign tax credits | $ 3,968 | $ 3,782 |
Percentage of taxable income | 80.00% | |
Period of foreign tax credit carryforwards | 10 years | |
Federal | ||
Operating loss carryforwards | ||
Net operating loss carryforwards | $ 30,200 | |
State | ||
Operating loss carryforwards | ||
Net operating loss carryforwards | $ 124,300 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balances at beginning of the year | $ 1,614 | $ 1,614 | |
Additions based on tax position related to current year | |||
Balance at end of the year | 1,614 | 1,614 | |
Accrued interest and penalties on unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Earnings (Loss) Per Share - Ant
Earnings (Loss) Per Share - Anti-dilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Potential antidilutive securities excluded from computations of earnings per share | 831,077 | 1,159,440 | 1,636,656 |
Earnings (Loss) Per Share - Bas
Earnings (Loss) Per Share - Basic and Diluted (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic: | |||
Weighted average shares outstanding, basic | 30,763,527 | 30,122,362 | 29,322,054 |
Effect of dilutive securities: | |||
Common stock options | 0 | 0 | 0 |
Total weighted average shares outstanding assuming dilution | 30,763,527 | 30,122,362 | 29,322,054 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021USD ($)$ / sharesshares | Sep. 30, 2021$ / sharesshares | Aug. 31, 2021$ / sharesshares | May 31, 2021director$ / sharesshares | Dec. 31, 2020$ / sharesshares | Sep. 30, 2020$ / sharesshares | Aug. 31, 2020$ / sharesshares | May 31, 2020director$ / sharesshares | Mar. 31, 2020$ / sharesshares | Feb. 29, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Oct. 31, 2019director$ / sharesshares | Sep. 30, 2019 | Jul. 31, 2019$ / sharesshares | May 31, 2019director$ / sharesshares | Mar. 31, 2019$ / sharesshares | Jan. 31, 2019director$ / sharesshares | May 31, 2017shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares |
Share-based Compensation | |||||||||||||||||||||||
Approved and authorized maximum number of shares to be issued | 2,400,000 | ||||||||||||||||||||||
Compensation expense related to stock based awards outstanding | $ | $ 2,400 | $ 2,000 | $ 2,800 | ||||||||||||||||||||
Proceeds received upon exercise of stock options | $ | $ 110 | $ 35 | |||||||||||||||||||||
Exercise of stock options, shares | 28,546 | 0 | 7,021 | ||||||||||||||||||||
Total share-based compensation cost not yet recognized | $ | $ 3,200 | $ 3,200 | |||||||||||||||||||||
Share-based compensation cost not yet recognized, period for recognition | 2 years 2 months 12 days | ||||||||||||||||||||||
Total intrinsic value of options exercised | $ | $ 50 | ||||||||||||||||||||||
Total fair value of shares vested | $ | 93 | $ 329 | $ 769 | ||||||||||||||||||||
Certain Officers | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Expense related to purchase of vested stock-based awards | $ | $ 900 | $ 200 | |||||||||||||||||||||
Maximum | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Proceeds received upon exercise of stock options | $ | $ 100 | ||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Expiration period | 10 years | ||||||||||||||||||||||
Forfeiture rate applied to awards | 5.50% | ||||||||||||||||||||||
Stock options | Minimum | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||||
Stock options | Maximum | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting period | 5 years | ||||||||||||||||||||||
Restricted stock | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Awards granted in period (in shares) | 916,531 | 1,038,044 | 757,012 | ||||||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 4.58 | $ 2.76 | $ 2.52 | ||||||||||||||||||||
Forfeiture rate applied to awards | 3.20% | ||||||||||||||||||||||
Restricted stock | Independent Directors | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Number of independent directors receiving awards | director | 6 | 6 | 5 | ||||||||||||||||||||
Number of new directors | director | 1 | 2 | |||||||||||||||||||||
Awards granted in period (in shares) | 18,215 | 14,975 | 39,823 | 14,218 | 45,918 | 8,427 | |||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 5.49 | $ 6.01 | $ 2.26 | $ 4.22 | $ 1.96 | $ 4.45 | |||||||||||||||||
Restricted stock | Officers And Executives | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||||||||||||||
Awards granted in period (in shares) | 139,000 | 160,000 | 95,000 | 100,000 | 170,235 | 31,500 | 46,500 | 62,500 | |||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 3.75 | $ 6.01 | $ 4.92 | $ 2.26 | $ 3.73 | $ 5.08 | $ 3.66 | $ 1.96 | |||||||||||||||
Restricted stock | Certain Executives | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting percentage | 33.30% | 33.30% | 33.30% | ||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||||
Awards granted in period (in shares) | 25,000 | 15,121 | 168,350 | ||||||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 2.58 | $ 4.96 | $ 2.97 | ||||||||||||||||||||
Weighted average grant-date fair value of options granted (in USD per share) | $ / shares | $ 5.05 | ||||||||||||||||||||||
Granted (in shares) | 9,901 | ||||||||||||||||||||||
Performance Units | Certain Executives | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting percentage | 100.00% | ||||||||||||||||||||||
Shares earned based on achievement of objective, percent | 100.00% | 100.00% | |||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||||
Awards granted in period (in shares) | 259,565 | 300,000 | 187,500 | ||||||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 2.26 | $ 6.01 | $ 1.96 | $ 2.26 | $ 1.96 | ||||||||||||||||||
Performance period | 1 year | 1 year | 1 year | 1 year | |||||||||||||||||||
Granted (in shares) | 93,750 | ||||||||||||||||||||||
Performance Units | Vesting If Performance Target Is Met | Certain Executives | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting percentage | 50.00% | 100.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Awards granted in period (in shares) | 240,000 | ||||||||||||||||||||||
Performance Units | Vesting On Second And Third Anniversary Of Grant | Certain Executives | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting percentage | 25.00% | 25.00% | |||||||||||||||||||||
Performance Units | Vesting on First and Second Anniversary of Determination | Certain Executives | |||||||||||||||||||||||
Share-based Compensation | |||||||||||||||||||||||
Vesting percentage | 25.00% | 25.00% |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
Beginning nonvested shares (in shares) | 950,436 | 516,572 | 417,941 |
Granted (in shares) | 916,531 | 1,038,044 | 757,012 |
Vested (in shares) | (690,676) | (496,797) | (585,754) |
Forfeited/repurchased shares (in shares) | (234,232) | (107,383) | (72,627) |
Ending nonvested shares (in shares) | 942,059 | 950,436 | 516,572 |
Weighted Average Fair Value Per Share | |||
Beginning nonvested shares (in dollars per share) | $ 3.04 | $ 4.29 | $ 7.04 |
Granted (in dollars per share) | 4.58 | 2.76 | 2.52 |
Vested (in dollars per share) | 3.43 | 2.87 | 3.74 |
Forfeited/repurchased shares (in dollars per share) | 4.22 | 7.13 | 6.05 |
Ending nonvested shares (in dollars per share) | $ 3.97 | $ 3.04 | $ 4.29 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
Beginning stock options outstanding (in shares) | 922,615 | 1,464,766 | 1,664,781 |
Exercised (in shares) | (28,546) | 0 | (7,021) |
Forfeited (in shares) | (169,365) | (542,151) | (192,994) |
Ending stock options outstanding (in shares) | 724,704 | 922,615 | 1,464,766 |
Weighted Average Exercise Price Per Share | |||
Beginning stock options outstanding (in dollars per share) | $ 7.10 | $ 7.41 | $ 8.31 |
Exercised (in dollars per share) | 3.86 | 4.94 | |
Forfeited (in dollars per share) | 6.32 | 7.94 | 15.26 |
Ending stock options outstanding (in dollars per share) | $ 7.41 | $ 7.10 | $ 7.41 |
Vested and expected to vest at December 31, 2020 | |||
Number of Shares | 724,704 | ||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 7.41 | ||
Weighted Average Contractual Life | 4 years 6 months 25 days | ||
December 31, 2020 | |||
Number of Shares | 724,704 | ||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 7.41 | ||
Weighted Average Contractual Life | 4 years 6 months 25 days |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure | |||
Minimum service period for plan eligibility | 6 months | ||
Minimum allowable contribution to the plan by each employee, percent | 1.00% | ||
Maximum allowable contribution to the plan by each employee, percent | 80.00% | ||
Employers matching contribution, vesting period | 4 years | ||
Company contributions to the plan | $ 1.4 | $ 1.2 | $ 1.3 |
Range 1 | |||
Defined Contribution Plan Disclosure | |||
Employer matching contribution, percent | 100.00% | ||
Employer matching contribution, percent of employees' gross pay | 2.00% | ||
Range 2 | |||
Defined Contribution Plan Disclosure | |||
Employer matching contribution, percent | 50.00% | ||
Employer matching contribution, percent of employees' gross pay | 2.00% | ||
AGC Southwest Chapters 401(k) Retirement Plan | |||
Defined Contribution Plan Disclosure | |||
Employer matching contribution, percent | 50.00% | ||
Employers matching contribution, vesting period | 5 years | ||
Employer matching contribution, percent of employees' gross pay | 6.00% | ||
Employer discretionary contribution amount | $ 0.9 | $ 0.1 | $ 0.1 |
Employee Benefits - Multiemploy
Employee Benefits - Multiemployer Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
International Union of Operating Engineers - Employers Construction Industry Retirement Plan - Local 302 and 612 Trust Funds | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Green | Green | |
Contributions | $ 1,297 | $ 2,480 | $ 3,021 |
Washington Laborers | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Green | Green | |
Contributions | $ 244 | $ 236 | 30 |
Carpenters Retirement Plan of Western Washington | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Green | Green | |
Contributions | $ 1,700 | $ 1,898 | 695 |
Cement Masons & Plasterers Trust Funds | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Green | Green | |
Contributions | $ 32 | $ 39 | 2 |
Washington-Idaho-Montana Carpenters-Employers Retirement Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Yellow | Yellow | |
Contributions | 36 | ||
Engineers - AGC Retirement Trust of the Inland Empire | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Yellow | Yellow | |
Contributions | 20 | ||
Western Conference of Teamsters Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Green | Green | |
Contributions | $ 44 | $ 15 | |
Alaska Carpenters Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Yellow | Yellow | |
Contributions | $ 271 | 377 | |
Alaska Laborers Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Certified Zone Status | Yellow | Yellow | |
Contributions | $ 226 | $ 552 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Aug. 21, 2020galitem | Mar. 31, 2018USD ($) | Dec. 31, 2021USD ($)lawsuitclaimitem |
Settled Litigation | |||
Other Commitments [Line Items] | |||
Legal settlement | $ 5.5 | ||
Notes receivable, current | $ 0.8 | ||
Notes receivables, noncurrent | 1.1 | ||
Receivable, unamortized discount | $ 0.1 | ||
Waymon L Boyd Dredge Fire | |||
Other Commitments [Line Items] | |||
Number of crew deaths | item | 5 | ||
Number of gallons of oil, diesel fuel, and contaminated water discharged | gal | 18,000 | ||
Number of crewmembers | item | 18 | ||
Waymon L Boyd Dredge Fire | Pending Litigation | |||
Other Commitments [Line Items] | |||
Number of lawsuits filed | lawsuit | 8 | ||
Number of claimants | claim | 13 | ||
Estimated costs recognized | $ 206.7 | ||
Accrued loss contingency | 14.6 | ||
Payments to claimants | $ 192 | ||
Number of crewmember claimants paid | item | 17 | ||
Costs reimbursed from insurance | $ 189.6 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($)segment | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | 2 | 2 |
Contract revenues | $ 601,360 | $ 709,942 | $ 708,390 |
Operating (loss) income | (9,317) | 26,586 | 2,193 |
Depreciation and amortization | (22,608) | (23,893) | (26,096) |
Assets | 351,750 | 414,189 | |
Property and equipment, net of depreciation | 106,654 | 125,497 | |
Marine Segment | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 263,915 | 388,173 | 369,138 |
Marine Segment | Mexico and the Caribbean | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 2,900 | 12,500 | |
Concrete Segment | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 337,445 | 321,769 | 339,252 |
Concrete Segment | Foreign | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 0 | 0 | |
Operating Segments | Marine Segment | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 263,915 | 388,173 | 369,138 |
Operating (loss) income | 5,760 | 29,815 | 12,841 |
Depreciation and amortization | (17,287) | (18,369) | (19,889) |
Assets | 236,773 | 290,372 | |
Property and equipment, net of depreciation | 93,383 | 109,298 | |
Operating Segments | Marine Segment | Revision of Prior Period, Error Correction, Adjustment | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | 12,900 | 11,800 | |
Operating Segments | Concrete Segment | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 337,445 | 321,769 | 339,252 |
Operating (loss) income | (15,077) | (3,229) | (10,648) |
Depreciation and amortization | (8,143) | (8,848) | (8,519) |
Assets | 114,977 | 123,817 | |
Property and equipment, net of depreciation | 13,271 | 16,199 | |
Operating Segments | Concrete Segment | Revision of Prior Period, Error Correction, Adjustment | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (12,900) | $ (11,800) | |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | $ 100 | $ 2,800 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net of amortization | $ 14,686 | $ 18,874 |
Financing lease right-of-use assets, net of amortization | 14,561 | 12,858 |
Total assets | 29,247 | 31,732 |
Current portion of operating lease liabilities | 3,857 | 4,989 |
Current portion of financing lease liabilities | 3,406 | 3,901 |
Total current | 7,263 | 8,890 |
Operating lease liabilities | 11,637 | 14,537 |
Financing lease liabilities | 10,908 | 8,376 |
Total noncurrent | 22,545 | 22,913 |
Total liabilities | 29,808 | 31,803 |
Operating lease, right-of-use asset, accumulated amortization | 9,500 | 9,000 |
Finance lease, right-of-use asset, accumulated amortization | $ 2,700 | $ 6,400 |
Leases - Term and Discount Rate
Leases - Term and Discount Rate (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted Average Remaining Lease Term, operating lease | 4 years 10 months 24 days | 5 years 3 months |
Weighted Average Remaining Lease Term, finance lease | 4 years 8 months 12 days | 4 years 11 months 15 days |
Weighted Average Discount Rate, operating lease | 4.75% | 4.73% |
Weighted Average Discount Rate, finance lease | 4.28% | 4.46% |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 5,814 | $ 6,430 | $ 6,930 |
Short-term lease cost | 1,607 | 3,871 | 2,001 |
Interest on lease liabilities | 491 | 548 | 362 |
Amortization of right-of-use assets | 2,822 | 3,324 | 2,312 |
Total lease cost | $ 10,734 | $ 14,173 | $ 11,605 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows for operating leases | $ 5,666 | $ 6,262 | $ 6,887 |
Operating cash flows for finance leases | 491 | 548 | 362 |
Financing cash flows for finance leases | 3,035 | 3,619 | 2,906 |
ROU assets obtained in exchange for new operating lease liabilities | 1,567 | 7,829 | 25,743 |
ROU assets obtained in exchange for new financing lease liabilities | $ 7,318 | $ 11,270 | $ 1,021 |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 4,495 | |
2023 | 3,666 | |
2024 | 2,838 | |
2025 | 2,354 | |
2026 | 1,730 | |
Thereafter | 2,359 | |
Total future minimum lease payments | 17,442 | |
Less - amount representing interest | 1,948 | |
Operating Lease, Liability, Total | 15,494 | |
Less - current lease obligations | 3,857 | $ 4,989 |
Long-term lease obligations | 11,637 | 14,537 |
Finance Leases | ||
2022 | 3,990 | |
2023 | 3,134 | |
2024 | 2,574 | |
2025 | 1,968 | |
2025 | 2,105 | |
Thereafter | 2,322 | |
Total future minimum lease payments | 16,093 | |
Less - amount representing interest | 1,779 | |
Present value of future minimum lease payments | 14,314 | |
Less - current lease obligations | 3,406 | 3,901 |
Long-term lease obligations | $ 10,908 | $ 8,376 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | 3 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Subsequent event | ||||||
Deferred Issuance Costs | $ 1,219 | |||||
Revolving Credit Facility | ||||||
Subsequent event | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||
Subsequent event | ||||||
Subsequent event | ||||||
Covenant compliance, EBITDA, minimum | $ 7,700 | $ 2,600 | ||||
Covenant compliance, Leverage Ratio, maximum | 3 | |||||
Covenant compliance, Fixed Charge Coverage Ratio, minimum | 1.25 | |||||
Deferred Issuance Costs | 1,000 | |||||
Subsequent event | Revolving Credit Facility | ||||||
Subsequent event | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 42,500 |
Schedule II - Valuation And Q_2
Schedule II - Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Provision for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the Beginning of the Period | $ 411 | $ 2,600 | $ 4,280 |
Charged to Revenue, Cost or Expense | 0 | (487) | 0 |
Deduction | 88 | 1,702 | 1,680 |
Balance at the End of the Period | 323 | 411 | 2,600 |
Reserve for losses on uncompleted contracts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the Beginning of the Period | 1,473 | 10,925 | 22,770 |
Charged to Revenue, Cost or Expense | 33 | 543 | 2,455 |
Deduction | 1,472 | 9,995 | 14,300 |
Balance at the End of the Period | $ 34 | $ 1,473 | $ 10,925 |