Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 03, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000353020 | ||
Entity Registrant Name | Aegion Corp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35328 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-3117900 | ||
Entity Address, Address Line One | 17988 Edison Avenue | ||
Entity Address, City or Town | Chesterfield | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63005-1195 | ||
City Area Code | 636 | ||
Local Phone Number | 530-8000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Class A Common Shares, $.01 par value | ||
Trading Symbol | AEGN | ||
Security Exchange Name | NASDAQ | ||
Entity Public Float | $ 478,089,812 | ||
Entity Common Stock, Shares Outstanding | 30,740,140 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | [1] | $ 807,764 | $ 885,887 | $ 997,861 |
Cost of revenues | 611,305 | 680,886 | 772,482 | |
Gross profit | [1] | 196,459 | 205,001 | 225,379 |
Operating expenses | 147,523 | 168,778 | 188,148 | |
Goodwill impairment | 0 | 0 | 1,389 | |
Definite-lived intangible asset impairment | 0 | 0 | 2,169 | |
Impairment of assets held for sale | 172 | 23,427 | 0 | |
Acquisition and divestiture expenses | 3,614 | 3,375 | 7,004 | |
Restructuring and related charges | 4,162 | 8,188 | 6,660 | |
Operating income | [1] | 40,988 | 1,233 | 20,009 |
Other income (expense): | ||||
Interest expense | [2] | (12,483) | (11,358) | (14,709) |
Interest income | 1,125 | 1,038 | 516 | |
Other | [3] | 437 | (10,893) | (9,881) |
Total other expense | (10,921) | (21,213) | (24,074) | |
Income (loss) before taxes (benefit) | 30,067 | (19,980) | (4,065) | |
Taxes (benefit) on income (loss) | 5,267 | 4,010 | (1,293) | |
Income (loss) from continuing operations | 24,800 | (23,990) | (2,772) | |
Income (loss) from discontinued operations | (55,156) | 4,542 | 5,859 | |
Net income (loss) | (30,356) | (19,448) | 3,087 | |
Non-controlling interests income | (1,505) | (1,444) | (159) | |
Net income (loss) attributable to Aegion Corporation | $ (31,861) | $ (20,892) | $ 2,928 | |
Basic: | ||||
Income (loss) from continuing operations (in dollars per share) | $ 0.76 | $ (0.82) | $ (0.09) | |
Income (loss) from discontinued operations (in dollars per share) | (1.80) | 0.15 | 0.18 | |
Net income (loss) (in dollars per share) | (1.04) | (0.67) | 0.09 | |
Diluted: | ||||
Income (loss) from continuing operations (in dollars per share) | 0.75 | (0.82) | (0.09) | |
Income (loss) from discontinued operations (in dollars per share) | (1.77) | 0.15 | 0.18 | |
Net income (loss) (in dollars per share) | $ (1.02) | $ (0.67) | $ 0.09 | |
[1] | Attributed to the country of origin. | |||
[2] | Interest expense for 2020 includes $0.7 million of third-party arranging fees, expenses and the write-off of unamortized loan costs associated with the amended Credit Facility (see Note 9). Interest expense for 2018 includes $2.3 million of third-party arranging fees, expenses and the write-off of unamortized loan costs associated with the amended Credit Facility (see Note 9). | |||
[3] | Other expense for 2020 includes gains of $0.9 million related to restructuring (see Note 4). Other expense for 2019 includes $10.2 million of restructuring charges (see Note 4). Other expense for 2018 includes charges of $7.0 million related to the loss on the sale of Bayou (see Note 1) and $4.0 million of restructuring charges (see Note 4). |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net income (loss) | $ (30,356) | $ (19,448) | $ 3,087 | |
Other comprehensive income (loss): | ||||
Currency translation adjustments | 7,432 | 13,915 | (14,651) | |
Deferred loss on hedging activity, net of tax (1) | [1] | (4,496) | (6,237) | (1,621) |
Pension activity, net of tax (2) | [2] | (138) | (33) | (654) |
Total comprehensive loss | (27,558) | (11,803) | (13,839) | |
Comprehensive income attributable to non-controlling interests | (1,456) | (1,493) | (1) | |
Comprehensive loss attributable to Aegion Corporation | $ (29,014) | $ (13,296) | $ (13,840) | |
[1] | Amounts presented net of tax of $0, $164 and $(48) for the years ended December 31, 2020, 2019 and 2018, respectively. | |||
[2] | Amounts presented net of tax of $(33), $8 and $(134) for the years ended December 31, 2020, 2019 and 2018, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred gain (loss) on hedging activity, tax | $ 0 | $ 164 | $ (48) |
Pension activity, tax | $ (33) | $ 8 | $ (134) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | ||
Current assets | ||||
Cash and cash equivalents | $ 94,848 | $ 64,874 | ||
Restricted cash | 765 | 1,348 | ||
Receivables, net of allowances of $4,004 and $6,404, respectively | 133,394 | 153,484 | ||
Retainage | 32,807 | 33,103 | ||
Contract assets | 44,026 | [1] | 42,973 | [2] |
Inventories | 44,889 | 57,193 | ||
Prepaid expenses and other current assets | 33,675 | 31,329 | ||
Assets held for sale | 92,850 | 168,799 | ||
Total current assets | 477,254 | 553,103 | ||
Property, plant & equipment, less accumulated depreciation | 92,900 | 94,886 | ||
Other assets | ||||
Goodwill | 210,665 | 208,858 | ||
Intangible assets, less accumulated amortization | 58,869 | 67,875 | ||
Operating lease assets | 52,421 | [3] | 60,246 | [4] |
Deferred income tax assets | 448 | 1,216 | ||
Other non-current assets | 8,890 | 9,329 | ||
Total other assets | 331,293 | 347,524 | ||
Total Assets | 901,447 | 995,513 | ||
Current liabilities | ||||
Accounts payable | 51,469 | 54,100 | ||
Accrued expenses | 59,664 | 67,852 | ||
Operating lease liabilities | 14,147 | 14,204 | ||
Contract liabilities | 37,569 | [1] | 37,517 | [2] |
Current maturities of long-term debt | 25,811 | 32,803 | ||
Liabilities held for sale | 36,148 | 37,900 | ||
Total current liabilities | 224,808 | 244,376 | ||
Long-term debt, less current maturities | 193,988 | 243,629 | ||
Other liabilities | ||||
Operating lease liabilities | 38,724 | 46,059 | ||
Deferred income tax liabilities | 10,344 | 11,254 | ||
Other non-current liabilities | 25,218 | 15,102 | ||
Total other liabilities | 74,286 | 72,415 | ||
Total liabilities | 493,082 | 560,420 | ||
(See Commitments and Contingencies: Note 13) | ||||
Equity | ||||
Preferred stock, undesignated, $.10 par – shares authorized 2,000,000; none outstanding | 0 | 0 | ||
Common stock, $.01 par – shares authorized 125,000,000; shares issued and outstanding 30,640,150 and 30,715,959, respectively | 306 | 307 | ||
Additional paid-in capital | 102,001 | 101,148 | ||
Retained earnings | 327,137 | 358,998 | ||
Accumulated other comprehensive loss | (29,847) | (32,694) | ||
Total stockholders’ equity | 399,597 | 427,759 | ||
Non-controlling interests | 8,768 | 7,334 | ||
Total equity | 408,365 | 435,093 | ||
Total Liabilities and Equity | $ 901,447 | $ 995,513 | ||
[1] | Amounts exclude contract assets of $9.3 million and contract liabilities of $0.2 million that were classified as held for sale at December 31, 2020 (see Note 6). | |||
[2] | Amounts exclude contract assets of $13.5 million and contract liabilities of less than $0.2 million that were classified as held for sale at December 31, 2019 (see Note 6). | |||
[3] | Amounts exclude operating lease assets of $8.7 million, accrued expenses of $2.3 million and other liabilities of $7.3 million that were classified as held for sale at December 31, 2020 (see Note 5). | |||
[4] | Amounts exclude operating lease assets of $11.5 million, accrued expenses of $1.8 million and other liabilities of $10.4 million that were classified as held for sale at December 31, 2019 (see Note 5). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts receivable | $ 4,004 | $ 6,404 |
Preferred stock, undesignated, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, undesignated, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, undesignated, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 30,640,150 | 30,715,959 |
Common stock, shares outstanding (in shares) | 30,640,150 | 30,715,959 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | Common Stock [Member] | Common Stock [Member]Restricted Stock Units (RSUs) [Member] | Common Stock [Member]Performance Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Balance, beginning of year (in shares) at Dec. 31, 2017 | 32,462,542 | |||||||||||
Issuance of common stock upon stock option exercises (in shares) | 0 | 0 | ||||||||||
Issuance of shares pursuant to restricted stock units (in shares) | 312,182 | 296,909 | ||||||||||
Issuance of shares pursuant to deferred stock units (in shares) | 28,308 | |||||||||||
Shares repurchased and retired (in shares) | (1,177,532) | |||||||||||
Balance, end of year (in shares) at Dec. 31, 2018 | 31,922,409 | |||||||||||
Balance, beginning of year at Dec. 31, 2017 | $ 505,056 | $ 268 | $ 325 | $ 140,749 | $ 376,694 | $ 268 | $ (23,522) | $ 10,810 | ||||
Issuance of common stock upon stock option exercises | 0 | 0 | 0 | |||||||||
Issuance of shares pursuant to restricted stock units | $ 3 | $ 3 | $ 3 | $ 3 | ||||||||
Issuance of shares pursuant to deferred stock units | 0 | 0 | ||||||||||
Shares repurchased and retired | (25,781) | (12) | (25,769) | |||||||||
Equity-based compensation expense | 7,838 | 7,838 | ||||||||||
Net income (loss) | 3,087 | 2,928 | 159 | |||||||||
Currency translation adjustment, net | (16,926) | (16,768) | (158) | |||||||||
Investments from non-controlling interest | 0 | 0 | ||||||||||
Distributions to non-controlling interests | 0 | 0 | ||||||||||
Sale of non-controlling interests | (3,361) | (3,361) | ||||||||||
Balance, end of year at Dec. 31, 2018 | $ 470,187 | 0 | $ 319 | 122,818 | 379,890 | 0 | (40,290) | 7,450 | ||||
Issuance of common stock upon stock option exercises (in shares) | 52,783 | |||||||||||
Issuance of shares pursuant to restricted stock units (in shares) | 237,416 | 111,158 | ||||||||||
Issuance of shares pursuant to deferred stock units (in shares) | 84,184 | |||||||||||
Shares repurchased and retired (in shares) | (1,691,991) | |||||||||||
Balance, end of year (in shares) at Dec. 31, 2019 | 30,715,959 | 30,715,959 | ||||||||||
Issuance of common stock upon stock option exercises | $ 956 | $ 1 | 955 | |||||||||
Issuance of shares pursuant to restricted stock units | 2 | 1 | $ 2 | $ 1 | ||||||||
Issuance of shares pursuant to deferred stock units | 1 | 1 | ||||||||||
Shares repurchased and retired | (30,393) | (17) | (30,376) | |||||||||
Equity-based compensation expense | 7,751 | 7,751 | ||||||||||
Net income (loss) | (19,448) | (20,892) | 1,444 | |||||||||
Currency translation adjustment, net | 7,645 | 7,596 | 49 | |||||||||
Investments from non-controlling interest | 0 | 0 | ||||||||||
Distributions to non-controlling interests | (1,609) | (1,609) | ||||||||||
Sale of non-controlling interests | 0 | 0 | ||||||||||
Balance, end of year at Dec. 31, 2019 | $ 435,093 | $ 0 | $ 307 | 101,148 | 358,998 | $ 0 | (32,694) | 7,334 | ||||
Issuance of common stock upon stock option exercises (in shares) | 52,783 | 0 | ||||||||||
Issuance of shares pursuant to restricted stock units (in shares) | 297,322 | 71,541 | ||||||||||
Issuance of shares pursuant to deferred stock units (in shares) | 59,297 | |||||||||||
Shares repurchased and retired (in shares) | (503,969) | |||||||||||
Balance, end of year (in shares) at Dec. 31, 2020 | 30,640,150 | 30,640,150 | ||||||||||
Issuance of common stock upon stock option exercises | $ 0 | $ 0 | 0 | |||||||||
Issuance of shares pursuant to restricted stock units | $ 3 | $ 1 | $ 3 | $ 1 | ||||||||
Issuance of shares pursuant to deferred stock units | 0 | 0 | ||||||||||
Shares repurchased and retired | (9,071) | (5) | (9,066) | |||||||||
Equity-based compensation expense | 9,919 | 9,919 | ||||||||||
Net income (loss) | (30,356) | (31,861) | 1,505 | |||||||||
Currency translation adjustment, net | 2,798 | 2,847 | (49) | |||||||||
Investments from non-controlling interest | 131 | 131 | ||||||||||
Distributions to non-controlling interests | (153) | (153) | ||||||||||
Sale of non-controlling interests | 0 | 0 | ||||||||||
Balance, end of year at Dec. 31, 2020 | $ 408,365 | $ 306 | $ 102,001 | $ 327,137 | $ (29,847) | $ 8,768 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $ (30,356) | $ (19,448) | $ 3,087 | |
(Income) loss from discontinued operations | 55,156 | (4,542) | (5,859) | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 24,800 | (23,990) | (2,772) | |
Adjustments to reconcile to net cash provided by operating activities: | ||||
Depreciation and amortization | [1] | 28,702 | 28,673 | 30,744 |
(Gain) loss on sale of fixed assets | (349) | (662) | 177 | |
Equity-based compensation expense | 9,919 | 7,751 | 7,838 | |
Deferred income taxes | (1,001) | 3,146 | (648) | |
Non-cash restructuring charges | 1,202 | 12,717 | 13,814 | |
Goodwill impairment | 0 | 0 | 1,389 | |
Definite-lived intangible asset impairment | 0 | 0 | 2,169 | |
Impairment of assets held for sale | 1,259 | 23,427 | 0 | |
(Gain) loss on sale of businesses | (14) | 0 | 7,048 | |
Loss on foreign currency transactions | 844 | 503 | 623 | |
Other | 457 | (744) | 733 | |
Changes in operating assets and liabilities: | ||||
Receivables net, retainage and contract assets | 22,454 | 7,549 | 8,202 | |
Inventories | 9,999 | (3,413) | 2,306 | |
Prepaid expenses and other assets | (2,481) | 4,642 | 1,866 | |
Accounts payable, accrued expenses and operating lease liabilities | (10,313) | (5,755) | (6,324) | |
Contract liabilities | (289) | 5,302 | (22,728) | |
Other operating | 6,997 | 763 | 290 | |
Net cash provided by operating activities of continuing operations | 92,186 | 59,909 | 44,727 | |
Net cash provided by (used in) operating activities of discontinued operations | 18,529 | 18,905 | (5,058) | |
Net cash provided by operating activities | 110,715 | 78,814 | 39,669 | |
Cash flows from investing activities: | ||||
Capital expenditures | [2] | (16,559) | (25,335) | (27,461) |
Proceeds from sale of fixed assets | 1,565 | 1,332 | 3,014 | |
Patent expenditures | (299) | (293) | (299) | |
Sale of businesses, net of cash disposed | 3,602 | 0 | 37,942 | |
Other acquisition activity | 0 | 0 | (6,000) | |
Net cash provided by (used in) investing activities of continuing operations | (11,691) | (24,296) | 7,196 | |
Net cash used in investing activities of discontinued operations | (2,972) | (3,430) | (6,031) | |
Net cash provided by (used in) investing activities | (14,663) | (27,726) | 1,165 | |
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock upon stock option exercises | 0 | 956 | 0 | |
Repurchase of common stock | (9,071) | (30,393) | (25,775) | |
Investments from non-controlling interest | 131 | 0 | 0 | |
Distributions to non-controlling interests | (153) | (1,609) | 0 | |
Credit facility amendment fees | (1,995) | 0 | (1,657) | |
Proceeds from (payments on) notes payable, net | 0 | (273) | 234 | |
Payments on line of credit, net | (24,000) | (7,000) | (7,000) | |
Principal payments on long-term debt | (32,033) | (28,438) | (26,250) | |
Net cash used in financing activities | (67,121) | (66,757) | (60,448) | |
Effect of exchange rate changes on cash | 460 | (2,995) | (4,045) | |
Net increase (decrease) in cash, cash equivalents and restricted cash for the year | 29,391 | (18,664) | (23,659) | |
Cash, cash equivalents and restricted cash, beginning of year | 66,222 | 84,886 | 108,545 | |
Cash, cash equivalents and restricted cash, end of year | 95,613 | 66,222 | 84,886 | |
Supplemental disclosures of cash flow information: | ||||
Interest | 11,822 | 14,977 | 15,622 | |
Income taxes, net of refunds | $ 2,047 | $ (1,579) | $ 4,625 | |
[1] | Depreciation and amortization from our discontinued operations were $6.8 million, $7.5 million and $7.1 million in 2020, 2019 and 2018, respectively. | |||
[2] | Capital expenditures from our discontinued operations were $3.0 million, $3.4 million and $3.1 million in 2020, 2019 and 2018, respectively. |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Aegion Corporation combines innovative technologies with market leading expertise to maintain, rehabilitate and strengthen pipelines and other infrastructure around the world. For 50 ® The Company is primarily built on the premise that it is possible to use technology to extend the structural design life and maintain, if not The Company’s predecessor was originally incorporated in Delaware in 1980 ® 1971. ® first 50 In order to strengthen the Company’s ability to service the emerging demands of the infrastructure protection market and to better position the Company for sustainable growth, the Company embarked on a diversification strategy in 2009 Recognizing that the breadth of offerings expanded beyond the Company’s flagship Insituform ® 2011, October 2011. Strategic Initiatives/Acquisitions/Divestitures Pending Merger On February 16, 2021, no second 2021, 1976 Discontinued Operations In December 2020, December 31, 2020, 2019 2018. December 31, 2020 2019. 6. Restructuring Activities In 2017, 4. Infrastructure Solutions Segment (“Infrastructure Solutions”) In February 2020, five five December 31, 2019. 6. In January 2020, five five December 31, 2019. 6. During 2019, December 31, 2020 2019. 19 second 2021. 6. In October 2019, five In November 2018, five ® ® five Corrosion Protection Segment (“Corrosion Protection”) In October 2019, fifty-five ® forty-five In August 2018, fifty-one two 2020, March 2021. 2018, In May 2018, fifty fifty-one |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and majority-owned subsidiaries in which the Company is deemed to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Actual results could differ from those estimates. Accumulated Other Comprehensive Loss As set forth below, the Company’s accumulated other comprehensive loss is comprised of three December 31, 2020 2019 Currency translation adjustments (1) $ (19,760 ) $ (27,241 ) Derivative hedging activity (9,018 ) (4,522 ) Pension activity (1,069 ) (931 ) Total accumulated other comprehensive loss $ (29,847 ) $ (32,694 ) ( 1 During 2020 2019, $0.3 million and $10.9 For the Company’s international subsidiaries, the local currency is generally the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while revenues and expenses are translated into U.S. dollars using average exchange rates. The cumulative translation adjustment resulting from changes in exchange rates are included in the Consolidated Balance Sheets as a component of “Accumulated other comprehensive loss” in total stockholders’ equity. Net foreign exchange transaction losses of $0.8 million, $0.5 million and $0.6 million for 2020, 2019 2018, Research and Development The Company expenses research and development costs as incurred. Research and development costs of $4.9 million, $6.4 million and $5.6 million for 2020, 2019 2018, Taxation The Company provides for estimated income taxes payable or refundable on current year income tax returns as well as the estimated future tax effects attributable to temporary differences and carryforwards, based upon enacted tax laws and tax rates, and in accordance with FASB ASC 740, Income Taxes 740” 740 not not may In accordance with FASB ASC 740, may not 50% 740. The Company recognizes tax liabilities in accordance with FASB ASC 740 not may December 31, 2019 2018 740, Earnings per Share Earnings per share have been calculated using the following share information: Years Ended December 31, 2020 2019 2018 Weighted average number of common shares used for basic EPS 30,731,882 31,130,222 32,345,382 Effect of dilutive stock options and restricted and deferred stock unit awards 509,253 — — Weighted average number of common shares and dilutive potential common stock used for dilutive EPS 31,241,135 31,130,222 32,345,382 The Company excluded 529,539 and 652,621 restricted and deferred stock units in 2019 2018, 2018 Purchase Price Accounting The Company accounts for its acquisitions in accordance with FASB ASC 805, Business Combinations The Company typically determines the fair value of tangible and intangible assets acquired in a business combination using independent valuations that rely on management’s estimates of inputs and assumptions that a market participant would use. Key assumptions include cash flow projections, growth rates, asset lives, and discount rates based on an analysis of weighted average cost of capital. Classification of Current Assets and Current Liabilities The Company includes in current assets and current liabilities certain amounts realizable and payable under construction contracts that may one one Cash, Cash Equivalents and Restricted Cash The Company classifies highly liquid investments with original maturities of 90 Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands): December 31, Balance sheet data 2020 2019 Cash and cash equivalents $ 94,848 $ 64,874 Restricted cash 765 1,348 Cash, cash equivalents and restricted cash $ 95,613 $ 66,222 Restricted cash held in escrow primarily relates to funds reserved for legal requirements, deposits made in lieu of retention on specific projects performed for municipalities and state agencies, or advance customer payments and compensating balances for bank undertakings in Europe. Restricted cash related to operations is similar to retainage, and is, therefore, classified as a current asset, consistent with the Company’s policy on retainage. Inventories Inventories are stated at the lower of cost ( first first Retainage Many of the contracts under which the Company performs work contain retainage provisions. Retainage refers to that portion of revenue earned by the Company but held for payment by the customer pending satisfactory completion of the project. The Company generally invoices its customers periodically as work is completed. Under ordinary circumstances, collection from municipalities is made within 60 to 90 days of billing. In most cases, 5% to 15% of the contract value is withheld by the municipal owner pending satisfactory completion of the project. Collections from other customers are generally made within 30 to 45 days of billing. Unless reserved, the Company believes that all amounts retained by customers under such provisions are fully collectible. Retainage on active contracts is classified as a current asset regardless of the term of the contract. Retainage is generally collected within one one December 31, 2020 365 Credit Losses The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable, including retainage, is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not Long-Lived Assets Property, plant and equipment and other identified intangibles (primarily customer relationships, patents and acquired technologies, trademarks, licenses and non-compete agreements) are recorded at cost, net of accumulated depreciation, amortization and impairment, and, except for goodwill, are depreciated or amortized on a straight-line basis over their estimated useful lives. Changes in circumstances such as technological advances, changes to the Company’s business model or changes in the Company’s capital strategy can result in the actual useful lives differing from the Company’s estimates. If the Company determines that the useful life of its property, plant and equipment or its identified intangible assets should be shortened, the Company would depreciate or amortize the net book value in excess of the salvage value over its revised remaining useful life, thereby increasing depreciation or amortization expense. Long-lived assets, including property, plant and equipment and other intangibles, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not may Impairment Review – Third Quarter 2020 The oil and gas industry experienced an unprecedented disruption during 2020 19 third 2020 2020 2021. 360, Property, Plant and Equipment 360” The assets of an asset group represent the lowest level for which identifiable cash flows can be determined independent of other groups of assets and liabilities. The Energy Services asset group was the only at-risk asset group reviewed for impairment. The Company developed internal forward business plans under the guidance of local and regional leadership to determine the undiscounted expected future cash flows derived from Energy Services’ long-lived assets. Such were based on management’s best estimates considering the likelihood of various outcomes. Based on the internal projections, the Company determined that the sum of the undiscounted expected future cash flows for the Energy Services asset group exceeded the carrying value of the assets and no Impairment Review – Fourth Quarter 2020 In December 2020, 360 no The fair value estimates described above were determined using similar inputs as the fourth 2020 Goodwill Under FASB ASC 350, Goodwill and Other 350” may not not • significant underperformance of a segment relative to expected, historical or forecasted operating results; • significant negative industry or economic trends; • significant changes in the strategy for a segment including extended slowdowns in the segment’s market; • a decrease in market capitalization below the Company’s book value; and • a significant change in regulations. Whether during the annual impairment assessment or during a trigger-based impairment review, the Company estimates the fair value of its reporting units and compares such fair value to the carrying value of those reporting units to determine if there are any indications of goodwill impairment. Fair value of reporting units is estimated using a combination of two two The market approach estimates fair value by first The income approach is based on forecasted future (debt-free) cash flows that are discounted to present value using factors that consider timing and risk of future cash flows. The Company believes this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Discounted cash flow projections are based on financial forecasts developed from operating plans and economic outlooks, revenue growth rates, EBITDA growth, estimates of future expected changes in operating margins, terminal value growth rates, future capital expenditures and changes in working capital requirements. Estimates of discounted cash flows may The discount rate applied to the estimated future cash flows is one twenty may Impairment Review – Third Quarter 2020 Given the prolonged uncertainty in the oil and gas markets and the market assessment of the Energy Services reporting unit discussed above, the Company evaluated the goodwill of its Energy Services reporting unit during the third 2020 third 350, Significant assumptions used in the Company’s goodwill review included discount rate, revenue growth rates, operating margins, EBITDA growth, terminal value growth rate and peer group EBITDA multiples. The values derived from both the income approach and the market approach decreased from the October 1, 2019 October 1, 2019 twenty 3.2%, October 1, 2019 2020 2021. 100 Based on the impairment analysis, the Company determined that recorded goodwill at the Energy Services reporting unit was impaired by $39.4 million, which was recorded to “Goodwill impairment” in the Consolidated Statement of Operations during the third 2020. September 30, 2020, 6 fourth 2020. Annual Impairment Assessment – October 1, 2020 The Company had six October 1, 2020 Significant assumptions used in the Company’s October 2020 15.7%; 2.2% 8.9%; 19 The Company’s assessment of each reporting unit’s fair value in relation to its respective carrying value yielded: (i) no one 10 one 15 10 third 2020. 15 2020, 19 2021 2022, not Impairment Review – Fourth Quarter 2020 In December 2020, 6. Fair Value Measurements FASB ASC 820, Fair Value Measurements 820” three • Level 1 • Level 2 • Level 3 no The Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for derivative instruments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective footnotes. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments including notes payable are recorded at cost, which approximates fair value, and is based on Level 2 no 1, 2 3 2020, 2019 2018. Investments in Variable Interest Entities The Company evaluates all transactions and relationships with variable interest entities (“VIE”) to determine whether the Company is the primary beneficiary of the entities in accordance with FASB ASC 810, Consolidation. no 2020. Financial data for consolidated variable interest entities are summarized in the following tables (in thousands): December 31, Balance sheet data 2020 2019 Current assets $ 24,876 $ 18,304 Non-current assets 7,513 7,635 Current liabilities 10,932 8,261 Non-current liabilities 3,279 1,962 Years Ended December 31, Statement of operations data 2020 2019 (1) 2018(1)(2) Revenue $ 31,930 $ 28,403 $ 49,809 Gross profit 10,862 9,508 9,898 Net (income) loss attributable to Aegion Corporation 1,209 (1,100 ) (1,374 ) ( 1 Includes activity from our Tite Liner ® fourth 2019. ( 2 Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third 2018. Accounting Standards Updates In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 December 31, 2022. not In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740 January 1, 2021, January 1, 2020, not In August 2018, No. 2018 13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 1, 2 3 January 1, 2020, January 1, 2020, not In June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments January 1, 2020, January 1, 2020, not |
Note 3 - Revenues
Note 3 - Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. On January 1, 2018, 606, Revenue from Contracts with Customers 606” not January 1, 2018 606, Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in FASB ASC 606. not not not The Company’s performance obligations are satisfied over time as work progresses or at a point in time. Revenues from products and services transferred to customers over time accounted for 90.2%, 89.4% and 91.3% of revenues for the years ended December 31, 2020, 2019 2018 606 55 255, not December 31, 2020, 2019 2018 On December 31, 2020 December 31, 2020 Contract Estimates Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract, and recognizes that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that sometimes span multiple years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. The Company’s contracts do not not not not The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available. Revenue by Category The following tables summarize revenues by segment and geography (in thousands): Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Total Geographic region: United States $ 443,196 $ 129,533 $ 572,729 Canada 69,190 49,063 118,253 Europe 23,782 13,469 37,251 Other foreign 26,403 53,128 79,531 Total revenues $ 562,571 $ 245,193 $ 807,764 Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Total Geographic region: United States $ 427,220 $ 159,408 $ 586,628 Canada 65,370 57,663 123,033 Europe 49,157 15,121 64,278 Other foreign 49,050 62,898 111,948 Total revenues $ 590,797 $ 295,090 $ 885,887 Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Total Geographic region: United States $ 430,187 $ 200,397 $ 630,584 Canada 62,292 71,320 133,612 Europe 54,567 12,227 66,794 Other foreign 57,075 109,796 166,871 Total revenues $ 604,121 $ 393,740 $ 997,861 The following tables summarize revenues by segment and contract type (in thousands): Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Total Contract type: Fixed fee $ 513,187 $ 162,334 $ 675,521 Time and materials — 52,713 52,713 Product sales 49,353 30,146 79,499 License fees 31 — 31 Total revenues $ 562,571 $ 245,193 $ 807,764 Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Total Contract type: Fixed fee $ 523,042 $ 203,887 $ 726,929 Time and materials — 65,084 65,084 Product sales 67,512 26,119 93,631 License fees 243 — 243 Total revenues $ 590,797 $ 295,090 $ 885,887 Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Total Contract type: Fixed fee $ 556,642 $ 296,217 $ 852,859 Time and materials — 58,372 58,372 Product sales 45,030 39,151 84,181 License fees 2,449 — 2,449 Total revenues $ 604,121 $ 393,740 $ 997,861 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and contract liabilities on the Consolidated Balance Sheets. Contract assets represent work performed that could not not one For fixed fee and time-and-materials based contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. For some royalty license arrangements, minimum amounts are billed over the license term as quarterly royalty amounts are determined. This results in contract assets as the Company recognizes revenue for the license when the license is transferred to the customer at contract inception. The Company’s contract liabilities consist of advance payments, billings in excess of revenue recognized and deferred revenue. The Company’s contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Advance payments, billings in excess of revenue recognized and deferred revenue are each classified as current. Net contract assets (liabilities) consisted of the following (in thousands): December 31, 2020 (1) 2019 (2) Contract assets – current $ 44,026 $ 42,973 Contract liabilities – current (37,569 ) (37,517 ) Net contract assets $ 6,457 $ 5,456 ( 1 Amounts exclude contract assets of $9.3 million and contract liabilities of $0.2 million that were classified as held for sale at December 31, 2020 6 ( 2 Amounts exclude contract assets of $13.5 million and contract liabilities of less than $0.2 million that were classified as held for sale at December 31, 2019 6 Included in the change of total net contract assets was a $1.1 million increase in contract assets, primarily related to the timing between work performed on open contracts and contractual billing terms, and a $0.1 million increase in contract liabilities, primarily related to the timing of customer advances on certain contracts. Substantially all of the $37.5 million and $32.3 million contract liabilities balances at December 31, 2019 December 31, 2018, 2020 2019 Impairment losses recognized on receivables and contract assets were not 2020 2019 2018 |
Note 4 - Restructuring
Note 4 - Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 4. On July 28, 2017, ® During 2018 2019, ® ® ® The Company completed the divestitures of Bayou and the Denmark CIPP business in 2018. ® 2019, 2020 1 first 2021. first 2021 19, second 2021. As part of efforts to optimize the cathodic protection operations in North America, management initiated plans during the fourth 2019 three four 2019. 2019, Although not 2020, 19. P2S “P2S” Total pre-tax restructuring and related impairment charges since the Restructuring’s inception were $188.7 million ($171.6 million post-tax) and consisted of cash charges totaling $57.3 million and non-cash charges totaling $131.4 million. Cash charges included employee severance, retention, extension of benefits, employment assistance programs, early lease and contract termination costs and other restructuring charges associated with the restructuring efforts described above. Non-cash charges included (i) $86.4 million related to goodwill and long-lived asset impairment charges recorded in 2017 The Company continues to monitor the impact COVID- 19 may 2021 During 2020 2019 2018 Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total Severance and benefit related costs $ 29 $ 3,673 $ 324 $ 4,026 $ 571 $ 4,597 Contract termination costs 66 (166 ) — (100 ) 199 99 Relocation and other moving costs 99 137 — 236 34 270 Other restructuring costs (1) (1,626 ) 5,864 2,879 7,117 4,654 11,771 Total pre-tax restructuring charges $ (1,432 ) $ 9,508 $ 3,203 $ 11,279 $ 5,458 $ 16,737 ( 1 Includes charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with optimizing the cathodic protection operations in North America, exiting the CIPP operations in Europe, disposing of certain international businesses and other cost savings initiatives. Amounts also include goodwill and definite-lived intangible asset impairments related to exiting a small business in discontinued operations. Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total Severance and benefit related costs $ 938 $ 3,179 $ 1,685 $ 5,802 $ 553 $ 6,355 Contract termination costs 601 1,089 98 1,788 234 2,022 Relocation and other moving costs 190 408 — 598 55 653 Other restructuring costs (1) 13,642 4,592 4,258 22,492 819 23,311 Total pre-tax restructuring charges $ 15,371 $ 9,268 $ 6,041 $ 30,680 $ 1,661 $ 32,341 ( 1 Includes charges primarily related to certain wind-down costs, inventory obsolescence, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with exiting or divesting the CIPP operations in Europe and Australia, exiting the cathodic protection operations in the Middle East and right-sizing the cathodic protection services operation in North America. Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total Severance and benefit related costs $ 3,038 $ 1,094 $ 170 $ 4,302 $ 234 $ 4,536 Contract termination costs 1,999 25 150 2,174 — 2,174 Relocation and other moving costs 184 — — 184 — 184 Other restructuring costs (1) 13,311 7,936 1,317 22,564 28 22,592 Total pre-tax restructuring charges $ 18,532 $ 9,055 $ 1,637 $ 29,224 $ 262 $ 29,486 ( 1 Includes charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting non-pipe-related contract applications for the Tyfo ® Restructuring costs from continuing operations that were related to severance, other termination benefit costs and early contract termination costs were $4.2 million, $8.2 million and $6.7 million in 2020, 2019 2018, The following tables summarize restructuring charges recognized in 2020 2019 2018 Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total (1) Cost of revenues $ 69 $ 1,952 $ — $ 2,021 $ — $ 2,021 Operating expenses (357 ) 3,947 2,360 5,950 — 5,950 Restructuring and related charges 194 3,644 324 4,162 — 4,162 Other expense (2) (1,338 ) (35 ) 519 (854 ) — (854 ) Loss from discontinued operations — — — — 5,458 5,458 Total pre-tax restructuring charges $ (1,432 ) $ 9,508 $ 3,203 $ 11,279 $ 5,458 $ 16,737 ( 1 Total pre-tax restructuring charges include cash charges of $12.0 million and non-cash charges of $4.7 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. ( 2 Includes charges related to the (gain) loss on disposal of restructured entities, including the release of cumulative currency translation adjustments resulting from those disposals. Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total (1) Cost of revenues $ 469 $ 1,869 $ — $ 2,338 $ — $ 2,338 Operating expenses 5,349 1,131 3,444 9,924 — 9,924 Restructuring and related charges 1,729 4,676 1,783 8,188 — 8,188 Other expense (2) 7,824 1,592 814 10,230 — 10,230 Income from discontinued operations — — — — 1,661 1,661 Total pre-tax restructuring charges $ 15,371 $ 9,268 $ 6,041 $ 30,680 $ 1,661 $ 32,341 ( 1 Total pre-tax restructuring charges include cash charges of $19.5 million and non-cash charges of $12.8 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. ( 2 Includes charges related to the loss on disposal of restructured entities, including the release of cumulative currency translation adjustments resulting from those disposals. Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total (1) Cost of revenues $ 1,281 $ 600 $ — $ 1,881 $ — $ 1,881 Operating expenses 7,291 4,547 1,317 13,155 — 13,155 Goodwill impairment 1,389 — — 1,389 — 1,389 Definite-lived intangible asset impairment 870 1,299 — 2,169 — 2,169 Restructuring and related charges 5,221 1,119 320 6,660 — 6,660 Other expense (2) 2,480 1,490 — 3,970 — 3,970 Income from discontinued operations — — — — 262 262 Total pre-tax restructuring charges $ 18,532 $ 9,055 $ 1,637 $ 29,224 $ 262 $ 29,486 ( 1 Total pre-tax restructuring charges include cash charges of $12.1 million and non-cash charges of $17.4 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. ( 2 Includes charges related to the loss on disposal of restructured entities, including the release of cumulative currency translation adjustments resulting from those disposals. The following tables summarize restructuring activity during 2020 2019 2018 Utilized in 2020 Reserves at December 31, 2019 2020 Charge to Income Foreign Currency Translation Cash(1) Non-Cash(2) Reserves at December 31, 2020 Severance and benefit related costs $ 4,389 $ 4,597 $ (30 ) $ 7,179 $ — $ 1,777 Contract termination costs 953 99 (7 ) 1,020 — 25 Relocation and other moving costs 367 270 1 515 — 123 Other restructuring costs 2,379 11,771 35 7,302 4,801 2,082 Total pre-tax restructuring charges $ 8,088 $ 16,737 $ (1 ) $ 16,016 $ 4,801 $ 4,007 Utilized in 2019 Reserves at December 31, 2018 2019 Charge to Income Foreign Currency Translation Cash(1) Non-Cash(2) Reserves at December 31, 2019 Severance and benefit related costs $ 1,742 $ 6,355 $ (11 ) $ 3,697 $ — $ 4,389 Contract termination costs 359 2,022 (20 ) 1,408 — 953 Relocation and other moving costs — 653 (3 ) 283 — 367 Other restructuring costs 311 23,311 (4 ) 8,457 12,782 2,379 Total pre-tax restructuring charges $ 2,412 $ 32,341 $ (38 ) $ 13,845 $ 12,782 $ 8,088 Utilized in 2018 Reserves at December 31, 2017 2018 Charge to Income Foreign Currency Translation Cash(1) Non-Cash(2) Reserves at December 31, 2018 Severance and benefit related costs $ 3,864 $ 4,536 $ (69 ) $ 6,589 $ — $ 1,742 Contract termination costs 650 2,174 (19 ) 2,446 — 359 Relocation and other moving costs — 184 — 184 — — Other restructuring costs 675 22,592 (3 ) 5,581 17,372 311 Total pre-tax restructuring charges $ 5,189 $ 29,486 $ (91 ) $ 14,800 $ 17,372 $ 2,412 ( 1 Refers to cash utilized to settle charges during the year. ( 2 Includes non-cash charges from discontinued operations of $3.6 million, $0.1 million and zero in 2020, 2019 2018, |
Note 5 - Supplemental Balance S
Note 5 - Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. Credit Losses Activity in the allowance for doubtful accounts is summarized as follows (in thousands): Years Ended December 31, 2020 2019 2018 Balance, beginning of year $ 6,404 $ 9,546 $ 5,428 Provision for expected credit losses, net of recoveries (1) 500 (1,930 ) 8,188 Amounts written off and adjustments (2,900 ) (1,212 ) (4,070 ) Balance, end of year $ 4,004 $ 6,404 $ 9,546 ( 1 The Company recorded bad debt expense (reversals) of $0.5 million, less than ($0.1) million and $5.3 million in 2020 2019 2018 4 Inventories Inventories are summarized as follows (in thousands): December 31, 2020(1) 2019 Raw materials and supplies $ 21,770 $ 27,415 Work-in-process 5,377 5,739 Finished products 8,413 14,937 Construction materials 9,329 9,102 Total $ 44,889 $ 57,193 Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): Estimated Useful Lives December 31, (Years) 2020 2019 Land and land improvements $ 7,851 $ 6,703 Buildings and improvements 5 — 40 48,190 49,084 Machinery and equipment 4 — 10 139,844 131,956 Furniture and fixtures 3 — 10 31,188 31,860 Autos and trucks 3 — 10 45,768 45,496 Construction in progress 5,557 7,236 278,398 272,335 Less – Accumulated depreciation (185,498 ) (177,449 ) Property, plant & equipment, less accumulated depreciation $ 92,900 $ 94,886 Depreciation expense from continuing operations was $19.3 million, $19.3 million and $21.0 million for the years ended December 31, 2020, 2019 2018 Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2020 2019 Vendor and other accrued expenses $ 17,152 $ 26,313 Estimated casualty and healthcare liabilities 10,624 10,702 Job costs 13,416 12,041 Accrued compensation 17,112 17,045 Income taxes payable 1,360 1,751 Total $ 59,664 $ 67,852 |
Note 6 - Discontinued Operation
Note 6 - Discontinued Operations and Assets and Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 6. Discontinued Operations In December 2020, third no third 2020 2 third 2020 350, fourth 2020, 2021 In accordance with FASB ASC 205, Presentation of Financial Statements – Discontinued Operations 205” December 31, 2020, 2019 2018. Years Ended December 31, 2020 2019 2018 Revenues $ 271,529 $ 328,048 $ 335,707 Cost of revenues 247,453 286,814 294,160 Gross profit 24,076 41,234 41,547 Operating expenses 28,455 30,652 31,675 Goodwill impairment 47,977 — — Definite-lived intangible asset impairment 957 — — Restructuring and related charges 804 842 234 Operating income (loss) (54,117 ) 9,740 9,638 Other income (expense): Interest expense (1) (3,308 ) (2,644 ) (2,618 ) Total other expense (3,308 ) (2,644 ) (2,618 ) Income (loss) before taxes on income (57,425 ) 7,096 7,020 Taxes (benefit) on income (loss) (2,269 ) 2,554 1,161 Net income (loss) from discontinued operations $ (55,156 ) $ 4,542 $ 5,859 ( 1 The Company allocated interest expense, including a portion of the settlement amount from the Company's interest rate swaps, to its discontinued operations based on carrying value at December 31, 2020. Assets Held for Sale During 2018 2019, 2019, 1 first 2020, 1 19 third second 2021. 2019, 1 2019, 4. During 2019, 2019 2020, no 205. December 31, 2020 360, fourth 2020 During 2019, The relevant asset and liability balances at December 31, 2020 2019 205, December 31, 2020 2019. The following table provides the components of assets and liabilities held for sale (in thousands): December 31, 2020(1) 2019(2) Assets held for sale: Current assets Receivables, net $ 26,901 $ 43,256 Retainage 203 518 Contract assets 9,330 13,469 Inventories 60 2,097 Prepaid expenses and other current assets 2,652 3,379 Total current assets 39,146 62,719 Property, plant & equipment, less accumulated depreciation 7,962 17,167 Goodwill 2,640 52,201 Intangible assets, less accumulated amortization 33,718 38,481 Operating lease assets 8,734 11,546 Other non-current assets 650 663 Impairment of assets held for sale — (13,978 ) Total assets held for sale $ 92,850 $ 168,799 Liabilities held for sale: Current liabilities Accounts payable $ 5,211 $ 8,688 Accrued expenses 20,927 16,707 Operating lease liabilities 2,301 1,775 Contract liabilities 165 167 Total current liabilities 28,604 27,337 Operating lease liabilities 7,348 10,368 Other non-current liabilities 196 195 Total liabilities held for sale $ 36,148 $ 37,900 ( 1 Includes Energy Services and Environmental Techniques. ( 2 Includes Energy Services, Environmental Techniques, Insituform Australia, Insituform Spain and land held at Corporate. |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Effective January 1, 2019, 842 January 1, 2019 not not 842 January 1, 2019 No The Company’s operating lease portfolio includes operational field locations, administrative offices, equipment, vehicles and information technology equipment. The majority of the Company’s leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. Right-of-use assets are presented within “Operating lease assets” on the Consolidated Balance Sheet. The current portion of operating lease liabilities are presented within “Accrued expenses”, and the non-current portion of operating lease liabilities are presented within “Operating lease liabilities” on the Consolidated Balance Sheet. Operating lease assets and liabilities are recognized based on the present value of lease payments over the lease term at inception. For purposes of calculating operating lease liabilities, lease terms may January 1, 2019 January 1, 2019. not The following table presents the components of lease expense (in thousands): Years Ended December 31, 2020 2019 Operating lease cost $ 19,750 $ 22,235 Short-term lease cost 24,607 25,382 Total lease cost $ 44,357 $ 47,617 Supplemental cash flow information related to leases was as follows (in thousands): Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19,083 $ 22,144 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,708 $ 18,879 Supplemental balance sheet information related to leases was as follows (in thousands): December 31, 2020 (1) 2019 (2) Operating leases: Operating lease assets $ 52,421 $ 60,246 Current liabilities $ 14,147 $ 14,204 Other liabilities 38,724 46,059 Total operating lease liabilities $ 52,871 $ 60,263 Weighted-average remaining lease term (in years) 4.85 5.74 Weighted-average discount rate 4.96 % 5.71 % ( 1 Amounts exclude operating lease assets of $8.7 million, accrued expenses of $2.3 million and other liabilities of $7.3 million that were classified as held for sale at December 31, 2020 5 ( 2 Amounts exclude operating lease assets of $11.5 million, accrued expenses of $1.8 million and other liabilities of $10.4 million that were classified as held for sale at December 31, 2019 ( 5 Operating lease liabilities under non-cancellable leases were as follows (in thousands): December 31, 2020 2021 $ 16,380 2022 13,536 2023 10,784 2024 7,511 2025 4,415 Thereafter 6,965 Total undiscounted operating lease liabilities 59,591 Less: Imputed interest (6,720 ) Total discounted operating lease liabilities $ 52,871 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill The following table presents a reconciliation of the beginning and ending balances of goodwill (in thousands): Infrastructure Solutions Corrosion Protection Total Balance, December 31, 2018 Goodwill, gross $ 244,521 $ 76,383 $ 320,904 Accumulated impairment losses (62,848 ) (45,400 ) (108,248 ) Goodwill, net 181,673 30,983 212,656 2019 Activity: Foreign currency translation (137 ) 563 426 Reclassification to assets held for sale (1) (4,224 ) — (4,224 ) Balance, December 31, 2019 Goodwill, gross 240,160 76,946 317,106 Accumulated impairment losses (62,848 ) (45,400 ) (108,248 ) Goodwill, net 177,312 31,546 208,858 2020 Activity: Foreign currency translation 1,559 248 1,807 Balance, December 31, 2020 Goodwill, gross 241,719 77,194 318,913 Accumulated impairment losses (62,848 ) (45,400 ) (108,248 ) Goodwill, net $ 178,871 $ 31,794 $ 210,665 ( 1 During 2019, 6 Intangible Assets Intangible assets consisted of the following (in thousands): December 31, 2020 December 31, 2019 Weighted Average Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount License agreements — $ 3,894 $ (3,894 ) $ — $ 3,894 $ (3,824 ) $ 70 Leases — 864 (864 ) — 864 (777 ) 87 Trademarks 8.4 14,758 (7,459 ) 7,299 14,688 (6,695 ) 7,993 Non-competes 2.3 1,561 (1,008 ) 553 1,556 (784 ) 772 Customer relationships 5.7 95,058 (56,602 ) 38,456 94,865 (50,104 ) 44,761 Patents and acquired technology 6.9 39,756 (27,195 ) 12,561 39,288 (25,096 ) 14,192 Total intangible assets — $ 155,891 $ (97,022 ) $ 58,869 $ 155,155 $ (87,280 ) $ 67,875 Amortization expense from continuing operations was $9.4 million, $9.4 million and $9.7 million for the years ended December 31, 2020, 2019 2018 December 31, 2021, 2022, 2023, 2024 2025 |
Note 9 - Long-term Debt and Cre
Note 9 - Long-term Debt and Credit Facility | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Long-term debt consisted of the following (in thousands): December 31, 2020 2019 Term note, due February 27, 2023, annualized rates of 2.00 4.09 $ 221,717 $ 253,750 Line of credit, 2.00 4.01 — 24,000 Other notes with interest rates from 3.3 7.8 750 770 Subtotal 222,467 278,520 Less – Current maturities of long-term debt 25,811 32,803 Less – Unamortized loan costs 2,668 2,088 Total $ 193,988 $ 243,629 Required principal payments for each of the next five December 31, 2020 2021 $ 25,811 2022 30,844 2023 165,812 2024 — 2025 — Thereafter — Total $ 222,467 Financing Arrangements In October 2015, February 2018, December 2018, April 2020 November 2020, December 31, 2020, February 2023. In April 2020, 19 November 2020, 9. During 2020 third 2020. 2020. 2018, third 2018. 2018. Based on the 2020 December 31, 2020 The Company’s indebtedness at December 31, 2020 2020, As of December 31, 2020, The Company’s indebtedness at December 31, 2019 third 2019, At December 31, 2020 2019, 3 2. In October 2015, October 2020. $262.5 $262.5 $262.5 $262.5 15. In March 2018, October 2020 February 2023 $170.6 December 31, 2020 15. The amended Credit Facility is subject to certain financial covenants, including a consolidated financial leverage ratio and consolidated fixed charge coverage ratio. Subject to the specifically defined terms and methods of calculation as set forth in the amended Credit Facility’s credit agreement, the financial covenant requirements, as of December 31, 2020, • Consolidated financial leverage ratio, as amended, compares consolidated funded indebtedness to amended Credit Facility defined income with a maximum amount not 1.00. December 31, 2020, 1.00 • Consolidated fixed charge coverage ratio, as amended, compares amended Credit Facility defined income to amended Credit Facility defined fixed charges with a minimum permitted ratio of not 1.00. December 31, 2020, 1.00. At December 31, 2020, |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Share Repurchase Plan In December 2019, two million two million December 2018. December 31, 2020, 2018 two million 2019 one 10b5 1 1934. March 2020 October 2020, 10b5 1 19. November 2020, 1.00; 1.00. February 16, 2021, 17. The Company is also authorized to repurchase up to $10.0 million of the Company’s common stock in each calendar year in connection with the Company’s equity compensation programs for employees. The participants in the Company’s equity plans may may During 2020, 2020, not During 2019, During 2018, 2018, not Equity-Based Compensation Plans Employee Plans In April 2016, 2016 2017 2016 “2016 April 2018, 2016 2016 2016 2013 2016 December 31, 2020, 2016 Director Plans In April 2016, 2016 “2016 2011 April 2019, 2016 2016 2016 2016 2016 December 31, 2020, 2016 Prior to the 2016 2011 “2011 2006 “2006 2001 “2001 December 31, 2020, 2016 2011 2006 2001 Activity and related expense associated with these plans are described in Note 11. |
Note 11 - Equity-based Compensa
Note 11 - Equity-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Stock Awards Stock awards, which include shares of restricted stock, restricted stock units and performance stock units, are awarded from time to time to executive officers and certain key employees of the Company. Stock award compensation is recorded based on the award date fair value and charged to expense ratably through the requisite service period. The forfeiture of unvested restricted stock, restricted stock units and performance stock units causes the reversal of all previous expense recorded as a reduction of current period expense. A summary of stock award activity is as follows: Years Ended December 31, 2020 2019 2018 Stock Awards Weighted Average Award Date Fair Value Stock Awards Weighted Average Award Date Fair Value Stock Awards Weighted Average Award Date Fair Value Outstanding, beginning of year 1,034,964 $ 23.20 1,143,205 $ 23.26 1,428,878 $ 21.53 Period Activity: Restricted stock units awarded 420,377 19.87 325,321 20.02 281,567 24.13 Performance stock units awarded 131,755 22.96 146,367 22.78 219,943 23.25 Restricted shares distributed — — (76,686 ) 18.26 — — Restricted stock units distributed (297,322 ) 20.50 (237,416 ) 18.83 (312,182 ) 17.47 Performance stock units distributed (71,541 ) 28.18 (111,155 ) 25.85 (296,909 ) 21.55 Restricted stock units forfeited (93,696 ) 18.17 (74,075 ) 22.09 (90,896 ) 21.79 Performance stock units forfeited (80,930 ) 27.19 (80,597 ) 25.30 (87,196 ) 25.95 Outstanding, end of year 1,043,607 $ 22.40 1,034,964 $ 23.20 1,143,205 $ 23.26 Expense associated with stock awards was $8.9 million, $7.0 million and $6.8 million in 2020 2019 2018 December 31, 2020 Deferred Stock Unit Awards Deferred stock units are generally awarded to directors of the Company and represent the Company’s obligation to transfer one April 2019, 2016 one A summary of deferred stock unit activity is as follows: Years Ended December 31, 2020 2019 2018 Deferred Weighted Deferred Weighted Deferred Weighted Outstanding, beginning of year 253,340 $ 20.71 287,350 $ 20.80 269,977 $ 20.14 Period Activity: Awarded 70,426 14.59 50,174 19.64 45,681 23.72 Distributed (59,297 ) 21.66 (84,184 ) 20.38 (28,308 ) 19.22 Outstanding, end of year 264,469 $ 18.87 253,340 $ 20.71 287,350 $ 20.80 Expense associated with awards of deferred stock units was $1.0 million, $0.7 million and $1.1 million in 2020 2019 2018 December 31, 2020 Stock Options Stock options on the Company’s common stock are awarded from time to time to executive officers and certain key employees of the Company. Stock options granted generally have a term of seven ten A summary of stock option activity is as follows: Years Ended December 31, 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 52,783 $ 18.11 126,680 $ 23.06 Exercised (52,783 ) 18.11 — — Canceled/Expired — — (73,897 ) 26.60 Outstanding, end of year — $ — 52,783 $ 18.11 Exercisable, end of year — $ — 52,783 $ 18.11 In 2020 2019 2018 Financial data for stock option exercises are summarized in the following table (in thousands): Years Ended December 31, 2019 2018 Amount received from stock option exercises $ 956 $ — Total intrinsic value of stock option exercises (1) 129 — Tax expense (benefit) of stock option exercises recorded in income tax expense 312 (1,556 ) Aggregate intrinsic value of outstanding stock options — — Aggregate intrinsic value of exercisable stock options — — ( 1 December 31, 2019. |
Note 12 - Taxes on Income
Note 12 - Taxes on Income | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income (loss) before taxes (benefit) was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Domestic $ 10,454 $ (3,469 ) $ 1,122 Foreign 19,613 (16,511 ) (5,187 ) Total $ 30,067 $ (19,980 ) $ (4,065 ) Provisions (benefits) for taxes on income (loss) consisted of the following components (in thousands): Years Ended December 31, 2020 2019 2018 Current: Federal $ (1,683 ) $ (3,116 ) $ (4,902 ) Foreign 5,010 5,705 6,025 State 794 49 (722 ) Subtotal 4,121 2,638 401 Deferred: Federal (421 ) (994 ) 58 Foreign 704 (199 ) (1,531 ) State 863 2,565 (221 ) Subtotal 1,146 1,372 (1,694 ) Total tax provision $ 5,267 $ 4,010 $ (1,293 ) The reconciliation between the U.S. federal statutory income tax rate of 21% for 2020, 2019 2018 Years Ended December 31, 2020 2019 2018 Income taxes (benefit) at U.S. federal statutory tax rate $ 6,315 $ (4,196 ) $ (854 ) Increase (decrease) in taxes resulting from: Change in the balance of the valuation allowance for deferred tax assets allocated to foreign income tax expense 38 806 590 Change in the balance of the valuation allowance for deferred tax assets allocated to domestic income tax expense (1,256 ) 3,025 (564 ) State income taxes, net of federal income tax benefit 1,051 2,033 (791 ) Divestitures (501 ) 5,613 2,133 Meals and entertainment 271 442 482 Changes in taxes previously accrued 45 (1,557 ) (573 ) Foreign tax rate differences (176 ) (643 ) 1,301 Share-based compensation 572 358 (1,427 ) Goodwill impairment — — 291 Recognition of uncertain tax positions (504 ) (717 ) (218 ) Deemed mandatory repatriation — — (842 ) Other matters (588 ) (1,154 ) (821 ) Total tax provision $ 5,267 $ 4,010 $ (1,293 ) Effective tax rate 17.5 % (20.1 %) 31.8 % Deferred taxes are recognized for temporary differences between the financial reporting bases and tax bases of assets and liabilities based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not Net deferred taxes consisted of the following (in thousands): December 31, 2020 2019 Deferred income tax assets: Foreign tax credit carryforwards $ 6,152 $ 4,101 General business credit carryforwards 1,485 844 Net operating loss carryforwards 15,546 19,079 Accrued expenses 15,047 15,119 Operating lease liabilities 15,820 17,360 Other 5,999 7,587 Total gross deferred income tax assets 60,049 64,090 Less valuation allowance (43,424 ) (34,247 ) Net deferred income tax assets 16,625 29,843 Deferred income tax liabilities: Property, plant and equipment (4,625 ) (5,689 ) Intangible assets (1,009 ) (12,203 ) Operating lease assets (15,464 ) (17,198 ) Other (5,423 ) (4,791 ) Total deferred income tax liabilities (26,521 ) (39,881 ) Net deferred income tax liabilities $ (9,896 ) $ (10,038 ) The Company’s tax assets and liabilities, netted by taxing location, are in the following captions in the balance sheets (in thousands): December 31, 2020 2019 Noncurrent deferred income tax assets, net $ 448 $ 1,216 Noncurrent deferred income tax liabilities, net (10,344 ) (11,254 ) Net deferred income tax liabilities $ (9,896 ) $ (10,038 ) The Company’s deferred tax assets at December 31, 2020 not 2021 2040, no 2026 not 2029 not 2030 not no 2038 not 2039 not 2040 not For financial reporting purposes, a valuation allowance of $43.4 million has been recognized at December 31, 2020 not not December 31, 2019 As of December 31, 2020 not no may Activity in the valuation allowance is summarized as follows (in thousands): Years Ended December 31, 2020 2019 2018 Balance, at beginning of year $ 34,247 $ 28,451 $ 29,782 Additions 14,677 8,789 1,879 Reversals (6,571 ) (6,776 ) (2,102 ) Other adjustments 1,071 3,783 (1,108 ) Balance, at end of year $ 43,424 $ 34,247 $ 28,451 As a result of the deemed mandatory repatriation provisions in the Tax Cuts and Jobs Act (“TCJA”), the Company included $206.7 million of undistributed earnings in income subject to U.S. tax at reduced tax rates. Certain provisions within the TCJA effectively transition the U.S. to a territorial system and eliminates deferral on U.S. taxation for certain amounts of income that are not not 100 not not December 31, 2020 FASB ASC 740, Income Taxes 740” not 740 A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): Years Ended December 31, 2020 2019 2018 Balance, at beginning of year $ 1,384 $ 1,955 $ 2,229 Additions for tax positions of prior years 51 9 8 Lapse in statute of limitations (451 ) (587 ) (264 ) Foreign currency translation 7 7 (18 ) Balance, at end of year, total tax provision $ 991 $ 1,384 $ 1,955 The total amount of unrecognized tax benefits, if recognized, that would affect the effective tax rate was $0.3 million at December 31, 2020 The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2020, 2019 2018 The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits will change in 2021. twelve The Company is subject to taxation in the United States, various states and foreign jurisdictions. With few exceptions, the Company is no 2016. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Litigation The Company is involved in certain litigation incidental to the conduct of its business and affairs. Management, after consultation with legal counsel, does not Purchase Commitments The Company had no December 31, 2020 Guarantees The Company has many contracts that require the Company to indemnify the other party against loss from claims, including claims of patent or trademark infringement or other third third not no not The Company regularly reviews its exposure under all its engagements, including performance guarantees by contractual joint ventures and indemnification of its surety. As a result of the most recent review, the Company has determined that the risk of material loss is remote under these arrangements and has not December 31, 2020 Retirement Plans Approximately 948 of our U.S. employees participate in multi-employer retirement plans. Substantially all of the Company’s remaining U.S. employees are eligible to participate in one 401 December 31, 2020, 2019 2018, April 2020 November 2020, 19. Certain foreign subsidiaries maintain various other defined contribution retirement plans. Company contributions to such plans for the years ended December 31, 2020, 2019 2018 In connection with the Company’s 2009 no December 31, 2020, 2019 2018 December 31, 2020 December 31, 2019 2 2. |
Note 14 - Segment and Geographi
Note 14 - Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. The Company has two December 2020, 6 December 31, 2020, 2019 2018. December 31, 2020, 2019 2018. The following disaggregated financial results have been prepared using a management approach that is consistent with the basis and manner with which management internally disaggregates financial information for the purpose of making internal operating decisions. The Company evaluates performance based on stand-alone operating income (loss), which includes acquisition and divestiture expenses and restructuring charges, if applicable. Financial information by segment was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Revenues: Infrastructure Solutions $ 562,571 $ 590,797 $ 604,121 Corrosion Protection 245,193 295,090 393,740 Total revenues $ 807,764 $ 885,887 $ 997,861 Gross profit: Infrastructure Solutions $ 144,213 $ 144,074 $ 132,411 Corrosion Protection 52,246 60,927 92,968 Total gross profit $ 196,459 $ 205,001 $ 225,379 Operating income (loss): Infrastructure Solutions (1) $ 78,098 $ 42,079 $ 37,509 Corrosion Protection (2) (6,133 ) (5,635 ) 16,283 Corporate (3) (30,977 ) (35,211 ) (33,783 ) Total operating income 40,988 1,233 20,009 Other income (expense): Interest expense (4) (12,483 ) (11,358 ) (14,709 ) Interest income 1,125 1,038 516 Other (5) 437 (10,893 ) (9,881 ) Total other expense (10,921 ) (21,213 ) (24,074 ) Income (loss) before taxes (benefit) on income (loss) $ 30,067 $ (19,980 ) $ (4,065 ) Total assets: Infrastructure Solutions $ 511,606 $ 508,226 $ 500,977 Corrosion Protection 238,566 278,694 279,106 Corporate and other 58,425 39,794 50,098 Assets held for sale 92,850 168,799 162,236 Total assets $ 901,447 $ 995,513 $ 992,417 Capital expenditures: (6) Infrastructure Solutions $ 10,103 $ 10,679 $ 12,730 Corrosion Protection 5,654 11,437 9,754 Corporate 802 3,219 4,977 Total capital expenditures $ 16,559 $ 25,335 $ 27,461 Depreciation and amortization: (7) Infrastructure Solutions $ 14,174 $ 13,773 $ 16,758 Corrosion Protection 12,007 12,487 11,874 Corporate 2,521 2,413 2,112 Total depreciation and amortization $ 28,702 $ 28,673 $ 30,744 ( 1 Operating income for 2020 4 2019 4 6 2018 4 ( 2 Operating loss for 2020 4 2019 4 6 2018 4 ( 3 Operating loss for 2020 4 6 2019 4 6 2018 4 ( 4 Interest expense for 2020 third 9 2018 third 9 ( 5 Other expense for 2020 4 2019 4 2018 1 4 ( 6 Capital expenditures from our discontinued operations were $3.0 million, $3.4 million and $3.1 million in 2020, 2019 2018, ( 7 Depreciation and amortization from our discontinued operations were $6.8 million, $7.5 million and $7.1 million in 2020, 2019 2018, The following table summarizes revenues, gross profit, operating income (loss) and long-lived assets by geographic region (in thousands): Years Ended December 31, 2020 2019 2018 Revenues: (1) United States $ 572,729 $ 586,628 $ 630,584 Canada 118,253 123,033 133,612 Europe 37,251 64,278 66,794 Other foreign 79,531 111,948 166,871 Total revenues $ 807,764 $ 885,887 $ 997,861 Gross profit: (1) United States $ 139,308 $ 134,471 $ 136,477 Canada 24,360 22,183 22,823 Europe 11,437 14,849 8,379 Other foreign 21,354 33,498 57,700 Total gross profit $ 196,459 $ 205,001 $ 225,379 Operating income (loss): (1) United States $ 18,817 $ (3,528 ) $ (9,464 ) Canada 11,849 7,460 9,482 Europe 6,230 (11,363 ) (10,599 ) Other foreign 4,092 8,664 30,590 Total operating income $ 40,988 $ 1,233 $ 20,009 Long-lived assets: (1)(2) United States $ 89,487 $ 83,225 $ 105,978 Canada 7,817 7,462 7,725 Europe 3,073 3,336 8,295 Other foreign 1,413 10,192 6,662 Total long-lived assets $ 101,790 $ 104,215 $ 128,660 ( 1 Attributed to the country of origin. ( 2 Long-lived assets do not |
Note 15 - Derivative Financial
Note 15 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15. As a matter of policy, the Company uses derivatives for risk management purposes, and does not may no December 31, 2020 2019, The Company also engages in regular inter-company trade activities and receives royalty payments from certain of its wholly-owned entities, paid in local currency, rather than the Company’s functional currency, U.S. Dollars. The Company utilizes foreign currency forward exchange contracts to mitigate the currency risk associated with the anticipated future payments from certain of its international entities. No contracts were utilized during 2020. 2019 2018, In October 2015, October 2020. $262.5 $262.5 In March 2018, October 2020 February 2023 The following table summarizes the Company’s derivative positions at December 31, 2020 Position Notional Amount Weighted Average Remaining Maturity In Years Average Exchange Rate Interest Rate Swap — $ 166,287,598 2.2 — The following table summarizes the fair value amounts of the Company’s derivative instruments, all of which are Level 2 2 December 31, Designation of Derivatives Balance Sheet Location 2020 2019 Derivatives Designated as Hedging Instruments: Interest Rate Swaps Other non-current assets $ - $ 261 Total Assets $ - $ 261 Interest Rate Swaps Other non-current liabilities $ 9,018 $ 4,899 Total Liabilities $ 9,018 $ 4,899 Total Derivative Assets $ - $ 261 Total Derivative Liabilities 9,018 4,899 Total Net Derivative Liability $ (9,018 ) $ (4,638 ) |
Note 16 - Subsequent Event
Note 16 - Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. On February 16, 2021, no second 2021, As a result of the agreement, the Company terminated the open market share repurchase program effective February 16, 2021. January 1, 2021 February 15, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and majority-owned subsidiaries in which the Company is deemed to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Actual results could differ from those estimates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Accumulated Other Comprehensive Loss As set forth below, the Company’s accumulated other comprehensive loss is comprised of three December 31, 2020 2019 Currency translation adjustments (1) $ (19,760 ) $ (27,241 ) Derivative hedging activity (9,018 ) (4,522 ) Pension activity (1,069 ) (931 ) Total accumulated other comprehensive loss $ (29,847 ) $ (32,694 ) ( 1 During 2020 2019, $0.3 million and $10.9 For the Company’s international subsidiaries, the local currency is generally the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while revenues and expenses are translated into U.S. dollars using average exchange rates. The cumulative translation adjustment resulting from changes in exchange rates are included in the Consolidated Balance Sheets as a component of “Accumulated other comprehensive loss” in total stockholders’ equity. Net foreign exchange transaction losses of $0.8 million, $0.5 million and $0.6 million for 2020, 2019 2018, |
Research and Development Expense, Policy [Policy Text Block] | Research and Development The Company expenses research and development costs as incurred. Research and development costs of $4.9 million, $6.4 million and $5.6 million for 2020, 2019 2018, |
Income Tax, Policy [Policy Text Block] | Taxation The Company provides for estimated income taxes payable or refundable on current year income tax returns as well as the estimated future tax effects attributable to temporary differences and carryforwards, based upon enacted tax laws and tax rates, and in accordance with FASB ASC 740, Income Taxes 740” 740 not not may In accordance with FASB ASC 740, may not 50% 740. The Company recognizes tax liabilities in accordance with FASB ASC 740 not may December 31, 2019 2018 740, |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share have been calculated using the following share information: Years Ended December 31, 2020 2019 2018 Weighted average number of common shares used for basic EPS 30,731,882 31,130,222 32,345,382 Effect of dilutive stock options and restricted and deferred stock unit awards 509,253 — — Weighted average number of common shares and dilutive potential common stock used for dilutive EPS 31,241,135 31,130,222 32,345,382 The Company excluded 529,539 and 652,621 restricted and deferred stock units in 2019 2018, 2018 |
Business Combinations Policy [Policy Text Block] | Purchase Price Accounting The Company accounts for its acquisitions in accordance with FASB ASC 805, Business Combinations The Company typically determines the fair value of tangible and intangible assets acquired in a business combination using independent valuations that rely on management’s estimates of inputs and assumptions that a market participant would use. Key assumptions include cash flow projections, growth rates, asset lives, and discount rates based on an analysis of weighted average cost of capital. |
Classification of Current Assets and Liabilities [Policy Text Block] | Classification of Current Assets and Current Liabilities The Company includes in current assets and current liabilities certain amounts realizable and payable under construction contracts that may one one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The Company classifies highly liquid investments with original maturities of 90 Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands): December 31, Balance sheet data 2020 2019 Cash and cash equivalents $ 94,848 $ 64,874 Restricted cash 765 1,348 Cash, cash equivalents and restricted cash $ 95,613 $ 66,222 Restricted cash held in escrow primarily relates to funds reserved for legal requirements, deposits made in lieu of retention on specific projects performed for municipalities and state agencies, or advance customer payments and compensating balances for bank undertakings in Europe. Restricted cash related to operations is similar to retainage, and is, therefore, classified as a current asset, consistent with the Company’s policy on retainage. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first |
Retainage [Policy Text Block] | Retainage Many of the contracts under which the Company performs work contain retainage provisions. Retainage refers to that portion of revenue earned by the Company but held for payment by the customer pending satisfactory completion of the project. The Company generally invoices its customers periodically as work is completed. Under ordinary circumstances, collection from municipalities is made within 60 to 90 days of billing. In most cases, 5% to 15% of the contract value is withheld by the municipal owner pending satisfactory completion of the project. Collections from other customers are generally made within 30 to 45 days of billing. Unless reserved, the Company believes that all amounts retained by customers under such provisions are fully collectible. Retainage on active contracts is classified as a current asset regardless of the term of the contract. Retainage is generally collected within one one December 31, 2020 365 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Credit Losses The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable, including retainage, is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Property, plant and equipment and other identified intangibles (primarily customer relationships, patents and acquired technologies, trademarks, licenses and non-compete agreements) are recorded at cost, net of accumulated depreciation, amortization and impairment, and, except for goodwill, are depreciated or amortized on a straight-line basis over their estimated useful lives. Changes in circumstances such as technological advances, changes to the Company’s business model or changes in the Company’s capital strategy can result in the actual useful lives differing from the Company’s estimates. If the Company determines that the useful life of its property, plant and equipment or its identified intangible assets should be shortened, the Company would depreciate or amortize the net book value in excess of the salvage value over its revised remaining useful life, thereby increasing depreciation or amortization expense. Long-lived assets, including property, plant and equipment and other intangibles, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not may Impairment Review – Third Quarter 2020 The oil and gas industry experienced an unprecedented disruption during 2020 19 third 2020 2020 2021. 360, Property, Plant and Equipment 360” The assets of an asset group represent the lowest level for which identifiable cash flows can be determined independent of other groups of assets and liabilities. The Energy Services asset group was the only at-risk asset group reviewed for impairment. The Company developed internal forward business plans under the guidance of local and regional leadership to determine the undiscounted expected future cash flows derived from Energy Services’ long-lived assets. Such were based on management’s best estimates considering the likelihood of various outcomes. Based on the internal projections, the Company determined that the sum of the undiscounted expected future cash flows for the Energy Services asset group exceeded the carrying value of the assets and no Impairment Review – Fourth Quarter 2020 In December 2020, 360 no The fair value estimates described above were determined using similar inputs as the fourth 2020 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Under FASB ASC 350, Goodwill and Other 350” may not not • significant underperformance of a segment relative to expected, historical or forecasted operating results; • significant negative industry or economic trends; • significant changes in the strategy for a segment including extended slowdowns in the segment’s market; • a decrease in market capitalization below the Company’s book value; and • a significant change in regulations. Whether during the annual impairment assessment or during a trigger-based impairment review, the Company estimates the fair value of its reporting units and compares such fair value to the carrying value of those reporting units to determine if there are any indications of goodwill impairment. Fair value of reporting units is estimated using a combination of two two The market approach estimates fair value by first The income approach is based on forecasted future (debt-free) cash flows that are discounted to present value using factors that consider timing and risk of future cash flows. The Company believes this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Discounted cash flow projections are based on financial forecasts developed from operating plans and economic outlooks, revenue growth rates, EBITDA growth, estimates of future expected changes in operating margins, terminal value growth rates, future capital expenditures and changes in working capital requirements. Estimates of discounted cash flows may The discount rate applied to the estimated future cash flows is one twenty may Impairment Review – Third Quarter 2020 Given the prolonged uncertainty in the oil and gas markets and the market assessment of the Energy Services reporting unit discussed above, the Company evaluated the goodwill of its Energy Services reporting unit during the third 2020 third 350, Significant assumptions used in the Company’s goodwill review included discount rate, revenue growth rates, operating margins, EBITDA growth, terminal value growth rate and peer group EBITDA multiples. The values derived from both the income approach and the market approach decreased from the October 1, 2019 October 1, 2019 twenty 3.2%, October 1, 2019 2020 2021. 100 Based on the impairment analysis, the Company determined that recorded goodwill at the Energy Services reporting unit was impaired by $39.4 million, which was recorded to “Goodwill impairment” in the Consolidated Statement of Operations during the third 2020. September 30, 2020, 6 fourth 2020. Annual Impairment Assessment – October 1, 2020 The Company had six October 1, 2020 Significant assumptions used in the Company’s October 2020 15.7%; 2.2% 8.9%; 19 The Company’s assessment of each reporting unit’s fair value in relation to its respective carrying value yielded: (i) no one 10 one 15 10 third 2020. 15 2020, 19 2021 2022, not Impairment Review – Fourth Quarter 2020 In December 2020, 6. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements FASB ASC 820, Fair Value Measurements 820” three • Level 1 • Level 2 • Level 3 no The Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for derivative instruments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective footnotes. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments including notes payable are recorded at cost, which approximates fair value, and is based on Level 2 no 1, 2 3 2020, 2019 2018. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Investments in Variable Interest Entities The Company evaluates all transactions and relationships with variable interest entities (“VIE”) to determine whether the Company is the primary beneficiary of the entities in accordance with FASB ASC 810, Consolidation. no 2020. Financial data for consolidated variable interest entities are summarized in the following tables (in thousands): December 31, Balance sheet data 2020 2019 Current assets $ 24,876 $ 18,304 Non-current assets 7,513 7,635 Current liabilities 10,932 8,261 Non-current liabilities 3,279 1,962 Years Ended December 31, Statement of operations data 2020 2019 (1) 2018(1)(2) Revenue $ 31,930 $ 28,403 $ 49,809 Gross profit 10,862 9,508 9,898 Net (income) loss attributable to Aegion Corporation 1,209 (1,100 ) (1,374 ) ( 1 Includes activity from our Tite Liner ® fourth 2019. ( 2 Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 December 31, 2022. not In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740 January 1, 2021, January 1, 2020, not In August 2018, No. 2018 13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 1, 2 3 January 1, 2020, January 1, 2020, not In June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments January 1, 2020, January 1, 2020, not |
Note 2 - Accounting Policies (T
Note 2 - Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2020 2019 Currency translation adjustments (1) $ (19,760 ) $ (27,241 ) Derivative hedging activity (9,018 ) (4,522 ) Pension activity (1,069 ) (931 ) Total accumulated other comprehensive loss $ (29,847 ) $ (32,694 ) |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, 2020 2019 2018 Weighted average number of common shares used for basic EPS 30,731,882 31,130,222 32,345,382 Effect of dilutive stock options and restricted and deferred stock unit awards 509,253 — — Weighted average number of common shares and dilutive potential common stock used for dilutive EPS 31,241,135 31,130,222 32,345,382 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, Balance sheet data 2020 2019 Cash and cash equivalents $ 94,848 $ 64,874 Restricted cash 765 1,348 Cash, cash equivalents and restricted cash $ 95,613 $ 66,222 |
Schedule of Variable Interest Entities [Table Text Block] | December 31, Balance sheet data 2020 2019 Current assets $ 24,876 $ 18,304 Non-current assets 7,513 7,635 Current liabilities 10,932 8,261 Non-current liabilities 3,279 1,962 Years Ended December 31, Statement of operations data 2020 2019 (1) 2018(1)(2) Revenue $ 31,930 $ 28,403 $ 49,809 Gross profit 10,862 9,508 9,898 Net (income) loss attributable to Aegion Corporation 1,209 (1,100 ) (1,374 ) |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Total Geographic region: United States $ 443,196 $ 129,533 $ 572,729 Canada 69,190 49,063 118,253 Europe 23,782 13,469 37,251 Other foreign 26,403 53,128 79,531 Total revenues $ 562,571 $ 245,193 $ 807,764 Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Total Geographic region: United States $ 427,220 $ 159,408 $ 586,628 Canada 65,370 57,663 123,033 Europe 49,157 15,121 64,278 Other foreign 49,050 62,898 111,948 Total revenues $ 590,797 $ 295,090 $ 885,887 Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Total Geographic region: United States $ 430,187 $ 200,397 $ 630,584 Canada 62,292 71,320 133,612 Europe 54,567 12,227 66,794 Other foreign 57,075 109,796 166,871 Total revenues $ 604,121 $ 393,740 $ 997,861 Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Total Contract type: Fixed fee $ 513,187 $ 162,334 $ 675,521 Time and materials — 52,713 52,713 Product sales 49,353 30,146 79,499 License fees 31 — 31 Total revenues $ 562,571 $ 245,193 $ 807,764 Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Total Contract type: Fixed fee $ 523,042 $ 203,887 $ 726,929 Time and materials — 65,084 65,084 Product sales 67,512 26,119 93,631 License fees 243 — 243 Total revenues $ 590,797 $ 295,090 $ 885,887 Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Total Contract type: Fixed fee $ 556,642 $ 296,217 $ 852,859 Time and materials — 58,372 58,372 Product sales 45,030 39,151 84,181 License fees 2,449 — 2,449 Total revenues $ 604,121 $ 393,740 $ 997,861 |
Contract Asset and Liability [Table Text Block] | December 31, 2020 (1) 2019 (2) Contract assets – current $ 44,026 $ 42,973 Contract liabilities – current (37,569 ) (37,517 ) Net contract assets $ 6,457 $ 5,456 |
Note 4 - Restructuring (Tables)
Note 4 - Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total Severance and benefit related costs $ 29 $ 3,673 $ 324 $ 4,026 $ 571 $ 4,597 Contract termination costs 66 (166 ) — (100 ) 199 99 Relocation and other moving costs 99 137 — 236 34 270 Other restructuring costs (1) (1,626 ) 5,864 2,879 7,117 4,654 11,771 Total pre-tax restructuring charges $ (1,432 ) $ 9,508 $ 3,203 $ 11,279 $ 5,458 $ 16,737 Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total Severance and benefit related costs $ 938 $ 3,179 $ 1,685 $ 5,802 $ 553 $ 6,355 Contract termination costs 601 1,089 98 1,788 234 2,022 Relocation and other moving costs 190 408 — 598 55 653 Other restructuring costs (1) 13,642 4,592 4,258 22,492 819 23,311 Total pre-tax restructuring charges $ 15,371 $ 9,268 $ 6,041 $ 30,680 $ 1,661 $ 32,341 Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total Severance and benefit related costs $ 3,038 $ 1,094 $ 170 $ 4,302 $ 234 $ 4,536 Contract termination costs 1,999 25 150 2,174 — 2,174 Relocation and other moving costs 184 — — 184 — 184 Other restructuring costs (1) 13,311 7,936 1,317 22,564 28 22,592 Total pre-tax restructuring charges $ 18,532 $ 9,055 $ 1,637 $ 29,224 $ 262 $ 29,486 Year Ended December 31, 2020 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total (1) Cost of revenues $ 69 $ 1,952 $ — $ 2,021 $ — $ 2,021 Operating expenses (357 ) 3,947 2,360 5,950 — 5,950 Restructuring and related charges 194 3,644 324 4,162 — 4,162 Other expense (2) (1,338 ) (35 ) 519 (854 ) — (854 ) Loss from discontinued operations — — — — 5,458 5,458 Total pre-tax restructuring charges $ (1,432 ) $ 9,508 $ 3,203 $ 11,279 $ 5,458 $ 16,737 Year Ended December 31, 2019 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total (1) Cost of revenues $ 469 $ 1,869 $ — $ 2,338 $ — $ 2,338 Operating expenses 5,349 1,131 3,444 9,924 — 9,924 Restructuring and related charges 1,729 4,676 1,783 8,188 — 8,188 Other expense (2) 7,824 1,592 814 10,230 — 10,230 Income from discontinued operations — — — — 1,661 1,661 Total pre-tax restructuring charges $ 15,371 $ 9,268 $ 6,041 $ 30,680 $ 1,661 $ 32,341 Year Ended December 31, 2018 Infrastructure Solutions Corrosion Protection Corporate Continuing Operations Discontinued Operations Total (1) Cost of revenues $ 1,281 $ 600 $ — $ 1,881 $ — $ 1,881 Operating expenses 7,291 4,547 1,317 13,155 — 13,155 Goodwill impairment 1,389 — — 1,389 — 1,389 Definite-lived intangible asset impairment 870 1,299 — 2,169 — 2,169 Restructuring and related charges 5,221 1,119 320 6,660 — 6,660 Other expense (2) 2,480 1,490 — 3,970 — 3,970 Income from discontinued operations — — — — 262 262 Total pre-tax restructuring charges $ 18,532 $ 9,055 $ 1,637 $ 29,224 $ 262 $ 29,486 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Utilized in 2020 Reserves at December 31, 2019 2020 Charge to Income Foreign Currency Translation Cash(1) Non-Cash(2) Reserves at December 31, 2020 Severance and benefit related costs $ 4,389 $ 4,597 $ (30 ) $ 7,179 $ — $ 1,777 Contract termination costs 953 99 (7 ) 1,020 — 25 Relocation and other moving costs 367 270 1 515 — 123 Other restructuring costs 2,379 11,771 35 7,302 4,801 2,082 Total pre-tax restructuring charges $ 8,088 $ 16,737 $ (1 ) $ 16,016 $ 4,801 $ 4,007 Utilized in 2019 Reserves at December 31, 2018 2019 Charge to Income Foreign Currency Translation Cash(1) Non-Cash(2) Reserves at December 31, 2019 Severance and benefit related costs $ 1,742 $ 6,355 $ (11 ) $ 3,697 $ — $ 4,389 Contract termination costs 359 2,022 (20 ) 1,408 — 953 Relocation and other moving costs — 653 (3 ) 283 — 367 Other restructuring costs 311 23,311 (4 ) 8,457 12,782 2,379 Total pre-tax restructuring charges $ 2,412 $ 32,341 $ (38 ) $ 13,845 $ 12,782 $ 8,088 Utilized in 2018 Reserves at December 31, 2017 2018 Charge to Income Foreign Currency Translation Cash(1) Non-Cash(2) Reserves at December 31, 2018 Severance and benefit related costs $ 3,864 $ 4,536 $ (69 ) $ 6,589 $ — $ 1,742 Contract termination costs 650 2,174 (19 ) 2,446 — 359 Relocation and other moving costs — 184 — 184 — — Other restructuring costs 675 22,592 (3 ) 5,581 17,372 311 Total pre-tax restructuring charges $ 5,189 $ 29,486 $ (91 ) $ 14,800 $ 17,372 $ 2,412 |
Note 5 - Supplemental Balance_2
Note 5 - Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Allowance for Doubtful Accounts [Table Text Block] | Years Ended December 31, 2020 2019 2018 Balance, beginning of year $ 6,404 $ 9,546 $ 5,428 Provision for expected credit losses, net of recoveries (1) 500 (1,930 ) 8,188 Amounts written off and adjustments (2,900 ) (1,212 ) (4,070 ) Balance, end of year $ 4,004 $ 6,404 $ 9,546 |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020(1) 2019 Raw materials and supplies $ 21,770 $ 27,415 Work-in-process 5,377 5,739 Finished products 8,413 14,937 Construction materials 9,329 9,102 Total $ 44,889 $ 57,193 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives December 31, (Years) 2020 2019 Land and land improvements $ 7,851 $ 6,703 Buildings and improvements 5 — 40 48,190 49,084 Machinery and equipment 4 — 10 139,844 131,956 Furniture and fixtures 3 — 10 31,188 31,860 Autos and trucks 3 — 10 45,768 45,496 Construction in progress 5,557 7,236 278,398 272,335 Less – Accumulated depreciation (185,498 ) (177,449 ) Property, plant & equipment, less accumulated depreciation $ 92,900 $ 94,886 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2020 2019 Vendor and other accrued expenses $ 17,152 $ 26,313 Estimated casualty and healthcare liabilities 10,624 10,702 Job costs 13,416 12,041 Accrued compensation 17,112 17,045 Income taxes payable 1,360 1,751 Total $ 59,664 $ 67,852 |
Note 6 - Discontinued Operati_2
Note 6 - Discontinued Operations and Assets and Liabilities Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Years Ended December 31, 2020 2019 2018 Revenues $ 271,529 $ 328,048 $ 335,707 Cost of revenues 247,453 286,814 294,160 Gross profit 24,076 41,234 41,547 Operating expenses 28,455 30,652 31,675 Goodwill impairment 47,977 — — Definite-lived intangible asset impairment 957 — — Restructuring and related charges 804 842 234 Operating income (loss) (54,117 ) 9,740 9,638 Other income (expense): Interest expense (1) (3,308 ) (2,644 ) (2,618 ) Total other expense (3,308 ) (2,644 ) (2,618 ) Income (loss) before taxes on income (57,425 ) 7,096 7,020 Taxes (benefit) on income (loss) (2,269 ) 2,554 1,161 Net income (loss) from discontinued operations $ (55,156 ) $ 4,542 $ 5,859 December 31, 2020(1) 2019(2) Assets held for sale: Current assets Receivables, net $ 26,901 $ 43,256 Retainage 203 518 Contract assets 9,330 13,469 Inventories 60 2,097 Prepaid expenses and other current assets 2,652 3,379 Total current assets 39,146 62,719 Property, plant & equipment, less accumulated depreciation 7,962 17,167 Goodwill 2,640 52,201 Intangible assets, less accumulated amortization 33,718 38,481 Operating lease assets 8,734 11,546 Other non-current assets 650 663 Impairment of assets held for sale — (13,978 ) Total assets held for sale $ 92,850 $ 168,799 Liabilities held for sale: Current liabilities Accounts payable $ 5,211 $ 8,688 Accrued expenses 20,927 16,707 Operating lease liabilities 2,301 1,775 Contract liabilities 165 167 Total current liabilities 28,604 27,337 Operating lease liabilities 7,348 10,368 Other non-current liabilities 196 195 Total liabilities held for sale $ 36,148 $ 37,900 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2020 2019 Operating lease cost $ 19,750 $ 22,235 Short-term lease cost 24,607 25,382 Total lease cost $ 44,357 $ 47,617 Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19,083 $ 22,144 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,708 $ 18,879 |
Lease, Supplemental Financial Statement Disclosures, Balance Sheet [Table Text Block] | December 31, 2020 (1) 2019 (2) Operating leases: Operating lease assets $ 52,421 $ 60,246 Current liabilities $ 14,147 $ 14,204 Other liabilities 38,724 46,059 Total operating lease liabilities $ 52,871 $ 60,263 Weighted-average remaining lease term (in years) 4.85 5.74 Weighted-average discount rate 4.96 % 5.71 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2020 2021 $ 16,380 2022 13,536 2023 10,784 2024 7,511 2025 4,415 Thereafter 6,965 Total undiscounted operating lease liabilities 59,591 Less: Imputed interest (6,720 ) Total discounted operating lease liabilities $ 52,871 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Infrastructure Solutions Corrosion Protection Total Balance, December 31, 2018 Goodwill, gross $ 244,521 $ 76,383 $ 320,904 Accumulated impairment losses (62,848 ) (45,400 ) (108,248 ) Goodwill, net 181,673 30,983 212,656 2019 Activity: Foreign currency translation (137 ) 563 426 Reclassification to assets held for sale (1) (4,224 ) — (4,224 ) Balance, December 31, 2019 Goodwill, gross 240,160 76,946 317,106 Accumulated impairment losses (62,848 ) (45,400 ) (108,248 ) Goodwill, net 177,312 31,546 208,858 2020 Activity: Foreign currency translation 1,559 248 1,807 Balance, December 31, 2020 Goodwill, gross 241,719 77,194 318,913 Accumulated impairment losses (62,848 ) (45,400 ) (108,248 ) Goodwill, net $ 178,871 $ 31,794 $ 210,665 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 December 31, 2019 Weighted Average Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount License agreements — $ 3,894 $ (3,894 ) $ — $ 3,894 $ (3,824 ) $ 70 Leases — 864 (864 ) — 864 (777 ) 87 Trademarks 8.4 14,758 (7,459 ) 7,299 14,688 (6,695 ) 7,993 Non-competes 2.3 1,561 (1,008 ) 553 1,556 (784 ) 772 Customer relationships 5.7 95,058 (56,602 ) 38,456 94,865 (50,104 ) 44,761 Patents and acquired technology 6.9 39,756 (27,195 ) 12,561 39,288 (25,096 ) 14,192 Total intangible assets — $ 155,891 $ (97,022 ) $ 58,869 $ 155,155 $ (87,280 ) $ 67,875 |
Note 9 - Long-term Debt and C_2
Note 9 - Long-term Debt and Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 2019 Term note, due February 27, 2023, annualized rates of 2.00 4.09 $ 221,717 $ 253,750 Line of credit, 2.00 4.01 — 24,000 Other notes with interest rates from 3.3 7.8 750 770 Subtotal 222,467 278,520 Less – Current maturities of long-term debt 25,811 32,803 Less – Unamortized loan costs 2,668 2,088 Total $ 193,988 $ 243,629 |
Schedule of Maturities of Long-term Debt [Table Text Block] | December 31, 2020 2021 $ 25,811 2022 30,844 2023 165,812 2024 — 2025 — Thereafter — Total $ 222,467 |
Note 11 - Equity-based Compen_2
Note 11 - Equity-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Years Ended December 31, 2020 2019 2018 Stock Awards Weighted Average Award Date Fair Value Stock Awards Weighted Average Award Date Fair Value Stock Awards Weighted Average Award Date Fair Value Outstanding, beginning of year 1,034,964 $ 23.20 1,143,205 $ 23.26 1,428,878 $ 21.53 Period Activity: Restricted stock units awarded 420,377 19.87 325,321 20.02 281,567 24.13 Performance stock units awarded 131,755 22.96 146,367 22.78 219,943 23.25 Restricted shares distributed — — (76,686 ) 18.26 — — Restricted stock units distributed (297,322 ) 20.50 (237,416 ) 18.83 (312,182 ) 17.47 Performance stock units distributed (71,541 ) 28.18 (111,155 ) 25.85 (296,909 ) 21.55 Restricted stock units forfeited (93,696 ) 18.17 (74,075 ) 22.09 (90,896 ) 21.79 Performance stock units forfeited (80,930 ) 27.19 (80,597 ) 25.30 (87,196 ) 25.95 Outstanding, end of year 1,043,607 $ 22.40 1,034,964 $ 23.20 1,143,205 $ 23.26 |
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Years Ended December 31, 2020 2019 2018 Deferred Weighted Deferred Weighted Deferred Weighted Outstanding, beginning of year 253,340 $ 20.71 287,350 $ 20.80 269,977 $ 20.14 Period Activity: Awarded 70,426 14.59 50,174 19.64 45,681 23.72 Distributed (59,297 ) 21.66 (84,184 ) 20.38 (28,308 ) 19.22 Outstanding, end of year 264,469 $ 18.87 253,340 $ 20.71 287,350 $ 20.80 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Years Ended December 31, 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 52,783 $ 18.11 126,680 $ 23.06 Exercised (52,783 ) 18.11 — — Canceled/Expired — — (73,897 ) 26.60 Outstanding, end of year — $ — 52,783 $ 18.11 Exercisable, end of year — $ — 52,783 $ 18.11 |
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block] | Years Ended December 31, 2019 2018 Amount received from stock option exercises $ 956 $ — Total intrinsic value of stock option exercises (1) 129 — Tax expense (benefit) of stock option exercises recorded in income tax expense 312 (1,556 ) Aggregate intrinsic value of outstanding stock options — — Aggregate intrinsic value of exercisable stock options — — |
Note 12 - Taxes on Income (Tabl
Note 12 - Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2020 2019 2018 Domestic $ 10,454 $ (3,469 ) $ 1,122 Foreign 19,613 (16,511 ) (5,187 ) Total $ 30,067 $ (19,980 ) $ (4,065 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2020 2019 2018 Current: Federal $ (1,683 ) $ (3,116 ) $ (4,902 ) Foreign 5,010 5,705 6,025 State 794 49 (722 ) Subtotal 4,121 2,638 401 Deferred: Federal (421 ) (994 ) 58 Foreign 704 (199 ) (1,531 ) State 863 2,565 (221 ) Subtotal 1,146 1,372 (1,694 ) Total tax provision $ 5,267 $ 4,010 $ (1,293 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2020 2019 2018 Income taxes (benefit) at U.S. federal statutory tax rate $ 6,315 $ (4,196 ) $ (854 ) Increase (decrease) in taxes resulting from: Change in the balance of the valuation allowance for deferred tax assets allocated to foreign income tax expense 38 806 590 Change in the balance of the valuation allowance for deferred tax assets allocated to domestic income tax expense (1,256 ) 3,025 (564 ) State income taxes, net of federal income tax benefit 1,051 2,033 (791 ) Divestitures (501 ) 5,613 2,133 Meals and entertainment 271 442 482 Changes in taxes previously accrued 45 (1,557 ) (573 ) Foreign tax rate differences (176 ) (643 ) 1,301 Share-based compensation 572 358 (1,427 ) Goodwill impairment — — 291 Recognition of uncertain tax positions (504 ) (717 ) (218 ) Deemed mandatory repatriation — — (842 ) Other matters (588 ) (1,154 ) (821 ) Total tax provision $ 5,267 $ 4,010 $ (1,293 ) Effective tax rate 17.5 % (20.1 %) 31.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred income tax assets: Foreign tax credit carryforwards $ 6,152 $ 4,101 General business credit carryforwards 1,485 844 Net operating loss carryforwards 15,546 19,079 Accrued expenses 15,047 15,119 Operating lease liabilities 15,820 17,360 Other 5,999 7,587 Total gross deferred income tax assets 60,049 64,090 Less valuation allowance (43,424 ) (34,247 ) Net deferred income tax assets 16,625 29,843 Deferred income tax liabilities: Property, plant and equipment (4,625 ) (5,689 ) Intangible assets (1,009 ) (12,203 ) Operating lease assets (15,464 ) (17,198 ) Other (5,423 ) (4,791 ) Total deferred income tax liabilities (26,521 ) (39,881 ) Net deferred income tax liabilities $ (9,896 ) $ (10,038 ) December 31, 2020 2019 Noncurrent deferred income tax assets, net $ 448 $ 1,216 Noncurrent deferred income tax liabilities, net (10,344 ) (11,254 ) Net deferred income tax liabilities $ (9,896 ) $ (10,038 ) |
Summary of Valuation Allowance [Table Text Block] | Years Ended December 31, 2020 2019 2018 Balance, at beginning of year $ 34,247 $ 28,451 $ 29,782 Additions 14,677 8,789 1,879 Reversals (6,571 ) (6,776 ) (2,102 ) Other adjustments 1,071 3,783 (1,108 ) Balance, at end of year $ 43,424 $ 34,247 $ 28,451 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Years Ended December 31, 2020 2019 2018 Balance, at beginning of year $ 1,384 $ 1,955 $ 2,229 Additions for tax positions of prior years 51 9 8 Lapse in statute of limitations (451 ) (587 ) (264 ) Foreign currency translation 7 7 (18 ) Balance, at end of year, total tax provision $ 991 $ 1,384 $ 1,955 |
Note 14 - Segment and Geograp_2
Note 14 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2020 2019 2018 Revenues: Infrastructure Solutions $ 562,571 $ 590,797 $ 604,121 Corrosion Protection 245,193 295,090 393,740 Total revenues $ 807,764 $ 885,887 $ 997,861 Gross profit: Infrastructure Solutions $ 144,213 $ 144,074 $ 132,411 Corrosion Protection 52,246 60,927 92,968 Total gross profit $ 196,459 $ 205,001 $ 225,379 Operating income (loss): Infrastructure Solutions (1) $ 78,098 $ 42,079 $ 37,509 Corrosion Protection (2) (6,133 ) (5,635 ) 16,283 Corporate (3) (30,977 ) (35,211 ) (33,783 ) Total operating income 40,988 1,233 20,009 Other income (expense): Interest expense (4) (12,483 ) (11,358 ) (14,709 ) Interest income 1,125 1,038 516 Other (5) 437 (10,893 ) (9,881 ) Total other expense (10,921 ) (21,213 ) (24,074 ) Income (loss) before taxes (benefit) on income (loss) $ 30,067 $ (19,980 ) $ (4,065 ) Total assets: Infrastructure Solutions $ 511,606 $ 508,226 $ 500,977 Corrosion Protection 238,566 278,694 279,106 Corporate and other 58,425 39,794 50,098 Assets held for sale 92,850 168,799 162,236 Total assets $ 901,447 $ 995,513 $ 992,417 Capital expenditures: (6) Infrastructure Solutions $ 10,103 $ 10,679 $ 12,730 Corrosion Protection 5,654 11,437 9,754 Corporate 802 3,219 4,977 Total capital expenditures $ 16,559 $ 25,335 $ 27,461 Depreciation and amortization: (7) Infrastructure Solutions $ 14,174 $ 13,773 $ 16,758 Corrosion Protection 12,007 12,487 11,874 Corporate 2,521 2,413 2,112 Total depreciation and amortization $ 28,702 $ 28,673 $ 30,744 Years Ended December 31, 2020 2019 2018 Revenues: (1) United States $ 572,729 $ 586,628 $ 630,584 Canada 118,253 123,033 133,612 Europe 37,251 64,278 66,794 Other foreign 79,531 111,948 166,871 Total revenues $ 807,764 $ 885,887 $ 997,861 Gross profit: (1) United States $ 139,308 $ 134,471 $ 136,477 Canada 24,360 22,183 22,823 Europe 11,437 14,849 8,379 Other foreign 21,354 33,498 57,700 Total gross profit $ 196,459 $ 205,001 $ 225,379 Operating income (loss): (1) United States $ 18,817 $ (3,528 ) $ (9,464 ) Canada 11,849 7,460 9,482 Europe 6,230 (11,363 ) (10,599 ) Other foreign 4,092 8,664 30,590 Total operating income $ 40,988 $ 1,233 $ 20,009 Long-lived assets: (1)(2) United States $ 89,487 $ 83,225 $ 105,978 Canada 7,817 7,462 7,725 Europe 3,073 3,336 8,295 Other foreign 1,413 10,192 6,662 Total long-lived assets $ 101,790 $ 104,215 $ 128,660 |
Note 15 - Derivative Financia_2
Note 15 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Position Notional Amount Weighted Average Remaining Maturity In Years Average Exchange Rate Interest Rate Swap — $ 166,287,598 2.2 — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, Designation of Derivatives Balance Sheet Location 2020 2019 Derivatives Designated as Hedging Instruments: Interest Rate Swaps Other non-current assets $ - $ 261 Total Assets $ - $ 261 Interest Rate Swaps Other non-current liabilities $ 9,018 $ 4,899 Total Liabilities $ 9,018 $ 4,899 Total Derivative Assets $ - $ 261 Total Derivative Liabilities 9,018 4,899 Total Net Derivative Liability $ (9,018 ) $ (4,638 ) |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) - USD ($) | Aug. 31, 2018 | Aug. 31, 2018 | May 31, 2018 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 30, 2019 |
Proceeds from Divestiture of Businesses | $ 3,602,000 | $ 0 | $ 37,942,000 | |||||
Goodwill, Ending Balance | $ 210,665,000 | $ 208,858,000 | 212,656,000 | |||||
Discontinued Operations, Disposed of by Sale [Member] | Bayou Companies, LLC [Member] | ||||||||
Joint Venture Ownership Percentage Sold | 51.00% | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 46,000,000 | $ 46,000,000 | ||||||
Proceeds from Divestiture of Businesses | 38,000,000 | |||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 8,000,000 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 7,000,000 | |||||||
Discontinued Operations, Disposed of by Sale [Member] | Bayou Companies, LLC [Member] | Notes Receivable [Member] | ||||||||
Notes Receivable, Term (Year) | 2 years | |||||||
United Mexico [Member] | Miller Pipeline de Mexico, S.A. de C.V. [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | |||||||
United Mexico [Member] | Miller Pipeline de Mexico, S.A. de C.V. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage Sold by Parent | 55.00% | |||||||
Aegion International [Member] | OMAN | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |||||||
New Mountain Capital, L.L.C. [Member] | Forecast [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 963,000,000 | |||||||
Business Acquisition, Share Price (in dollars per share) | $ 26 | |||||||
Business Combination, Termination Fee | $ 30,000,000 | |||||||
Hebna [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 6,000,000 | |||||||
Goodwill, Ending Balance | 2,700,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,400,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 900,000 |
Note 2 - Accounting Policies (D
Note 2 - Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Oct. 01, 2019 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax, Total | $ 300 | $ 10,900 | ||||
Foreign Currency Transaction Gain (Loss), Realized | (844) | (503) | $ (623) | |||
Research and Development Expense, Total | $ 4,900 | 6,400 | 5,600 | |||
Retainage Collection Period Upon Completion of Contract (Year) | 1 year | |||||
Percentage of Retainage Balance, Retainage Receivables Aged Greater than 365 Days | 14.00% | |||||
Goodwill, Impairment Loss | $ 0 | 0 | 1,389 | |||
Goodwill, Ending Balance | $ 210,665 | $ 208,858 | $ 212,656 | |||
Number of Reporting Units | 6 | |||||
Energy Services [Member] | ||||||
Reporting Unit, Percentage of Carrying Amount in Excess of Fair Value | 31.30% | |||||
Reporting Unit, Increase (Decrease) in Fair Value | $ (67,800) | |||||
Reporting Unit, Increase (Decrease) in Fair Value, Percentage | (44.00%) | |||||
Goodwill, Impairment Loss | $ 39,400 | |||||
Goodwill, Ending Balance | $ 7,300 | |||||
Energy Services [Member] | Weighted Average Cost of Capital [Member] | ||||||
Goodwill, Measurement Input | 0.150 | 0.130 | ||||
Energy Services [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||||||
Goodwill, Measurement Input | 0.032 | 0.034 | ||||
Fyfe [Member] | ||||||
Goodwill, Impairment Loss | $ 9,800 | |||||
Minimum [Member] | ||||||
Construction Period (Month) | 1 month | |||||
Collection Period for Municipalities (Day) | 60 days | |||||
Retainage, Percent of Contract Value Withheld | 5.00% | |||||
Collection Period for Other than Municipalities (Day) | 30 days | |||||
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||||||
Goodwill, Measurement Input | 0.022 | |||||
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||||||
Goodwill, Measurement Input | 0.127 | |||||
Maximum [Member] | ||||||
Construction Period (Month) | 24 months | |||||
Collection Period for Municipalities (Day) | 90 days | |||||
Retainage, Percent of Contract Value Withheld | 15.00% | |||||
Collection Period for Other than Municipalities (Day) | 45 days | |||||
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||||||
Goodwill, Measurement Input | 0.089 | |||||
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||||||
Goodwill, Measurement Input | 0.157 | |||||
Stock Options and Restricted and Deferred Stock Units [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 529,539 | 652,621 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 4,049 |
Note 2 - Accounting Policies -
Note 2 - Accounting Policies - Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Currency translation adjustments | [1] | $ (19,760) | $ (27,241) |
Derivative hedging activity | (9,018) | (4,522) | |
Pension activity | (1,069) | (931) | |
Total accumulated other comprehensive loss | $ (29,847) | $ (32,694) | |
[1] | During 2020 and 2019, as a result of selling or disposing of certain international entities, $0.3 million and $10.9 million, respectively, was reclassified out of accumulated other comprehensive loss to “Other expense” in the Consolidated Statements of Operations. |
Note 2 - Accounting Policies _2
Note 2 - Accounting Policies - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average number of common shares used for basic EPS (in shares) | 30,731,882 | 31,130,222 | 32,345,382 |
Effect of dilutive stock options and restricted and deferred stock unit awards (in shares) | 509,253 | 0 | 0 |
Weighted average number of common shares and dilutive potential common stock used for dilutive EPS (in shares) | 31,241,135 | 31,130,222 | 32,345,382 |
Note 2 - Accounting Policies _3
Note 2 - Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 94,848 | $ 64,874 |
Restricted cash | 765 | 1,348 |
Cash, cash equivalents and restricted cash | $ 95,613 | $ 66,222 |
Note 2 - Accounting Policies _4
Note 2 - Accounting Policies - Investments in Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Current assets | $ 477,254 | $ 553,103 | ||||
Current liabilities | 224,808 | 244,376 | ||||
Revenue | [1] | 807,764 | 885,887 | $ 997,861 | ||
Gross profit | [1] | 196,459 | 205,001 | 225,379 | ||
Net (income) loss attributable to Aegion Corporation | (31,861) | (20,892) | 2,928 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Current assets | 24,876 | 18,304 | ||||
Non-current assets | 7,513 | 7,635 | ||||
Current liabilities | 10,932 | 8,261 | ||||
Non-current liabilities | 3,279 | 1,962 | ||||
Revenue | 31,930 | 28,403 | [2] | 49,809 | [3] | |
Gross profit | 10,862 | 9,508 | [2] | 9,898 | [3] | |
Net (income) loss attributable to Aegion Corporation | $ 1,209 | $ (1,100) | [2] | $ (1,374) | [3] | |
[1] | Attributed to the country of origin. | |||||
[2] | Includes activity from our Tite Liner® joint venture in Mexico, which was sold during the fourth quarter of 2019. | |||||
[3] | Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third quarter of 2018. |
Note 3 - Revenues 1 (Details Te
Note 3 - Revenues 1 (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 327,137 | $ 358,998 | ||
Disposal Group, Including Discontinued Operation, Contract Assets, Current | 9,300 | 13,500 | ||
Disposal Group, Including Discontinued Operation, Contract Liabilities, Current | 200 | 200 | ||
Increase (Decrease) in Contract with Customer, Liability | (289) | 5,302 | $ (22,728) | |
Contract with Customer, Liability, Total | 37,500 | 32,300 | ||
Construction, Engineering and Installation Services [Member] | ||||
Revenue, Remaining Performance Obligation, Amount | $ 463,800 | |||
Difference Between Work Performed On Open Contracts And Contractual Billing Terms [Member] | ||||
Increase (Decrease) in Contract with Customer, Asset | 1,100 | |||
Increase (Decrease) in Contract with Customer, Liability | $ 100 | |||
Product and Services [Member] | ||||
Revenue Recognized, Percent | 90.20% | 89.40% | 91.30% | |
Product [Member] | ||||
Revenue Recognized, Percent | 9.80% | 10.60% | 8.70% | |
Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (300) |
Note 3 - Revenues 2 (Details Te
Note 3 - Revenues 2 (Details Textual) - Construction, Engineering and Installation Services [Member] $ in Millions | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 463.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 448.8 |
Revenue, Remaining Performance Obligation, Percentage | 96.80% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | [1] | $ 807,764 | $ 885,887 | $ 997,861 |
Fixed-price Contract [Member] | ||||
Revenues | 675,521 | 726,929 | 852,859 | |
Time-and-materials Contract [Member] | ||||
Revenues | 52,713 | 65,084 | 58,372 | |
Product Sales [Member] | ||||
Revenues | 79,499 | 93,631 | 84,181 | |
License Fees [Member] | ||||
Revenues | 31 | 243 | 2,449 | |
Infrastructure Solutions [Member] | ||||
Revenues | 562,571 | 590,797 | 604,121 | |
Infrastructure Solutions [Member] | Fixed-price Contract [Member] | ||||
Revenues | 513,187 | 523,042 | 556,642 | |
Infrastructure Solutions [Member] | Time-and-materials Contract [Member] | ||||
Revenues | 0 | 0 | 0 | |
Infrastructure Solutions [Member] | Product Sales [Member] | ||||
Revenues | 49,353 | 67,512 | 45,030 | |
Infrastructure Solutions [Member] | License Fees [Member] | ||||
Revenues | 31 | 243 | 2,449 | |
Corrosion Protection [Member] | ||||
Revenues | 245,193 | 295,090 | 393,740 | |
Corrosion Protection [Member] | Fixed-price Contract [Member] | ||||
Revenues | 162,334 | 203,887 | 296,217 | |
Corrosion Protection [Member] | Time-and-materials Contract [Member] | ||||
Revenues | 52,713 | 65,084 | 58,372 | |
Corrosion Protection [Member] | Product Sales [Member] | ||||
Revenues | 30,146 | 26,119 | 39,151 | |
Corrosion Protection [Member] | License Fees [Member] | ||||
Revenues | 0 | 0 | 0 | |
UNITED STATES | ||||
Revenues | [1] | 572,729 | 586,628 | 630,584 |
UNITED STATES | Infrastructure Solutions [Member] | ||||
Revenues | 443,196 | 427,220 | 430,187 | |
UNITED STATES | Corrosion Protection [Member] | ||||
Revenues | 129,533 | 159,408 | 200,397 | |
CANADA | ||||
Revenues | [1] | 118,253 | 123,033 | 133,612 |
CANADA | Infrastructure Solutions [Member] | ||||
Revenues | 69,190 | 65,370 | 62,292 | |
CANADA | Corrosion Protection [Member] | ||||
Revenues | 49,063 | 57,663 | 71,320 | |
Europe [Member] | ||||
Revenues | [1] | 37,251 | 64,278 | 66,794 |
Europe [Member] | Infrastructure Solutions [Member] | ||||
Revenues | 23,782 | 49,157 | 54,567 | |
Europe [Member] | Corrosion Protection [Member] | ||||
Revenues | 13,469 | 15,121 | 12,227 | |
Other Foreign Countries [Member] | ||||
Revenues | [1] | 79,531 | 111,948 | 166,871 |
Other Foreign Countries [Member] | Infrastructure Solutions [Member] | ||||
Revenues | 26,403 | 49,050 | 57,075 | |
Other Foreign Countries [Member] | Corrosion Protection [Member] | ||||
Revenues | $ 53,128 | $ 62,898 | $ 109,796 | |
[1] | Attributed to the country of origin. |
Note 3 - Revenues- Contract Ass
Note 3 - Revenues- Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | [1] | Dec. 31, 2019 | [2] |
Contract assets – current | $ 44,026 | $ 42,973 | ||
Contract liabilities – current | (37,569) | (37,517) | ||
Net contract assets | $ 6,457 | $ 5,456 | ||
[1] | Amounts exclude contract assets of $9.3 million and contract liabilities of $0.2 million that were classified as held for sale at December 31, 2020 (see Note 6). | |||
[2] | Amounts exclude contract assets of $13.5 million and contract liabilities of less than $0.2 million that were classified as held for sale at December 31, 2019 (see Note 6). |
Note 4 - Restructuring (Details
Note 4 - Restructuring (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | 41 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | ||||
Expected Restructuring Cash Charges Related to COVID-19 | $ 2,000 | $ 2,000 | $ 2,000 | |||||||
Restructuring Charges, Non-Cash | 1,202 | $ 12,717 | $ 13,814 | |||||||
Restructuring 2017 [Member] | ||||||||||
Restructuring Charges Pre Tax | 188,700 | |||||||||
Restructuring Charges, Net of Tax | 171,600 | |||||||||
Payments for Restructuring | 16,016 | [1] | 13,845 | [1] | 14,800 | [1] | 57,300 | |||
Restructuring Reserve, Settled without Cash | 4,801 | [2] | $ 12,782 | [2] | 17,372 | [2] | $ 131,400 | |||
Restructuring and Related Cost, Number of Positions Eliminated | 830 | |||||||||
Downsize Operation in US [Member] | ||||||||||
Restructuring and Related Cost, Number of Office Closed | 3 | |||||||||
Restructuring and Related Cost, Number of Offices Exiting Capital Intensive Drilling Activities | 4 | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 20.00% | |||||||||
Restructuring and Related Cost, Contributed To Cathodic Protection Domestic Revenue, Percentage | 20.00% | |||||||||
Restructuring Charges Related to Goodwill and Long-lived Asset Impairment Charges [Member] | Restructuring 2017 [Member] | ||||||||||
Restructuring Reserve, Settled without Cash | $ 86,400 | |||||||||
Allowance, Write-offs and Long-lived Assets, Impairment of Intangible Assets and Net Losses On Disposal of Entities [Member] | Restructuring 2017 [Member] | ||||||||||
Restructuring Reserve, Settled without Cash | 45,000 | |||||||||
Severance, Other Termination Benefit Costs and Contract Termination Costs [Member] | Restructuring 2017 [Member] | ||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 4,200 | $ 8,200 | 6,700 | |||||||
Restructuring 2017 [Member] | ||||||||||
Restructuring Charges, Cash | 12,000 | 19,500 | 12,100 | |||||||
Restructuring Charges, Non-Cash | 4,700 | 12,800 | 17,400 | |||||||
Restructuring Cost Related to Discontinued Operations [Member] | ||||||||||
Restructuring Reserve, Settled without Cash | $ 3,600 | $ 100 | $ 0 | |||||||
[1] | Refers to cash utilized to settle charges during the year. | |||||||||
[2] | Includes non-cash charges from discontinued operations of $3.6 million, $0.1 million and zero in 2020, 2019 and 2018, respectively. |
Note 4 - Restructuring - Pre Ta
Note 4 - Restructuring - Pre Tax Restructuring Cost (Details) - Restructuring 2017 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Restructuring charges | $ 16,737 | [1] | $ 32,341 | [2] | $ 29,486 | [3] | |
Continuing Operations [Member] | |||||||
Restructuring charges | 11,279 | 30,680 | 29,224 | ||||
Discontinued Operations [Member] | |||||||
Restructuring charges | 5,458 | 1,661 | 262 | ||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||
Restructuring charges | 5,458 | ||||||
Cost of Revenues [Member] | |||||||
Restructuring charges | 2,021 | [1] | 2,338 | [2] | 1,881 | [3] | |
Cost of Revenues [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 2,021 | 2,338 | 1,881 | ||||
Cost of Revenues [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 0 | 0 | |||||
Cost of Revenues [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Restructuring charges | 0 | ||||||
Operating Expense [Member] | |||||||
Restructuring charges | 5,950 | [1] | 9,924 | [2] | 13,155 | [3] | |
Operating Expense [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 5,950 | 9,924 | 13,155 | ||||
Operating Expense [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 0 | 0 | |||||
Operating Expense [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Restructuring charges | 0 | ||||||
Restructuring and Related Charges [Member] | |||||||
Restructuring charges | 4,162 | [1] | 8,188 | [2] | 6,660 | [3] | |
Restructuring and Related Charges [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 4,162 | 8,188 | 6,660 | ||||
Restructuring and Related Charges [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 0 | 0 | |||||
Restructuring and Related Charges [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Restructuring charges | 0 | ||||||
Goodwill Impairment [Member] | |||||||
Restructuring charges | [3] | 1,389 | |||||
Goodwill Impairment [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 1,389 | ||||||
Goodwill Impairment [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 0 | ||||||
Other Expense [Member] | |||||||
Restructuring charges | (854) | [1] | 10,230 | [2] | 3,970 | [3] | |
Other Expense [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | (854) | 10,230 | 3,970 | ||||
Other Expense [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 0 | 0 | |||||
Other Expense [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Restructuring charges | 0 | ||||||
Definite-lived Intangible Asset Impairment [Member] | |||||||
Restructuring charges | [3] | 2,169 | |||||
Definite-lived Intangible Asset Impairment [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 2,169 | ||||||
Definite-lived Intangible Asset Impairment [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 0 | ||||||
Income (Loss) from Discontinued Operations [Member] | |||||||
Restructuring charges | 5,458 | [1] | 1,661 | [2] | 262 | [3] | |
Income (Loss) from Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 1,661 | 262 | |||||
Income (Loss) from Discontinued Operations [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Restructuring charges | 5,458 | ||||||
Employee Severance [Member] | |||||||
Restructuring charges | 4,597 | 6,355 | 4,536 | ||||
Employee Severance [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 4,026 | 5,802 | 4,302 | ||||
Employee Severance [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 571 | 553 | 234 | ||||
Contract Termination [Member] | |||||||
Restructuring charges | 99 | 2,022 | 2,174 | ||||
Contract Termination [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | (100) | 1,788 | 2,174 | ||||
Contract Termination [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 199 | 234 | 0 | ||||
Employee Relocation [Member] | |||||||
Restructuring charges | 270 | 653 | 184 | ||||
Employee Relocation [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 236 | 598 | 184 | ||||
Employee Relocation [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 34 | 55 | 0 | ||||
Other Restructuring [Member] | |||||||
Restructuring charges | 11,771 | [4] | 23,311 | [5] | 22,592 | [6] | |
Other Restructuring [Member] | Continuing Operations [Member] | |||||||
Restructuring charges | 7,117 | [4] | 22,492 | [5] | 22,564 | [6] | |
Other Restructuring [Member] | Discontinued Operations [Member] | |||||||
Restructuring charges | 4,654 | [4] | 819 | [5] | 28 | [6] | |
Corporate, Non-Segment [Member] | |||||||
Restructuring charges | 3,203 | 6,041 | 1,637 | ||||
Corporate, Non-Segment [Member] | Cost of Revenues [Member] | |||||||
Restructuring charges | 0 | 0 | 0 | ||||
Corporate, Non-Segment [Member] | Operating Expense [Member] | |||||||
Restructuring charges | 2,360 | 3,444 | 1,317 | ||||
Corporate, Non-Segment [Member] | Restructuring and Related Charges [Member] | |||||||
Restructuring charges | 324 | 1,783 | 320 | ||||
Corporate, Non-Segment [Member] | Goodwill Impairment [Member] | |||||||
Restructuring charges | 0 | ||||||
Corporate, Non-Segment [Member] | Other Expense [Member] | |||||||
Restructuring charges | 519 | 814 | 0 | ||||
Corporate, Non-Segment [Member] | Definite-lived Intangible Asset Impairment [Member] | |||||||
Restructuring charges | 0 | ||||||
Corporate, Non-Segment [Member] | Employee Severance [Member] | |||||||
Restructuring charges | 324 | 1,685 | 170 | ||||
Corporate, Non-Segment [Member] | Contract Termination [Member] | |||||||
Restructuring charges | 0 | 98 | 150 | ||||
Corporate, Non-Segment [Member] | Employee Relocation [Member] | |||||||
Restructuring charges | 0 | 0 | 0 | ||||
Corporate, Non-Segment [Member] | Other Restructuring [Member] | |||||||
Restructuring charges | 2,879 | [4] | 4,258 | [5] | 1,317 | [6] | |
Infrastructure Solutions [Member] | Operating Segments [Member] | |||||||
Restructuring charges | (1,432) | 15,371 | 18,532 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Cost of Revenues [Member] | |||||||
Restructuring charges | 69 | 469 | 1,281 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Operating Expense [Member] | |||||||
Restructuring charges | (357) | 5,349 | 7,291 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Restructuring and Related Charges [Member] | |||||||
Restructuring charges | 194 | 1,729 | 5,221 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Goodwill Impairment [Member] | |||||||
Restructuring charges | 1,389 | ||||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Other Expense [Member] | |||||||
Restructuring charges | (1,338) | 7,824 | 2,480 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Definite-lived Intangible Asset Impairment [Member] | |||||||
Restructuring charges | 870 | ||||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Employee Severance [Member] | |||||||
Restructuring charges | 29 | 938 | 3,038 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Contract Termination [Member] | |||||||
Restructuring charges | 66 | 601 | 1,999 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Employee Relocation [Member] | |||||||
Restructuring charges | 99 | 190 | 184 | ||||
Infrastructure Solutions [Member] | Operating Segments [Member] | Other Restructuring [Member] | |||||||
Restructuring charges | (1,626) | [4] | 13,642 | [5] | 13,311 | [6] | |
Corrosion Protection [Member] | Operating Segments [Member] | |||||||
Restructuring charges | 9,508 | 9,268 | 9,055 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Cost of Revenues [Member] | |||||||
Restructuring charges | 1,952 | 1,869 | 600 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Operating Expense [Member] | |||||||
Restructuring charges | 3,947 | 1,131 | 4,547 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Restructuring and Related Charges [Member] | |||||||
Restructuring charges | 3,644 | 4,676 | 1,119 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Goodwill Impairment [Member] | |||||||
Restructuring charges | 0 | ||||||
Corrosion Protection [Member] | Operating Segments [Member] | Other Expense [Member] | |||||||
Restructuring charges | (35) | 1,592 | 1,490 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Definite-lived Intangible Asset Impairment [Member] | |||||||
Restructuring charges | 1,299 | ||||||
Corrosion Protection [Member] | Operating Segments [Member] | Employee Severance [Member] | |||||||
Restructuring charges | 3,673 | 3,179 | 1,094 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Contract Termination [Member] | |||||||
Restructuring charges | (166) | 1,089 | 25 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Employee Relocation [Member] | |||||||
Restructuring charges | 137 | 408 | 0 | ||||
Corrosion Protection [Member] | Operating Segments [Member] | Other Restructuring [Member] | |||||||
Restructuring charges | $ 5,864 | [4] | $ 4,592 | [5] | $ 7,936 | [6] | |
[1] | Total pre-tax restructuring charges include cash charges of $12.0 million and non-cash charges of $4.7 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | ||||||
[2] | Total pre-tax restructuring charges include cash charges of $19.5 million and non-cash charges of $12.8 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | ||||||
[3] | Total pre-tax restructuring charges include cash charges of $12.1 million and non-cash charges of $17.4 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | ||||||
[4] | Includes charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with optimizing the cathodic protection operations in North America, exiting the CIPP operations in Europe, disposing of certain international businesses and other cost savings initiatives. Amounts also include goodwill and definite-lived intangible asset impairments related to exiting a small business in discontinued operations. | ||||||
[5] | Includes charges primarily related to certain wind-down costs, inventory obsolescence, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with exiting or divesting the CIPP operations in Europe and Australia, exiting the cathodic protection operations in the Middle East and right-sizing the cathodic protection services operation in North America. | ||||||
[6] | Includes charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting non-pipe-related contract applications for the Tyfo® system in North America, divesting the CIPP operations in Australia and Denmark, and exiting the cathodic protection operations in the Middle East. Amounts also include goodwill and definite-lived intangible asset impairments related to Denmark and definite-lived intangible asset impairments related to the cathodic protection operations in the Middle East. |
Note 4 - Restructuring - Recogn
Note 4 - Restructuring - Recognized Cost Restructuring Activities (Details) - Restructuring 2017 [Member] - USD ($) $ in Thousands | 12 Months Ended | 41 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |||||
Restructuring reserve, balance | $ 8,088 | $ 2,412 | $ 5,189 | |||||
Restructuring charges | 16,737 | [1] | 32,341 | [2] | 29,486 | [3] | ||
Restructuring reserve, foreign currency translation | (1) | (38) | (91) | |||||
Restructuring reserve, settled with cash | 16,016 | [4] | 13,845 | [4] | 14,800 | [4] | $ 57,300 | |
Restructuring reserve, settled without cash | 4,801 | [5] | 12,782 | [5] | 17,372 | [5] | 131,400 | |
Restructuring reserve, balance | 4,007 | 8,088 | 2,412 | 4,007 | ||||
Employee Severance [Member] | ||||||||
Restructuring reserve, balance | 4,389 | 1,742 | 3,864 | |||||
Restructuring charges | 4,597 | 6,355 | 4,536 | |||||
Restructuring reserve, foreign currency translation | (30) | (11) | (69) | |||||
Restructuring reserve, settled with cash | [4] | 7,179 | 3,697 | 6,589 | ||||
Restructuring reserve, settled without cash | [5] | 0 | 0 | 0 | ||||
Restructuring reserve, balance | 1,777 | 4,389 | 1,742 | 1,777 | ||||
Contract Termination [Member] | ||||||||
Restructuring reserve, balance | 953 | 359 | 650 | |||||
Restructuring charges | 99 | 2,022 | 2,174 | |||||
Restructuring reserve, foreign currency translation | (7) | (20) | (19) | |||||
Restructuring reserve, settled with cash | [4] | 1,020 | 1,408 | 2,446 | ||||
Restructuring reserve, settled without cash | [5] | 0 | 0 | 0 | ||||
Restructuring reserve, balance | 25 | 953 | 359 | 25 | ||||
Employee Relocation [Member] | ||||||||
Restructuring reserve, balance | 367 | 0 | 0 | |||||
Restructuring charges | 270 | 653 | 184 | |||||
Restructuring reserve, foreign currency translation | 1 | (3) | 0 | |||||
Restructuring reserve, settled with cash | [4] | 515 | 283 | 184 | ||||
Restructuring reserve, settled without cash | [5] | 0 | 0 | 0 | ||||
Restructuring reserve, balance | 123 | 367 | 0 | 123 | ||||
Other Restructuring [Member] | ||||||||
Restructuring reserve, balance | 2,379 | 311 | 675 | |||||
Restructuring charges | 11,771 | [6] | 23,311 | [7] | 22,592 | [8] | ||
Restructuring reserve, foreign currency translation | 35 | (4) | (3) | |||||
Restructuring reserve, settled with cash | [4] | 7,302 | 8,457 | 5,581 | ||||
Restructuring reserve, settled without cash | [5] | 4,801 | 12,782 | 17,372 | ||||
Restructuring reserve, balance | $ 2,082 | $ 2,379 | $ 311 | $ 2,082 | ||||
[1] | Total pre-tax restructuring charges include cash charges of $12.0 million and non-cash charges of $4.7 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | |||||||
[2] | Total pre-tax restructuring charges include cash charges of $19.5 million and non-cash charges of $12.8 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | |||||||
[3] | Total pre-tax restructuring charges include cash charges of $12.1 million and non-cash charges of $17.4 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | |||||||
[4] | Refers to cash utilized to settle charges during the year. | |||||||
[5] | Includes non-cash charges from discontinued operations of $3.6 million, $0.1 million and zero in 2020, 2019 and 2018, respectively. | |||||||
[6] | Includes charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with optimizing the cathodic protection operations in North America, exiting the CIPP operations in Europe, disposing of certain international businesses and other cost savings initiatives. Amounts also include goodwill and definite-lived intangible asset impairments related to exiting a small business in discontinued operations. | |||||||
[7] | Includes charges primarily related to certain wind-down costs, inventory obsolescence, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with exiting or divesting the CIPP operations in Europe and Australia, exiting the cathodic protection operations in the Middle East and right-sizing the cathodic protection services operation in North America. | |||||||
[8] | Includes charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting non-pipe-related contract applications for the Tyfo® system in North America, divesting the CIPP operations in Australia and Denmark, and exiting the cathodic protection operations in the Middle East. Amounts also include goodwill and definite-lived intangible asset impairments related to Denmark and definite-lived intangible asset impairments related to the cathodic protection operations in the Middle East. |
Note 5 - Supplemental Balance_3
Note 5 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | [1] | $ 500 | $ (1,930) | $ 8,188 |
Depreciation, Total | 19,300 | 19,300 | 21,000 | |
Restructuring 2016 and 2017 [Member] | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 500 | $ (100) | $ 5,300 | |
[1] | The Company recorded bad debt expense (reversals) of $0.5 million, less than ($0.1) million and $5.3 million in 2020, 2019 and 2018, respectively, as part of the restructuring efforts (see Note 4) and was primarily due to the exiting of certain low-return businesses mainly in foreign locations. |
Note 5 - Supplemental Balance_4
Note 5 - Supplemental Balance Sheet Information - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Balance, beginning of year | $ 6,404 | $ 9,546 | $ 5,428 | |
Provision for expected credit losses, net of recoveries (1) | [1] | 500 | (1,930) | 8,188 |
Amounts written off and adjustments | (2,900) | (1,212) | (4,070) | |
Balance, end of year | $ 4,004 | $ 6,404 | $ 9,546 | |
[1] | The Company recorded bad debt expense (reversals) of $0.5 million, less than ($0.1) million and $5.3 million in 2020, 2019 and 2018, respectively, as part of the restructuring efforts (see Note 4) and was primarily due to the exiting of certain low-return businesses mainly in foreign locations. |
Note 5 - Supplemental Balance_5
Note 5 - Supplemental Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials and supplies | $ 21,770 | $ 27,415 |
Work-in-process | 5,377 | 5,739 |
Finished products | 8,413 | 14,937 |
Construction materials | 9,329 | 9,102 |
Total | $ 44,889 | $ 57,193 |
Note 5 - Supplemental Balance_6
Note 5 - Supplemental Balance Sheet Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment, Gross | $ 278,398 | $ 272,335 |
Less – Accumulated depreciation | (185,498) | (177,449) |
Property, plant & equipment, less accumulated depreciation | 92,900 | 94,886 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 7,851 | 6,703 |
Land and Land Improvements [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 5 years | |
Land and Land Improvements [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 40 years | |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 48,190 | 49,084 |
Land, Buildings and Improvements [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 4 years | |
Land, Buildings and Improvements [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 10 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 139,844 | 131,956 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 10 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | $ 31,188 | 31,860 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 10 years | |
Vehicles [Member] | ||
Property, Plant and Equipment, Gross | $ 45,768 | 45,496 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 5,557 | $ 7,236 |
Note 5 - Supplemental Balance_7
Note 5 - Supplemental Balance Sheet Information - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Vendor and other accrued expenses | $ 17,152 | $ 26,313 |
Estimated casualty and healthcare liabilities | 10,624 | 10,702 |
Job costs | 13,416 | 12,041 |
Accrued compensation | 17,112 | 17,045 |
Income taxes payable | 1,360 | 1,751 |
Total | $ 59,664 | $ 67,852 |
Note 6 - Discontinued Operati_3
Note 6 - Discontinued Operations and Assets and Liabilities Held for Sale (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 1,389 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 1,300 | 1,259 | 23,427 | $ 0 | |
Infrastructure Solutions [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | 17,600 | ||||
Corrosion Protection [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | 2,900 | ||||
Corporate Segment [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 2,900 | ||||
Energy Services [Member] | Discontinued Operations, Held-for-sale [Member] | |||||
Goodwill, Impairment Loss | $ 7,300 | ||||
Energy Services [Member] | Discontinued Operations, Held-for-sale [Member] | Minimum [Member] | |||||
Disposal Group, Including Discontinued Operation, Divestiture Costs | 2,000 | ||||
Energy Services [Member] | Discontinued Operations, Held-for-sale [Member] | Maximum [Member] | |||||
Disposal Group, Including Discontinued Operation, Divestiture Costs | $ 3,000 | ||||
Energy Services [Member] | Weighted Average Cost of Capital [Member] | Discontinued Operations, Held-for-sale [Member] | |||||
Goodwill, Measurement Input | 0.170 | 0.170 | 0.150 |
Note 6 - Discontinued Operati_4
Note 6 - Discontinued Operations and Assets and Liabilities Held for Sale - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Net income (loss) from discontinued operations | $ (55,156) | $ 4,542 | $ 5,859 | |||||
Disposal Group, Including Discontinued Operation, Contract Assets, Current | $ 9,300 | 9,300 | 13,500 | |||||
Total current assets | 92,850 | 92,850 | 168,799 | 162,236 | ||||
Impairment of assets held for sale | (1,300) | (1,259) | (23,427) | 0 | ||||
Disposal Group, Including Discontinued Operation, Contract Liabilities, Current | 200 | 200 | 200 | |||||
Total current liabilities | 36,148 | 36,148 | 37,900 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Receivables, net | 26,901 | [1] | 26,901 | [1] | 43,256 | [2] | ||
Retainage | 203 | [1] | 203 | [1] | 518 | [2] | ||
Disposal Group, Including Discontinued Operation, Contract Assets, Current | 9,330 | [1] | 9,330 | [1] | 13,469 | [2] | ||
Inventories | 60 | [1] | 60 | [1] | 2,097 | [2] | ||
Prepaid expenses and other current assets | 2,652 | [1] | 2,652 | [1] | 3,379 | [2] | ||
Total current assets | 39,146 | [1] | 39,146 | [1] | 62,719 | [2] | ||
Property, plant & equipment, less accumulated depreciation | 7,962 | [1] | 7,962 | [1] | 17,167 | [2] | ||
Goodwill | 2,640 | [1] | 2,640 | [1] | 52,201 | [2] | ||
Intangible assets, less accumulated amortization | 33,718 | [1] | 33,718 | [1] | 38,481 | [2] | ||
Operating lease assets | 8,734 | [1] | 8,734 | [1] | 11,546 | [2] | ||
Other non-current assets | 650 | [1] | 650 | [1] | 663 | [2] | ||
Impairment of assets held for sale | 0 | [1] | (13,978) | [2] | ||||
Total assets held for sale | 92,850 | [1] | 92,850 | [1] | 168,799 | [2] | ||
Accounts payable | 5,211 | [1] | 5,211 | [1] | 8,688 | [2] | ||
Accrued expenses | 20,927 | [1] | 20,927 | [1] | 16,707 | [2] | ||
Operating lease liabilities | 2,301 | [1] | 2,301 | [1] | 1,775 | [2] | ||
Disposal Group, Including Discontinued Operation, Contract Liabilities, Current | 165 | [1] | 165 | [1] | 167 | [2] | ||
Total current liabilities | 28,604 | [1] | 28,604 | [1] | 27,337 | [2] | ||
Operating lease liabilities | 7,348 | 7,348 | 10,368 | |||||
Other non-current liabilities | 196 | [1] | 196 | [1] | 195 | [2] | ||
Total liabilities held for sale | $ 36,148 | [1] | 36,148 | [1] | 37,900 | [2] | ||
Energy Services [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||||
Revenues | 271,529 | 328,048 | 335,707 | |||||
Cost of revenues | 247,453 | 286,814 | 294,160 | |||||
Gross profit | 24,076 | 41,234 | 41,547 | |||||
Operating expenses | 28,455 | 30,652 | 31,675 | |||||
Goodwill impairment | 47,977 | 0 | 0 | |||||
Definite-lived intangible asset impairment | 957 | 0 | 0 | |||||
Restructuring and related charges | 804 | 842 | 234 | |||||
Operating income (loss) | (54,117) | 9,740 | 9,638 | |||||
Interest expense(1) | [3] | (3,308) | (2,644) | (2,618) | ||||
Total other expense | (3,308) | (2,644) | (2,618) | |||||
Income (loss) before taxes on income | (57,425) | 7,096 | 7,020 | |||||
Taxes (benefit) on income (loss) | (2,269) | 2,554 | 1,161 | |||||
Net income (loss) from discontinued operations | $ (55,156) | $ 4,542 | $ 5,859 | |||||
[1] | Includes Energy Services and Environmental Techniques. | |||||||
[2] | Includes Energy Services, Environmental Techniques, Insituform Australia, Insituform Spain and land held at Corporate. | |||||||
[3] | The Company allocated interest expense, including a portion of the settlement amount from the Company's interest rate swaps, to its discontinued operations based on carrying value at December 31, 2020. |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease, Liability, Total | $ 70.5 | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Disposal Group, Including Discontinued Operation, Operating Lease, Right-of-Use Asset 1 | $ 8.7 | $ 11.5 |
Disposal Group, Including Discontinued Operation, Accrued Expense | 2.3 | 1.8 |
Disposal Group, Including Discontinued Operation, Other Liabilities | $ 7.3 | $ 10.4 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 20 years |
Note 7 - Leases - Lease Expense
Note 7 - Leases - Lease Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 19,750 | $ 22,235 |
Short-term lease cost | 24,607 | 25,382 |
Total lease cost | 44,357 | 47,617 |
Operating cash flows from operating leases | 19,083 | 22,144 |
Operating leases | $ 7,708 | $ 18,879 |
Note 7 - Leases - Supplement Fi
Note 7 - Leases - Supplement Financial Statement Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating lease assets | $ 52,421 | [1] | $ 60,246 | [2] |
Operating lease liabilities | 14,147 | 14,204 | ||
Other liabilities | 38,724 | $ 46,059 | ||
Total operating lease liabilities | $ 70,500 | |||
Weighted-average remaining lease term (Year) | 4 years 10 months 6 days | [1] | 5 years 8 months 26 days | [2] |
Weighted-average discount rate | 4.96% | [1] | 5.71% | [2] |
Accrued Expense [Member] | ||||
Operating lease liabilities | $ 14,147 | $ 14,204 | ||
Other Liabilities [Member] | ||||
Other liabilities | 38,724 | [1] | 46,059 | [2] |
Accrued Expense and Other Liabilities [Member] | ||||
Total operating lease liabilities | $ 52,871 | [1] | $ 60,263 | [2] |
[1] | Amounts exclude operating lease assets of $8.7 million, accrued expenses of $2.3 million and other liabilities of $7.3 million that were classified as held for sale at December 31, 2020 (see Note 5). | |||
[2] | Amounts exclude operating lease assets of $11.5 million, accrued expenses of $1.8 million and other liabilities of $10.4 million that were classified as held for sale at December 31, 2019 (see Note 5). |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | [2] | |
2021 | $ 16,380 | |||
2022 | 13,536 | |||
2023 | 10,784 | |||
2024 | 7,511 | |||
2025 | 4,415 | |||
Thereafter | 6,965 | |||
Total undiscounted operating lease liabilities | 59,591 | |||
Less: Imputed interest | (6,720) | |||
Total discounted operating lease liabilities | 70,500 | |||
Accrued Expense and Other Liabilities [Member] | ||||
Total discounted operating lease liabilities | $ 52,871 | [1] | $ 60,263 | |
[1] | Amounts exclude operating lease assets of $8.7 million, accrued expenses of $2.3 million and other liabilities of $7.3 million that were classified as held for sale at December 31, 2020 (see Note 5). | |||
[2] | Amounts exclude operating lease assets of $11.5 million, accrued expenses of $1.8 million and other liabilities of $10.4 million that were classified as held for sale at December 31, 2019 (see Note 5). |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 9.4 | $ 9.4 | $ 9.7 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 9.4 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 9.4 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 9.4 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 9.4 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 8.5 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Reconciliation Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Goodwill, gross | $ 318,913 | $ 317,106 | $ 320,904 | |
Accumulated impairment losses | (108,248) | (108,248) | (108,248) | |
Goodwill, Ending Balance | 210,665 | 208,858 | 212,656 | |
Foreign currency translation | 1,807 | 426 | ||
Reclassification to assets held for sale (1) | [1] | (4,224) | ||
Infrastructure Solutions [Member] | ||||
Goodwill, gross | 241,719 | 240,160 | 244,521 | |
Accumulated impairment losses | (62,848) | (62,848) | (62,848) | |
Goodwill, Ending Balance | 178,871 | 177,312 | 181,673 | |
Foreign currency translation | 1,559 | (137) | ||
Reclassification to assets held for sale (1) | [1] | (4,224) | ||
Corrosion Protection [Member] | ||||
Goodwill, gross | 77,194 | 76,946 | 76,383 | |
Accumulated impairment losses | (45,400) | (45,400) | (45,400) | |
Goodwill, Ending Balance | 31,794 | 31,546 | $ 30,983 | |
Foreign currency translation | $ 248 | 563 | ||
Reclassification to assets held for sale (1) | [1] | $ 0 | ||
[1] | During 2019, the Company classified certain assets of its CIPP contracting operation in Europe as held for sale (see Note 6). |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gross carrying amount | $ 155,891 | $ 155,155 |
Accumulated amortization | (97,022) | (87,280) |
Net carrying amount | 58,869 | 67,875 |
Licensing Agreements [Member] | ||
Gross carrying amount | 3,894 | 3,894 |
Accumulated amortization | (3,894) | (3,824) |
Net carrying amount | 0 | 70 |
Lease Agreements [Member] | ||
Gross carrying amount | 864 | 864 |
Accumulated amortization | (864) | (777) |
Net carrying amount | 0 | 87 |
Trademarks [Member] | ||
Gross carrying amount | 14,758 | 14,688 |
Accumulated amortization | (7,459) | (6,695) |
Net carrying amount | $ 7,299 | 7,993 |
Weighted average useful lives (Year) | 8 years 4 months 24 days | |
Noncompete Agreements [Member] | ||
Gross carrying amount | $ 1,561 | 1,556 |
Accumulated amortization | (1,008) | (784) |
Net carrying amount | $ 553 | 772 |
Weighted average useful lives (Year) | 2 years 3 months 18 days | |
Customer Relationships [Member] | ||
Gross carrying amount | $ 95,058 | 94,865 |
Accumulated amortization | (56,602) | (50,104) |
Net carrying amount | $ 38,456 | 44,761 |
Weighted average useful lives (Year) | 5 years 8 months 12 days | |
Patents [Member] | ||
Gross carrying amount | $ 39,756 | 39,288 |
Accumulated amortization | (27,195) | (25,096) |
Net carrying amount | $ 12,561 | $ 14,192 |
Weighted average useful lives (Year) | 6 years 10 months 24 days |
Note 9 - Long-term Debt and C_3
Note 9 - Long-term Debt and Credit Facility (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 12, 2018 | Oct. 31, 2015 | |
Long-term Debt, Total | $ 222,467 | $ 278,520 | $ 278,520 | |||
Payments of Financing Costs, Total | 1,995 | 0 | $ 1,657 | |||
Repayments of Lines of Credit | 700 | |||||
Long-term Debt, Fair Value | 219,200 | 286,800 | 286,800 | |||
Derivative, Fixed Interest Rate | 2.937% | |||||
A 2015 Interest Rate Swap [Member] | ||||||
Derivative Asset, Notional Amount | $ 262,500 | |||||
Derivative, Fixed Interest Rate | 1.46% | |||||
A 2018 Interest Rate Swap [Member] | ||||||
Derivative Asset, Notional Amount | $ 170,600 | |||||
Derivative, Fixed Interest Rate | 2.937% | |||||
Derivative, Amount of Hedged Item | $ 170,600 | |||||
Term Loan [Member] | ||||||
Long-term Debt, Total | $ 221,700 | 253,800 | 253,800 | |||
The 2015 Credit Facility [Member] | ||||||
Debt Instrument, Face Amount | $ 650,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000 | |||||
Debt Instrument, LIBOR Floor | 0.25% | |||||
Other Loans Payable, Total | $ 700 | 800 | 800 | |||
Letters of Credit Outstanding, Amount | $ 30,800 | |||||
Long-term Line of Credit, Total | $ 24,000 | $ 24,000 | ||||
Derivative, Amount of Hedged Item | $ 262,500 | |||||
Credit Facility Maximum Consolidated Leverage Ratio | 3.50 | |||||
Credit Facility Actual Consolidated Leverage Ratio | 2.32 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 118,200 | |||||
Credit Facility Minimum Consolidated Fixed Charge Ratio | 1.15 | |||||
Credit Facility Actual Consolidated Fixed Charge Ratio | 1.40 | |||||
The 2015 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
The 2015 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
The 2015 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||
The 2015 Credit Facility [Member] | Term Loan [Member] | ||||||
Long-term Debt, Total | $ 308,400 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.09% | |||||
The 2015 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175,000 | |||||
Payments of Financing Costs, Total | 2,200 | 3,100 | ||||
Line Of Credit Facility, Unamortized Loan Costs | 1,900 | 2,400 | ||||
Interest Expense, Debt, Total | 200 | 600 | ||||
Repayments of Long-term Lines of Credit | 24,000 | |||||
The 2015 Credit Facility [Member] | Revolving Credit Facility [Member] | Up-front Lending Fees [Member] | ||||||
Payments of Financing Costs, Total | 1,700 | 1,400 | ||||
The 2015 Credit Facility [Member] | Revolving Credit Facility [Member] | Third-party Arranging Fees and Expenses [Member] | ||||||
Payments of Financing Costs, Total | 500 | $ 1,700 | ||||
The 2015 Credit Facility [Member] | Insurance Carries Collateral [Member] | ||||||
Letters of Credit Outstanding, Amount | 11,200 | |||||
The 2015 Credit Facility [Member] | Working Performance Obligation [Member] | ||||||
Letters of Credit Outstanding, Amount | $ 19,600 |
Note 9 - Long-term Debt and C_4
Note 9 - Long-term Debt and Credit Facility - Long-term Debt (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Long term debt | $ 222,467,000 | $ 278,520,000 |
Less – Current maturities of long-term debt | 25,811,000 | 32,803,000 |
Less – Unamortized loan costs | 2,668,000 | 2,088,000 |
Total | 193,988,000 | 243,629,000 |
Medium-term Notes [Member] | ||
Long term debt | 221,717,000 | 253,750,000 |
Line of Credit [Member] | ||
Long term debt | 0 | 24,000 |
Notes Payable, Other Payables [Member] | ||
Long term debt | $ 750,000 | $ 770,000 |
Note 9 - Long-term Debt and C_5
Note 9 - Long-term Debt and Credit Facility - Long-term Debt (Details) (Parentheticals) | Dec. 31, 2020 | Dec. 31, 2019 |
Medium-term Notes [Member] | ||
Current effective interest rate | 2.00% | 4.09% |
Line of Credit [Member] | ||
Current effective interest rate | 2.00% | 4.01% |
Notes Payable, Other Payables [Member] | Minimum [Member] | ||
Current effective interest rate | 3.30% | 3.30% |
Notes Payable, Other Payables [Member] | Maximum [Member] | ||
Current effective interest rate | 7.80% | 7.80% |
Note 9 - Long-term Debt and C_6
Note 9 - Long-term Debt and Credit Facility - Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 25,811 | |
2022 | 30,844 | |
2023 | 165,812 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total | $ 222,467 | $ 278,520 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Apr. 30, 2019shares | Apr. 30, 2018shares | Dec. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,043,607 | 1,034,964 | 1,143,205 | 1,428,878 | ||
A 2016 Employee Plan [Member] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 300,000 | 1,700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,451,672 | |||||
A 2016 Director Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 250,980 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 163,973 | |||||
A 2011 Director Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 51,842 | |||||
A 2006 Director Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 29,529 | |||||
A 2001 Director Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 19,125 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||
Stock Repurchased During Period, Shares (in shares) | 48,409 | |||||
Stock Repurchased During Period, Value | $ | $ 1 | |||||
Stock Repurchase Program, Average Cost Per Share (in dollars per share) | $ / shares | $ 20.52 | |||||
Amended Credit Facility [Member] | ||||||
Credit Facility Minimum Consolidated Leverage Ratio | 2.50 | 2.50 | ||||
Stock Repurchase Program, Authorized Amount | $ | $ 40 | |||||
Share Repurchase Program 2019 [Member] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 2,000,000 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 2,000,000 | |||||
Share Repurchase Program 2018 [Member] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 2,000,000 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 125,975 | |||||
In Connection With Equity Compensation Programs [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ | $ 10 | |||||
Stock Repurchased During Period, Shares (in shares) | 122,292 | 151,234 | 228,068 | |||
Stock Repurchased During Period, Value | $ | $ 2.5 | $ 3.1 | $ 5.5 | |||
Stock Repurchase Program, Average Cost Per Share (in dollars per share) | $ / shares | $ 20.57 | $ 20.26 | $ 24.08 | |||
The Open Market Repurchase Program [Member] | ||||||
Stock Repurchased During Period, Shares (in shares) | 381,677 | 1,492,348 | 949,464 | |||
Stock Repurchased During Period, Value | $ | $ 6.6 | $ 26.3 | $ 20.3 | |||
Stock Repurchase Program, Average Cost Per Share (in dollars per share) | $ / shares | $ 17.16 | $ 17.64 | $ 21.36 |
Note 11 - Equity-based Compen_3
Note 11 - Equity-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average [Member] | |||
Share Price (in dollars per share) | $ 20.55 | ||
Current Stock Awards [Member] | |||
Share-based Payment Arrangement, Expense | $ 8,900 | $ 7,000 | $ 6,800 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9,800 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | ||
Deferred Stock Units [Member] | |||
Share-based Payment Arrangement, Expense | $ 1,000 | 700 | 1,100 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 300 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 months 18 days | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | $ 0 |
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 7 years | ||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 11 - Equity-based Compen_4
Note 11 - Equity-based Compensation - Summary of Stock Award Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Awards, Outstanding (in shares) | 1,034,964 | 1,143,205 | 1,428,878 |
Weighted average award date fair value (in dollars per share) | $ 23.20 | $ 23.26 | $ 21.53 |
Stock Awards, Outstanding (in shares) | 1,043,607 | 1,034,964 | 1,143,205 |
Weighted average award date fair value (in dollars per share) | $ 22.40 | $ 23.20 | $ 23.26 |
Restricted Stock Units (RSUs) [Member] | |||
Awards, grants during period (in shares) | 420,377 | 325,321 | 281,567 |
Weighted average award date fair value, award granted (in dollars per share) | $ 19.87 | $ 20.02 | $ 24.13 |
Awards, distributed during period (in shares) | (297,322) | (237,416) | (312,182) |
Weighted average award date fair value, award distributed (in dollars per share) | $ 20.50 | $ 18.83 | $ 17.47 |
Awards, forfeited during period (in shares) | (93,696) | (74,075) | (90,896) |
Weighted average award date fair value, award forfeited (in dollars per share) | $ 18.17 | $ 22.09 | $ 21.79 |
Performance Shares [Member] | |||
Awards, grants during period (in shares) | 131,755 | 146,367 | 219,943 |
Weighted average award date fair value, award granted (in dollars per share) | $ 22.96 | $ 22.78 | $ 23.25 |
Awards, distributed during period (in shares) | (71,541) | (111,155) | (296,909) |
Weighted average award date fair value, award distributed (in dollars per share) | $ 28.18 | $ 25.85 | $ 21.55 |
Awards, forfeited during period (in shares) | (80,930) | (80,597) | (87,196) |
Weighted average award date fair value, award forfeited (in dollars per share) | $ 27.19 | $ 25.30 | $ 25.95 |
Restricted Stock [Member] | |||
Awards, distributed during period (in shares) | 0 | (76,686) | 0 |
Weighted average award date fair value, award distributed (in dollars per share) | $ 0 | $ 18.26 | $ 0 |
Note 11 - Equity-based Compen_5
Note 11 - Equity-based Compensation - Deferred Stock Unit Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Awards, Outstanding (in shares) | 1,034,964 | 1,143,205 | 1,428,878 |
Weighted average award date fair value (in dollars per share) | $ 23.20 | $ 23.26 | $ 21.53 |
Stock Awards, Outstanding (in shares) | 1,043,607 | 1,034,964 | 1,143,205 |
Weighted average award date fair value (in dollars per share) | $ 22.40 | $ 23.20 | $ 23.26 |
Deferred Stock Units [Member] | |||
Stock Awards, Outstanding (in shares) | 253,340 | 287,350 | 269,977 |
Weighted average award date fair value (in dollars per share) | $ 20.71 | $ 20.80 | $ 20.14 |
Awards, grants during period (in shares) | 70,426 | 50,174 | 45,681 |
Weighted average award date fair value, award granted (in dollars per share) | $ 14.59 | $ 19.64 | $ 23.72 |
Awards, distributed during period (in shares) | (59,297) | (84,184) | (28,308) |
Weighted average award date fair value, award distributed (in dollars per share) | $ 21.66 | $ 20.38 | $ 19.22 |
Stock Awards, Outstanding (in shares) | 264,469 | 253,340 | 287,350 |
Weighted average award date fair value (in dollars per share) | $ 18.87 | $ 20.71 | $ 20.80 |
Note 11 - Equity-based Compen_6
Note 11 - Equity-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, shares (in shares) | 52,783 | 52,783 | 126,680 |
Outstanding, weighted average exercise price (in dollars per share) | $ 18.11 | $ 18.11 | $ 23.06 |
Exercised, shares (in shares) | (52,783) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 18.11 | $ 0 | |
Canceled/Expired, shares (in shares) | 0 | (73,897) | |
Canceled/Expired, weighted average exercise price (in dollars per share) | $ 0 | $ 26.60 | |
Outstanding,, shares (in shares) | 0 | 52,783 | 52,783 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | $ 18.11 | $ 18.11 |
Exercisable, shares (in shares) | 0 | 52,783 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0 | $ 18.11 |
Note 11 - Equity-based Compen_7
Note 11 - Equity-based Compensation - Stock Option Exercises (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Proceeds from issuance of common stock upon stock option exercises | $ 0 | $ 956 | $ 0 | |
Total intrinsic value of stock option exercises (1) | [1] | 129 | ||
Tax expense (benefit) of stock option exercises recorded in income tax expense | 312 | $ (1,556) | ||
Aggregate intrinsic value of outstanding stock options | 0 | |||
Aggregate intrinsic value of exercisable stock options | $ 0 | |||
[1] | Calculation was based on a weighted average market price of the Company's stock at the time of exercise of $20.55 for the year ended December 31, 2019. |
Note 12 - Taxes on Income (Deta
Note 12 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Dec. 13, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 15,546 | $ 19,079 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 9,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 6,500 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 6,152 | 4,101 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign, Not Subject to Expiration | 100 | |||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 1,485 | 844 | ||
Deferred Tax Assets, Valuation Allowance, Total | 43,424 | 34,247 | ||
Undistributed Earnings of Foreign Subsidiaries | 206,700 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 300 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 200 | $ 200 | $ 200 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 900 | |||
Open Tax Year | 2016 2017 2018 2019 2020 | |||
Tax Credit Expiring in 2026 [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign, Subject to Expiration | $ 900 | |||
Tax Credit Expiring in 2029 [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign, Subject to Expiration | 3,700 | |||
Tax Credit Expiring in 2030 [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign, Subject to Expiration | 1,500 | |||
Tax Credit Expiring in 2038 [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 200 | |||
Tax Credit Expiring in 2039 [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 800 | |||
Tax Credit Expiring in 2040 [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 500 |
Note 12 - Taxes on Income - Inc
Note 12 - Taxes on Income - Income (Loss) Before Taxes on Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic | $ 10,454 | $ (3,469) | $ 1,122 |
Foreign | 19,613 | (16,511) | (5,187) |
Total | $ 30,067 | $ (19,980) | $ (4,065) |
Note 12 - Taxes on Income - Pro
Note 12 - Taxes on Income - Provisions for Taxes on Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ (1,683) | $ (3,116) | $ (4,902) |
Foreign | 5,010 | 5,705 | 6,025 |
State | 794 | 49 | (722) |
Subtotal | 4,121 | 2,638 | 401 |
Federal | (421) | (994) | 58 |
Foreign | 704 | (199) | (1,531) |
State | 863 | 2,565 | (221) |
Subtotal | 1,146 | 1,372 | (1,694) |
Total tax provision | $ 5,267 | $ 4,010 | $ (1,293) |
Note 12 - Taxes on Income - Eff
Note 12 - Taxes on Income - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes (benefit) at U.S. federal statutory tax rate | $ 6,315 | $ (4,196) | $ (854) |
State income taxes, net of federal income tax benefit | 1,051 | 2,033 | (791) |
Divestitures | (501) | 5,613 | 2,133 |
Meals and entertainment | 271 | 442 | 482 |
Changes in taxes previously accrued | 45 | (1,557) | (573) |
Foreign tax rate differences | (176) | (643) | 1,301 |
Share-based compensation | 572 | 358 | (1,427) |
Goodwill impairment | 0 | 0 | 291 |
Recognition of uncertain tax positions | (504) | (717) | (218) |
Deemed mandatory repatriation | 0 | 0 | (842) |
Other matters | (588) | (1,154) | (821) |
Total tax provision | $ 5,267 | $ 4,010 | $ (1,293) |
Effective tax rate | 17.50% | (20.10%) | 31.80% |
Foreign Tax Authority [Member] | |||
Change in the balance of the valuation allowance for deferred tax assets allocated to foreign income tax expense | $ 38 | $ 806 | $ 590 |
Domestic Tax Authority [Member] | |||
Change in the balance of the valuation allowance for deferred tax assets allocated to foreign income tax expense | $ (1,256) | $ 3,025 | $ (564) |
Note 12 - Taxes on Income - Net
Note 12 - Taxes on Income - Net Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign tax credit carryforwards | $ 6,152 | $ 4,101 |
General business credit carryforwards | 1,485 | 844 |
Net operating loss carryforwards | 15,546 | 19,079 |
Accrued expenses | 15,047 | 15,119 |
Operating lease liabilities | 15,820 | 17,360 |
Other | 5,999 | 7,587 |
Total gross deferred income tax assets | 60,049 | 64,090 |
Less valuation allowance | (43,424) | (34,247) |
Net deferred income tax assets | 16,625 | 29,843 |
Property, plant and equipment | (4,625) | (5,689) |
Intangible assets | (1,009) | (12,203) |
Operating lease assets | (15,464) | (17,198) |
Other | 5,423 | 4,791 |
Total deferred income tax liabilities | (26,521) | (39,881) |
Net deferred income tax liabilities | (9,896) | (10,038) |
Deferred income tax assets | 448 | 1,216 |
Noncurrent deferred income tax liabilities, net | (10,344) | (11,254) |
Net deferred income tax liabilities | $ 9,896 | $ 10,038 |
Note 12 - Taxes on Income - Act
Note 12 - Taxes on Income - Activity in the Valuation Allowance (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 34,247 | $ 28,451 | $ 29,782 |
Additions | 14,677 | 8,789 | 1,879 |
Reversals | (6,571) | (6,776) | (2,102) |
Other adjustments | 1,071 | 3,783 | (1,108) |
Balance | $ 43,424 | $ 34,247 | $ 28,451 |
Note 12 - Taxes on Income - Unr
Note 12 - Taxes on Income - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 1,384 | $ 1,955 | $ 2,229 |
Additions for tax positions of prior years | 51 | 9 | 8 |
Lapse in statute of limitations | (451) | (587) | (264) |
Foreign currency translation | 7 | 7 | |
Foreign currency translation | (18) | ||
Balance | $ 991 | $ 1,384 | $ 1,955 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Multiemployer Plans, Number of Participants | 948 | ||
Corrpro [Member] | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 10.2 | $ 9.1 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 9.5 | 8.2 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.30% | ||
Corrpro [Member] | Defined Benefit Plan, Overfunded Plan [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | $ 0.7 | ||
UNITED STATES | |||
Defined Contribution Plan, Cost | 3 | 5.2 | $ 5.7 |
Foreign Plan [Member] | |||
Defined Contribution Plan, Cost | $ 0.3 | $ 0.8 | $ 1.1 |
Note 14 - Segment and Geograp_3
Note 14 - Segment and Geographic Information (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||||
Number of Operating Segments | 2 | |||||||
Impairment of Long-Lived Assets to be Disposed of | $ 1,300 | $ 1,259 | $ 23,427 | $ 0 | ||||
Capital Expenditure, Discontinued Operations | 3,000 | 3,400 | 3,100 | |||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 6,800 | 7,500 | 7,100 | |||||
Number of Reportable Segments | 2 | |||||||
The 2015 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Interest Expense, Debt, Total | $ 200 | 600 | ||||||
Corporate, Non-Segment [Member] | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 1,300 | 2,900 | ||||||
Infrastructure Solutions [Member] | ||||||||
Restructuring, Impairment Reversal | 1,100 | |||||||
Impairment of Long-Lived Assets to be Disposed of | 17,600 | |||||||
Corrosion Protection [Member] | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 2,900 | |||||||
Interest Expense [Member] | The 2015 Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Interest Expense, Debt, Total | 700 | 2,300 | ||||||
Restructuring 2017 [Member] | ||||||||
Restructuring Charges, Total | 16,737 | [1] | 32,341 | [2] | 29,486 | [3] | ||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Charges, Total | 3,203 | 6,041 | 1,637 | |||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Charges, Total | 2,700 | 5,200 | 1,600 | |||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Divestiture of International Operations [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Charges, Total | 3,200 | 2,200 | 4,100 | |||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Infrastructure Solutions [Member] | ||||||||
Restructuring Charges, Reversal of Expense | 100 | |||||||
Restructuring Charges, Total | 7,500 | 16,100 | ||||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Infrastructure Solutions [Member] | Divestiture of International Operations [Member] | ||||||||
Restructuring Charges, Total | 400 | 1,000 | 400 | |||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Corrosion Protection [Member] | ||||||||
Restructuring Charges, Total | 9,500 | 7,700 | 7,600 | |||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Corrosion Protection [Member] | Divestiture of International Operations [Member] | ||||||||
Restructuring Charges, Total | 100 | 2,500 | ||||||
Restructuring 2017 [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||
Restructuring Charges, Total | $ 900 | $ 10,200 | $ 4,000 | |||||
Restructuring 2017 [Member] | Other Nonoperating Income (Expense) [Member] | Bayou [Member] | ||||||||
Restructuring Charges, Total | $ 7,000 | |||||||
[1] | Total pre-tax restructuring charges include cash charges of $12.0 million and non-cash charges of $4.7 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | |||||||
[2] | Total pre-tax restructuring charges include cash charges of $19.5 million and non-cash charges of $12.8 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. | |||||||
[3] | Total pre-tax restructuring charges include cash charges of $12.1 million and non-cash charges of $17.4 million. Cash charges consist of charges incurred during the year that will be settled in cash, either during the current period or future periods. |
Note 14 - Segment and Geograp_4
Note 14 - Segment and Geographic Information - Summary of Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | [1] | $ 807,764 | $ 885,887 | $ 997,861 |
Gross profit | [1] | 196,459 | 205,001 | 225,379 |
Total operating income (loss) | [1] | 40,988 | 1,233 | 20,009 |
Interest expense | [2] | (12,483) | (11,358) | (14,709) |
Interest income | 1,125 | 1,038 | 516 | |
Other | [3] | 437 | (10,893) | (9,881) |
Total other expense | (10,921) | (21,213) | (24,074) | |
Income (loss) before taxes (benefit) on income (loss) | 30,067 | (19,980) | (4,065) | |
Total assets | 901,447 | 995,513 | 992,417 | |
Assets held for sale | 92,850 | 168,799 | 162,236 | |
Capital expenditures | [4] | 16,559 | 25,335 | 27,461 |
Depreciation and amortization | [5] | 28,702 | 28,673 | 30,744 |
Operating income (loss) | [1] | 40,988 | 1,233 | 20,009 |
Long-lived assets | [1],[6] | 101,790 | 104,215 | 128,660 |
UNITED STATES | ||||
Revenues | [1] | 572,729 | 586,628 | 630,584 |
Gross profit | [1] | 139,308 | 134,471 | 136,477 |
Total operating income (loss) | [1] | 18,817 | (3,528) | (9,464) |
Operating income (loss) | [1] | 18,817 | (3,528) | (9,464) |
Long-lived assets | [1],[6] | 89,487 | 83,225 | 105,978 |
CANADA | ||||
Revenues | [1] | 118,253 | 123,033 | 133,612 |
Gross profit | [1] | 24,360 | 22,183 | 22,823 |
Total operating income (loss) | [1] | 11,849 | 7,460 | 9,482 |
Operating income (loss) | [1] | 11,849 | 7,460 | 9,482 |
Long-lived assets | [1],[6] | 7,817 | 7,462 | 7,725 |
Europe [Member] | ||||
Revenues | [1] | 37,251 | 64,278 | 66,794 |
Gross profit | [1] | 11,437 | 14,849 | 8,379 |
Total operating income (loss) | [1] | 6,230 | (11,363) | (10,599) |
Operating income (loss) | [1] | 6,230 | (11,363) | (10,599) |
Long-lived assets | [1],[6] | 3,073 | 3,336 | 8,295 |
Other Foreign Countries [Member] | ||||
Revenues | [1] | 79,531 | 111,948 | 166,871 |
Gross profit | [1] | 21,354 | 33,498 | 57,700 |
Total operating income (loss) | [1] | 4,092 | 8,664 | 30,590 |
Operating income (loss) | [1] | 4,092 | 8,664 | 30,590 |
Long-lived assets | [1],[6] | 1,413 | 10,192 | 6,662 |
Infrastructure Solutions [Member] | ||||
Revenues | 562,571 | 590,797 | 604,121 | |
Infrastructure Solutions [Member] | UNITED STATES | ||||
Revenues | 443,196 | 427,220 | 430,187 | |
Infrastructure Solutions [Member] | CANADA | ||||
Revenues | 69,190 | 65,370 | 62,292 | |
Infrastructure Solutions [Member] | Europe [Member] | ||||
Revenues | 23,782 | 49,157 | 54,567 | |
Infrastructure Solutions [Member] | Other Foreign Countries [Member] | ||||
Revenues | 26,403 | 49,050 | 57,075 | |
Corrosion Protection [Member] | ||||
Revenues | 245,193 | 295,090 | 393,740 | |
Corrosion Protection [Member] | UNITED STATES | ||||
Revenues | 129,533 | 159,408 | 200,397 | |
Corrosion Protection [Member] | CANADA | ||||
Revenues | 49,063 | 57,663 | 71,320 | |
Corrosion Protection [Member] | Europe [Member] | ||||
Revenues | 13,469 | 15,121 | 12,227 | |
Corrosion Protection [Member] | Other Foreign Countries [Member] | ||||
Revenues | 53,128 | 62,898 | 109,796 | |
Operating Segments [Member] | Infrastructure Solutions [Member] | ||||
Revenues | 562,571 | 590,797 | 604,121 | |
Gross profit | 144,213 | 144,074 | 132,411 | |
Total operating income (loss) | [7] | 78,098 | 42,079 | 37,509 |
Total assets | 511,606 | 508,226 | 500,977 | |
Capital expenditures | [4] | 10,103 | 10,679 | 12,730 |
Depreciation and amortization | [5] | 14,174 | 13,773 | 16,758 |
Operating income (loss) | [7] | 78,098 | 42,079 | 37,509 |
Operating Segments [Member] | Corrosion Protection [Member] | ||||
Revenues | 245,193 | 295,090 | 393,740 | |
Gross profit | 52,246 | 60,927 | 92,968 | |
Total operating income (loss) | [8] | (6,133) | (5,635) | 16,283 |
Total assets | 238,566 | 278,694 | 279,106 | |
Capital expenditures | [4] | 5,654 | 11,437 | 9,754 |
Depreciation and amortization | [5] | 12,007 | 12,487 | 11,874 |
Operating income (loss) | [8] | (6,133) | (5,635) | 16,283 |
Corporate, Non-Segment [Member] | ||||
Total operating income (loss) | [9] | (30,977) | (35,211) | (33,783) |
Total assets | 58,425 | 39,794 | 50,098 | |
Capital expenditures | [4] | 802 | 3,219 | 4,977 |
Depreciation and amortization | [5] | 2,521 | 2,413 | 2,112 |
Operating income (loss) | [9] | $ (30,977) | $ (35,211) | $ (33,783) |
[1] | Attributed to the country of origin. | |||
[2] | Interest expense for 2020 includes $0.7 million of third-party arranging fees, expenses and the write-off of unamortized loan costs associated with the amended Credit Facility (see Note 9). Interest expense for 2018 includes $2.3 million of third-party arranging fees, expenses and the write-off of unamortized loan costs associated with the amended Credit Facility (see Note 9). | |||
[3] | Other expense for 2020 includes gains of $0.9 million related to restructuring (see Note 4). Other expense for 2019 includes $10.2 million of restructuring charges (see Note 4). Other expense for 2018 includes charges of $7.0 million related to the loss on the sale of Bayou (see Note 1) and $4.0 million of restructuring charges (see Note 4). | |||
[4] | Capital expenditures from our discontinued operations were $3.0 million, $3.4 million and $3.1 million in 2020, 2019 and 2018, respectively. | |||
[5] | Depreciation and amortization from our discontinued operations were $6.8 million, $7.5 million and $7.1 million in 2020, 2019 and 2018, respectively. | |||
[6] | Long-lived assets do not include goodwill, intangible assets, operating lease assets or deferred tax assets. | |||
[7] | Operating income for 2020 includes: (i) $0.1 million of restructuring reversals (see Note 4); (ii) $0.4 million of costs primarily related to the planned divestiture of certain international operations; and (iii) $1.1 million of impairment reversals related to assets held for sale. Operating income for 2019 includes: (i) $7.5 million of restructuring charges (see Note 4); (ii) $1.0 million of costs primarily related to the planned divestiture of certain international operations; and (iii) $17.6 million of impairment charges to assets held for sale (see Note 6). Operating income for 2018 includes: (i) $16.1 million of restructuring charges (see Note 4); and (ii) $0.4 million of cost incurred related to the disposition of Denmark. | |||
[8] | Operating loss for 2020 includes $9.5 million of restructuring charges (see Note 4). Operating loss for 2019 includes: (i) $7.7 million of restructuring charges (see Note 4); (ii) $0.1 million of divestiture costs; and (iii) $2.9 million of impairment charges to assets held for sale (see Note 6). Operating income for 2018 includes: (i) $7.6 million of restructuring charges (see Note 4); and (ii) $2.5 million of costs incurred related to the divestiture of Bayou. | |||
[9] | Operating loss for 2020 includes: (i) $2.7 million of restructuring charges (see Note 4); (ii) $3.2 million of divestiture costs; and (iii) $1.3 million of impairment charges related to assets held for sale (see Note 6). Operating loss for 2019 includes: (i) $5.2 million of restructuring charges (see Note 4); (ii) $2.2 million of costs primarily related to the planned divestiture of certain international operations; and (iii) $2.9 million of impairment charges to assets held for sale (see Note 6). Operating loss for 2018 includes $1.6 million of restructuring charges (see Note 4) and $4.1 million of divestiture costs. |
Note 15 - Derivative Financia_3
Note 15 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 12, 2018 | Oct. 31, 2015 | |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 0 | $ 200 | $ 500 | ||
Derivative, Fixed Interest Rate | 2.937% | ||||
A 2015 Interest Rate Swap [Member] | |||||
Derivative, Fixed Interest Rate | 1.46% | ||||
Derivative Asset, Notional Amount | $ 262,500 | ||||
A 2018 Interest Rate Swap [Member] | |||||
Derivative, Amount of Hedged Item | $ 170,600 | ||||
Derivative, Fixed Interest Rate | 2.937% | ||||
Derivative Asset, Notional Amount | $ 170,600 | ||||
The 2015 Credit Facility [Member] | |||||
Derivative, Amount of Hedged Item | 262,500 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | ||||
A 2018 Credit Facility [Member] | |||||
Derivative Asset, Notional Amount | $ 170,600 | ||||
Designated as Hedging Instrument [Member] | |||||
Derivative Assets (Liabilities), at Fair Value, Net, Total | (9,018) | (4,638) | |||
Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ (9,000) | $ (4,600) |
Note 15 - Derivative Financia_4
Note 15 - Derivative Financial Instruments - Summary of Derivative Positions (Details) - Interest Rate Swap [Member] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Notional amount | $ 166,287,598 |
Weighted average remaining maturities (Year) | 2 years 2 months 12 days |
Note 15 - Derivative Financia_5
Note 15 - Derivative Financial Instruments - Summary of Fair Value Amounts of Derivative Instruments (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative assets | $ 0 | $ 261 |
Derivative liabilities | 9,018 | 4,899 |
Net Derivative Asset (Liability) | (9,018) | (4,638) |
Interest Rate Swap [Member] | ||
Derivative assets | 0 | 261 |
Derivative liabilities | 9,018 | 4,899 |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Derivative assets | 0 | 261 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivative liabilities | $ 9,018 | $ 4,899 |
Note 16 - Subsequent Event (Det
Note 16 - Subsequent Event (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 15, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
The Open Market Repurchase Program [Member] | |||||
Stock Repurchased During Period, Shares (in shares) | 381,677 | 1,492,348 | 949,464 | ||
Stock Repurchased During Period, Value | $ 6,600,000 | $ 26,300,000 | $ 20,300,000 | ||
Stock Repurchase Program, Average Cost Per Share (in dollars per share) | $ 17.16 | $ 17.64 | $ 21.36 | ||
The Open Market Repurchase Program [Member] | Subsequent Event [Member] | |||||
Stock Repurchased During Period, Shares (in shares) | 39,501 | ||||
Stock Repurchased During Period, Value | $ 800,000 | ||||
Stock Repurchase Program, Average Cost Per Share (in dollars per share) | $ 19.84 | ||||
Forecast [Member] | New Mountain Capital, L.L.C. [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 963,000,000 | ||||
Business Acquisition, Share Price (in dollars per share) | $ 26 | ||||
Business Combination, Termination Fee | $ 30,000,000 |