Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GLDD | ||
Entity Registrant Name | Great Lakes Dredge & Dock Corporation | ||
Entity Central Index Key | 0001372020 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 9811 Katy Freeway, Suite 1200 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity File Number | 001-33225 | ||
Entity Tax Identification Number | 20-5336063 | ||
City Area Code | 346 | ||
Local Phone Number | 359-1010 | ||
Entity Address, Postal Zip Code | 77024 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, (Par Value $0.0001) | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 66,187,623 | ||
Entity Public Float | $ 848,574,365 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Chicago, Illinois | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part of 10-K Documents Incorporated by Reference Part III Portions of the Proxy Statement to be filed with the Securities and Exchange Commission in connection with the 2023 Annual Meeting of Stockholders. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,546 | $ 145,459 |
Accounts receivable—net | 44,890 | 82,953 |
Contract revenues in excess of billings | 65,922 | 39,844 |
Inventories | 29,229 | 30,760 |
Prepaid expenses | 1,568 | 2,017 |
Other current assets | 34,686 | 26,399 |
Total current assets | 182,841 | 327,432 |
PROPERTY AND EQUIPMENT—Net | 543,910 | 455,102 |
OPERATING LEASE ASSETS | 89,733 | 62,233 |
GOODWILL | 76,576 | 76,576 |
INVENTORIES—Noncurrent | 80,044 | 65,049 |
OTHER | 8,676 | 11,278 |
TOTAL | 981,780 | 997,670 |
LIABILITIES AND EQUITY | ||
Accounts payable | 94,077 | 85,566 |
Accrued expenses | 29,469 | 37,626 |
Operating lease liabilities | 26,873 | 16,729 |
Billings in excess of contract revenues | 9,914 | 14,814 |
Total current liabilities | 160,333 | 154,735 |
LONG-TERM DEBT | 321,521 | 320,971 |
OPERATING LEASE LIABILITIES—Noncurrent | 65,010 | 45,986 |
DEFERRED INCOME TAXES | 59,115 | 68,497 |
OTHER | 7,581 | 8,484 |
Total liabilities | 613,560 | 598,673 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
EQUITY: | ||
Common stock-$.0001 par value; 90,000 authorized, 66,188 and 65,746 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively. | 6 | 6 |
Additional paid-in capital | 312,091 | 308,482 |
Accumulated retained earnings | 56,314 | 90,369 |
Accumulated other comprehensive income (loss) | (191) | 140 |
Total equity | 368,220 | 398,997 |
TOTAL | $ 981,780 | $ 997,670 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 66,188,000 | 65,746,000 |
Common stock, shares outstanding | 66,188,000 | 65,746,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
CONTRACT REVENUES | $ 648,781 | $ 726,149 | $ 733,601 |
Revenue, Product and Service [Extensible Enumeration] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
COSTS OF CONTRACT REVENUES | $ 617,608 | $ 580,879 | $ 562,373 |
Cost, Product and Service [Extensible Enumeration] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
GROSS PROFIT | $ 31,173 | $ 145,270 | $ 171,228 |
OPERATING EXPENSES: | |||
GENERAL AND ADMINISTRATIVE EXPENSES | 51,117 | 62,134 | 62,757 |
PROCEEDS FROM LOSS OF USE CLAIM | (1,723) | ||
(GAIN) LOSS ON SALE OF ASSETS—Net | 7,792 | (294) | (1,571) |
Total operating income (loss) | (27,736) | 83,430 | 111,765 |
OTHER EXPENSE: | |||
Interest expense—net | (14,108) | (21,601) | (26,585) |
Other income (loss) | (1,571) | 994 | 1,110 |
Total other expense | (15,679) | (20,607) | (25,475) |
INCOME (LOSS) BEFORE INCOME TAXES | (43,415) | 62,823 | 86,290 |
INCOME TAX (PROVISION) BENEFIT | 9,360 | (13,391) | (20,187) |
NET INCOME (LOSS) | $ (34,055) | $ 49,432 | $ 66,103 |
Basic earnings (loss) per share | $ (0.52) | $ 0.75 | $ 1.02 |
Basic weighted average shares | 66,051 | 65,587 | 64,743 |
Diluted earnings (loss) per share | $ (0.52) | $ 0.75 | $ 1 |
Diluted weighted average shares | 66,051 | 66,301 | 65,872 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (34,055) | $ 49,432 | $ 66,103 | |
Net change in cash flow derivative hedges—net of tax | [1] | (331) | (828) | 673 |
Comprehensive income (loss) | $ (34,386) | $ 48,604 | $ 66,776 | |
[1] Net of income tax (provision) benefit of $ 112 , $ 280 and $ 217 for the years ended December 31, 2022, 2021 and 2020 , respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net unrealized loss on derivatives, tax | $ 112 | $ 280 | $ 217 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE - value at Dec. 31, 2019 | $ 279,399,000 | $ 6,000 | $ 302,189,000 | $ (23,091,000) | $ 295,000 |
BALANCE - shares at Dec. 31, 2019 | 64,283 | ||||
Share-based compensation, value | 6,754,000 | 6,754,000 | |||
Share-based compensation, shares | 94 | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (4,748,000) | (4,748,000) | |||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 741 | ||||
Exercise of stock options and purchases from employee stock purchase plan, value | 2,360,000 | 2,360,000 | |||
Exercise of stock options and purchases from employee stock purchase plan, shares | 331 | ||||
Repurchase of common stock, value | (3,873,000) | (1,798,000) | 2,075,000 | ||
Repurchase of common stock, shares | (426) | ||||
Net income (loss) | 66,103,000 | 66,103,000 | |||
Other comprehensive income (loss)-net of tax | 673,000 | 673,000 | |||
BALANCE - value at Dec. 31, 2020 | 346,668,000 | $ 6,000 | 304,757 | 40,937,000 | 968,000 |
BALANCE - shares at Dec. 31, 2020 | 65,023 | ||||
Share-based compensation, value | 5,188,000 | 5,188,000 | |||
Share-based compensation, shares | 35 | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (3,785,000) | (3,785,000) | |||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 431 | ||||
Exercise of stock options and purchases from employee stock purchase plan, value | 2,322,000 | 2,322,000 | |||
Exercise of stock options and purchases from employee stock purchase plan, shares | 257 | ||||
Net income (loss) | 49,432,000 | 49,432,000 | |||
Other comprehensive income (loss)-net of tax | (828,000) | (828,000) | |||
BALANCE - value at Dec. 31, 2021 | 398,997,000 | $ 6,000 | 308,482 | 90,369,000 | 140,000 |
BALANCE - shares at Dec. 31, 2021 | 65,746 | ||||
Share-based compensation, value | 4,288,000 | 4,288,000 | (34,055,000) | ||
Share-based compensation, shares | 49 | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | (1,827,000) | (1,827,000) | |||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 214 | ||||
Exercise of stock options and purchases from employee stock purchase plan, value | $ 1,148,000 | 1,148,000 | |||
Exercise of stock options and purchases from employee stock purchase plan, shares | 29 | 179 | |||
Net income (loss) | $ (34,055,000) | ||||
Other comprehensive income (loss)-net of tax | (331,000) | (331,000) | |||
BALANCE - value at Dec. 31, 2022 | $ 368,220,000 | $ 6,000 | $ 312,091 | $ 56,314,000 | $ (191,000) |
BALANCE - shares at Dec. 31, 2022 | 66,188 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ (34,055) | $ 49,432 | $ 66,103 |
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | |||
Depreciation expense | 46,273 | 43,016 | 38,183 |
Deferred income taxes | (9,270) | 12,311 | 20,508 |
(Gain) loss on sale of assets | 7,792 | (294) | (1,571) |
Amortization of deferred financing fees | 1,299 | 2,349 | 1,611 |
Share-based compensation expense | 4,288 | 5,188 | 6,754 |
Changes in assets and liabilities: | |||
Accounts receivable | 38,064 | (43,963) | (19,205) |
Contract revenues in excess of billings | (26,078) | (7,738) | (9,546) |
Inventories | (14,255) | (2,706) | (2,383) |
Prepaid expenses and other current assets | (7,636) | 10,873 | 1,466 |
Accounts payable and accrued expenses | (1,966) | (698) | (3,328) |
Billings in excess of contract revenues | (4,900) | (17,794) | (22,658) |
Other noncurrent assets and liabilities | 2,097 | (969) | 3,013 |
Cash provided by operating activities | 1,653 | 49,007 | 78,947 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (143,006) | (116,658) | (47,621) |
Proceeds from dispositions of property and equipment | 2,100 | 4,459 | 4,450 |
Cash used in investing activities | (140,906) | (112,199) | (43,171) |
FINANCING ACTIVITIES: | |||
Repayments of debt | (325,000) | ||
Proceeds from issuance of debt | 325,000 | ||
Deferred financing fees | (981) | (4,395) | |
Taxes paid on settlement of vested share awards | (1,827) | (3,785) | (4,748) |
Exercise of stock options and purchases from employee stock plans | 1,148 | 2,321 | 2,360 |
Repurchase of common stock | (3,873) | ||
Borrowings under revolving loans | 10,000 | ||
Repayments of revolving loans | (10,000) | ||
Cash used in financing activities | (1,660) | (5,859) | (6,261) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (140,913) | (69,051) | 29,515 |
Cash, cash equivalents and restricted cash at beginning of period | 147,459 | 216,510 | 186,995 |
Cash, cash equivalents and restricted cash at end of period | 6,546 | 147,459 | 216,510 |
Cash and cash equivalents | 6,546 | 145,459 | 216,510 |
Restricted cash included in other long-term assets | 2,000 | ||
Supplemental Cash Flow Information | |||
Cash paid for interest | 17,742 | 22,919 | 26,430 |
Cash paid for income taxes | 1,264 | 637 | 392 |
Non-cash Investing and Financing Activities | |||
Property and equipment purchased but not yet paid | $ 8,686 | $ 7,010 | $ 6,693 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization —Great Lakes Dredge & Dock Corporation and its subsidiaries (the “Company” or “Great Lakes”) are in the business of marine construction, primarily dredging. The Company is the largest provider of dredging services in the United States which is complemented with a long history of performing significant international projects. In addition, the Company is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The mobility of the Company’s fleet enables the Company to move equipment in response to changes in demand for dredging services. Principles of Consolidation and Basis of Presentation —The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost. Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Revenue and Cost Recognition on Contracts —Revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. Additionally, the Company capitalizes certain pre-contract and pre-construction costs, and defers recognition over the life of the contract. The Company’s performance obligations are satisfied over time and revenue is recognized using the cost-to-cost method, described above. Contract modifications are changes in the scope or price (or both) of a contract that are approved by the parties to the contract. The Company recognizes a contract modification when the parties to a contract approve a modification that either creates new, or changes existing, enforceable rights and obligations of the parties to the contract. Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for services that are not distinct, and, therefore, are accounted for as part of the existing contract. Contract modifications are included in the transaction price only if it is probable that the modification estimate will not result in a significant reversal of revenue. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across projects, does not significantly affect results across annual reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor generally is hired on a project-by-project basis. The Company is a party to numerous collective bargaining agreements in the U.S. that govern its relationships with its unionized hourly workforce. Classification of Current Assets and Liabilities —The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year. Cash Equivalents —The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Accounts Receivable —Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable based on historical and expected losses and when events or conditions indicate that amounts outstanding are not recoverable. Inventories —Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Spare part inventories are stated at weighted average historical cost, and are charged to expense when used in operations. Pipe inventory is recorded at cost and amortized to expense over the period of its use. Property and Equipment —Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are: Class Useful Life (years) Buildings and improvements 10 Furniture and fixtures 5 - 10 Vehicles, dozers, and other light operating equipment and systems 3 - 5 Heavy operating equipment (dredges and barges) 10 - 30 Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases. Goodwill —Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. When conducting the annual impairment test for goodwill, the Company can choose to assess qualitative factors to determine whether it is more likely than not the fair value of the reporting unit is below its carrying value. Qualitative factors considered include macroeconomic, industry and market environments, overall financial performance and market indications of value. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. The Company also may elect to forego this step and just perform the quantitative impairment test. When performing a quantitative impairment test, the Company assesses the fair values of its reporting unit using both an income-based approach and a market-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of expected future revenue, profitability and capital expenditures related to our new build program, future market growth trends, forecasted revenues and expenses, working capital assumptions, appropriate discount rates and other variables. The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated trailing and forward Adjusted EBITDA. The Company analyzes companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighs the results of this approach less than the income approach. The Company has one operating segment which is also the Company’s one reportable segment and reporting unit of which the Company tests goodwill for impairment. In the current year, the Company performed both a qualitative and a quantitative goodwill impairment test. The Company performed its annual test of impairment as of July 1, 2022 and an interim test of impairment as of October 1, 2022 with no indication of impairment as of either test date. When performing the qualitative test, the Company determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company has documented the qualitative considerations and determinations to support this conclusion. When performing the quantitative test, the Company assessed the fair values of its reporting unit using both a market-based approach and an income-based approach. The assessment used estimates based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Likewise, changes in terminal value and discount rate assumptions, unfavorable economic environment or market conditions and other factors in the future may cause a different assessment. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. As of the test date, the fair value of the reporting unit was in excess of its carrying value by at least 10 %. The Company will continue to monitor for changes in facts or circumstances that may impact our estimates. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2023 should no triggering events occur which would require a test prior to the next annual test. Long-Lived Assets —Long-lived assets are comprised of property and equipment subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. No triggering events were identified in 2022 or 2021 . If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell. Self-insurance Reserves —The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves. Income Taxes —The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. Refer to Note 8, Income Taxes. Hedging Instruments —At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions. The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 2. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. The computations for basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020 are as follows: (shares in thousands) 2022 2021 2020 Net income (loss) $ ( 34,055 ) $ 49,432 $ 66,103 Weighted-average common shares outstanding — basic 66,051 65,587 64,743 Effect of stock options and restricted stock units — 714 1,129 Weighted-average common shares outstanding — diluted 66,051 66,301 65,872 Earnings per share — basic $ ( 0.52 ) $ 0.75 $ 1.02 Earnings per share — diluted $ ( 0.52 ) $ 0.75 $ 1.00 For the year ended December 31, 2022 the dilutive effect of 462 stock options (“NQSO”) and restricted stock units (“RSU”) were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during the period. For the years ended December 31, 2022, 2021 and 2020 , 351 thousand, 1 thousand and 1 thousand, respectively, non-qualified stock options (“NQSOs”) and restricted stock units (“RSUs”) were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2022 and 2021 are as follows: 2022 2021 Land $ 9,348 $ 9,992 Buildings and improvements 1,314 1,315 Furniture and fixtures 19,986 18,568 Operating equipment 991,574 869,953 Total property and equipment 1,022,222 899,828 Accumulated depreciation ( 478,312 ) ( 444,726 ) Property and equipment — net $ 543,910 $ 455,102 Operating equipment of $ 500 was classified as held for sale, excluded from property and equipment, as of December 31, 2022. Gain or loss on sale of assets, net for the year ended December 31, 2022 includes $ 8,150 of loss related to the retirement of an asset which is classified as held for sale. Depreciation expense was $ 46,273 , $ 43,016 and $ 38,183 , for the years ended December 31, 2022, 2021 and 2020 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 4. LEASES The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. Leases with an initial term greater than twelve months are recorded on the Company’s balance sheet as an operating lease asset and operating lease liability and are measured at the present value of lease payments over the lease term. Substantially all of the Company’s leases are classified as operating leases. Leases with an initial term of twelve months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s Amended Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its Amended Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions. The exercise of lease renewal options is at the Company’s sole discretion and is considered in the measurement of operating lease assets and operating lease liabilities when it is reasonably certain the Company will exercise the option. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease costs The Company’s lease costs are recorded in costs of contract revenues and general and administrative expenses. For the years ended December 31, 2022, 2021 and 2020, respectively, lease costs are as follows: 2022 2021 2020 Operating lease costs $ 24,224 $ 24,427 $ 24,602 Short-term lease costs 94,842 95,957 87,534 Total lease cost $ 119,066 $ 120,384 $ 112,136 Lease terms and commitments As recorded on the balance sheet, the Company’s maturity analysis of its operating lease liabilities as of December 31, 2022 is as follows: 2023 $ 30,412 2024 27,365 2025 18,575 2026 8,378 2027 6,509 Thereafter 9,356 Minimum lease payments 100,595 Imputed interest 8,712 Present value of minimum operating lease payments $ 91,883 As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Additional information related to the Company’s leases as of December 31, 2022, 2021 and 2020 respectively, is as follows: 2022 2021 2020 Weighted average remaining lease term 4.2 years 4.4 4.1 Weighted average discount rate 4.7 % 5.1 % 6.2 % Supplemental information related to leases during the years ended December 31, 2022, 2021 and 2020 respectively, is as follows: 2022 2021 2020 Operating cash flows from operating leases $ ( 22,775 ) $ ( 22,591 ) $ ( 25,064 ) Operating lease liabilities arising from obtaining new operating lease assets $ 57,618 $ 24,191 $ 22,746 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. ACCRUED EXPENSES Accrued expenses at December 31, 2022 and 2021 were as follows: 2022 2021 Insurance $ 17,808 $ 12,821 Other 5,107 6,427 Payroll and employee benefits 2,062 13,533 Interest 1,469 1,460 Income and other taxes 1,419 2,941 Contract reserves 966 444 Fuel hedge contracts 638 — Total accrued expenses $ 29,469 $ 37,626 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. LONG-TERM DEBT Long-term debt at December 31, 2022 and 2021 were as follows: 2022 2021 Revolving credit facility $ — $ — 2029 Notes 321,521 320,971 Total $ 321,521 $ 320,971 Credit agreement On July 29, 2022, the Company, Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Environmental & Infrastructure Solutions, LLC, Great Lakes U.S. Fleet Management, LLC, and Drews Services LLC (collectively the “Credit Parties”) entered into a second amended and restated revolving credit and security agreement (as amended, supplemented or otherwise modified from time to time, the “Amended Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, PNC Bank, National Association, as Agent (the “Agent”), PNC Capital Markets, CIBC Bank USA, Bank of America, N.A. and Trust Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners, CIBC Bank USA and Trust Bank as Co-Syndication Agents, Bank of America, N.A., as Documentation Agent and PNC Bank National Association, as Green Loan Coordinator. The Amended Credit Agreement amends and restates the prior Amended Credit Agreement dated as of May 3, 2019 by and among the financial institutions from time to time party thereto as lenders, the Agent and the Credit Parties party thereto such that the terms and conditions of the prior credit agreement have been subsumed and replaced in their entirety by the terms and conditions of the Amended Credit Agreement, including the amount available under the revolving credit facility. The terms of the Amended Credit Agreement are summarized below. The Amended Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $ 300,000 of which the full amount is available for the issuance of standby letters of credit. The maximum borrowing capacity under the Amended Credit Agreement is determined by a formula and may fluctuate depending on the value of the collateral included in such formula at the time of determination. The Amended Credit Agreement also includes an increase option that will allow the Company to increase the senior secured revolving credit facility by an aggregate principal amount of up to $ 100,000 . This increase is subject to lenders providing incremental commitments for such increase, the Credit Parties having adequate borrowing capacity and provided that no default or event of default exists both before and after giving effect to such incremental commitment increase. The Amended Credit Agreement contains a green loan option where the Company can borrow at the lower interest rates described below so long as such funds are used to fund capital investments related to renewable energy and clean transportation projects and are consistent with green loan principles. The green loan option is subject to a $ 35,000 sublimit. The Amended Credit Agreement contains customary representations and affirmative and negative covenants, including a springing financial covenant that requires the Credit Parties to maintain a fixed charge coverage ratio (ratio of earnings before income taxes, depreciation and amortization, net interest expenses, non-cash charges and losses and certain other non-recurring charges, minus capital expenditures, income and franchise taxes, to net cash interest expense plus scheduled cash principal payments with respect to debt plus restricted payments paid in cash) of not less than 1.10 to 1.00. The springing financial covenant is triggered when the undrawn availability of the Amended Credit Agreement is less than 12.5 % of the maximum loan amount for five consecutive days. The Amended Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding providers. The obligations of the Credit Parties under the Amended Credit Agreement will be unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. Borrowings under the Amended Credit Agreement will be used to pay fees and expenses related to the Amended Credit Agreement, finance acquisitions permitted under the Amended Credit Agreement, finance ongoing working capital, for other general corporate purposes, and with respect to any green loan, fund capital investments related to renewable energy and clean transportation projects. The Amended Credit Agreement matures on the earlier of July 29, 2027 or the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s unsecured senior notes, which is currently June 1, 2029, if the Company fails to refinance its unsecured senior notes prior to their scheduled maturity date but only if such scheduled maturity date is prior to the maturity date of the Amended Credit Agreement. The obligations under the Amended Credit Agreement are secured by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid first priority perfected lien on substantially all of the U.S. flagged and located vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding providers). Interest on the senior secured revolving credit facility of the Amended Credit Agreement is equal to either a Domestic Rate option or Secured Overnight Financing Rate (“SOFR”) option, at the Company’s election. As of July 29, 2022, (a) the Domestic Rate option is the highest of (1) the base commercial lending rate of PNC Bank, National Association, as publicly announced, (2) the sum of the overnight bank funding rate plus 0.5 % and (3) the sum of the daily simple SOFR plus 1.0 %, so long as a daily simple SOFR is offered, ascertainable and not unlawful and (b) the SOFR option is the rate that applies for the applicable interest period determined by the Agent and based on the rate published by the CME Group Benchmark Administration Limited (or a successor administrator). After the date on which a borrowing base certificate is required to be delivered under Section 9.2 of the Amended Credit Agreement (commencing with the fiscal quarter ending September 30, 2022), the Domestic Rate option will be the Domestic Rate plus an interest margin ranging between 0.25 % and 0.75 % and the SOFR option will be the SOFR plus an interest margin ranging between 1.25 % and 1.75 %, in each case, depending on the quarterly average undrawn availability on the Amended Credit Agreement. Additionally, the Company will have an option to borrow at Green Loan Advance Rates, each of which will be 0.05 % lower than the corresponding applicable rate if the Company certifies that it will use such proceeds to invest in renewable energy and clean transportation projects and it complies with green loan principles. The Company had no borrowings on the revolver, $ 16,391 and $ 25,127 of letters of credit outstanding and $ 245,713 and $ 174,546 of availability under the Amended Credit Agreement as of December 31, 2022 and 2021, respectively. The availability under the Amended Credit Agreement is suppressed by $ 37,897 and $ 327 as of December 31, 2022 and 2021, respectively, as a result of certain limitations of borrowing related to reserves and compliance with the Company's obligations set forth in the Amended Credit Agreement or the prior credit agreement. Senior notes and subsidiary guarantors In May 2021, the Company sold $ 325,000 of unsecured 5.25 % Senior Notes (the “2029 Notes”) pursuant to a private offering. The 2029 Notes were priced to investors at par and will mature on June 1, 2029 . The Company used the net proceeds from the offering, together with cash on hand, to redeem all $ 325,000 aggregate principal amount of its outstanding 8.000 % Senior Notes due 2022. The Company’s obligations under these 2029 Notes are guaranteed by each of the Company’s existing and future 100 % owned domestic subsidiaries that are co-borrowers or guarantors under the Amended Credit Agreement. Such guarantees are full, unconditional and joint and several. The parent company issuer has no independent assets or operations and all non-guarantor subsidiaries have been determined to be minor. Other The scheduled principal payments through the maturity date of the Company’s long-term debt at December 31, 2022, are as follows: Years Ending December 31, 2023 $ — 2024 — 2025 — 2026 — 2027 — Thereafter 325,000 Total $ 325,000 The Company incurred amortization of deferred financing fees for its long-term debt of $ 1,142 , $ 1,382 and $ 1,611 for each of the years ended December 31, 2022, 2021 and 2020 . Such amortization is recorded as a component of net interest expense. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage foreign currency risk or commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: Fair Value at Fair Value Hierarchy December 31, 2022 December 31, 2021 Levels Assets Liabilities Assets Liabilities Derivatives designated as cash flow hedging instruments: Fuel hedge contracts 2 $ — $ 638 $ 630 $ — Foreign currency exchange hedge contracts 2 831 6 — — Total derivatives $ 831 $ 644 $ 630 $ — Fuel hedge contracts The Company is exposed to certain market risks, primarily commodity price risk as it relates to the diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices will have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80 % of the eligible fuel requirements for work in domestic backlog. As of December 31, 2022, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through December 2022. As of December 31, 2022, there were 7.3 million gallons remaining on these contracts representing forecasted domestic fuel purchases through December 2022. Under these swap agreements, the Company will pay fixed prices ranging from $ 2.29 to $ 3.95 per gallon. At December 31, 2022 , the fair value liability of the fuel hedge contracts were estimated to be $ 638 and is recorded in accrued liabilities. At December 31, 2021, the fair value asset of the fuel hedge contracts were estimated to be $ 630 and is recorded in other current assets. For fuel hedge contracts considered to be highly effective, the gains reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 2022 were $ 10,629 . The remaining gains and losses included in the accumulated other comprehensive income (loss) at December 31, 2022 will be reclassified into earnings over the next twelve months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as costs of contract revenues in the Statement of Operations. The fair value of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair values of these fuel hedges using Level 2 inputs. Foreign currency exchange hedge contracts The Company is exposed to certain market risks, including foreign currency exchange rate risks related to the purchase of new vessel build materials in Europe. The Company enters into foreign currency exchange forward contracts to hedge the risk that fluctuations in the Euro in relation to the Dollar could have an adverse impact on cash flows associated with its equipment builds. As of December 31, 2022, the Company was party to various foreign exchange forward contract arrangements to hedge the purchase of materials through November 2024. As of December 31, 2022, there were 28.9 million Euro of payments remaining on these hedge contracts. Under these hedge contracts, the Company will pay fixed prices ranging from $ 0.99 to $ 1.13 per Euro. At December 31, 2022 , the fair value asset of foreign currency exchange hedge contracts were estimated to be $ 831 and is recorded in other current assets. At December 31, 2022 , the fair value liability of foreign currency exchange hedge contracts were estimated to be $ 6 and is recorded in accrued liabilities. There were no foreign currency exchange hedge contracts as of December 31, 2021. For foreign currency exchange hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 2022 were $ 155 . The remaining gains and losses included in accumulated other comprehensive income (loss) at December 31, 2022 will be reclassified into earnings over the next twenty-three months, corresponding to the period during which the hedged currency is expected to be utilized. Changes in the fair value of foreign currency exchange hedge contracts not considered highly effective are recorded as other expenses in the Statement of Operations. The fair values of foreign currency exchange hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines the fair value of these foreign currency exchange hedges using Level 2 inputs. Assets and liabilities measured at fair value on a nonrecurring basis All other nonfinancial assets and liabilities measured at fair value in the financial statements on a nonrecurring basis are subject to fair value measurements and disclosures. Nonfinancial assets and liabilities included in the consolidated balance sheets and measured on a nonrecurring basis consist of goodwill and long-lived assets. Goodwill and long-lived assets are measured at fair value to test for and measure impairment, if any, at least annually for goodwill or when necessary for both goodwill and long-lived assets. Accumulated other comprehensive income (loss) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: 2022 2021 2020 Derivatives: Fuel Hedge Contracts Reclassification of derivative (gains) losses to earnings—net of tax $ ( 10,629 ) $ ( 6,481 ) $ 5,825 Change in fair value of derivatives—net of tax 9,681 5,653 ( 5,152 ) Net change in cash flow derivative fuel hedges—net of tax $ ( 948 ) $ ( 828 ) $ 673 Foreign Currency Exchange Hedge Contracts Reclassification of derivative (gains) losses to earnings—net of tax $ 116 $ — $ — Change in fair value of derivatives—net of tax 501 — — Net change in cash flow derivative foreign currency hedges—net of tax 617 — — Total net change in cash flow derivative hedges—net of tax $ ( 331 ) $ ( 828 ) $ 673 Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Statements operations location 2022 2021 2020 Derivatives: Costs of contract revenues $ ( 14,219 ) $ ( 8,670 ) $ 7,703 Income tax (provision) benefit ( 3,590 ) ( 2,189 ) 1,878 $ ( 10,629 ) $ ( 6,481 ) $ 5,825 Other financial instruments The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying value of the senior revolving credit agreement approximates fair value. In May 2021, the Company sold $ 325,000 of the 2029 Notes pursuant to a private offering, which were outstanding at December 31, 2022 (See Note 6, Long-Term Debt). The 2029 Notes were priced to investors at par and will mature on June 1, 2029 . The 2029 Notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the 2029 Notes. The fair value of the 2029 Notes was $ 252,655 at December 31, 2022, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES The Company’s income tax provision (benefit) for the years ended December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Income tax provision (benefit) $ ( 9,360 ) $ 13,391 $ 20,187 The Company’s income (loss) before income tax from domestic and foreign operations for the years ended December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Domestic operations $ ( 43,179 ) 65,708 $ 94,826 Foreign operations ( 236 ) ( 2,885 ) ( 8,536 ) Total income (loss) before income $ ( 43,415 ) $ 62,823 $ 86,290 The provision (benefit) for income taxes as of December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Federal: Current $ — $ — $ — Deferred ( 9,754 ) 11,020 17,464 State: Current ( 90 ) 1,080 128 Deferred 484 1,291 3,023 Foreign: Current — — ( 428 ) Deferred — — — Total ( 9,360 ) $ 13,391 $ 20,187 The Company’s income tax provision (benefit) reconciles to the provision (benefit) at the statutory U.S. federal income tax rate of 21 % for the years ended December 31, 2022, 2021 and 2020 , as follows: 2022 2021 2020 Tax provision (benefit) at statutory U.S. federal income tax rate $ ( 9,117 ) $ 13,193 $ 18,121 State income tax — net of federal income tax benefit ( 3,952 ) 2,144 3,124 Adjustment to deferred tax depreciation — ( 1,414 ) — Stock based compensation ( 414 ) ( 1,318 ) ( 1,212 ) Nondeductible officer compensation 244 1,195 1,212 Research and development tax credits ( 518 ) ( 642 ) ( 674 ) Changes in valuation allowance 4,365 — — Other 32 233 ( 384 ) Income tax provision (benefit) $ ( 9,360 ) $ 13,391 $ 20,187 At December 31, 2022 and 2021, the Company had loss carryforwards for federal income tax purposes of $ 54,376 and $ 55,554 respectively. Of the loss carryforwards at December 31, 2022 $ 43,334 expires in 2037 and the remaining $ 11,042 may be carried forward indefinitely. The Company also has indefinite life carryforwards as a result of interest limitations. Starting in 2022, the Company has research costs attributable to research and development that are currently expensed but are required to be capitalized for U.S. tax purposes and amortized primarily over 5 or 15 years. At December 31, 2022 and 2021, the Company had gross net operating loss carryforwards for state income tax purposes totaling $ 188,884 and $ 157,245 , respectively, which expire between 2027 and 2042 . The Company has established a valuation allowance that was $ 5,988 and $ 1,623 as of December 31, 2022 and 2021, respectively. The Company believes that the remaining net operating losses, net of the valuation allowance, will be fully utilized in future periods. The Company also has foreign gross net operating loss carryforwards of approximately $ 69 and $ 2,469 as of December 31, 2022 and 2021, respectively, which expire between 2023 and 2028 . At December 31, 2022 and 2021, a full valuation allowance has been established for the deferred tax asset of $ 24 and $ 864 related to foreign net operating loss carryforwards, respectively, as the Company believes it is more likely than not that the net operating loss carryforwards will not be realized. The Company does not expect that total unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2022, 2021 and 2020 the Company had no interest and penalties recorded. The Company files income tax returns at the U.S. federal level and in various state and foreign jurisdictions. U.S. federal income tax years prior to 2019 are closed and no longer subject to examination. With few exceptions, the statute of limitations in state taxing jurisdictions in which the Company operates has expired for all years prior to 2018. In foreign jurisdictions in which the Company operates, years prior to 2016 are closed and are no longer subject to examination. The Company’s deferred tax assets (liabilities) at December 31, 2022 and 2021 are as follows: 2022 2021 Deferred tax assets: Operating lease assets $ 23,200 $ 15,835 Accrued liabilities 5,381 7,130 Federal NOLs and interest limitations 15,042 11,666 Foreign NOLs 24 864 State NOLs 10,291 6,682 Research costs 3,175 — Tax credit carryforwards 4,411 3,892 Valuation allowance ( 6,012 ) ( 2,487 ) Total deferred tax assets 55,512 43,582 Deferred tax liabilities: Depreciation and amortization ( 91,923 ) ( 96,207 ) Operating lease liabilities ( 22,657 ) ( 15,713 ) Other liabilities ( 47 ) ( 159 ) Total deferred tax liabilities ( 114,627 ) ( 112,079 ) Net noncurrent deferred tax liabilities $ ( 59,115 ) $ ( 68,497 ) Deferred tax assets relate primarily to reserves and other liabilities for costs and expenses not currently deductible for tax purposes as well as net operating loss and other carryforwards. Deferred tax liabilities relate primarily to the cumulative difference between book depreciation and amounts deducted for tax purposes. The Company evaluates its ability to realize deferred tax assets by considering all available positive and negative evidence. This evidence includes its cumulative earnings or losses in recent years. The Company further considers the impact on these cumulative earnings or losses of discontinued operations and other divested operations and joint ventures, restructuring charges and other nonrecurring adjustments that are not indicative of its ability to generate taxable income in future periods. The Company also considers sources of taxable income, such as the amount and timing of realization of its deferred tax liabilities relative to the timing of expiration of loss carryforwards. When it is estimated to be more likely than not that all or some portion of deferred tax assets will not be realized, the Company establishes a valuation allowance for the amount of such deferred tax assets considered to be unrealizable. After evaluating the positive and negative evidence for future realization of deferred tax assets, the Company recorded valuation allowances for foreign net operating loss carryforwards and certain state net operating loss carryforwards to reduce the balance of these deferred tax assets at December 31, 2022 and 2021 as it was more likely than not that the balance of these tax items would not be realized. By contrast, after evaluating the positive and negative evidence, the Company concluded that it was more likely than not that the deferred federal income tax asset and remaining state net operating loss carryforwards recorded at December 31, 2022 and 2021 would ultimately be realized and determined that no valuation allowance was required. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 9. SHARE-BASED COMPENSATION On May 5, 2021, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan replaces the 2017 Long-Term Incentive Plan (the “Prior Plan”) and is largely based on the Prior Plan, but with updates to the available shares and other administrative changes. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 1.5 million shares of common stock, plus the number of shares that remained available for future grant under the Prior Plan as of the effectiveness of the Incentive Plan. The Prior Plan permitted the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to its employees and directors for up to 3.3 million shares of common stock, plus an additional 1.7 million shares underlying equity awards issued under the 2007 Long-Term Incentive Plan. The Company may also issue share-based compensation as inducement awards to new employees upon approval of the Board of Directors. Compensation cost charged to expense related to share-based compensation arrangements was $ 4,288 , $ 5,188 and $ 6,754 , for the years ended December 31, 2022, 2021 and 2020, respectively. Non-qualified stock options The NQSO awards were granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date , and have ten year exercise periods. The fair value of the NQSOs was determined at the grant date using a Black-Scholes option pricing model, which requires the Company to make several assumptions. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The annual dividend yield on the Company’s common stock is based on estimates of future dividends during the expected term of the NQSOs. The expected life of the NQSOs was determined from historical exercise data providing a reasonable basis upon which to estimate the expected life. The volatility assumptions were based on historical volatility of Great Lakes. There is not an active market for options on the Company’s common stock and, as such, implied volatility for the Company’s stock was not considered. Additionally, the Company’s general policy is to issue new shares of registered common stock to satisfy stock option exercises or grants of restricted stock. No NQSO awards were granted in 2022, 2021 and 2020. The aggregate intrinsic value of stock options represents the difference between market value on the date of exercise and the option price. The aggregate intrinsic value of stock options exercised during 2022, 2021 and 2020 was $ 212 , $ 1,351 and $ 779 , respectively. A summary of stock option activity under the Incentive Plan as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below: Options Shares Weighted Average Weighted-Average Aggregate Intrinsic Outstanding as of January 1, 2022 105 $ 7.50 Granted — — Exercised ( 29 ) 7.19 Forfeited or Expired — — Outstanding as of December 31, 2022 76 $ 7.61 1.2 $ — Vested at December 31, 2022 76 $ 7.61 1.2 $ — Restricted stock units RSUs primarily vest in equal portions over the three year vesting period. The fair value of RSUs was based upon the Company’s stock price on the date of grant. A summary of the status of the Company’s non-vested RSUs as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below: Non-vested Restricted Stock Units Shares Weighted-Average Outstanding as of January 1, 2022 1,044 $ 10.57 Granted 487 13.85 Vested ( 393 ) 9.86 Forfeited ( 31 ) 11.15 Outstanding as of December 31, 2022 1,107 $ 12.62 Expected to vest at December 31, 2022 997 $ 12.67 As of December 31, 2022, there was $ 7,844 of total unrecognized compensation cost related to non-vested RSUs granted under the Incentive Plan. That cost for non-vested RSUs is expected to be recognized over a weighted-average period of 1.9 years. The Incentive Plan permits the employee to use vested shares from RSUs to satisfy the grantee’s U.S. federal income tax liability resulting from the issuance of the shares through the Company’s retention of that number of common shares having a market value as of the vesting date equal to such tax obligation up to the minimum statutory withholding requirements. The amount related to shares used for such tax withholding obligations was approximately $ 2,185 and $ 4,250 for the years ended December 31, 2022 and 2021, respectively. Director compensation The Company uses a combination of cash and share-based compensation to attract and retain qualified candidates to serve on its Board of Directors. Compensation is paid to non-employee directors. Directors who are employees receive no additional compensation for services as members of the Board or any of its committees. Share-based compensation is paid pursuant to the Incentive Plan. Each non-employee director of the Company receives an annual retainer of $ 155 , payable quarterly in arrears, and is generally paid 50 % in cash and 50 % in common stock or deferred restricted stock units of the Company. Directors may elect to receive some or all of the cash retainer in common stock or deferred restricted stock units. In 2022 , the Chairman of the Board received an additional $ 100 of annual compensation, paid 100 % in common stock. In the years ended December 31, 2022, 2021 and 2020, 106 thousand, 50 thousand and 79 thousand shares, respectively, of the Company’s common stock or restricted stock units were issued to non-employee directors under the Incentive Plan. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 10. REVENUE The Company’s revenue is derived from contracts for services with federal, state, local and foreign governmental entities and private customers. Revenues are generally derived from the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. 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 upon which the Company’s revenue is calculated. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligation is satisfied. Fixed-price contracts, which comprise substantially all of the Company’s revenue, will most often represent a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s performance obligations are satisfied over time and revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. As the Company’s performance creates an asset that the customer controls, this method provides a faithful depiction of the transfer of an asset to the customer. Generally, the Company has an enforceable right to payment for performance completed to date. The majority of the Company’s contracts are completed in a year or less. At December 31, 2022, the Company had $ 377,140 of remaining performance obligations, which the Company refers to as total dredging backlog. T otal dredging backlog does not include approximately $ 50,000 of performance obligations related to offshore wind contracts. The Company expects to perform on its offshore wind contracts using the inclined fall-pipe vessel for subsea rock installation which is expected to be delivered and operational in the first half of 2025. Approximately 100 % of the Company’s dredging backlog will be completed in 2023 . Transaction price The transaction price is calculated using the Company’s estimated costs to complete a project. These costs are based on the types of equipment required to perform the specified service, project site conditions, the estimated project duration, seasonality, location and complexity of a project. The nature of the Company’s contracts gives rise to several types of variable consideration, including pay on quantity dredged for dredging projects and dredging project contract modifications. Estimated pay quantity is the amount of material the Company expects to dredge for which it will receive payment. Estimated quantity to be dredged is calculated using engineering estimates based on current survey data and the Company’s knowledge based on historical project experience. Revenue by category Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. Foreign projects typically involve capital work. The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020: Revenues 2022 2021 2020 Dredging: Capital—U.S. $ 342,461 $ 397,034 $ 336,163 Capital—foreign 149 6,596 25,892 Coastal protection 192,567 169,678 201,361 Maintenance 98,077 132,551 148,767 Rivers & lakes 15,527 20,290 21,418 Total revenues $ 648,781 $ 726,149 $ 733,601 The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020: Revenues 2022 2021 2020 Dredging: Federal government $ 431,705 $ 568,980 $ 582,949 State and local government 207,033 118,712 85,737 Private 9,894 31,861 39,023 Foreign 149 6,596 25,892 Total revenues $ 648,781 $ 726,149 $ 733,601 Contract balances Billings on contracts are generally submitted after verification with the customers of physical progress and are recognized as accounts receivable in the balance sheet. For billings that do not match the timing of revenue recognition, the difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Certain pre-contract and pre-construction costs are capitalized and reflected as contract assets in the balance sheet. Customer advances, deposits and commissions are reflected in the balance sheet as contract liabilities. Accounts receivable at December 31, 2022 and December 31, 2021 are as follows: 2022 2021 Completed contracts $ 4,682 $ 10,612 Contracts in progress 32,546 65,415 Retainage 8,226 7,490 45,454 83,517 Allowance for doubtful accounts ( 564 ) ( 564 ) Total accounts receivable—net $ 44,890 $ 82,953 The components of contracts in progress at December 31, 2022 and December 31, 2021 are as follows: 2022 2021 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 262,125 $ 270,998 Amounts billed ( 210,068 ) ( 240,941 ) Costs and earnings in excess of billings for contracts in progress 52,057 30,057 Costs and earnings in excess of billings for completed contracts 14,972 10,894 Total contract revenues in excess of billings $ 67,029 $ 40,951 Current portion of contract revenues in excess of billings $ 65,922 $ 39,844 Long-term contract revenues in excess of billings 1,107 1,107 Total contract revenues in excess of billings $ 67,029 $ 40,951 Billings in excess of costs and earnings: Amounts billed $ ( 95,013 ) $ ( 224,381 ) Costs and earnings for contracts in progress 85,099 209,567 Total billings in excess of contract revenues $ ( 9,914 ) $ ( 14,814 ) In the year ending December 31, 2022, a revision to the estimated gross profit percentage of a project was recognized due to a positive settlement of a claim from the recently completed project resulting in a cumulative net impact on the project margin, which increased gross profit by $ 22,276 . At December 31, 2022 and 2021, costs to fulfill contracts with customers recognized as an asset were $ 4,472 and $ 5,652 , respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the years ended December 31, 2022 and 2021 the company amortized pre-contract and pre-construction costs of $ 11,148 and $ 17,839 , respectively. The Company’s largest domestic customer is the U.S. Army Corps of Engineers (the “Corps”), which has responsibility for federally funded projects related to navigation and flood control of U.S. waterways. In 2022, 2021 and 2020, 67 %, 78 % and 80 %, res pectively, of contract revenues were earned from contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. During the year ended December 31, 2021, the Company recognized $ 716 o f revenue related to the use of equipment by a customer working on a federal government contract. At December 31, 2022 and 2021, approximately 46 % and 69 % respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company’s operations can be influenced by the level and timing of federal funding. The Company derived revenues and gross profit (loss) from foreign project operations for the years ended December 31, 2022, 2021, and 2020, as follows: 2022 2021 2020 Contract revenues $ 149 $ 6,596 $ 25,892 Costs of contract revenues ( 341 ) ( 9,281 ) ( 34,529 ) Gross profit (loss) $ ( 192 ) $ ( 2,685 ) $ ( 8,637 ) In 2022, 2021 and 2020, foreign revenues were primarily from work done in the Middle East. The majority of the Company’s long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company’s foreign projects. As of December 31, 2022 and December, 2021, long-lived assets located outside of the U.S ha d no n et book value. Currently our assets outside of the U.S. do not include dredges. Revenue from foreign projects has been concentrated in the Middle East which comprised less than 10 % in 2022, 2021 and 2020. At December 31, 2022 and 2021, approxim ately 9 % and 9 %, respectively, of total accounts receivable, including retainage and contract revenues in excess of billings, were due on contracts in the Middle East. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 11. RETIREMENT PLANS The Company sponsors two 401(k) savings plans, one covering substantially all non-union salaried employees (“Salaried Plan”), a second covering its hourly employees (“Hourly Plan”). Under the Salaried Plan and the Hourly Plan, individual employees may contribute a percentage of compensation and the Company will match a portion of the employees’ contributions. The Salaried Plan also includes a discretionary profit-sharing component, permitting the Company to make discretionary employer contributions to all eligible employees of these plans. Additionally, the Company sponsors a Supplemental Savings Plan in which the Company makes contributions for certain key executives. The Company’s expense for matching, discretionary and Supplemental Savings Plan contributions for 2022, 2021 and 2020, was $ 2,996 , $ 4,659 and $ 5,557 , respectively. The Company also contributes to various multiemployer pension plans pursuant to collective bargaining agreements. In 2022, 2021 and 2020, the Company contributed $ 4,915 , $ 4,632 and $ 4,929 respectively to all of the multiemployer plans that provide pension benefits. The information available to the Company about the multiemployer plans in which it participates, whether via request to the plan or publicly available, is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act (“MPPAA”). Based upon these plans’ most recently available annual reports, the Company’s contributions to these plans were less than 5 % of each plan’s total contributions. The Company does not expect any future increased contributions to have a material negative impact on its financial position, results of operations or cash flows for future years. The risks of participating in multiemployer plans are different from single employer plans as assets contributed are available to provide benefits to employees of other employers and unfunded obligations from an employer that discontinues contributions are the responsibility of all remaining employers. In addition, in the event of a plan’s termination or the Company’s withdrawal from a plan, the Company may be liable for a portion of the plan’s unfunded vested benefits. However, information from the plans’ administrators is not available to permit the Company to determine its share, if any, of unfunded vested benefits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Commercial commitments Performance and bid bonds are customarily required for dredging and marine construction projects. The Company has bonding agreements with Argonaut Insurance Company (“Argo”), Berkley Insurance Company, Chubb Surety (“Chubb”), Travelers Casualty and Surety Company of America (“Travelers”), Zurich American Insurance Company, and Liberty Mutual Insurance Company (“Liberty”), under which the Company can obtain performance, bid and payment bonds. The Company currently has outstanding bonds with Argo, Chubb, Travelers, and Liberty. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $ 1,000 to $ 10,000 . At December 31, 2022, the Company had outstanding performance bonds with a notional amount of approximately $ 730,276 . The revenue value remaining in backlog related to the projects totaled approximately $ 308,515 . Certain foreign projects performed by the Company have warranty periods, typically spanning no more than one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications. Legal proceedings and other contingencies As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company. Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. The Company will defend itself vigorously on all matters. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition. On April 23, 2014, the Company completed the sale of NASDI, LLC (“NASDI”) and Yankee Environmental Services, LLC (“Yankee”), which together comprised the Company’s historical demolition business, to a privately-owned demolition company. Under the terms of the agreement, the Company received cash of $ 5,309 and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close. On January 14, 2015, the Company and its subsidiary, NASDI Holdings, LLC, brought an action in the Delaware Court of Chancery to enforce the terms of the Company's agreement to sell NASDI and Yankee. The Company seeks specific performance of the buyer’s obligation to collect and to remit the additional proceeds, and other related relief. Defendants have filed counterclaims alleging that the Company misrepresented the quality of its contracts and receivables prior to the sale. The Company denies defendants’ allegations. In addition, the Company has been granted a judgment in the amount of $ 21,934 based upon the buyer’s default of its obligations to indemnify the Company for losses resulting from failure to perform in accordance with terms of surety performance bond. On April 11, 2022, the Supreme Court of Delaware issued its decision denying that appeal and affirming the Chancery Court judgment. The Company continues to aggressively pursue collection from the buyer on outstanding amounts owed under the sale and the indemnification. An estimate of a range of potential gains or losses relating to these matters cannot reasonably be made. On April 22, 2021, the U.S. Attorney’s Office for the Eastern District of Louisiana filed a bill of information against the Company charging the Company with a negligent discharge violation of the Clean Water Act (the "CWA") arising from a September 2016 oil spill. The spill occurred during the Company’s Cheniere Ronquille project and resulted in the discharge of around one hundred sixty barrels of crude oil in Bay Long, Louisiana. The Company cooperated with the U.S. Attorney’s Office and other relevant agencies in their investigation of the oil spill and on June 15, 2021, the Company pleaded guilty to the misdemeanor violation alleged in the bill of information and agreed to pay a fine of $ 1,000 . In the first quarter of 2022, the Company entered into a settlement of a civil suit arising from the same matter which was primarily covered by its insurance policies. On June 14, 2022, the Company was sentenced in the criminal matter, and paid a fine of $ 1,000 . The Company had previously deposited $ 2,000 into the registry of the court to pay any ordered restitution; however, the Company was not ordered to pay any restitution and the deposited funds, less the amount of the fine and administrative costs, were returned to the Company. The CWA provides that, upon an entity’s conviction of certain offenses, the entity is automatically disqualified from eligibility to receive certain federal contracts, if it will perform any part of the awarded contract at the facility giving rise to the conviction (called the “violating facility”). Accordingly, the Court’s entry of the Company’s conviction under the CWA resulted in the automatic disqualification of the Company’s eligibility to be awarded contracts at the violating facility, which the federal suspension and debarment officer (the “SDO”) determined to be the Company’s field office for the Cheniere Ronquille project, located at 28465 Hwy 23, Port Sulphur, Louisiana. The disqualification was imposed on June 23, 2022, and only applied to the Port Sulphur facility and not the Company as a whole. On the same day, June 23, 2022, the SDO issued a decision reinstating the Company’s Port Sulphur facility based on the SDO’s determination that the Company had addressed the causes of the CWA violation. This matter is now fully resolved and will not have any future impact on the Company’s business, financial condition or results of operations. Lease obligations The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s Amended Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its Amended Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions. |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualify Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | Great Lakes Dredge & Dock Corporation Schedule II—Valuation and Qualifying Accounts For the Years Ended December 31, 2022, 2021 and 2020 (In thousands) Beginning Balance Additions Deductions Ending Description Year ended December 31, 2020 Allowances deducted from assets to which they apply: Allowances for doubtful accounts $ 564 $ — $ — $ 564 Valuation allowance for deferred tax assets 3,495 — ( 1,022 ) 2,473 Total $ 4,059 $ — $ ( 1,022 ) $ 3,037 Year ended December 31, 2021 Allowances deducted from assets to which they apply: Allowances for doubtful accounts $ 564 $ — $ — $ 564 Valuation allowance for deferred tax assets 2,473 14 — 2,487 Total $ 3,037 $ 14 $ — $ 3,051 Year ended December 31, 2022 Allowances deducted from assets to which they apply: Allowances for doubtful accounts $ 564 $ — $ — $ 564 Valuation allowance for deferred tax assets 2,487 3,525 — 6,012 Total $ 3,051 $ 3,525 $ — $ 6,576 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation —The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost. |
Use of Estimates | Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Revenue and Cost Recognition on Contracts | Revenue and Cost Recognition on Contracts —Revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. Additionally, the Company capitalizes certain pre-contract and pre-construction costs, and defers recognition over the life of the contract. The Company’s performance obligations are satisfied over time and revenue is recognized using the cost-to-cost method, described above. Contract modifications are changes in the scope or price (or both) of a contract that are approved by the parties to the contract. The Company recognizes a contract modification when the parties to a contract approve a modification that either creates new, or changes existing, enforceable rights and obligations of the parties to the contract. Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for services that are not distinct, and, therefore, are accounted for as part of the existing contract. Contract modifications are included in the transaction price only if it is probable that the modification estimate will not result in a significant reversal of revenue. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across projects, does not significantly affect results across annual reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor generally is hired on a project-by-project basis. The Company is a party to numerous collective bargaining agreements in the U.S. that govern its relationships with its unionized hourly workforce. |
Classification of Current Assets and Liabilities | Classification of Current Assets and Liabilities —The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year. |
Cash Equivalents | Cash Equivalents —The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. |
Accounts Receivable | Accounts Receivable —Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable based on historical and expected losses and when events or conditions indicate that amounts outstanding are not recoverable. |
Inventories | Inventories —Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Spare part inventories are stated at weighted average historical cost, and are charged to expense when used in operations. Pipe inventory is recorded at cost and amortized to expense over the period of its use. |
Property, Plant and Equipment | Property and Equipment —Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are: Class Useful Life (years) Buildings and improvements 10 Furniture and fixtures 5 - 10 Vehicles, dozers, and other light operating equipment and systems 3 - 5 Heavy operating equipment (dredges and barges) 10 - 30 Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases. |
Goodwill | Goodwill —Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. When conducting the annual impairment test for goodwill, the Company can choose to assess qualitative factors to determine whether it is more likely than not the fair value of the reporting unit is below its carrying value. Qualitative factors considered include macroeconomic, industry and market environments, overall financial performance and market indications of value. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. The Company also may elect to forego this step and just perform the quantitative impairment test. When performing a quantitative impairment test, the Company assesses the fair values of its reporting unit using both an income-based approach and a market-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of expected future revenue, profitability and capital expenditures related to our new build program, future market growth trends, forecasted revenues and expenses, working capital assumptions, appropriate discount rates and other variables. The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated trailing and forward Adjusted EBITDA. The Company analyzes companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighs the results of this approach less than the income approach. The Company has one operating segment which is also the Company’s one reportable segment and reporting unit of which the Company tests goodwill for impairment. In the current year, the Company performed both a qualitative and a quantitative goodwill impairment test. The Company performed its annual test of impairment as of July 1, 2022 and an interim test of impairment as of October 1, 2022 with no indication of impairment as of either test date. When performing the qualitative test, the Company determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company has documented the qualitative considerations and determinations to support this conclusion. When performing the quantitative test, the Company assessed the fair values of its reporting unit using both a market-based approach and an income-based approach. The assessment used estimates based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Likewise, changes in terminal value and discount rate assumptions, unfavorable economic environment or market conditions and other factors in the future may cause a different assessment. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. As of the test date, the fair value of the reporting unit was in excess of its carrying value by at least 10 %. The Company will continue to monitor for changes in facts or circumstances that may impact our estimates. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2023 should no triggering events occur which would require a test prior to the next annual test. |
Long-Lived Assets | Long-Lived Assets —Long-lived assets are comprised of property and equipment subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. No triggering events were identified in 2022 or 2021 . If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell. |
Self-insurance Reserves | Self-insurance Reserves —The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves. |
Income Taxes | Income Taxes —The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. Refer to Note 8, Income Taxes. |
Hedging Instruments | Hedging Instruments —At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions. The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring. |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimated Useful Lives By Class Of Assets | The estimated useful lives by class of assets are: Class Useful Life (years) Buildings and improvements 10 Furniture and fixtures 5 - 10 Vehicles, dozers, and other light operating equipment and systems 3 - 5 Heavy operating equipment (dredges and barges) 10 - 30 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Earnings Per Share | The computations for basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020 are as follows: (shares in thousands) 2022 2021 2020 Net income (loss) $ ( 34,055 ) $ 49,432 $ 66,103 Weighted-average common shares outstanding — basic 66,051 65,587 64,743 Effect of stock options and restricted stock units — 714 1,129 Weighted-average common shares outstanding — diluted 66,051 66,301 65,872 Earnings per share — basic $ ( 0.52 ) $ 0.75 $ 1.02 Earnings per share — diluted $ ( 0.52 ) $ 0.75 $ 1.00 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property and equipment at December 31, 2022 and 2021 are as follows: 2022 2021 Land $ 9,348 $ 9,992 Buildings and improvements 1,314 1,315 Furniture and fixtures 19,986 18,568 Operating equipment 991,574 869,953 Total property and equipment 1,022,222 899,828 Accumulated depreciation ( 478,312 ) ( 444,726 ) Property and equipment — net $ 543,910 $ 455,102 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Costs | The Company’s lease costs are recorded in costs of contract revenues and general and administrative expenses. For the years ended December 31, 2022, 2021 and 2020, respectively, lease costs are as follows: 2022 2021 2020 Operating lease costs $ 24,224 $ 24,427 $ 24,602 Short-term lease costs 94,842 95,957 87,534 Total lease cost $ 119,066 $ 120,384 $ 112,136 |
Schedule of Maturity Analysis of Operating Lease Liabilities | As recorded on the balance sheet, the Company’s maturity analysis of its operating lease liabilities as of December 31, 2022 is as follows: 2023 $ 30,412 2024 27,365 2025 18,575 2026 8,378 2027 6,509 Thereafter 9,356 Minimum lease payments 100,595 Imputed interest 8,712 Present value of minimum operating lease payments $ 91,883 |
Schedule of Additional Information Related to Leases | Additional information related to the Company’s leases as of December 31, 2022, 2021 and 2020 respectively, is as follows: 2022 2021 2020 Weighted average remaining lease term 4.2 years 4.4 4.1 Weighted average discount rate 4.7 % 5.1 % 6.2 % |
Supplemental Information Related to Leases | Supplemental information related to leases during the years ended December 31, 2022, 2021 and 2020 respectively, is as follows: 2022 2021 2020 Operating cash flows from operating leases $ ( 22,775 ) $ ( 22,591 ) $ ( 25,064 ) Operating lease liabilities arising from obtaining new operating lease assets $ 57,618 $ 24,191 $ 22,746 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses at December 31, 2022 and 2021 were as follows: 2022 2021 Insurance $ 17,808 $ 12,821 Other 5,107 6,427 Payroll and employee benefits 2,062 13,533 Interest 1,469 1,460 Income and other taxes 1,419 2,941 Contract reserves 966 444 Fuel hedge contracts 638 — Total accrued expenses $ 29,469 $ 37,626 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt at December 31, 2022 and 2021 were as follows: 2022 2021 Revolving credit facility $ — $ — 2029 Notes 321,521 320,971 Total $ 321,521 $ 320,971 |
Maturities of Long-Term Debt | The scheduled principal payments through the maturity date of the Company’s long-term debt at December 31, 2022, are as follows: Years Ending December 31, 2023 $ — 2024 — 2025 — 2026 — 2027 — Thereafter 325,000 Total $ 325,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date | The fair values of these financial instruments are summarized as follows: Fair Value at Fair Value Hierarchy December 31, 2022 December 31, 2021 Levels Assets Liabilities Assets Liabilities Derivatives designated as cash flow hedging instruments: Fuel hedge contracts 2 $ — $ 638 $ 630 $ — Foreign currency exchange hedge contracts 2 831 6 — — Total derivatives $ 831 $ 644 $ 630 $ — |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: 2022 2021 2020 Derivatives: Fuel Hedge Contracts Reclassification of derivative (gains) losses to earnings—net of tax $ ( 10,629 ) $ ( 6,481 ) $ 5,825 Change in fair value of derivatives—net of tax 9,681 5,653 ( 5,152 ) Net change in cash flow derivative fuel hedges—net of tax $ ( 948 ) $ ( 828 ) $ 673 Foreign Currency Exchange Hedge Contracts Reclassification of derivative (gains) losses to earnings—net of tax $ 116 $ — $ — Change in fair value of derivatives—net of tax 501 — — Net change in cash flow derivative foreign currency hedges—net of tax 617 — — Total net change in cash flow derivative hedges—net of tax $ ( 331 ) $ ( 828 ) $ 673 |
Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings | Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Statements operations location 2022 2021 2020 Derivatives: Costs of contract revenues $ ( 14,219 ) $ ( 8,670 ) $ 7,703 Income tax (provision) benefit ( 3,590 ) ( 2,189 ) 1,878 $ ( 10,629 ) $ ( 6,481 ) $ 5,825 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income tax Provision (Benefit) | 2022 2021 2020 Income tax provision (benefit) $ ( 9,360 ) $ 13,391 $ 20,187 |
Income (Loss) before Income Tax from Domestic and Foreign Operations | 2022 2021 2020 Domestic operations $ ( 43,179 ) 65,708 $ 94,826 Foreign operations ( 236 ) ( 2,885 ) ( 8,536 ) Total income (loss) before income $ ( 43,415 ) $ 62,823 $ 86,290 |
Provision (Benefit) for Income Taxes | 2022 2021 2020 Federal: Current $ — $ — $ — Deferred ( 9,754 ) 11,020 17,464 State: Current ( 90 ) 1,080 128 Deferred 484 1,291 3,023 Foreign: Current — — ( 428 ) Deferred — — — Total ( 9,360 ) $ 13,391 $ 20,187 |
Income Tax Provision (benefit) Reconciliation | 2022 2021 2020 Tax provision (benefit) at statutory U.S. federal income tax rate $ ( 9,117 ) $ 13,193 $ 18,121 State income tax — net of federal income tax benefit ( 3,952 ) 2,144 3,124 Adjustment to deferred tax depreciation — ( 1,414 ) — Stock based compensation ( 414 ) ( 1,318 ) ( 1,212 ) Nondeductible officer compensation 244 1,195 1,212 Research and development tax credits ( 518 ) ( 642 ) ( 674 ) Changes in valuation allowance 4,365 — — Other 32 233 ( 384 ) Income tax provision (benefit) $ ( 9,360 ) $ 13,391 $ 20,187 |
Deferred Tax Assets (Liabilities) | 2022 2021 Deferred tax assets: Operating lease assets $ 23,200 $ 15,835 Accrued liabilities 5,381 7,130 Federal NOLs and interest limitations 15,042 11,666 Foreign NOLs 24 864 State NOLs 10,291 6,682 Research costs 3,175 — Tax credit carryforwards 4,411 3,892 Valuation allowance ( 6,012 ) ( 2,487 ) Total deferred tax assets 55,512 43,582 Deferred tax liabilities: Depreciation and amortization ( 91,923 ) ( 96,207 ) Operating lease liabilities ( 22,657 ) ( 15,713 ) Other liabilities ( 47 ) ( 159 ) Total deferred tax liabilities ( 114,627 ) ( 112,079 ) Net noncurrent deferred tax liabilities $ ( 59,115 ) $ ( 68,497 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity under the Incentive Plan as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below: Options Shares Weighted Average Weighted-Average Aggregate Intrinsic Outstanding as of January 1, 2022 105 $ 7.50 Granted — — Exercised ( 29 ) 7.19 Forfeited or Expired — — Outstanding as of December 31, 2022 76 $ 7.61 1.2 $ — Vested at December 31, 2022 76 $ 7.61 1.2 $ — |
Summary of Non-Vested Restricted Stock Units | A summary of the status of the Company’s non-vested RSUs as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below: Non-vested Restricted Stock Units Shares Weighted-Average Outstanding as of January 1, 2022 1,044 $ 10.57 Granted 487 13.85 Vested ( 393 ) 9.86 Forfeited ( 31 ) 11.15 Outstanding as of December 31, 2022 1,107 $ 12.62 Expected to vest at December 31, 2022 997 $ 12.67 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Type of Work and Customer, Contract Revenues | The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020: Revenues 2022 2021 2020 Dredging: Capital—U.S. $ 342,461 $ 397,034 $ 336,163 Capital—foreign 149 6,596 25,892 Coastal protection 192,567 169,678 201,361 Maintenance 98,077 132,551 148,767 Rivers & lakes 15,527 20,290 21,418 Total revenues $ 648,781 $ 726,149 $ 733,601 The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020: Revenues 2022 2021 2020 Dredging: Federal government $ 431,705 $ 568,980 $ 582,949 State and local government 207,033 118,712 85,737 Private 9,894 31,861 39,023 Foreign 149 6,596 25,892 Total revenues $ 648,781 $ 726,149 $ 733,601 |
Schedule of Accounts Receivable | Accounts receivable at December 31, 2022 and December 31, 2021 are as follows: 2022 2021 Completed contracts $ 4,682 $ 10,612 Contracts in progress 32,546 65,415 Retainage 8,226 7,490 45,454 83,517 Allowance for doubtful accounts ( 564 ) ( 564 ) Total accounts receivable—net $ 44,890 $ 82,953 |
Components of Contracts in Progress | The components of contracts in progress at December 31, 2022 and December 31, 2021 are as follows: 2022 2021 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 262,125 $ 270,998 Amounts billed ( 210,068 ) ( 240,941 ) Costs and earnings in excess of billings for contracts in progress 52,057 30,057 Costs and earnings in excess of billings for completed contracts 14,972 10,894 Total contract revenues in excess of billings $ 67,029 $ 40,951 Current portion of contract revenues in excess of billings $ 65,922 $ 39,844 Long-term contract revenues in excess of billings 1,107 1,107 Total contract revenues in excess of billings $ 67,029 $ 40,951 Billings in excess of costs and earnings: Amounts billed $ ( 95,013 ) $ ( 224,381 ) Costs and earnings for contracts in progress 85,099 209,567 Total billings in excess of contract revenues $ ( 9,914 ) $ ( 14,814 ) |
Summary of Revenues and Gross Profit from Foreign Project Operations | The Company derived revenues and gross profit (loss) from foreign project operations for the years ended December 31, 2022, 2021, and 2020, as follows: 2022 2021 2020 Contract revenues $ 149 $ 6,596 $ 25,892 Costs of contract revenues ( 341 ) ( 9,281 ) ( 34,529 ) Gross profit (loss) $ ( 192 ) $ ( 2,685 ) $ ( 8,637 ) |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies (Estimated Useful Lives By Class of Assets) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Heavy Operating Equipment (Dredges And Barges) [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Heavy Operating Equipment (Dredges And Barges) [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating Segments | 1 |
Number of reportable segments | 1 |
Number of reportable segment with goodwill | 1 |
Percentage of fair value of reporting unit in excess of carrying value | 10% |
Earnings Per Share - (Computati
Earnings Per Share - (Computations for Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ (34,055) | $ 49,432 | $ 66,103 |
Weighted-average common shares outstanding — basic | 66,051 | 65,587 | 64,743 |
Effect of stock options and restricted stock units | 714 | 1,129 | |
Weighted-average common shares outstanding — diluted | 66,051 | 66,301 | 65,872 |
Earnings per share, basic | $ (0.52) | $ 0.75 | $ 1.02 |
Earnings per share, diluted | $ (0.52) | $ 0.75 | $ 1 |
Earnings Per Share - (Narrative
Earnings Per Share - (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Stock options and restricted stock units excluded from weighted-average common shares outstanding | 462 | ||
Stock options and restricted stock, excluded from computation of earnings per share | 351,000 | 1,000 | 1,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,022,222 | $ 899,828 |
Accumulated depreciation | (478,312) | (444,726) |
Property and equipment — net | 543,910 | 455,102 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 9,348 | 9,992 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,314 | 1,315 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 19,986 | 18,568 |
Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 991,574 | $ 869,953 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Loss related to the retirement of asset | $ 8,150 | ||
Depreciation expense | 46,273 | $ 43,016 | $ 38,183 |
Operating Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating equipment excluded from property and equipment held for sale | $ 500 |
Leases - (Schedule of Lease Cos
Leases - (Schedule of Lease Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease costs | $ 24,224 | $ 24,427 | $ 24,602 |
Short-term lease costs | 94,842 | 95,957 | 87,534 |
Total lease cost | $ 119,066 | $ 120,384 | $ 112,136 |
Leases - (Schedule of Maturity
Leases - (Schedule of Maturity Analysis of Operating Lease Liabilities) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Rolling Maturity [Abstract] | |
2023 | $ 30,412 |
2024 | 27,365 |
2025 | 18,575 |
2026 | 8,378 |
2027 | 6,509 |
Thereafter | 9,356 |
Minimum lease payments | 100,595 |
Imputed interest | 8,712 |
Present value of minimum operating lease payments | $ 91,883 |
Leases - (Schedule of Additiona
Leases - (Schedule of Additional Information Related to Leases) (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Lease, Cost [Abstract] | |||
Weighted average remaining lease term | 4 years 2 months 12 days | 4 years 4 months 24 days | 4 years 1 month 6 days |
Weighted average discount rate | 4.70% | 5.10% | 6.20% |
Leases - (Supplemental Informat
Leases - (Supplemental Information Related to Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ (22,775) | $ (22,591) | $ (25,064) |
Operating lease liabilities arising from obtaining new operating lease assets | $ 57,618 | $ 24,191 | $ 22,746 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Insurance | $ 17,808 | $ 12,821 |
Other | 5,107 | 6,427 |
Payroll and employee benefits | 2,062 | 13,533 |
Interest | 1,469 | 1,460 |
Income and other taxes | 1,419 | 2,941 |
Contract reserves | 966 | 444 |
Fuel hedge contracts | 638 | |
Total accrued expenses | $ 29,469 | $ 37,626 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long term debt | $ 321,521 | $ 320,971 |
2029 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 321,521 | $ 320,971 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 29, 2022 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Minimum fixed charge coverage ratio per covenant | 1.10% | ||||
Debt instrument covenant description | The springing financial covenant is triggered when the undrawn availability of the Amended Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days. | ||||
Revolving credit facility | $ 0 | $ 0 | |||
Letters of credit outstanding | 16,391,000 | 25,127,000 | |||
Letter of credit remaining borrowing capacity | 245,713,000 | 174,546,000 | |||
Line of credit facility suppressed capacity | 37,897,000 | 327,000 | |||
Debt instrument, face amount | $ 325,000,000 | ||||
Maturity date | Jun. 01, 2029 | ||||
Amortization of deferred financing fees | $ 1,142,000 | $ 1,382,000 | $ 1,611,000 | ||
2029 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 325,000,000 | ||||
Debt instrument, interest rate, stated percentage | 5.25% | ||||
Maturity date | Jun. 01, 2029 | ||||
8.000% Senior Notes Due in 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 325,000,000 | ||||
Debt instrument, interest rate, stated percentage | 8% | ||||
Owned Domestic Subsidiaries Percent | 100% | ||||
Green Loan Advance Rates [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.05% | ||||
Minimum [Member] | Domestic Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.25% | ||||
Minimum [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
Maximum [Member] | Domestic Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.75% | ||||
Maximum [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.75% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | ||||
Line of credit facility optional increase capacity | $ 100,000,000 | ||||
Maximum covenant percentage of undrawn availability of amended credit agreement | 12.50% | ||||
Revolving Credit Facility [Member] | Domestic Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Revolving Credit Facility [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Green Loan Option [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Thereafter | $ 325,000 |
Total | $ 325,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date) (Details) - Level 2 [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets | $ 831 | $ 630 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Derivatives liabilities | $ 644 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Fuel Hedge Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets | $ 630 | |
Derivatives liabilities | $ 638 | |
Foreign Currency Exchange Hedge Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets | 831 | |
Derivatives liabilities | $ 6 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) € in Millions, gal in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2021 USD ($) | Dec. 31, 2022 USD ($) $ / gal € / shares gal | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 EUR (€) $ / gal € / shares | |
Derivatives Fair Value [Line Items] | |||||
Derivative, Nonmonetary Notional Amount, Volume | gal | 7.3 | ||||
Fair value hedge liabilities | $ 638,000 | ||||
Fair value hedge assets | $ 630,000 | ||||
Reclassification of derivative (gains) losses to earnings net of tax | 10,629,000 | ||||
Debt instrument, face amount | $ 325,000,000 | ||||
Maturity date | Jun. 01, 2029 | ||||
Fair Value, Inputs, Level 1 [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fair value of debt | $ 252,655,000 | ||||
Minimum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fixed price range | $ / gal | 2.29 | 2.29 | |||
Maximum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fixed price range | $ / gal | 3.95 | 3.95 | |||
Fuel Hedge Contracts [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative underlying hedge percent | 80% | ||||
Reclassification of derivative (gains) losses to earnings net of tax | $ 10,629,000 | $ 6,481,000 | $ (5,825,000) | ||
Foreign Currency Exchange Hedge Contracts [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fair value hedge liabilities | 6,000 | ||||
Fair value hedge assets | 831,000 | ||||
Reclassification of derivative (gains) losses to earnings net of tax | (116,000) | ||||
Derivative notional amount | € | € 28.9 | ||||
Reclassification of derivative (gains) losses to earnings net of cash settlements and taxes | $ 155,000 | ||||
Foreign Currency Exchange Hedge Contracts [Member] | Minimum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fixed price range | € / shares | 0.99 | 0.99 | |||
Foreign Currency Exchange Hedge Contracts [Member] | Maximum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Fixed price range | € / shares | 1.13 | 1.13 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Reclassification of derivative (gains) losses to earnings—net of tax | $ (10,629) | |||
Net change in cash flow derivative hedges-net of tax | [1] | (331) | $ (828) | $ 673 |
Total other comprehensive income (loss) | (331) | (828) | 673 | |
Fuel Hedge Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Reclassification of derivative (gains) losses to earnings—net of tax | (10,629) | (6,481) | 5,825 | |
Change in fair value of derivatives—net of tax | 9,681 | 5,653 | (5,152) | |
Net change in cash flow derivative hedges-net of tax | (948) | (828) | 673 | |
Foreign Currency Exchange Hedge Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Reclassification of derivative (gains) losses to earnings—net of tax | 116 | |||
Change in fair value of derivatives—net of tax | 501 | |||
Net change in cash flow derivative hedges-net of tax | 617 | |||
Total other comprehensive income (loss) | $ (331) | $ (828) | $ 673 | |
[1] Net of income tax (provision) benefit of $ 112 , $ 280 and $ 217 for the years ended December 31, 2022, 2021 and 2020 , respectively. |
Fair Value Measurements (Adjust
Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments Gain Loss [Line Items] | |||
Other expense | $ (1,571) | $ 994 | $ 1,110 |
Costs of contract revenues | 617,608 | 580,879 | 562,373 |
Income tax (provision) benefit | 9,360 | (13,391) | (20,187) |
Net income (loss) | 34,055 | (49,432) | (66,103) |
Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Costs of contract revenues | (14,219) | (8,670) | 7,703 |
Income tax (provision) benefit | (3,590) | (2,189) | 1,878 |
Net income (loss) | $ (10,629) | $ (6,481) | $ 5,825 |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision (benefit) | $ (9,360) | $ 13,391 | $ 20,187 |
Income Taxes (Income (Loss) bef
Income Taxes (Income (Loss) before Income Tax from Domestic and Foreign Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ (43,179) | $ 65,708 | $ 94,826 |
Foreign operations | (236) | (2,885) | (8,536) |
Total income (loss) before income | $ (43,415) | $ 62,823 | $ 86,290 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Deferred federal tax expense (benefit) | $ (9,754) | $ 11,020 | $ 17,464 |
Current state tax expense (benefit) | (90) | 1,080 | 128 |
Deferred state tax expense (benefit) | 484 | 1,291 | 3,023 |
Current foreign tax expense (benefit) | (428) | ||
Income tax provision (benefit) | $ (9,360) | $ 13,391 | $ 20,187 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Operating loss carryforwards indefinitely | $ 11,042,000 | ||
Operating loss carryforwards, limitations on use | The Company also has indefinite life carryforwards as a result of interest limitations. Starting in 2022, the Company has research costs attributable to research and development that are currently expensed but are required to be capitalized for U.S. tax purposes and amortized primarily over 5 or 15 years. | ||
Interest and penalties recorded | $ 0 | $ 0 | $ 0 |
Deferred tax assets valuation allowance | 6,012,000 | 2,487,000 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Loss carryforwards for federal income tax purposes | 54,376,000 | 55,554,000 | |
Operating loss carryforwards expiration amount | $ 43,334,000 | ||
Operating loss carryforwards expiration year | 2037 | ||
Deferred tax assets valuation allowance | $ 0 | 0 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Loss carryforwards for federal income tax purposes | 188,884,000 | 157,245,000 | |
Valuation allowance for net operating loss carryforwards | $ 5,988,000 | 1,623,000 | |
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards expiration year | 2027 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards expiration year | 2042 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Loss carryforwards for federal income tax purposes | $ 69,000 | 2,469,000 | |
Valuation allowance for net operating loss carryforwards | $ 24,000 | $ 864,000 | |
Foreign Tax Authority [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards expiration year | 2023 | ||
Foreign Tax Authority [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards expiration year | 2028 |
Income Taxes (Income Tax Prov_2
Income Taxes (Income Tax Provision (benefit) Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at statutory U.S. federal income tax rate | $ (9,117) | $ 13,193 | $ 18,121 |
State income tax — net of federal income tax benefit | (3,952) | 2,144 | 3,124 |
Adjustment to deferred tax depreciation | (1,414) | ||
Stock based compensation | (414) | (1,318) | (1,212) |
Nondeductible officer compensation | 244 | 1,195 | 1,212 |
Research and development tax credits | (518) | (642) | (674) |
Changes in valuation allowance | 4,365 | ||
Other | 32 | 233 | (384) |
Income tax provision (benefit) | $ (9,360) | $ 13,391 | $ 20,187 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Operating lease assets | $ 23,200 | $ 15,835 |
Accrued liabilities | 5,381 | 7,130 |
Federal NOLs and interest limitations | 15,042 | 11,666 |
Foreign NOLs | 24 | 864 |
State NOLs | 10,291 | 6,682 |
Research costs | 3,175 | |
Tax credit carryforwards | 4,411 | 3,892 |
Valuation allowance | (6,012) | (2,487) |
Total deferred tax assets | 55,512 | 43,582 |
Depreciation and amortization | (91,923) | (96,207) |
Operating lease liabilities | (22,657) | (15,713) |
Other liabilities | (47) | (159) |
Total deferred tax liabilities | (114,627) | (112,079) |
Net noncurrent deferred tax liabilities | $ (59,115) | $ (68,497) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
May 11, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 05, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 4,288 | $ 5,188 | $ 6,754 | ||
Total unrecognized compensation cost related to non-vested RSUs | 7,844 | ||||
Amount related to shares used for tax withholding obligations | $ 2,185 | $ 4,250 | |||
Annual retainer per non-employee director, percentage paid in cash | 50% | ||||
Annual retainer per non-employee director, percentage paid in common stock | 50% | ||||
Shares of common stock received by employee directors | 106,000 | 50,000 | 79,000 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights | RSUs primarily vest in equal portions over the three year vesting period. | ||||
Vesting period | 3 years | ||||
Total unrecognized compensation cost, weighted-average period of recognition | 1 year 10 months 24 days | ||||
Non Qualified Stock Options (NQSO) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights | The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date | ||||
Exercise period | 10 years | ||||
Awards granted in period | 0 | 0 | 0 | ||
Aggregate intrinsic value of stock options exercised | $ 212 | $ 1,351 | $ 779 | ||
Employees and Directors [Member] | 2017 Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 3,300,000 | 1,500,000 | |||
Employees and Directors [Member] | 2007 Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Underlying equity awards issued | 1,700,000 | ||||
Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual retainer per non-employee director | 155 | ||||
Chairman of the Board [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional annual retainer paid to non-employee director | $ 100 | ||||
Additional percentage of annual retainer paid to non-employee director in common stock | 100% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Stock Option Activity) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding as of January 1, 2022 | shares | 105 |
Exercised | shares | (29) |
Outstanding as of December 31, 2022 | shares | 76 |
Vested at December 31, 2022 | shares | 76 |
Weighted average exercise price outstanding as of January 1, 2022 | $ / shares | $ 7.50 |
Weighted average exercise price, exercised | $ / shares | 7.19 |
Weighted average exercise price outstanding as of December 31, 2022 | $ / shares | 7.61 |
Weighted average exercise price, vested at December 31, 2022 | $ / shares | $ 7.61 |
Weighted average remaining contractual term, outstanding at December 31, 2022 | 1 year 2 months 12 days |
Weighted average remaining contractual term, vested as of December 31, 2022 | 1 year 2 months 12 days |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary of Non-Vested Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding as of January 1, 2022 | shares | 1,044 |
Options granted | shares | 487 |
Options vested | shares | (393) |
Options forfeited | shares | (31) |
Options outstanding as of December 31, 2022 | shares | 1,107 |
Options expected to vest at December 31, 2022 | shares | 997 |
Weighted-average grant-date fair value as of January 1, 2022 | $ / shares | $ 10.57 |
Weighted-average grant-date fair value, granted | $ / shares | 13.85 |
Weighted-average grant-date fair value, vested | $ / shares | 9.86 |
Weighted-average grant-date fair value, forfeited | $ / shares | 11.15 |
Weighted-average grant-date fair value as of December 31, 2022 | $ / shares | 12.62 |
Weighted-average grant-date fair value, expected to vest at December 31, 2022 | $ / shares | $ 12.67 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Line Items] | |||
Performance obligations exclude from dredging backlog | $ 50,000 | ||
Revenue, remaining performance obligation | $ 377,140 | ||
Percentage of performance obligation to be recognized as revenue | 100% | ||
Performance obligation, expected to be recognized as revenue year | 2023 | ||
Amortization on pre-contract and pre-construction costs | $ 11,148 | $ 17,839 | |
Contract revenues | 648,781 | 726,149 | $ 733,601 |
Long-lived assets, net book value | 0 | ||
Increased gross profit | $ 22,276 | ||
Dredging [Member] | Use of Equipment [Member] | Federal Government [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Contract revenues | $ 716 | ||
Dredging [Member] | Sales [Member] | Geographic Concentration Risk [Member] | Middle East [Member] | Maximum [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Concentration risk percentage | 10% | 10% | 10% |
Dredging [Member] | Sales [Member] | Federal Government Agencies [Member] | Customer Concentration Risk [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Concentration risk percentage | 67% | 78% | 80% |
Dredging [Member] | Accounts Receivable [Member] | Geographic Concentration Risk [Member] | Middle East [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Concentration risk percentage | 9% | 9% | |
Dredging [Member] | Accounts Receivable [Member] | Federal Government Agencies [Member] | Customer Concentration Risk [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Concentration risk percentage | 46% | 69% | |
Other Current and Noncurrent Assets [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Costs to fulfill contracts with customers recognized as an asset | $ 4,472 | $ 5,652 |
Revenue (Summary of Type of Wor
Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 648,781 | $ 726,149 | $ 733,601 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 648,781 | 726,149 | 733,601 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-U.S. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 342,461 | 397,034 | 336,163 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-Foreign [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 149 | 6,596 | 25,892 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Coastal Protection [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 192,567 | 169,678 | 201,361 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Maintenance [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 98,077 | 132,551 | 148,767 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Rivers & Lakes [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 15,527 | $ 20,290 | $ 21,418 |
Revenue (Summary of Type of Cus
Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 648,781 | $ 726,149 | $ 733,601 |
Foreign [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 149 | 6,596 | 25,892 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 648,781 | 726,149 | 733,601 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Federal Government [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 431,705 | 568,980 | 582,949 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | State and Local Government [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 207,033 | 118,712 | 85,737 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Private [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,894 | 31,861 | 39,023 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Foreign [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 149 | $ 6,596 | $ 25,892 |
Revenue (Schedule of Accounts R
Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Completed contracts | $ 4,682 | $ 10,612 |
Contracts in progress | 32,546 | 65,415 |
Retainage | 8,226 | 7,490 |
Accounts receivable, gross | 45,454 | 83,517 |
Allowance for doubtful accounts | (564) | (564) |
Total accounts receivable—net | $ 44,890 | $ 82,953 |
Revenue (Components of Contract
Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings in excess of billings for contracts in progress | $ 52,057 | $ 30,057 |
Costs and earnings in excess of billings for completed contracts | 14,972 | 10,894 |
Total contract revenues in excess of billings | 67,029 | 40,951 |
Current portion of contract revenues in excess of billings | 65,922 | 39,844 |
Long-term contract revenues in excess of billings | 1,107 | 1,107 |
Total billings in excess of contract revenues | (9,914) | (14,814) |
Costs And Earnings In Excess Of Billings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 262,125 | 270,998 |
Amounts billed | (210,068) | (240,941) |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 85,099 | 209,567 |
Amounts billed | $ (95,013) | $ (224,381) |
Revenue (Summary of Gross Profi
Revenue (Summary of Gross Profit from Foreign Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Contract revenues | $ 648,781 | $ 726,149 | $ 733,601 |
Costs of contract revenues | (617,608) | (580,879) | (562,373) |
GROSS PROFIT | 31,173 | 145,270 | 171,228 |
Foreign [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Contract revenues | 149 | 6,596 | 25,892 |
Costs of contract revenues | (341) | (9,281) | (34,529) |
GROSS PROFIT | $ (192) | $ (2,685) | $ (8,637) |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |||
Number of sponsored 401(k) plans | Item | 2 | ||
Expense for matching and discretionary contributions | $ 2,996 | $ 4,659 | $ 5,557 |
Contributes to various multiemployer pension plans | $ 4,915 | $ 4,632 | $ 4,929 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Multiemployer plans collective-bargaining arrangement percentage of contributions | 5% |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended | |||||
Jun. 14, 2022 USD ($) | Jun. 15, 2021 USD ($) | Apr. 22, 2021 USD ($) bbl | Jan. 14, 2015 USD ($) | Apr. 23, 2014 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments And Contingencies [Line Items] | ||||||
Outstanding performance bonds | $ 730,276,000 | |||||
Revenue value remaining from outstanding performance bonds | 308,515,000 | |||||
Proceeds from Legal Settlements | $ 5,309,000 | |||||
Fine for violation | $ 1,000,000 | $ 1,000,000 | ||||
Potential liability for criminal matters | $ 2,000,000 | |||||
Crude Oil [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Quantity of oil spill | bbl | 160 | |||||
Indemnification Commitment [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Aggregate demolition surety performance bond | $ 21,934,000 | |||||
Minimum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Bids bond range | $ 1,000,000 | |||||
Warranty periods | 1 year | |||||
Maximum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Bids bond range | $ 10,000,000 | |||||
Warranty periods | 3 years |
Schedule II-Valuation and Qua_2
Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 3,051 | $ 3,037 | $ 4,059 |
Additions | 3,525 | 14 | |
Deductions | (1,022) | ||
Ending Balance | 6,576 | 3,051 | 3,037 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 564 | 564 | 564 |
Ending Balance | 564 | 564 | 564 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 2,487 | 2,473 | 3,495 |
Additions | 3,525 | 14 | |
Deductions | (1,022) | ||
Ending Balance | $ 6,012 | $ 2,487 | $ 2,473 |