Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GLDD | |
Entity Registrant Name | Great Lakes Dredge & Dock Corporation | |
Entity Central Index Key | 0001372020 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 9811 Katy Freeway | |
Entity Address, Address Line Two | Suite 1200 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Common Stock, Shares Outstanding | 65,642,039 | |
Entity Current Reporting Status | Yes | |
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 $0.0001) | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 177,708 | $ 216,510 |
Accounts receivable—net | 65,732 | 38,990 |
Contract revenues in excess of billings | 28,918 | 32,106 |
Inventories | 33,756 | 34,689 |
Prepaid expenses and other current assets | 43,563 | 40,398 |
Total current assets | 349,677 | 362,693 |
PROPERTY AND EQUIPMENT—Net | 400,723 | 383,042 |
OPERATING LEASE ASSETS | 57,687 | 65,188 |
GOODWILL | 76,576 | 76,576 |
INVENTORIES—Noncurrent | 62,725 | 58,413 |
OTHER | 12,594 | 12,112 |
TOTAL | 959,982 | 958,024 |
LIABILITIES AND EQUITY | ||
Accounts payable | 70,756 | 71,308 |
Accrued expenses | 44,017 | 52,899 |
Operating lease liabilities | 15,861 | 19,472 |
Billings in excess of contract revenues | 38,663 | 32,608 |
Total current liabilities | 169,297 | 176,287 |
LONG-TERM DEBT | 323,958 | 323,735 |
OPERATING LEASE LIABILITIES—Noncurrent | 42,058 | 45,879 |
DEFERRED INCOME TAXES | 58,492 | 56,466 |
OTHER | 9,567 | 8,989 |
Total liabilities | 603,372 | 611,356 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
EQUITY: | ||
Common stock—$.0001 par value; 90,000 authorized, 65,620 and 65,023 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively. | 6 | 6 |
Additional paid-in capital | 303,999 | 304,757 |
Retained earnings | 49,751 | 40,937 |
Accumulated other comprehensive income | 2,854 | 968 |
Total equity | 356,610 | 346,668 |
TOTAL | $ 959,982 | $ 958,024 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 65,620,000 | 65,023,000 |
Common stock, shares outstanding | 65,620,000 | 65,023,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Contract revenues | $ 177,633 | $ 217,695 |
Type of Revenue [Extensible List] | gldd:ContractMember | gldd:ContractMember |
Costs of contract revenues | $ 144,557 | $ 149,221 |
Type of Cost, Good or Service [Extensible List] | gldd:ContractMember | gldd:ContractMember |
Gross profit | $ 33,076 | $ 68,474 |
General and administrative expenses | 16,322 | 15,571 |
(Gain) loss on sale of assets—net | 106 | (145) |
Operating income | 16,648 | 53,048 |
Interest expense—net | (6,586) | (6,630) |
Other income (expense) | 141 | (1,121) |
Income before income taxes | 10,203 | 45,297 |
Income tax provision | (1,389) | (11,310) |
Net income | $ 8,814 | $ 33,987 |
Basic earnings per share | $ 0.14 | $ 0.53 |
Basic weighted average shares | 65,269 | 64,455 |
Diluted earnings per share | $ 0.13 | $ 0.52 |
Diluted weighted average shares | 66,159 | 65,717 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 8,814 | $ 33,987 | |
Net change in cash flow derivative hedges—net of tax | [1] | 1,886 | (7,126) |
Comprehensive income | $ 10,700 | $ 26,861 | |
[1] | Net of income tax (provision) benefit of $637 and $(2,417) for the three months ended March 31, 2021 and 2020 respectively. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net unrealized loss on derivatives, tax | $ 637 | $ (2,417) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE - value at Dec. 31, 2019 | $ 279,399 | $ 6 | $ 302,189 | $ (23,091) | $ 295 |
BALANCE - shares at Dec. 31, 2019 | 64,283 | ||||
Share-based compensation, value | 1,675 | 1,675 | |||
Share-based compensation, shares | 39 | ||||
Vesting of restricted stock units and impact of shares withheld for taxes, value | (1,928) | (1,928) | |||
Vesting of restricted stock units and impact of shares withheld for taxes, shares | 388 | ||||
Exercise of stock options and purchases from employee stock purchase plan, value | 622 | 622 | |||
Exercise of stock options and purchases from employee stock purchase plan, shares | 85 | ||||
Net income | 33,987 | 33,987 | |||
Other comprehensive income (loss)—net of tax | (7,126) | (7,126) | |||
BALANCE - value at Mar. 31, 2020 | 306,629 | $ 6 | 302,558 | 10,896 | (6,831) |
BALANCE - shares at Mar. 31, 2020 | 64,795 | ||||
BALANCE - value at Dec. 31, 2020 | 346,668 | $ 6 | 304,757 | 40,937 | 968 |
BALANCE - shares at Dec. 31, 2020 | 65,023 | ||||
Share-based compensation, value | 1,766 | 1,766 | |||
Share-based compensation, shares | 63 | ||||
Vesting of restricted stock units and impact of shares withheld for taxes, value | (3,784) | (3,784) | |||
Vesting of restricted stock units and impact of shares withheld for taxes, shares | 410 | ||||
Exercise of stock options and purchases from employee stock purchase plan, value | 1,260 | 1,260 | |||
Exercise of stock options and purchases from employee stock purchase plan, shares | 124 | ||||
Net income | 8,814 | 8,814 | |||
Other comprehensive income (loss)—net of tax | 1,886 | 1,886 | |||
BALANCE - value at Mar. 31, 2021 | $ 356,610 | $ 6 | $ 303,999 | $ 49,751 | $ 2,854 |
BALANCE - shares at Mar. 31, 2021 | 65,620 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES: | ||
Net income | $ 8,814 | $ 33,987 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation and amortization | 10,053 | 9,451 |
Deferred income taxes | 1,389 | 11,310 |
(Gain) loss on sale of assets | 106 | (145) |
Amortization of deferred financing fees | 403 | 403 |
Share-based compensation expense | 1,766 | 1,675 |
Changes in assets and liabilities: | ||
Accounts receivable | (26,742) | (24,229) |
Contract revenues in excess of billings | 3,188 | (14,520) |
Inventories | (3,379) | (2,215) |
Prepaid expenses and other current assets | (832) | 8,036 |
Accounts payable and accrued expenses | (10,303) | (523) |
Billings in excess of contract revenues | 6,055 | 6,062 |
Other noncurrent assets and liabilities | 242 | 779 |
Cash (used in) provided by operating activities | (9,240) | 30,071 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (27,038) | (8,733) |
Proceeds from dispositions of property and equipment | 447 | |
Cash used in investing activities | (27,038) | (8,286) |
FINANCING ACTIVITIES: | ||
Taxes paid on settlement of vested share awards | (3,784) | (1,928) |
Exercise of options and purchases from employee stock plans | 1,260 | 622 |
Cash used in financing activities | (2,524) | (1,306) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (38,802) | 20,479 |
Cash, cash equivalents and restricted cash at beginning of period | 216,510 | 186,995 |
Cash, cash equivalents and restricted cash at end of period | 177,708 | 207,474 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 106 | (277) |
Cash paid for income taxes | 58 | 137 |
Non-cash Investing and Financing Activities | ||
Property and equipment purchased but not yet paid | $ 5,855 | $ 4,801 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of presentation The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Great Lakes Dredge & Dock Corporation and Subsidiaries (the “Company” or “Great Lakes”) and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company’s financial position as of March 31, 2021 and December 31, 2020, and its results of operations for the three months ended March 31, 2021 and 2020 and cash flows for the three months ended March 31, 2021 and 2020 have been included. In 2020, the Company announced the relocation of its headquarters from Illinois to Houston, Texas, the new Houston office lease began in January 2021. The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor is generally hired on a project-by-project basis. Costs of contract revenues vary significantly depending on the type and location of work performed and assets utilized. The Company has one operating segment which is also the Company’s reportable segment and reporting unit of which the Company tests goodwill for impairment. The Company performed its most recent annual test of impairment as of July 1, 2020 with no indication of impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2021. On August 4, 2020, the Company announced that its board of directors approved a share repurchase program, authorizing, but not obligating, the repurchase of up to an aggregate amount of $75.0 million of its common stock from time to time through July 31, 2021. The condensed consolidated results of operations and comprehensive income for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 2. Earnings per share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. The computations for basic and diluted earnings per share are as follows: Three Months Ended (shares in thousands) March 31, 2021 2020 Net income $ 8,814 $ 33,987 Weighted-average common shares outstanding — basic 65,269 64,455 Effect of stock options and restricted stock units 890 1,262 Weighted-average common shares outstanding — diluted 66,159 65,717 Earnings per share — basic $ 0.14 $ 0.53 Earnings per share — diluted $ 0.13 $ 0.52 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 3 . Accrued expenses Accrued expenses at March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Insurance $ 14,854 $ 14,754 Interest 9,785 3,285 Payroll and employee benefits 6,603 21,675 Income and other taxes 2,361 2,164 Contract reserves 1,037 2,491 Other 9,377 8,530 Total accrued expenses $ 44,017 $ 52,899 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4 . Long-term debt Credit agreement As of March 31, 2021 and December 31, 2020, the Company had no borrowings outstanding under our $200,000 amended and restated revolving credit and security agreement (as amended, the “Amended Credit Agreement”). There were $35,907 and $36,407 of letters of credit outstanding and $163,731 and $163,231 of availability under the Amended Credit Agreement as of March 31, 2021 and December 31, 2020, respectively. The availability under the Amended Credit Agreement is suppressed by $362 as of March 31, 2021 and December 31, 2020, as a result of certain limitations set forth in the Amended Credit Agreement. Senior Notes and subsidiary guarantors In May 2017, the Company issued $325,000 of 8.000% senior notes (“8% Senior Notes”) due May 15, 2022 with interest paid semi-annually. The 8% Senior Notes can be refinanced at par in May 2021 and the Company’s management is monitoring and assessing the debt markets to determine if the current market is favorable to refinance the 8% Senior Notes in May 2021. The Company’s obligations under these 8% Senior Notes are guaranteed by certain of the Company’s 100% owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several. The parent company issuer has no independent assets or operations and all non-guarantor subsidiaries have been determined to be minor. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5 . Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: Fair Value Measurements at Reporting Date Using Description At March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 4,262 $ — $ 4,262 $ — Fair Value Measurements at Reporting Date Using Description At December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 1,739 $ — $ 1,739 $ — Fuel hedge contracts The Company is exposed to certain market risks, primarily commodity price risk as it relates to diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices could have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s typical goal is to hedge approximately 80% of the fuel requirements for work in domestic backlog. As of March 31, 2021, the Company was party to various swap arrangements to hedge the price of its diesel fuel purchase requirements for work in its backlog to be performed through March 2022. As of March 31, 2021, there were 10.0 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted domestic fuel purchases through March 2022. Under these swap agreements, the Company will pay fixed prices ranging from $1.12 to $1.90 per gallon. At March 31, 2021 and December 31, 2020 the fair value asset of the fuel hedge contracts were estimated to be $4,262 and $1,739, respectively, and are recorded in prepaid expenses and other current assets. For fuel hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the three months ended March 31, 2021 were $1,526. The remaining gains and losses included in accumulated other comprehensive loss at March 31, 2021 will be reclassified into earnings over the next twelve months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as cost of contract revenues in the Statement of Operations. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value of these fuel hedges using Level 2 inputs. The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis. The fair value of the fuel hedge contracts outstanding as of March 31, 2021 and December 31, 2020 is as follows: Fair Value at March 31, December 31, Balance Sheet Location 2021 2020 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ 4,262 $ 1,739 Accumulated other comprehensive income (loss) Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended March 31, 2021 2020 Derivatives: Reclassification of derivative (gains) losses to earnings—net of tax (1,526 ) 1,338 Change in fair value of derivatives—net of tax 3,412 (8,464 ) Net change in cash flow derivative hedges—net of tax $ 1,886 $ (7,126 ) Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended March 31, Statement of Operations Location 2021 2020 Derivatives: Fuel Costs of contract revenues $ (2,041 ) $ 1,792 Income tax (provision) benefit (515 ) 454 $ (1,526 ) $ 1,338 Other financial instruments The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying value of our revolving credit agreement approximates fair value. In May 2017, the Company issued a total of $325,000 of 8% Senior Notes, which were outstanding at March 31, 2021 (see Note 4, Long-term debt). The 8% Senior Notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the 8% Senior Notes. The fair value of the senior notes was $327,844 at March 31, 2021, which is a Level 1 fair value measurement as the senior notes’ value was obtained using quoted prices in active markets. The 8% Senior Notes can be refinanced at par in May 2021 and the Company’s management is monitoring and assessing the debt markets to determine if the current market is favorable to refinance the 8% Senior Notes in May 2021. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 6 . Share-based compensation On May 11, 2017, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2017 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 3.3 million shares of common stock, plus an additional 1.7 million shares underlying equity awards issued under the 2007 Long-Term Incentive Plan. During the three months ended March 31, 2021, the Company granted 307 thousand restricted stock units to certain employees. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants or restricted stock units. Compensation cost charged to expense related to share-based compensation arrangements was $1,766 and $1,675 for the three months ended March 31, 2021 and 2020, respectively. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 7 . Revenue At March 31, 2021, the Company had $485,983 of remaining performance obligations, which the Company refers to as total backlog. Approximately 93% of the Company’s backlog will be completed in 2021 with the remaining balance expected to be completed in 2022. Revenue by category The following series of tables presents our revenue disaggregated by several categories. Domestically, our work generally is performed in coastal waterways and deep water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. The Company’s contract revenues by type of work, for the periods indicated, were as follows: Three Months Ended March 31, Revenues 2021 2020 Dredging: Capital—U.S. $ 77,606 $ 83,549 Capital—foreign 4,709 6,862 Coastal protection 46,631 79,850 Maintenance 45,301 42,385 Rivers & lakes 3,386 5,049 Total revenues $ 177,633 $ 217,695 The Company’s contract revenues by type of customer, for the periods indicated, were as follows: Three Months Ended March 31, Revenues 2021 2020 Dredging: Federal government $ 130,732 $ 165,767 State and local government 34,775 42,332 Private 7,417 2,734 Foreign 4,709 6,862 Total revenues $ 177,633 $ 217,695 Accounts receivable at March 31, 2021 and December 31, 2020 are as follows: March 31, December 31, 2021 2020 Completed contracts $ 6,371 $ 12,347 Contracts in progress 52,226 21,239 Retainage 7,699 5,968 66,296 39,554 Allowance for doubtful accounts (564 ) (564 ) Total accounts receivable—net $ 65,732 $ 38,990 The components of contracts in progress at March 31, 2021 and December 31, 2020 are as follows: March 31, December 31, 2021 2020 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 193,330 $ 199,964 Amounts billed (170,201 ) (168,569 ) Costs and earnings in excess of billings for contracts in progress 23,129 31,395 Costs and earnings in excess of billings for completed contracts 7,901 2,823 Total contract revenues in excess of billings $ 31,030 $ 34,218 Current portion of contract revenues in excess of billings $ 28,918 $ 32,106 Long-term contract revenues in excess of billings 2,112 2,112 Total contract revenues in excess of billings $ 31,030 $ 34,218 Billings in excess of costs and earnings: Amounts billed $ (439,987 ) $ (550,468 ) Costs and earnings for contracts in progress 401,324 517,860 Total billings in excess of contract revenues $ (38,663 ) $ (32,608 ) At March 31, 2021 and December 31, 2020, costs to fulfill a contract with a customer recognized as an asset were $10,413 and $10,501, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three months ended March 31, 2021 and 2020, the Company amortized $5,847 and $5,191, respectively, of pre-construction costs. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . Commitments and contingencies Commercial commitments Performance and bid bonds are customarily required for dredging and marine construction projects. The Company has bonding agreements with Argonaut Insurance Company, Berkley Insurance Company, Chubb Surety and Liberty Mutual Insurance Company, under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty, Surety Company of America and Zurich American Insurance Company (“Zurich”). Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At March 31, 2021, the Company had outstanding performance bonds with a notional amount of approximately $1,171,567 . The revenue value remaining in backlog totaled approximately $485,983. Certain foreign projects performed by the Company have warranty periods, typically spanning no more than one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications. Legal proceedings and other contingencies As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company. Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. The Company will defend itself vigorously on all matters. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition. On April 23, 2014, the Company completed the sale of NASDI, LLC (“NASDI”) and Yankee Environmental Services, LLC (“Yankee”), which together comprised the Company’s historical demolition business, to a privately owned demolition company. On January 14, 2015, the Company and its subsidiary, NASDI Holdings, LLC, brought an action in the Delaware Court of Chancery to enforce the terms of the Company's agreement to sell NASDI and Yankee. Under the terms of the agreement, the Company received cash of $ 5,309 and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close. The Company seeks specific performance of the buyer’s obligation to collect and to remit the additional proceeds, and other related relief. Defendants have filed counterclaims alleging that the Company misrepresented the quality of its contracts and receivables prior to the sale. The Company denies defendants’ allegations. In 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 f rom failure to perform in accordance with terms of surety performance bond. The defendants filed a notice of appeal from that judgement. The Company continues to aggressively pursue collection from the buyer on outstanding amounts owed under the sale and t he indemnification. An estimate of a range of potential gains or losses relating to these matter s 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 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 has cooperated with the U.S. Attorney’s Office and other relevant agencies in their investigation of the oil spill and has agreed to plead guilty to the misdemeanor violation alleged in the bill of information and pay a fine of $1,000. As a result, the government may initiate suspension or debarment proceedings against us, which might prohibit us from bidding for, entering into or completing certain government projects. The Company also remains subject to potential liability for restitution in connection with this criminal matter and potential liability in a pending civil suit arising from the same matter. Although the Company does not know whether proceedings will be initiated or result in prohibitions, or the impact of any such resulting prohibitions, the Company does not expect any such proceedings or prohibitions to cause a material disruption to its business, financial condition or results of operations. On September 27, 2019, the EPA Region 4 filed an administrative complaint against the Company relating to a project the Company performed at PortMiami from 2013-2015 alleging violations of Section 103 of the Marine Protection, Research, and Sanctuaries Act (“MPRSA”) and failure to report violations of the MPRSA. In April 2021, the EPA Region 4 agreed in principle to the Company’s settlement offer of $500, and the parties are now entering into final settlement negotiations. 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Earnings Per Share | The computations for basic and diluted earnings per share are as follows: Three Months Ended (shares in thousands) March 31, 2021 2020 Net income $ 8,814 $ 33,987 Weighted-average common shares outstanding — basic 65,269 64,455 Effect of stock options and restricted stock units 890 1,262 Weighted-average common shares outstanding — diluted 66,159 65,717 Earnings per share — basic $ 0.14 $ 0.53 Earnings per share — diluted $ 0.13 $ 0.52 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses at March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Insurance $ 14,854 $ 14,754 Interest 9,785 3,285 Payroll and employee benefits 6,603 21,675 Income and other taxes 2,361 2,164 Contract reserves 1,037 2,491 Other 9,377 8,530 Total accrued expenses $ 44,017 $ 52,899 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date | The fair values of these financial instruments are summarized as follows: Fair Value Measurements at Reporting Date Using Description At March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 4,262 $ — $ 4,262 $ — Fair Value Measurements at Reporting Date Using Description At December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fuel hedge contracts $ 1,739 $ — $ 1,739 $ — |
Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location | The fair value of the fuel hedge contracts outstanding as of March 31, 2021 and December 31, 2020 is as follows: Fair Value at March 31, December 31, Balance Sheet Location 2021 2020 Asset derivatives: Derivatives designated as hedging instruments Fuel hedge contracts Prepaid expenses and other current assets $ 4,262 $ 1,739 |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: Three Months Ended March 31, 2021 2020 Derivatives: Reclassification of derivative (gains) losses to earnings—net of tax (1,526 ) 1,338 Change in fair value of derivatives—net of tax 3,412 (8,464 ) Net change in cash flow derivative hedges—net of tax $ 1,886 $ (7,126 ) |
Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings | Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: Three Months Ended March 31, Statement of Operations Location 2021 2020 Derivatives: Fuel Costs of contract revenues $ (2,041 ) $ 1,792 Income tax (provision) benefit (515 ) 454 $ (1,526 ) $ 1,338 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Contract Revenues by Type of Work and Customer | The Company’s contract revenues by type of work, for the periods indicated, were as follows: Three Months Ended March 31, Revenues 2021 2020 Dredging: Capital—U.S. $ 77,606 $ 83,549 Capital—foreign 4,709 6,862 Coastal protection 46,631 79,850 Maintenance 45,301 42,385 Rivers & lakes 3,386 5,049 Total revenues $ 177,633 $ 217,695 The Company’s contract revenues by type of customer, for the periods indicated, were as follows: Three Months Ended March 31, Revenues 2021 2020 Dredging: Federal government $ 130,732 $ 165,767 State and local government 34,775 42,332 Private 7,417 2,734 Foreign 4,709 6,862 Total revenues $ 177,633 $ 217,695 |
Schedule of Accounts Receivable | Accounts receivable at March 31, 2021 and December 31, 2020 are as follows: March 31, December 31, 2021 2020 Completed contracts $ 6,371 $ 12,347 Contracts in progress 52,226 21,239 Retainage 7,699 5,968 66,296 39,554 Allowance for doubtful accounts (564 ) (564 ) Total accounts receivable—net $ 65,732 $ 38,990 |
Components of Contracts in Progress | The components of contracts in progress at March 31, 2021 and December 31, 2020 are as follows: March 31, December 31, 2021 2020 Costs and earnings in excess of billings: Costs and earnings for contracts in progress $ 193,330 $ 199,964 Amounts billed (170,201 ) (168,569 ) Costs and earnings in excess of billings for contracts in progress 23,129 31,395 Costs and earnings in excess of billings for completed contracts 7,901 2,823 Total contract revenues in excess of billings $ 31,030 $ 34,218 Current portion of contract revenues in excess of billings $ 28,918 $ 32,106 Long-term contract revenues in excess of billings 2,112 2,112 Total contract revenues in excess of billings $ 31,030 $ 34,218 Billings in excess of costs and earnings: Amounts billed $ (439,987 ) $ (550,468 ) Costs and earnings for contracts in progress 401,324 517,860 Total billings in excess of contract revenues $ (38,663 ) $ (32,608 ) |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021segment | Aug. 04, 2020USD ($) | |
Organization Consolidation and Presentation [Line Items] | ||
Number of operating Segments | 1 | |
Number of reportable segments | 1 | |
Number of reportable segment with goodwill | 1 | |
Common Stock [Member] | Maximum [Member] | ||
Organization Consolidation and Presentation [Line Items] | ||
Stock repurchase program, authorized amount | $ | $ 75,000,000 |
Earnings Per Share - (Computati
Earnings Per Share - (Computations for Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 8,814 | $ 33,987 |
Weighted-average common shares outstanding — basic | 65,269 | 64,455 |
Effect of stock options and restricted stock units | 890 | 1,262 |
Weighted-average common shares outstanding — diluted | 66,159 | 65,717 |
Earnings per share — basic | $ 0.14 | $ 0.53 |
Earnings per share — diluted | $ 0.13 | $ 0.52 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Insurance | $ 14,854 | $ 14,754 |
Interest | 9,785 | 3,285 |
Payroll and employee benefits | 6,603 | 21,675 |
Income and other taxes | 2,361 | 2,164 |
Contract reserves | 1,037 | 2,491 |
Other | 9,377 | 8,530 |
Total accrued expenses | $ 44,017 | $ 52,899 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | ||
May 31, 2017 | Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 0 | $ 0 | |
Letters of credit outstanding | 35,907,000 | 36,407,000 | |
Letter of credit remaining borrowing capacity | 163,731,000 | 163,231,000 | |
Availability under credit agreement suppressed | 362,000 | 362,000 | |
8.000% Senior Notes Due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 325,000,000 | ||
Debt instrument, interest rate, stated percentage | 8.00% | ||
Maturity date | May 15, 2022 | ||
Owned Domestic Subsidiaries Percent | 100.00% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date) (Details) - Fuel Hedge Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 4,262 | $ 1,739 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 4,262 | $ 1,739 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) gal in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($)$ / galgal | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | May 31, 2017USD ($) | |
Derivatives Fair Value [Line Items] | ||||
Derivative underlying hedge percent | 80.00% | |||
Derivative, Nonmonetary Notional Amount, Volume | gal | 10 | |||
Fair value hedge assets | $ 4,262,000 | $ 1,739,000 | ||
Reclassification of derivative (gains) losses to earnings—net of tax | 1,526,000 | $ (1,338,000) | ||
8.000% Senior Notes Due in 2022 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Debt instrument, face amount | $ 325,000,000 | |||
Stated interest rate | 8.00% | |||
8.000% Senior Notes Due in 2022 [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Fair value of debt | $ 327,844,000 | |||
Minimum [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Fixed price range | $ / gal | 1.12 | |||
Maximum [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Fixed price range | $ / gal | 1.90 | |||
Fuel Hedge Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative underlying hedge percent | 80.00% |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives Fair Value [Line Items] | ||
Asset derivatives | $ 4,262 | $ 1,739 |
Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | Fuel Hedge Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives | $ 4,262 | $ 1,739 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Fair Value Disclosures [Abstract] | |||
Reclassification of derivative (gains) losses to earnings—net of tax | $ (1,526) | $ 1,338 | |
Change in fair value of derivatives—net of tax | 3,412 | (8,464) | |
Net change in cash flow derivative hedges—net of tax | [1] | $ 1,886 | $ (7,126) |
[1] | Net of income tax (provision) benefit of $637 and $(2,417) for the three months ended March 31, 2021 and 2020 respectively. |
Fair Value Measurements (Adjust
Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||
Costs of contract revenues | $ 144,557 | $ 149,221 |
Income tax (provision) benefit | (1,389) | (11,310) |
Net income (loss) | (8,814) | (33,987) |
Fuel Hedge Contracts [Member] | Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Costs of contract revenues | (2,041) | 1,792 |
Income tax (provision) benefit | (515) | 454 |
Net income (loss) | $ (1,526) | $ 1,338 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | May 11, 2017 | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units | 307 | ||
Share-based compensation expense | $ 1,766 | $ 1,675 | |
Employees and Directors [Member] | 2017 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 3,300 | ||
Employees and Directors [Member] | 2007 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Underlying equity awards issued | 1,700 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Line Items] | |||
Revenue, remaining performance obligation | $ 485,983 | ||
Percentage of performance obligation to be recognized as revenue | 93.00% | ||
Performance obligation, expected to be recognized as revenue year | 2021 | ||
Remaining performance obligation, expected timing of satisfaction, year | 2022 | ||
Amortization on pre-construction costs | $ 5,847 | $ 5,191 | |
Other Current and Noncurrent Assets [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Costs to fulfill a contract with customer recognized as an asset | $ 10,413 | $ 10,501 |
Revenue (Summary of Type of Wor
Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 177,633 | $ 217,695 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 177,633 | 217,695 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-U.S. [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 77,606 | 83,549 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Capital-Foreign [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 4,709 | 6,862 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Coastal Protection [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 46,631 | 79,850 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Maintenance [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 45,301 | 42,385 |
Type of Work [Member] | Operating Segment [Member] | Dredging [Member] | Rivers & Lakes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 3,386 | $ 5,049 |
Revenue (Summary of Type of Cus
Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 177,633 | $ 217,695 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 177,633 | 217,695 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Federal Government [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 130,732 | 165,767 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | State and Local Government [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 34,775 | 42,332 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Private [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 7,417 | 2,734 |
Type of Customer [Member] | Operating Segment [Member] | Dredging [Member] | Foreign [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 4,709 | $ 6,862 |
Revenue (Schedule of Accounts R
Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Completed contracts | $ 6,371 | $ 12,347 |
Contracts in progress | 52,226 | 21,239 |
Retainage | 7,699 | 5,968 |
Accounts receivable, gross | 66,296 | 39,554 |
Allowance for doubtful accounts | (564) | (564) |
Total accounts receivable—net | $ 65,732 | $ 38,990 |
Revenue (Components of Contract
Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings in excess of billings for contracts in progress | $ 23,129 | $ 31,395 |
Costs and earnings in excess of billings for completed contracts | 7,901 | 2,823 |
Total contract revenues in excess of billings | 31,030 | 34,218 |
Current portion of contract revenues in excess of billings | 28,918 | 32,106 |
Long-term contract revenues in excess of billings | 2,112 | 2,112 |
Total billings in excess of contract revenues | (38,663) | (32,608) |
Costs And Earnings In Excess Of Billings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 193,330 | 199,964 |
Amounts billed | (170,201) | (168,569) |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 401,324 | 517,860 |
Amounts billed | $ (439,987) | $ (550,468) |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | Apr. 23, 2021 | Apr. 22, 2021 | Jan. 14, 2015 | Apr. 30, 2021 | Mar. 31, 2021 |
Commitments And Contingencies [Line Items] | |||||
Outstanding performance bonds | $ 1,171,567,000 | ||||
Revenue value remaining from outstanding performance bonds | 485,983,000 | ||||
Proceeds from Legal Settlements | $ 5,309,000 | ||||
Indemnification Commitment [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Aggregate demolition surety performance bond | $ 21,934,000 | ||||
Subsequent Event [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Fine for violation | $ 1,000,000 | ||||
Litigation settlement offer amount | $ 500,000 | ||||
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 |