Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000353020 | |
Entity Shell Company | false | |
Entity Registrant Name | Aegion Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-35328 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-3117900 | |
Entity Address, Address Line One | 17988 Edison Avenue | |
Entity Address, City or Town | Chesterfield | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63005 | |
City Area Code | 636 | |
Local Phone Number | 530-8000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | AEGN | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 30,894,387 | |
Title of 12(b) Security | Class A Common Shares |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenues | [1] | $ 318,740,000 | $ 335,030,000 | $ 595,644,000 | $ 659,891,000 |
Cost of revenues | 251,303,000 | 263,977,000 | 479,912,000 | 527,334,000 | |
Gross profit | [1] | 67,437,000 | 71,053,000 | 115,732,000 | 132,557,000 |
Operating expenses | 51,254,000 | 54,222,000 | 99,124,000 | 110,364,000 | |
Impairment of assets held for sale | 11,946,000 | 0 | 11,946,000 | 0 | |
Acquisition and divestiture expenses | 804,000 | 832,000 | 917,000 | 1,224,000 | |
Restructuring and related charges | 2,974,000 | 1,540,000 | 4,060,000 | 3,329,000 | |
Operating income (loss) | 459,000 | 14,459,000 | (315,000) | 17,640,000 | |
Other income (expense): | |||||
Interest expense | (3,566,000) | (3,923,000) | (7,156,000) | (9,366,000) | |
Interest income | 261,000 | 62,000 | 546,000 | 109,000 | |
Other | [2] | (1,015,000) | (506,000) | (1,689,000) | (768,000) |
Total other expense | (4,320,000) | (4,367,000) | (8,299,000) | (10,025,000) | |
Income (loss) before taxes on income | (3,861,000) | 10,092,000 | (8,614,000) | 7,615,000 | |
Taxes on income (loss) | 4,286,000 | 2,894,000 | 3,524,000 | 1,893,000 | |
Net income (loss) | (8,147,000) | 7,198,000 | (12,138,000) | 5,722,000 | |
Non-controlling interests (income) loss | (219,000) | 723,000 | (229,000) | 130,000 | |
Net income (loss) attributable to Aegion Corporation | $ (8,366,000) | $ 7,921,000 | $ (12,367,000) | $ 5,852,000 | |
Earnings (loss) per share attributable to Aegion Corporation: | |||||
Basic (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.39) | $ 0.18 | |
Diluted (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.39) | $ 0.18 | |
[1] | Revenues and gross profit are attributed to the country of origin. | ||||
[2] | Other expense in the second quarter and first six months of 2019 includes $0.9 million and $1.1 million, respectively, of 2017 Restructuring charges (see Note 4). |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net income (loss) | $ (8,147) | $ 7,198 | $ (12,138) | $ 5,722 | |
Other comprehensive income (loss): | |||||
Currency translation adjustments | 1,204 | (6,510) | 3,066 | (4,282) | |
Deferred gain (loss) on hedging activity, net of tax (1) | [1] | (3,553) | 684 | (5,699) | 1,178 |
Pension activity, net of tax (2) | [2] | 24 | 12 | 3 | 5 |
Total comprehensive income (loss) | (10,472) | 1,384 | (14,768) | 2,623 | |
Comprehensive (income) loss attributable to non-controlling interests | (326) | 1,023 | (249) | 377 | |
Comprehensive income (loss) attributable to Aegion Corporation | $ (10,798) | $ 2,407 | $ (15,017) | $ 3,000 | |
[1] | Amounts presented net of tax of $91 and $245 for the quarters ended June 30, 2019 and 2018, respectively, and $150 and $422 for the six months ended June 30, 2019 and 2018, respectively. | ||||
[2] | Amounts presented net of tax of $6 and $3 for the quarters ended June 30, 2019 and 2018, respectively, and $1 and $1 for the six months ended June 30, 2019 and 2018, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Deferred gain (loss) on hedging activity, tax | $ 91 | $ 245 | $ 150 | $ 422 |
Pension activity, tax | $ 1 | $ 3 | $ 6 | $ 1 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | ||
Current assets | ||||
Cash and cash equivalents | $ 51,338,000 | $ 83,527,000 | ||
Restricted cash | 759,000 | 1,359,000 | ||
Receivables, net of allowances of $9,043 and $9,695, respectively | 198,757,000 | 204,541,000 | ||
Retainage | 31,441,000 | 33,572,000 | ||
Contract assets | 56,661,000 | [1] | 62,467,000 | [2] |
Inventories | 57,424,000 | 56,437,000 | ||
Prepaid expenses and other current assets | 24,571,000 | 32,172,000 | ||
Assets held for sale | 32,161,000 | 7,792,000 | ||
Total current assets | 453,112,000 | 481,867,000 | ||
Property, plant & equipment, less accumulated depreciation | 105,018,000 | 107,059,000 | ||
Other assets | ||||
Goodwill | 256,773,000 | 260,633,000 | ||
Intangible assets, less accumulated amortization | 111,695,000 | 119,696,000 | ||
Operating lease assets | 69,057,000 | 0 | ||
Deferred income tax assets | 1,087,000 | 1,561,000 | ||
Other assets | 18,726,000 | 21,601,000 | ||
Total other assets | 457,338,000 | 403,491,000 | ||
Total Assets | 1,015,468,000 | 992,417,000 | ||
Current liabilities | ||||
Accounts payable | 56,535,000 | 64,562,000 | ||
Accrued expenses | 99,556,000 | 88,020,000 | ||
Contract liabilities | 25,387,000 | [1] | 32,339,000 | [2] |
Current maturities of long-term debt | 32,810,000 | 29,469,000 | ||
Liabilities held for sale | 17,392,000 | 5,260,000 | ||
Total current liabilities | 231,680,000 | 219,650,000 | ||
Long-term debt, less current maturities | 271,832,000 | 282,003,000 | ||
Operating lease liabilities | 53,739,000 | 0 | ||
Deferred income tax liabilities | 9,281,000 | 8,361,000 | ||
Other non-current liabilities | 14,913,000 | 12,216,000 | ||
Total liabilities | 581,445,000 | 522,230,000 | ||
(See Commitments and Contingencies: Note 11) | ||||
Equity | ||||
Preferred stock, undesignated, $.10 par – shares authorized 2,000,000; none outstanding | 0 | 0 | ||
Common stock, $.01 par – shares authorized 125,000,000; shares issued and outstanding 30,941,394 and 31,922,409, respectively | 309,000 | 319,000 | ||
Additional paid-in capital | 102,841,000 | 122,818,000 | ||
Retained earnings | 367,523,000 | 379,890,000 | ||
Accumulated other comprehensive loss | (42,940,000) | (40,290,000) | ||
Total stockholders’ equity | 427,733,000 | 462,737,000 | ||
Non-controlling interests | 6,290,000 | 7,450,000 | ||
Total equity | 434,023,000 | 470,187,000 | ||
Total Liabilities and Equity | $ 1,015,468,000 | $ 992,417,000 | ||
[1] | Amounts exclude contract assets of $8.3 million and contract liabilities of $2.1 million that were classified as held for sale at June 30, 2019 (see Note 5). | |||
[2] | Amounts exclude contract assets of $1.8 million and contract liabilities of less than $0.1 million that were classified as held for sale at December 31, 2018 (see Note 5). |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts receivable | $ 9,043 | $ 9,695 |
Preferred stock, undesignated, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, undesignated, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, undesignated, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 30,941,394 | 31,922,409 |
Common stock, shares outstanding (in shares) | 30,941,394 | 31,922,409 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) | Common Stock [Member]Restricted Stock Units (RSUs) [Member] | Common Stock [Member]Performance Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 32,462,542 | |||||||||
Issuance of common stock upon stock option exercises (in shares) | 0 | |||||||||
Issuance of shares pursuant to restricted stock units (in shares) | 295,420 | 296,909 | ||||||||
Issuance of shares pursuant to deferred stock units (in shares) | 20,939 | |||||||||
Shares repurchased and retired (in shares) | (772,172) | |||||||||
Balance (in shares) at Jun. 30, 2018 | 32,303,638 | |||||||||
Balance at Dec. 31, 2017 | $ 325,000 | $ 140,749,000 | $ 386,008,000 | $ (32,836,000) | $ 10,810,000 | $ 505,056,000 | ||||
Issuance of common stock upon stock option exercises | 0 | 0 | 0 | |||||||
Issuance of shares pursuant to restricted stock units | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | ||||||
Issuance of shares pursuant to deferred stock units | 0 | 0 | ||||||||
Shares repurchased and retired | (8,000) | (18,601,000) | (18,609,000) | |||||||
Balance at Jun. 30, 2018 | $ 323,000 | 127,242,000 | 392,128,000 | (35,688,000) | 10,433,000 | 494,438,000 | ||||
Equity-based compensation expense | 5,094,000 | 5,094,000 | ||||||||
Cumulative effect adjustment (see Revenues: Note 3) | 268,000 | 268,000 | ||||||||
Net income (loss) | 5,852,000 | (130,000) | 5,722,000 | |||||||
Currency translation adjustment and derivative transactions, net | (2,852,000) | (247,000) | (3,099,000) | |||||||
Distributions to non-controlling interests | 0 | 0 | ||||||||
Balance (in shares) at Mar. 31, 2018 | 32,467,823 | |||||||||
Issuance of common stock upon stock option exercises (in shares) | 0 | |||||||||
Issuance of shares pursuant to restricted stock units (in shares) | 20,036 | 0 | ||||||||
Issuance of shares pursuant to deferred stock units (in shares) | 16,371 | |||||||||
Shares repurchased and retired (in shares) | (200,592) | |||||||||
Balance (in shares) at Jun. 30, 2018 | 32,303,638 | |||||||||
Balance at Mar. 31, 2018 | $ 325,000 | 129,237,000 | 384,207,000 | (30,174,000) | 11,456,000 | 495,051,000 | ||||
Issuance of common stock upon stock option exercises | 0 | 0 | 0 | |||||||
Issuance of shares pursuant to restricted stock units | $ 0 | $ 0 | 0 | 0 | ||||||
Issuance of shares pursuant to deferred stock units | 0 | 0 | ||||||||
Shares repurchased and retired | (2,000) | (4,931,000) | (4,933,000) | |||||||
Balance at Jun. 30, 2018 | $ 323,000 | 127,242,000 | 392,128,000 | (35,688,000) | 10,433,000 | 494,438,000 | ||||
Equity-based compensation expense | 2,936,000 | 2,936,000 | ||||||||
Cumulative effect adjustment (see Revenues: Note 3) | 0 | 0 | ||||||||
Net income (loss) | 7,921,000 | (723,000) | 7,198,000 | |||||||
Currency translation adjustment and derivative transactions, net | (5,514,000) | (300,000) | (5,814,000) | |||||||
Distributions to non-controlling interests | 0 | $ 0 | ||||||||
Balance (in shares) at Dec. 31, 2018 | 31,922,409 | 31,922,409 | ||||||||
Issuance of common stock upon stock option exercises (in shares) | 52,783 | |||||||||
Issuance of shares pursuant to restricted stock units (in shares) | 205,274 | 111,158 | ||||||||
Issuance of shares pursuant to deferred stock units (in shares) | 77,486 | |||||||||
Shares repurchased and retired (in shares) | (1,427,716) | |||||||||
Balance (in shares) at Jun. 30, 2019 | 30,941,394 | 30,941,394 | ||||||||
Balance at Dec. 31, 2018 | $ 319,000 | 122,818,000 | 379,890,000 | (40,290,000) | 7,450,000 | $ 470,187,000 | ||||
Issuance of common stock upon stock option exercises | 1,000 | 955,000 | 956,000 | |||||||
Issuance of shares pursuant to restricted stock units | $ 2,000 | $ 1,000 | 2,000 | 1,000 | ||||||
Issuance of shares pursuant to deferred stock units | 1,000 | 1,000 | ||||||||
Shares repurchased and retired | (15,000) | (25,156,000) | (25,171,000) | |||||||
Balance at Jun. 30, 2019 | $ 309,000 | 102,841,000 | 367,523,000 | (42,940,000) | 6,290,000 | 434,023,000 | ||||
Equity-based compensation expense | 4,224,000 | 4,224,000 | ||||||||
Cumulative effect adjustment (see Revenues: Note 3) | 0 | 0 | ||||||||
Net income (loss) | (12,367,000) | 229,000 | (12,138,000) | |||||||
Currency translation adjustment and derivative transactions, net | (2,650,000) | 20,000 | (2,630,000) | |||||||
Distributions to non-controlling interests | (1,409,000) | $ (1,409,000) | ||||||||
Balance (in shares) at Mar. 31, 2019 | 31,491,872 | |||||||||
Issuance of common stock upon stock option exercises (in shares) | 0 | 52,783 | ||||||||
Issuance of shares pursuant to restricted stock units (in shares) | 33,699 | 502 | ||||||||
Issuance of shares pursuant to deferred stock units (in shares) | 68,048 | |||||||||
Shares repurchased and retired (in shares) | (652,727) | |||||||||
Balance (in shares) at Jun. 30, 2019 | 30,941,394 | 30,941,394 | ||||||||
Balance at Mar. 31, 2019 | $ 315,000 | 111,597,000 | 375,889,000 | (40,508,000) | 7,277,000 | $ 454,570,000 | ||||
Issuance of common stock upon stock option exercises | 0 | 0 | 0 | |||||||
Issuance of shares pursuant to restricted stock units | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Issuance of shares pursuant to deferred stock units | 1,000 | 1,000 | ||||||||
Shares repurchased and retired | (7,000) | (10,973,000) | (10,980,000) | |||||||
Balance at Jun. 30, 2019 | $ 309,000 | 102,841,000 | 367,523,000 | (42,940,000) | 6,290,000 | 434,023,000 | ||||
Equity-based compensation expense | $ 2,217,000 | 2,217,000 | ||||||||
Cumulative effect adjustment (see Revenues: Note 3) | 0 | 0 | ||||||||
Net income (loss) | $ (8,366,000) | 219,000 | (8,147,000) | |||||||
Currency translation adjustment and derivative transactions, net | $ (2,432,000) | 107,000 | (2,325,000) | |||||||
Distributions to non-controlling interests | $ (1,313,000) | $ (1,313,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||
Net income (loss) | $ (8,147,000) | $ 7,198,000 | $ (12,138,000) | $ 5,722,000 | |
Adjustments to reconcile to net cash provided by operating activities: | |||||
Depreciation and amortization | 17,615,000 | 18,777,000 | |||
Gain on sale of fixed assets | (584,000) | (239,000) | |||
Equity-based compensation expense | 4,224,000 | 5,094,000 | |||
Deferred income taxes | 601,000 | 395,000 | |||
Non-cash restructuring charges | 1,409,000 | 2,980,000 | |||
Impairment of assets held for sale | 11,946,000 | 0 | 11,946,000 | 0 | |
Loss on foreign currency transactions | (100,000) | 500,000 | 701,000 | 824,000 | |
Other | (190,000) | 477,000 | |||
Changes in operating assets and liabilities (net of acquisitions): | |||||
Receivables net, retainage and contract assets | (289,000) | (6,007,000) | |||
Inventories | (3,966,000) | (3,882,000) | |||
Prepaid expenses and other assets | 6,153,000 | 7,779,000 | |||
Accounts payable and accrued expenses | (5,887,000) | (9,960,000) | |||
Contract liabilities | (5,056,000) | (12,616,000) | |||
Other operating | (360,000) | 853,000 | |||
Net cash provided by operating activities | 14,179,000 | 10,197,000 | |||
Cash flows from investing activities: | |||||
Capital expenditures | (14,328,000) | (13,616,000) | |||
Proceeds from sale of fixed assets | 968,000 | 595,000 | |||
Patent expenditures | (197,000) | (209,000) | |||
Other acquisition activity | 0 | (3,000,000) | |||
Net cash used in investing activities | (13,557,000) | (16,230,000) | |||
Cash flows from financing activities: | |||||
Proceeds from issuance of common stock upon stock option exercises | 956,000 | 0 | |||
Repurchase of common stock | (25,171,000) | (18,609,000) | |||
Distributions to non-controlling interests | (1,409,000) | 0 | |||
Credit facility amendment fees | 0 | (1,093,000) | |||
Payments on notes payable, net | (179,000) | (22,000) | |||
Proceeds from line of credit, net | 7,000,000 | 9,000,000 | |||
Principal payments on long-term debt | (13,125,000) | (13,125,000) | |||
Net cash used in financing activities | (31,928,000) | (23,849,000) | |||
Effect of exchange rate changes on cash | 226,000 | (830,000) | |||
Net decrease in cash, cash equivalents and restricted cash for the period | (31,080,000) | (30,712,000) | |||
Cash, cash equivalents and restricted cash, beginning of year | 84,886,000 | 108,545,000 | $ 108,545,000 | ||
Cash, cash equivalents and restricted cash, end of period | 53,806,000 | 77,833,000 | 53,806,000 | 77,833,000 | 84,886,000 |
Cash, cash equivalents and restricted cash associated with assets held for sale, end of period | (1,709,000) | (1,641,000) | (1,709,000) | (1,641,000) | |
Cash, cash equivalents and restricted cash, end of period | $ 52,097,000 | $ 76,192,000 | $ 52,097,000 | $ 76,192,000 | $ 84,886,000 |
Note 1 - General
Note 1 - General | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. GENERAL The accompanying unaudited consolidated financial statements of Aegion Corporation and its subsidiaries (collectively, “Aegion” or the “Company”) reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. Results for interim periods are not The Consolidated Balance Sheet as of December 31, 2018, 10 10 X not 10 2018 10 March 1, 2019. Acquisitions/Strategic Initiatives/Divestitures 2017 On July 28, 2017, “2017 2017 ® During 2018, 2017 second 2019, 4. Infrastructure Solutions Segment (“Infrastructure Solutions”) During 2018, June 30, 2019 December 31, 2018. 5. During the second 2019, June 30, 2019. 5. Corrosion Protection Segment (“Corrosion Protection”) During the first 2019, ® second 2019, ® June 30, 2019. 5. On May 4, 2018, second 2018 third 2018 fifty fifty-one |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. ACCOUNTING POLICIES On January 1, 2019, 842, Leases 842” 6 842, no 10 December 31, 2018. Accumulated Other Comprehensive Loss As set forth below, the Company’s accumulated other comprehensive loss is comprised of three main components: (i) currency translation; (ii) derivatives; and (iii) gains and losses associated with the Company’s defined benefit plan in the United Kingdom (in thousands): June 30, 2019 December 31, 2018 Currency translation adjustments $ (38,061 ) $ (41,107 ) Derivative hedging activity (3,984 ) 1,715 Pension activity (895 ) (898 ) Total accumulated other comprehensive loss $ (42,940 ) $ (40,290 ) For the Company’s international subsidiaries, the local currency is generally the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while revenues and expenses are translated into U.S. dollars using average exchange rates. The cumulative translation adjustment resulting from changes in exchange rates are included in the Consolidated Balance Sheets as a component of “Accumulated other comprehensive loss” in total stockholders’ equity. A net foreign exchange transaction gain of million and a loss of million in the second quarters of 2019 and 2018, respectively, and losses of million and million for the six months ended June 30, 2019 and 2018, respectively, are included in “Other expense” in the Consolidated Statements of Operations. Taxation The Company provides for estimated income taxes payable or refundable on current year income tax returns as well as the estimated future tax effects attributable to temporary differences and carryforwards, based upon enacted tax laws and tax rates, and in accordance with FASB ASC 740, Income Taxes (“FASB ASC 740” ). FASB ASC 740 also requires that a valuation allowance be recorded against any deferred tax assets that are not likely to be realized in the future. The determination is based on the Company’s ability to generate future taxable income and, at times, is dependent on its ability to implement strategic tax initiatives to ensure full utilization of recorded deferred tax assets. Should the Company not be able to implement the necessary tax strategies, it may need to record valuation allowances for certain deferred tax assets, including those related to foreign income tax benefits. Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowances recorded against net deferred tax assets. Earnings per Share Earnings per share have been calculated using the following share information: Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average number of common shares used for basic EPS 31,216,886 32,378,260 31,459,557 32,430,819 Effect of dilutive stock options and restricted and deferred stock unit awards — 628,600 — 668,426 Weighted average number of common shares and dilutive potential common stock used for dilutive EPS 31,216,886 33,006,860 31,459,557 33,099,245 The Company excluded and restricted and deferred stock units for the quarter and six -month period ended June 30, 2019, respectively, from the diluted earnings per share calculation for the Company’s common stock because of the reported net loss for the periods. Cash, Cash Equivalents and Restricted Cash The Company classifies highly liquid investments with original maturities of 90 days or less as cash equivalents. Recorded book values are reasonable estimates of fair value for cash and cash equivalents. Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands): Balance sheet data June 30, 2019 December 31, 2018 Cash and cash equivalents $ 51,338 $ 83,527 Restricted cash 759 1,359 Cash, cash equivalents and restricted cash $ 52,097 $ 84,886 Restricted cash held in escrow primarily relates to funds reserved for legal requirements, deposits made in lieu of retention on specific projects performed for municipalities and state agencies, or advance customer payments and compensating balances for bank undertakings in Europe. Restricted cash related to operations is similar to retainage, and is, therefore, classified as a current asset, consistent with the Company’s policy on retainage. Investments in Variable Interest Entities The Company evaluates all transactions and relationships with variable interest entities (“VIE”) to determine whether the Company is the primary beneficiary of the entities in accordance with FASB ASC 810, Consolidation . There were no changes in the Company’s VIEs during the quarter ended June 30, 2019 . Financial data for consolidated variable interest entities are summarized in the following tables (in thousands): Balance sheet data June 30, 2019 (1) December 31, 2018 Current assets $ 26,457 $ 33,066 Non-current assets 7,442 6,466 Current liabilities 11,948 12,953 Non-current liabilities 6,522 8,780 ( 1 ) Includes million of assets and million of liabilities classified as held for sale related to Corrpower, United Mexico and Aegion South Africa. See Note 5. Quarters Ended June 30, Six Months Ended June 30, Statement of operations data 2019 2018 (1) 2019 2018 (1) Revenue $ 7,519 $ 6,723 $ 13,444 $ 22,773 Gross profit 2,416 434 4,051 3,744 Net income attributable to Aegion Corporation (652 ) (1,188 ) (619 ) 60 ( 1 ) Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third quarter of 2018. Newly Issued Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update No. 2018 - 13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which modifies the disclosure requirements for Level 1, Level 2 and Level 3 instruments in the fair value hierarchy. The guidance is effective for the Company’s fiscal year beginning January 1, 2020, including interim periods within that fiscal year. The adoption of this standard is not expected to have a material impact on its consolidated financial statements. In February 2018, the FASB issued Accounting Standards Update No. 2018 - 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits a company to reclassify the income tax effects of the Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. Companies may adopt the new guidance using one of two transition methods: (i) retrospective to each period (or periods) in which the income tax effects are recognized, or (ii) at the beginning of the period of adoption. The Company adopted this standard effective January 1, 2019 and elected not to reclassify the tax effects due to the immaterial impact on the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016 - 13, Measurement of Credit Losses on Financial Instruments , which changes the way in which entities estimate and present credit losses for most financial assets, including accounts receivable. The guidance is effective for the Company’s fiscal year beginning January 1, 2020, including interim periods within that fiscal year. Early adoption is permitted, although the Company does not intend to do so. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, Leases (Topic 842 ) , which requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with lease terms longer than twelve months. The Company adopted this standard, effective January 1, 2019, using the adoption-date transition provision, which recognizes and measures leases existing at January 1, 2019 but without retrospective application. See Note 6. |
Note 3 - Revenues
Note 3 - Revenues | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. REVENUES On January 1, 2018, 606 not 606 January 1, 2018 606, Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in FASB ASC 606. not not not The Company’s performance obligations are satisfied over time as work progresses or at a point in time. Revenues from products and services transferred to customers over time accounted for 92.3% and 93.4% of revenues for the quarters ended June 30, 2019 2018 six June 30, 2019 2018, 606 55 255, not June 30, 2019 2018 six June 30, 2019 2018, On June 30, 2019, June 30, 2019 Contract Estimates Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract, and recognizes that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that sometimes span multiple years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. The Company’s contracts do not not not not The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available. Revenue by Category The following tables summarize revenues by segment and geography (in thousands): Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Geographic region: United States $ 110,957 $ 43,326 $ 85,704 $ 239,987 $ 117,580 $ 58,210 $ 77,909 $ 253,699 Canada 18,934 14,458 — 33,392 15,607 14,819 — 30,426 Europe 12,888 4,493 — 17,381 12,996 2,850 — 15,846 Other foreign 12,661 15,319 — 27,980 14,549 20,510 — 35,059 Total revenues $ 155,440 $ 77,596 $ 85,704 $ 318,740 $ 160,732 $ 96,389 $ 77,909 $ 335,030 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Geographic region: United States $ 208,848 $ 73,347 $ 166,567 $ 448,762 $ 211,425 $ 108,568 $ 170,238 $ 490,231 Canada 29,545 27,915 — 57,460 27,876 31,389 — 59,265 Europe 25,413 7,971 — 33,384 26,140 5,715 — 31,855 Other foreign 23,177 32,861 — 56,038 29,718 48,822 — 78,540 Total revenues $ 286,983 $ 142,094 $ 166,567 $ 595,644 $ 295,159 $ 194,494 $ 170,238 $ 659,891 The following tables summarize revenues by segment and contract type (in thousands): Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Contract type: Fixed fee $ 136,212 $ 53,055 $ 1,291 $ 190,558 $ 149,532 $ 63,982 $ 5,967 $ 219,481 Time and materials — 17,283 84,413 101,696 — 21,441 71,942 93,383 Product sales 19,184 7,258 — 26,442 11,187 10,966 — 22,153 License fees 44 — — 44 13 — — 13 Total revenues $ 155,440 $ 77,596 $ 85,704 $ 318,740 $ 160,732 $ 96,389 $ 77,909 $ 335,030 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Contract type: Fixed fee $ 255,127 $ 95,628 $ 2,210 $ 352,965 $ 274,794 $ 141,883 $ 11,724 $ 428,401 Time and materials — 32,259 164,357 196,616 — 34,549 158,514 193,063 Product sales 31,662 14,207 — 45,869 20,332 18,062 — 38,394 License fees 194 — — 194 33 — — 33 Total revenues $ 286,983 $ 142,094 $ 166,567 $ 595,644 $ 295,159 $ 194,494 $ 170,238 $ 659,891 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and contract liabilities on the Consolidated Balance Sheets. Contract assets represent work performed that could not not one For fixed fee and time-and-materials based contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. For some royalty license arrangements, minimum amounts are billed over the license term as quarterly royalty amounts are determined. This results in contract assets as the Company recognizes revenue for the license when the license is transferred to the customer at contract inception. The Company’s contract liabilities consist of advance payments, billings in excess of revenue recognized and deferred revenue. The Company’s contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Advance payments, billings in excess of revenue recognized and deferred revenue are each classified as current. Net contract assets (liabilities) consisted of the following (in thousands): June 30, 2019 (1) December 31, 2018 (2) Contract assets – current $ 56,661 $ 62,467 Contract liabilities – current (25,387 ) (32,339 ) Net contract assets $ 31,274 $ 30,128 ( 1 Amounts exclude contract assets of $8.3 million and contract liabilities of $2.1 million that were classified as held for sale at June 30, 2019 ( 5 ( 2 Amounts exclude contract assets of $1.8 million and contract liabilities of less than $0.1 million that were classified as held for sale at December 31, 2018 ( 5 Substantially all of the $32.3 million and $51.6 million contract liabilities balances at December 31, 2018 December 31, 2017, first six 2019 2018, Impairment losses recognized on receivables and contract assets were not first six 2019 2018. |
Note 4 - Restructuring
Note 4 - Restructuring | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 4. RESTRUCTURING On July 28, 2017, 2017 2017 ® During 2018 first 2019, 2017 ® ® second 2019, 2017 Total pre-tax 2017 2017 The Company expects to incur additional cash charges of less than $5 million related to the 2017 Restructuring. Also, the Company could incur additional non-cash charges primarily associated with the release of cumulative currency translation adjustments and losses on the closure or liquidation of international entities. The identified charges are primarily focused in the international operations of both Infrastructure Solutions and Corrosion Protection, but will also include certain charges in Energy Services and Corporate to a lesser extent. The Company expects to reduce headcount by an additional 30 employees as a result of these further actions. During the quarters and six June 30, 2019 2018 2017 Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Corporate Total Infrastructure Corrosion Corporate Total Severance and benefit related costs $ 551 $ 1,575 $ 6 $ — $ 2,132 $ 1,001 $ 196 $ — $ 1,197 Contract termination costs (92 ) 790 — — 698 309 — — 309 Relocation and other moving costs — 144 — — 144 34 — — 34 Other restructuring costs (1) 1,696 940 — 906 3,542 1,186 139 48 1,373 Total pre-tax restructuring charges $ 2,155 $ 3,449 $ 6 $ 906 $ 6,516 $ 2,530 $ 335 $ 48 $ 2,913 ( 1 For the quarter ended June 30, 2019, June 30, 2018, ® Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Solutions Corrosion Protection Energy Services Corporate Total Infrastructure Solutions Corrosion Protection Corporate Total Severance and benefit related costs $ 833 $ 1,745 $ 40 $ 9 $ 2,627 $ 1,781 $ 317 $ 170 $ 2,268 Contract termination costs 333 807 — 98 1,238 837 — 150 987 Relocation and other moving costs 51 144 — — 195 74 — — 74 Other restructuring costs (1) 3,440 729 — 1,153 5,322 3,054 1,483 291 4,828 Total pre-tax restructuring charges $ 4,657 $ 3,425 $ 40 $ 1,260 $ 9,382 $ 5,746 $ 1,800 $ 611 $ 8,157 ( 1 For the six June 30, 2019, six June 30, 2018, ® 2017 June 30, 2019 2018 six June 30, 2019 2018, The following tables summarize all charges related to the 2017 six June 30, 2019 2018 Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Corporate Total (1) Infrastructure Corrosion Corporate Total (2) Cost of revenues $ (67 ) $ 463 $ — $ — $ 396 $ — $ — $ — $ — Operating expenses 976 331 — 898 2,205 1,186 139 48 1,373 Restructuring and related charges 459 2,509 6 — 2,974 1,344 196 — 1,540 Other expense 787 146 — 8 941 — — — — Total pre-tax restructuring charges $ 2,155 $ 3,449 $ 6 $ 906 $ 6,516 $ 2,530 $ 335 $ 48 $ 2,913 ( 1 Total pre-tax restructuring charges for the quarter ended June 30, 2019, ( 2 Total pre-tax restructuring charges for the quarter ended June 30, 2018, Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Corrosion Energy Corporate Total (1) Infrastructure Corrosion Corporate Total (2) Cost of revenues $ (92 ) $ 562 $ — $ — $ 470 $ — $ — $ — $ — Operating expenses 2,322 268 — 1,145 3,735 3,054 1,483 291 4,828 Restructuring and related charges 1,217 2,696 40 107 4,060 2,692 317 320 3,329 Other expense 1,210 (101 ) — 8 1,117 — — — — Total pre-tax restructuring charges $ 4,657 $ 3,425 $ 40 $ 1,260 $ 9,382 $ 5,746 $ 1,800 $ 611 $ 8,157 ( 1 Total pre-tax restructuring charges include cash charges of $8.5 million and non-cash charges of $0.9 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. ( 2 Total pre-tax restructuring charges include cash charges of $5.2 million and non-cash charges of $3.0 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. The following tables summarize the 2017 first six 2019 2018 Utilized in 2019 Reserves at December 31, 2018 2019 Foreign Currency Cash (1) Non-Cash Reserves at June 30, 2019 Severance and benefit related costs $ 1,742 $ 2,627 $ (10 ) $ 1,860 $ — $ 2,499 Contract termination costs 359 1,238 (13 ) 606 — 978 Relocation and other moving costs — 195 (1 ) 26 — 168 Other restructuring costs 311 5,322 (3 ) 3,450 1,409 771 Total pre-tax restructuring charges $ 2,412 $ 9,382 $ (27 ) $ 5,942 $ 1,409 $ 4,416 ( 1 Refers to cash utilized to settle charges during the first six 2019 Utilized in 2018 Reserves at December 31, 2017 2018 Foreign Currency Cash (1) Non-Cash Reserves at June 30, 2018 Severance and benefit related costs $ 3,864 $ 2,268 $ (9 ) $ 2,993 $ — $ 3,130 Contract termination costs 650 987 (9 ) 1,041 — 587 Relocation and other moving costs — 74 — 74 — — Other restructuring costs 675 4,828 — 2,373 2,980 150 Total pre-tax restructuring charges $ 5,189 $ 8,157 $ (18 ) $ 6,481 $ 2,980 $ 3,867 ( 1 Refers to cash utilized to settle charges during the first six 2018 |
Note 5 - Assets and Liabilities
Note 5 - Assets and Liabilities Held for Sale | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. ASSETS AND LIABILITIES HELD FOR SALE During the first 2019, third second 2019. During 2018, second 2019, third third second 2019. The relevant asset and liability balances at June 30, 2019 December 31, 2018 June 30, 2019. The following table provides the components of assets and liabilities held for sale (in thousands): June 30, 2019 (1) December 31, 2018 (2) Assets held for sale: Current assets Cash and cash equivalents $ 1,330 $ — Restricted cash 379 — Receivables, net 9,888 1,309 Retainage 623 15 Contract assets 8,301 1,777 Inventories 5,136 2,123 Prepaid expenses and other current assets 2,264 300 Total current assets 27,921 5,524 Property, plant & equipment, less accumulated depreciation 8,823 2,268 Goodwill 4,224 — Intangible assets, less accumulated amortization 1,470 — Operating lease assets 769 — Deferred income tax assets 730 Other assets 170 — Impairment of assets held for sale (11,946 ) — Total assets held for sale $ 32,161 $ 7,792 Liabilities held for sale: Current liabilities Accounts payable $ 5,779 $ 1,331 Accrued expenses 7,971 3,891 Contract liabilities 2,081 38 Current maturities of long-term debt 864 — Total current liabilities 16,695 5,260 Operating lease liabilities 357 — Other non-current liabilities 340 — Total liabilities held for sale $ 17,392 $ 5,260 ( 1 Includes Insituform Australia, Insituform Netherlands, Insituform Spain, Environmental Techniques, Corrpower, Aegion South Africa and United Mexico. ( 2 Includes Insituform Australia. |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. LEASES Effective January 1, 2019, 842 January 1, 2019 not not January 1, 2019 No The Company’s operating lease portfolio includes operational field locations, administrative offices, equipment, vehicles and information technology equipment. The majority of the Company’s leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. Right-of-use assets are presented within “Operating lease assets” on the Consolidated Balance Sheet. The current portion of operating lease liabilities are presented within “Accrued expenses”, and the non-current portion of operating lease liabilities are presented within “Operating lease liabilities” on the Consolidated Balance Sheet. Operating lease assets and liabilities are recognized based on the present value of lease payments over the lease term at inception. For purposes of calculating operating lease liabilities, lease terms may January 1, 2019 January 1, 2019. not The following table presents the components of lease expense (in thousands): Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 5,938 $ 11,390 Short-term lease cost 5,482 12,721 Total lease cost $ 11,420 $ 24,111 Supplemental cash flow information related to leases was as follows (in thousands): Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,982 $ 11,444 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,706 $ 7,832 Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2019 (1) Operating leases: Operating lease assets $ 69,057 Accrued expenses $ 15,361 Other liabilities 53,739 Total operating lease liabilities $ 69,100 Weighted-average remaining lease term (in years) 5.62 Weighted-average discount rate 6.28 % ( 1 Amounts exclude operating lease assets of $0.8 million, accrued expenses of $0.9 million, and other liabilities of $0.4 million that were classified as held for sale at June 30, 2019 5 Operating lease liabilities under non-cancellable leases were as follows (in thousands): June 30, 2019 Six months ended December 31, 2019 $ 9,874 2020 17,165 2021 14,571 2022 11,530 2023 9,216 Thereafter 19,235 Total undiscounted operating lease liability 81,591 Less: Imputed interest (12,491 ) Total discounted operating lease liability $ 69,100 Minimum rental commitments under non-cancellable leases as of December 31, 2018 2019 2023 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. GOODWILL AND INTANGIBLE ASSETS Goodwill The following table presents a reconciliation of the beginning and ending balances of goodwill (in thousands): Infrastructure Solutions Corrosion Energy Total Balance, December 31, 2018 Goodwill, gross $ 244,521 $ 76,383 $ 81,504 $ 402,408 Accumulated impairment losses (62,848 ) (45,400 ) (33,527 ) (141,775 ) Goodwill, net 181,673 30,983 47,977 260,633 2019 Activity: Foreign currency translation (17 ) 381 — 364 Reclassification to assets held for sale (1) (4,224 ) — — (4,224 ) Balance, June 30, 2019 Goodwill, gross 240,280 76,764 81,504 398,548 Accumulated impairment losses (62,848 ) (45,400 ) (33,527 ) (141,775 ) Goodwill, net $ 177,432 $ 31,364 $ 47,977 $ 256,773 ( 1 During the second 2019, 5. Intangible Assets Intangible assets consisted of the following (in thousands): June 30, 2019 December 31, 2018 Weighted Gross Accumulated Net Gross Accumulated Net License agreements 2.5 $ 3,894 $ (3,778 ) $ 116 $ 3,894 $ (3,716 ) $ 178 Leases 1.5 864 (733 ) 131 864 (689 ) 175 Trademarks 10.5 15,673 (6,557 ) 9,116 15,751 (6,202 ) 9,549 Non-competes 3.9 2,537 (1,364 ) 1,173 2,529 (1,229 ) 1,300 Customer relationships 8 157,803 (71,589 ) 86,214 159,719 (66,753 ) 92,966 Patents and acquired technology 8.3 38,886 (23,941 ) 14,945 38,338 (22,810 ) 15,528 Total intangible assets — $ 219,657 $ (107,962 ) $ 111,695 $ 221,095 $ (101,399 ) $ 119,696 Amortization expense was $3.4 million and $3.5 million for the quarters ended June 30, 2019 2018, six June 30, 2019 2018 2019 $ 13,747 2020 13,631 2021 13,451 2022 13,406 2023 13,406 |
Note 8 - Long-term Debt and Cre
Note 8 - Long-term Debt and Credit Facility | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. LONG-TERM DEBT AND CREDIT FACILITY Long-term debt consisted of the following (in thousands): June 30, 2019 December 31, 2018 Term note, due February 27, 2023, annualized rates of 4.38% and 4.59%, respectively $ 269,063 $ 282,188 Line of credit, 4.40% and 4.45%, respectively 38,000 31,000 Other notes with interest rates from 3.3% to 7.8% — 1,031 Subtotal 307,063 314,219 Less – Current maturities of long-term debt 32,810 29,469 Less – Unamortized loan costs 2,421 2,747 Total $ 271,832 $ 282,003 In October 2015, February 2018 December 2018, February 2023. In 2018, third first six 2018. first six 2018. Generally, interest is charged on the principal amounts outstanding under the amended Credit Facility at the British Bankers Association LIBOR rate plus an applicable rate ranging from 1.25% to 2.25% depending on the Company’s consolidated leverage ratio. The Company can also opt for an interest rate equal to a base rate (as defined in the credit documents) plus an applicable rate, which also is based on the Company’s consolidated leverage ratio. The applicable LIBOR borrowing rate (LIBOR plus Company’s applicable rate) as of June 30, 2019 The Company’s indebtedness at June 30, 2019 June 30, 2019 first six 2019 As of June 30, 2019 The Company’s indebtedness at December 31, 2018 third At June 30, 2019 December 31, 2018 2 13. In October 2015, October 2020. $262.5 $262.5 $262.5 $262.5 June 30, 2019 13. On March 12, 2018, October 2020 February 2023 $170.6 13. The amended Credit Facility is subject to certain financial covenants, including a consolidated financial leverage ratio and consolidated fixed charge coverage ratio. Subject to the specifically defined terms and methods of calculation as set forth in the amended Credit Facility’s credit agreement, the financial covenant requirements, as of each quarterly reporting period end, are defined as follows: • Consolidated financial leverage ratio compares consolidated funded indebtedness to amended Credit Facility defined income with a maximum amount not 1.00. June 30, 2019 1.00 • Consolidated fixed charge coverage ratio compares amended Credit Facility defined income to amended Credit Facility defined fixed charges with a minimum permitted ratio of not 1.00. June 30, 2019, 1.00. At June 30, 2019 |
Note 9 - Stockholders' Equity a
Note 9 - Stockholders' Equity and Equity Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. STOCKHOLDERS’ EQUITY AND EQUITY COMPENSATION Share Repurchase Plan In December 2018, not December 2018, 2019. The Company is also authorized to repurchase up to $10.0 million of the Company’s common stock in each calendar year in connection with the Company’s equity compensation programs for employees. The participants in the Company’s equity plans may may During the first six 2019 During the first six 2018 not first six 2018. Equity-Based Compensation Plans In April 2016, 2016 2017 2016 “2016 April 2018, 2016 2016 2016 2013 2016 June 30, 2019 2016 In April 2016, 2016 “2016 2011 April 2019, 2016 2016 2016 2016 2016 June 30, 2019 2016 Stock Awards Stock awards, which include shares of restricted stock, restricted stock units and performance stock units, are awarded from time to time to executive officers and certain key employees of the Company. Stock award compensation is recorded based on the award date fair value and charged to expense ratably through the requisite service period. The forfeiture of unvested restricted stock, restricted stock units and performance stock units causes the reversal of all previous expense to be recorded as a reduction of current period expense. A summary of the stock award activity is as follows: Six Months Ended June 30, 2019 Stock Awards Weighted Outstanding at December 31, 2018 1,143,205 $ 23.26 Restricted stock units awarded 297,865 20.10 Performance stock units awarded 146,367 22.78 Restricted stock units distributed (205,274 ) 18.49 Performance stock units distributed (111,155 ) 25.85 Restricted stock units forfeited (20,871 ) 23.35 Performance stock units forfeited (44,567 ) 25.98 Outstanding at June 30, 2019 1,205,570 $ 22.89 Expense associated with stock awards was $2.0 million for each of the quarters ended June 30, 2018 six June 30, 2019 2018, June 30, 2019 Deferred Stock Unit Awards Deferred stock units are generally awarded to directors of the Company and represent the Company’s obligation to transfer one April 2019, 2016 A summary of deferred stock unit activity is as follows: Six Months Ended June 30, 2019 Deferred Weighted Outstanding at December 31, 2018 287,350 $ 20.80 Awarded 45,047 19.67 Distributed (77,486 ) 20.39 Outstanding at June 30, 2019 254,911 $ 20.73 Expense associated with deferred stock unit awards was $0.2 million and $0.9 million for the quarters ended June 30, 2019 2018 six June 30, 2019 2018, Stock Options Stock options on the Company’s common stock were previously awarded from time to time to executive officers and certain key employees of the Company. Stock options granted generally had a term of 7 to 10 years and an exercise price equal to the market value of the underlying common stock on the date of grant. There were 52,783 stock options exercised during the six June 30, 2019 June 30, 2019 |
Note 10 - Taxes on Income
Note 10 - Taxes on Income | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. TAXES ON INCOME The Company’s effective tax rate in the quarter and six June 30, 2019 not no The Company’s effective tax rate in the quarter and six June 30, 2018 no six June 30, 2018 first six 2018. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES Litigation The Company is involved in certain litigation incidental to the conduct of its business and affairs. Management, after consultation with legal counsel, does not Purchase Commitments The Company had no June 30, 2019 Guarantees The Company has many contracts that require the Company to indemnify the other party against loss from claims, including claims of patent or trademark infringement or other third third not no not The Company regularly reviews its exposure under all its engagements, including performance guarantees by contractual joint ventures and indemnification of its surety. As a result of the most recent review, the Company has determined that the risk of material loss is remote under these arrangements and has not June 30, 2019 |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. SEGMENT REPORTING The Company has three operating segments, which are also its reportable segments: Infrastructure Solutions; Corrosion Protection and Energy Services. The Company’s operating segments correspond to its management organizational structure. Each operating segment has leadership that reports to the chief operating decision manager (“CODM”). The operating results and financial information reported by each segment are evaluated separately, regularly reviewed and used by the CODM to evaluate segment performance, allocate resources and determine management incentive compensation. The following disaggregated financial results have been prepared using a management approach that is consistent with the basis and manner with which management internally disaggregates financial information for the purpose of making internal operating decisions. The Company evaluates performance based on stand-alone operating income (loss), which includes acquisition and divestiture expenses and restructuring charges, if applicable. In 2019, six June 30, 2018 Financial information by segment was as follows (in thousands): Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues: Infrastructure Solutions $ 155,439 $ 160,732 $ 286,982 $ 295,159 Corrosion Protection 77,597 96,389 142,095 194,494 Energy Services 85,704 77,909 166,567 170,238 Total revenues $ 318,740 $ 335,030 $ 595,644 $ 659,891 Gross profit: Infrastructure Solutions $ 38,871 $ 35,949 $ 65,458 $ 62,658 Corrosion Protection 16,692 24,537 29,564 48,113 Energy Services 11,874 10,567 20,710 21,786 Total gross profit $ 67,437 $ 71,053 $ 115,732 $ 132,557 Operating income (loss): Infrastructure Solutions (1) $ 9,120 $ 12,916 $ 14,835 $ 16,153 Corrosion Protection (2) (3,863 ) 6,953 (5,623 ) 11,915 Energy Services 4,107 2,498 5,222 5,625 Corporate (3) (8,905 ) (7,908 ) (14,749 ) (16,053 ) Total operating income (loss) 459 14,459 (315 ) 17,640 Other income (expense): Interest expense (3,566 ) (3,923 ) (7,156 ) (9,366 ) Interest income 261 62 546 109 Other (4) (1,015 ) (506 ) (1,689 ) (768 ) Total other expense (4,320 ) (4,367 ) (8,299 ) (10,025 ) Income (loss) before taxes on income $ (3,861 ) $ 10,092 $ (8,614 ) $ 7,615 ( 1 Operating income in the second 2019 2018 2017 4 first six 2019 2018 2017 second first six 2019 5 ( 2 Operating income (loss) in the second 2019 2018 2017 4 first six 2019 2018 2017 second first six 2019 5 ( 3 Operating loss in the second 2019 2018 2017 4 first six 2019 2018 2017 ( 4 Other expense in the second first six 2019 2017 4 The following table summarizes revenues and gross profit by geographic region (in thousands): Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues: (1) United States $ 239,987 $ 253,699 $ 448,762 $ 490,231 Canada 33,392 30,426 57,460 59,265 Europe 17,381 15,846 33,384 31,855 Other foreign 27,980 35,059 56,038 78,540 Total revenues $ 318,740 $ 335,030 $ 595,644 $ 659,891 Gross profit: (1) United States $ 50,792 $ 58,599 $ 82,619 $ 108,162 Canada 5,028 5,454 8,482 10,229 Europe 3,311 1,401 6,830 2,535 Other foreign 8,306 5,599 17,801 11,631 Total gross profit $ 67,437 $ 71,053 $ 115,732 $ 132,557 ( 1 Revenues and gross profit are attributed to the country of origin |
Note 13 - Derivative Financial
Note 13 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 13. DERIVATIVE FINANCIAL INSTRUMENTS As a matter of policy, the Company uses derivatives for risk management purposes, and does not may no June 30, 2019 December 31, 2018. The Company also engages in regular inter-company trade activities and receives royalty payments from certain of its wholly-owned entities, paid in local currency, rather than the Company’s functional currency, U.S. dollars. The Company utilizes foreign currency forward exchange contracts to mitigate the currency risk associated with the anticipated future payments from certain of its international entities. During the first six 2019 In October 2015, October 2020. $262.5 $262.5 On March 12, 2018, October 2020 February 2023 The following table summarizes the Company’s derivative positions at June 30, 2019 Position Notional Weighted Average USD/British Pound Sell £ 2,670,000 0.3 0.9 EURO/British Pound Sell £ 3,573,000 0.3 0.78 Interest Rate Swap — $ 201,796,875 3.5 — The following table provides a summary of the fair value amounts of our derivative instruments, all of which are Level 2 Designation of Derivatives Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives Designated as Hedging Instruments: Interest Rate Swaps Other non-current assets $ 785 $ 3,648 Total Assets $ 785 $ 3,648 Interest Rate Swaps Other non-current liabilities $ 4,871 $ 1,885 Total Liabilities $ 4,871 $ 1,885 Derivatives Not Designated as Hedging Instruments: Forward Currency Contracts Prepaid expenses and other current assets $ — $ — Total Assets $ — $ — Forward Currency Contracts Accrued expenses $ 41 $ 44 Total Liabilities $ 41 $ 44 Total Derivative Assets $ 785 $ 3,648 Total Derivative Liabilities 4,912 1,929 Total Net Derivative Asset (Liability) $ (4,127 ) $ 1,719 FASB ASC 820, Fair Value Measurements 820” three • Level 1 • Level 2 • Level 3 no In accordance with FASB ASC 820, 2 The Company had no 1, 2 3 June 30, 2019 not 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accumulated Other Comprehensive Income (Loss), Policy [Policy Text Block] | Accumulated Other Comprehensive Loss As set forth below, the Company’s accumulated other comprehensive loss is comprised of three main components: (i) currency translation; (ii) derivatives; and (iii) gains and losses associated with the Company’s defined benefit plan in the United Kingdom (in thousands): June 30, 2019 December 31, 2018 Currency translation adjustments $ (38,061 ) $ (41,107 ) Derivative hedging activity (3,984 ) 1,715 Pension activity (895 ) (898 ) Total accumulated other comprehensive loss $ (42,940 ) $ (40,290 ) |
Income Tax, Policy [Policy Text Block] | Taxation The Company provides for estimated income taxes payable or refundable on current year income tax returns as well as the estimated future tax effects attributable to temporary differences and carryforwards, based upon enacted tax laws and tax rates, and in accordance with FASB ASC 740, Income Taxes (“FASB ASC 740” ). FASB ASC 740 also requires that a valuation allowance be recorded against any deferred tax assets that are not likely to be realized in the future. The determination is based on the Company’s ability to generate future taxable income and, at times, is dependent on its ability to implement strategic tax initiatives to ensure full utilization of recorded deferred tax assets. Should the Company not be able to implement the necessary tax strategies, it may need to record valuation allowances for certain deferred tax assets, including those related to foreign income tax benefits. Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowances recorded against net deferred tax assets. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share have been calculated using the following share information: Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average number of common shares used for basic EPS 31,216,886 32,378,260 31,459,557 32,430,819 Effect of dilutive stock options and restricted and deferred stock unit awards — 628,600 — 668,426 Weighted average number of common shares and dilutive potential common stock used for dilutive EPS 31,216,886 33,006,860 31,459,557 33,099,245 The Company excluded and restricted and deferred stock units for the quarter and six -month period ended June 30, 2019, respectively, from the diluted earnings per share calculation for the Company’s common stock because of the reported net loss for the periods. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The Company classifies highly liquid investments with original maturities of 90 days or less as cash equivalents. Recorded book values are reasonable estimates of fair value for cash and cash equivalents. Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands): Balance sheet data June 30, 2019 December 31, 2018 Cash and cash equivalents $ 51,338 $ 83,527 Restricted cash 759 1,359 Cash, cash equivalents and restricted cash $ 52,097 $ 84,886 Restricted cash held in escrow primarily relates to funds reserved for legal requirements, deposits made in lieu of retention on specific projects performed for municipalities and state agencies, or advance customer payments and compensating balances for bank undertakings in Europe. Restricted cash related to operations is similar to retainage, and is, therefore, classified as a current asset, consistent with the Company’s policy on retainage. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Investments in Variable Interest Entities The Company evaluates all transactions and relationships with variable interest entities (“VIE”) to determine whether the Company is the primary beneficiary of the entities in accordance with FASB ASC 810, Consolidation . There were no changes in the Company’s VIEs during the quarter ended June 30, 2019 . Financial data for consolidated variable interest entities are summarized in the following tables (in thousands): Balance sheet data June 30, 2019 (1) December 31, 2018 Current assets $ 26,457 $ 33,066 Non-current assets 7,442 6,466 Current liabilities 11,948 12,953 Non-current liabilities 6,522 8,780 ( 1 ) Includes million of assets and million of liabilities classified as held for sale related to Corrpower, United Mexico and Aegion South Africa. See Note 5. Quarters Ended June 30, Six Months Ended June 30, Statement of operations data 2019 2018 (1) 2019 2018 (1) Revenue $ 7,519 $ 6,723 $ 13,444 $ 22,773 Gross profit 2,416 434 4,051 3,744 Net income attributable to Aegion Corporation (652 ) (1,188 ) (619 ) 60 ( 1 ) Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third quarter of 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Newly Issued Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update No. 2018 - 13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which modifies the disclosure requirements for Level 1, Level 2 and Level 3 instruments in the fair value hierarchy. The guidance is effective for the Company’s fiscal year beginning January 1, 2020, including interim periods within that fiscal year. The adoption of this standard is not expected to have a material impact on its consolidated financial statements. In February 2018, the FASB issued Accounting Standards Update No. 2018 - 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits a company to reclassify the income tax effects of the Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. Companies may adopt the new guidance using one of two transition methods: (i) retrospective to each period (or periods) in which the income tax effects are recognized, or (ii) at the beginning of the period of adoption. The Company adopted this standard effective January 1, 2019 and elected not to reclassify the tax effects due to the immaterial impact on the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016 - 13, Measurement of Credit Losses on Financial Instruments , which changes the way in which entities estimate and present credit losses for most financial assets, including accounts receivable. The guidance is effective for the Company’s fiscal year beginning January 1, 2020, including interim periods within that fiscal year. Early adoption is permitted, although the Company does not intend to do so. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, Leases (Topic 842 ) , which requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with lease terms longer than twelve months. The Company adopted this standard, effective January 1, 2019, using the adoption-date transition provision, which recognizes and measures leases existing at January 1, 2019 but without retrospective application. See Note 6. |
Note 2 - Accounting Policies (T
Note 2 - Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 30, 2019 December 31, 2018 Currency translation adjustments $ (38,061 ) $ (41,107 ) Derivative hedging activity (3,984 ) 1,715 Pension activity (895 ) (898 ) Total accumulated other comprehensive loss $ (42,940 ) $ (40,290 ) |
Schedule of Weighted Average Number of Shares [Table Text Block] | Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average number of common shares used for basic EPS 31,216,886 32,378,260 31,459,557 32,430,819 Effect of dilutive stock options and restricted and deferred stock unit awards — 628,600 — 668,426 Weighted average number of common shares and dilutive potential common stock used for dilutive EPS 31,216,886 33,006,860 31,459,557 33,099,245 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Balance sheet data June 30, 2019 December 31, 2018 Cash and cash equivalents $ 51,338 $ 83,527 Restricted cash 759 1,359 Cash, cash equivalents and restricted cash $ 52,097 $ 84,886 |
Schedule of Variable Interest Entities [Table Text Block] | Balance sheet data June 30, 2019 (1) December 31, 2018 Current assets $ 26,457 $ 33,066 Non-current assets 7,442 6,466 Current liabilities 11,948 12,953 Non-current liabilities 6,522 8,780 Quarters Ended June 30, Six Months Ended June 30, Statement of operations data 2019 2018 (1) 2019 2018 (1) Revenue $ 7,519 $ 6,723 $ 13,444 $ 22,773 Gross profit 2,416 434 4,051 3,744 Net income attributable to Aegion Corporation (652 ) (1,188 ) (619 ) 60 |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Geographic region: United States $ 110,957 $ 43,326 $ 85,704 $ 239,987 $ 117,580 $ 58,210 $ 77,909 $ 253,699 Canada 18,934 14,458 — 33,392 15,607 14,819 — 30,426 Europe 12,888 4,493 — 17,381 12,996 2,850 — 15,846 Other foreign 12,661 15,319 — 27,980 14,549 20,510 — 35,059 Total revenues $ 155,440 $ 77,596 $ 85,704 $ 318,740 $ 160,732 $ 96,389 $ 77,909 $ 335,030 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Geographic region: United States $ 208,848 $ 73,347 $ 166,567 $ 448,762 $ 211,425 $ 108,568 $ 170,238 $ 490,231 Canada 29,545 27,915 — 57,460 27,876 31,389 — 59,265 Europe 25,413 7,971 — 33,384 26,140 5,715 — 31,855 Other foreign 23,177 32,861 — 56,038 29,718 48,822 — 78,540 Total revenues $ 286,983 $ 142,094 $ 166,567 $ 595,644 $ 295,159 $ 194,494 $ 170,238 $ 659,891 Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Contract type: Fixed fee $ 136,212 $ 53,055 $ 1,291 $ 190,558 $ 149,532 $ 63,982 $ 5,967 $ 219,481 Time and materials — 17,283 84,413 101,696 — 21,441 71,942 93,383 Product sales 19,184 7,258 — 26,442 11,187 10,966 — 22,153 License fees 44 — — 44 13 — — 13 Total revenues $ 155,440 $ 77,596 $ 85,704 $ 318,740 $ 160,732 $ 96,389 $ 77,909 $ 335,030 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Corrosion Energy Total Infrastructure Corrosion Energy Total Contract type: Fixed fee $ 255,127 $ 95,628 $ 2,210 $ 352,965 $ 274,794 $ 141,883 $ 11,724 $ 428,401 Time and materials — 32,259 164,357 196,616 — 34,549 158,514 193,063 Product sales 31,662 14,207 — 45,869 20,332 18,062 — 38,394 License fees 194 — — 194 33 — — 33 Total revenues $ 286,983 $ 142,094 $ 166,567 $ 595,644 $ 295,159 $ 194,494 $ 170,238 $ 659,891 |
Contract Asset and Liability [Table Text Block] | June 30, 2019 (1) December 31, 2018 (2) Contract assets – current $ 56,661 $ 62,467 Contract liabilities – current (25,387 ) (32,339 ) Net contract assets $ 31,274 $ 30,128 |
Note 4 - Restructuring (Tables)
Note 4 - Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Corporate Total Infrastructure Corrosion Corporate Total Severance and benefit related costs $ 551 $ 1,575 $ 6 $ — $ 2,132 $ 1,001 $ 196 $ — $ 1,197 Contract termination costs (92 ) 790 — — 698 309 — — 309 Relocation and other moving costs — 144 — — 144 34 — — 34 Other restructuring costs (1) 1,696 940 — 906 3,542 1,186 139 48 1,373 Total pre-tax restructuring charges $ 2,155 $ 3,449 $ 6 $ 906 $ 6,516 $ 2,530 $ 335 $ 48 $ 2,913 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Solutions Corrosion Protection Energy Services Corporate Total Infrastructure Solutions Corrosion Protection Corporate Total Severance and benefit related costs $ 833 $ 1,745 $ 40 $ 9 $ 2,627 $ 1,781 $ 317 $ 170 $ 2,268 Contract termination costs 333 807 — 98 1,238 837 — 150 987 Relocation and other moving costs 51 144 — — 195 74 — — 74 Other restructuring costs (1) 3,440 729 — 1,153 5,322 3,054 1,483 291 4,828 Total pre-tax restructuring charges $ 4,657 $ 3,425 $ 40 $ 1,260 $ 9,382 $ 5,746 $ 1,800 $ 611 $ 8,157 Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Infrastructure Corrosion Energy Corporate Total (1) Infrastructure Corrosion Corporate Total (2) Cost of revenues $ (67 ) $ 463 $ — $ — $ 396 $ — $ — $ — $ — Operating expenses 976 331 — 898 2,205 1,186 139 48 1,373 Restructuring and related charges 459 2,509 6 — 2,974 1,344 196 — 1,540 Other expense 787 146 — 8 941 — — — — Total pre-tax restructuring charges $ 2,155 $ 3,449 $ 6 $ 906 $ 6,516 $ 2,530 $ 335 $ 48 $ 2,913 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Infrastructure Corrosion Energy Corporate Total (1) Infrastructure Corrosion Corporate Total (2) Cost of revenues $ (92 ) $ 562 $ — $ — $ 470 $ — $ — $ — $ — Operating expenses 2,322 268 — 1,145 3,735 3,054 1,483 291 4,828 Restructuring and related charges 1,217 2,696 40 107 4,060 2,692 317 320 3,329 Other expense 1,210 (101 ) — 8 1,117 — — — — Total pre-tax restructuring charges $ 4,657 $ 3,425 $ 40 $ 1,260 $ 9,382 $ 5,746 $ 1,800 $ 611 $ 8,157 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Utilized in 2019 Reserves at December 31, 2018 2019 Foreign Currency Cash (1) Non-Cash Reserves at June 30, 2019 Severance and benefit related costs $ 1,742 $ 2,627 $ (10 ) $ 1,860 $ — $ 2,499 Contract termination costs 359 1,238 (13 ) 606 — 978 Relocation and other moving costs — 195 (1 ) 26 — 168 Other restructuring costs 311 5,322 (3 ) 3,450 1,409 771 Total pre-tax restructuring charges $ 2,412 $ 9,382 $ (27 ) $ 5,942 $ 1,409 $ 4,416 Utilized in 2018 Reserves at December 31, 2017 2018 Foreign Currency Cash (1) Non-Cash Reserves at June 30, 2018 Severance and benefit related costs $ 3,864 $ 2,268 $ (9 ) $ 2,993 $ — $ 3,130 Contract termination costs 650 987 (9 ) 1,041 — 587 Relocation and other moving costs — 74 — 74 — — Other restructuring costs 675 4,828 — 2,373 2,980 150 Total pre-tax restructuring charges $ 5,189 $ 8,157 $ (18 ) $ 6,481 $ 2,980 $ 3,867 |
Note 5 - Assets and Liabiliti_2
Note 5 - Assets and Liabilities Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | June 30, 2019 (1) December 31, 2018 (2) Assets held for sale: Current assets Cash and cash equivalents $ 1,330 $ — Restricted cash 379 — Receivables, net 9,888 1,309 Retainage 623 15 Contract assets 8,301 1,777 Inventories 5,136 2,123 Prepaid expenses and other current assets 2,264 300 Total current assets 27,921 5,524 Property, plant & equipment, less accumulated depreciation 8,823 2,268 Goodwill 4,224 — Intangible assets, less accumulated amortization 1,470 — Operating lease assets 769 — Deferred income tax assets 730 Other assets 170 — Impairment of assets held for sale (11,946 ) — Total assets held for sale $ 32,161 $ 7,792 Liabilities held for sale: Current liabilities Accounts payable $ 5,779 $ 1,331 Accrued expenses 7,971 3,891 Contract liabilities 2,081 38 Current maturities of long-term debt 864 — Total current liabilities 16,695 5,260 Operating lease liabilities 357 — Other non-current liabilities 340 — Total liabilities held for sale $ 17,392 $ 5,260 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 5,938 $ 11,390 Short-term lease cost 5,482 12,721 Total lease cost $ 11,420 $ 24,111 Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,982 $ 11,444 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,706 $ 7,832 |
Lease, Supplemental Financial Statement Disclosures, Balance Sheet [Table Text Block] | June 30, 2019 (1) Operating leases: Operating lease assets $ 69,057 Accrued expenses $ 15,361 Other liabilities 53,739 Total operating lease liabilities $ 69,100 Weighted-average remaining lease term (in years) 5.62 Weighted-average discount rate 6.28 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | June 30, 2019 Six months ended December 31, 2019 $ 9,874 2020 17,165 2021 14,571 2022 11,530 2023 9,216 Thereafter 19,235 Total undiscounted operating lease liability 81,591 Less: Imputed interest (12,491 ) Total discounted operating lease liability $ 69,100 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Infrastructure Solutions Corrosion Energy Total Balance, December 31, 2018 Goodwill, gross $ 244,521 $ 76,383 $ 81,504 $ 402,408 Accumulated impairment losses (62,848 ) (45,400 ) (33,527 ) (141,775 ) Goodwill, net 181,673 30,983 47,977 260,633 2019 Activity: Foreign currency translation (17 ) 381 — 364 Reclassification to assets held for sale (1) (4,224 ) — — (4,224 ) Balance, June 30, 2019 Goodwill, gross 240,280 76,764 81,504 398,548 Accumulated impairment losses (62,848 ) (45,400 ) (33,527 ) (141,775 ) Goodwill, net $ 177,432 $ 31,364 $ 47,977 $ 256,773 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2019 December 31, 2018 Weighted Gross Accumulated Net Gross Accumulated Net License agreements 2.5 $ 3,894 $ (3,778 ) $ 116 $ 3,894 $ (3,716 ) $ 178 Leases 1.5 864 (733 ) 131 864 (689 ) 175 Trademarks 10.5 15,673 (6,557 ) 9,116 15,751 (6,202 ) 9,549 Non-competes 3.9 2,537 (1,364 ) 1,173 2,529 (1,229 ) 1,300 Customer relationships 8 157,803 (71,589 ) 86,214 159,719 (66,753 ) 92,966 Patents and acquired technology 8.3 38,886 (23,941 ) 14,945 38,338 (22,810 ) 15,528 Total intangible assets — $ 219,657 $ (107,962 ) $ 111,695 $ 221,095 $ (101,399 ) $ 119,696 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2019 $ 13,747 2020 13,631 2021 13,451 2022 13,406 2023 13,406 |
Note 8 - Long-term Debt and C_2
Note 8 - Long-term Debt and Credit Facility (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2019 December 31, 2018 Term note, due February 27, 2023, annualized rates of 4.38% and 4.59%, respectively $ 269,063 $ 282,188 Line of credit, 4.40% and 4.45%, respectively 38,000 31,000 Other notes with interest rates from 3.3% to 7.8% — 1,031 Subtotal 307,063 314,219 Less – Current maturities of long-term debt 32,810 29,469 Less – Unamortized loan costs 2,421 2,747 Total $ 271,832 $ 282,003 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity and Equity Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Six Months Ended June 30, 2019 Stock Awards Weighted Outstanding at December 31, 2018 1,143,205 $ 23.26 Restricted stock units awarded 297,865 20.10 Performance stock units awarded 146,367 22.78 Restricted stock units distributed (205,274 ) 18.49 Performance stock units distributed (111,155 ) 25.85 Restricted stock units forfeited (20,871 ) 23.35 Performance stock units forfeited (44,567 ) 25.98 Outstanding at June 30, 2019 1,205,570 $ 22.89 |
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Six Months Ended June 30, 2019 Deferred Weighted Outstanding at December 31, 2018 287,350 $ 20.80 Awarded 45,047 19.67 Distributed (77,486 ) 20.39 Outstanding at June 30, 2019 254,911 $ 20.73 |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues: Infrastructure Solutions $ 155,439 $ 160,732 $ 286,982 $ 295,159 Corrosion Protection 77,597 96,389 142,095 194,494 Energy Services 85,704 77,909 166,567 170,238 Total revenues $ 318,740 $ 335,030 $ 595,644 $ 659,891 Gross profit: Infrastructure Solutions $ 38,871 $ 35,949 $ 65,458 $ 62,658 Corrosion Protection 16,692 24,537 29,564 48,113 Energy Services 11,874 10,567 20,710 21,786 Total gross profit $ 67,437 $ 71,053 $ 115,732 $ 132,557 Operating income (loss): Infrastructure Solutions (1) $ 9,120 $ 12,916 $ 14,835 $ 16,153 Corrosion Protection (2) (3,863 ) 6,953 (5,623 ) 11,915 Energy Services 4,107 2,498 5,222 5,625 Corporate (3) (8,905 ) (7,908 ) (14,749 ) (16,053 ) Total operating income (loss) 459 14,459 (315 ) 17,640 Other income (expense): Interest expense (3,566 ) (3,923 ) (7,156 ) (9,366 ) Interest income 261 62 546 109 Other (4) (1,015 ) (506 ) (1,689 ) (768 ) Total other expense (4,320 ) (4,367 ) (8,299 ) (10,025 ) Income (loss) before taxes on income $ (3,861 ) $ 10,092 $ (8,614 ) $ 7,615 Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues: (1) United States $ 239,987 $ 253,699 $ 448,762 $ 490,231 Canada 33,392 30,426 57,460 59,265 Europe 17,381 15,846 33,384 31,855 Other foreign 27,980 35,059 56,038 78,540 Total revenues $ 318,740 $ 335,030 $ 595,644 $ 659,891 Gross profit: (1) United States $ 50,792 $ 58,599 $ 82,619 $ 108,162 Canada 5,028 5,454 8,482 10,229 Europe 3,311 1,401 6,830 2,535 Other foreign 8,306 5,599 17,801 11,631 Total gross profit $ 67,437 $ 71,053 $ 115,732 $ 132,557 |
Note 13 - Derivative Financia_2
Note 13 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Position Notional Weighted Average USD/British Pound Sell £ 2,670,000 0.3 0.9 EURO/British Pound Sell £ 3,573,000 0.3 0.78 Interest Rate Swap — $ 201,796,875 3.5 — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Designation of Derivatives Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives Designated as Hedging Instruments: Interest Rate Swaps Other non-current assets $ 785 $ 3,648 Total Assets $ 785 $ 3,648 Interest Rate Swaps Other non-current liabilities $ 4,871 $ 1,885 Total Liabilities $ 4,871 $ 1,885 Derivatives Not Designated as Hedging Instruments: Forward Currency Contracts Prepaid expenses and other current assets $ — $ — Total Assets $ — $ — Forward Currency Contracts Accrued expenses $ 41 $ 44 Total Liabilities $ 41 $ 44 Total Derivative Assets $ 785 $ 3,648 Total Derivative Liabilities 4,912 1,929 Total Net Derivative Asset (Liability) $ (4,127 ) $ 1,719 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Millions | May 04, 2018 | Sep. 30, 2018 | Jun. 30, 2018 |
OMAN | Company Joint Venture [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||
OMAN | Aegion International [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ||
Hebna [Member] | |||
Business Combination, Consideration Transferred, Total | $ 6 | $ 3 | $ 3 |
Note 2 - Accounting Policies (D
Note 2 - Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Foreign Currency Transaction Gain (Loss), Realized | $ 100 | $ (500) | $ (701) | $ (824) |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Disposal Group, Including Discontinued Operation, Assets, Total | 12,900 | 12,900 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Total | $ 11,300 | $ 11,300 | ||
Restricted and Deferred Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 449,156 | 498,315 |
Note 2 - Accounting Policies -
Note 2 - Accounting Policies - Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Currency translation adjustments | $ (38,061) | $ (41,107) |
Derivative hedging activity | (3,984) | 1,715 |
Pension activity | (895) | (898) |
Total accumulated other comprehensive loss | $ (42,940) | $ (40,290) |
Note 2 - Accounting Policies _2
Note 2 - Accounting Policies - Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Weighted average number of common shares used for basic EPS (in shares) | 31,216,886 | 32,378,260 | 31,459,557 | 32,430,819 |
Effect of dilutive stock options and restricted and deferred stock unit awards (in shares) | 0 | 628,600 | 0 | 668,426 |
Weighted average number of common shares and dilutive potential common stock used for dilutive EPS (in shares) | 31,216,886 | 33,006,860 | 31,459,557 | 33,099,245 |
Note 2 - Accounting Policies _3
Note 2 - Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Cash and cash equivalents | $ 51,338 | $ 83,527 | |
Restricted cash | 759 | 1,359 | |
Cash, cash equivalents and restricted cash | $ 52,097 | $ 84,886 | $ 76,192 |
Note 2 - Accounting Policies _4
Note 2 - Accounting Policies - Investments in Variable Interest Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | [2] | Jun. 30, 2019 | Jun. 30, 2018 | [2] | Dec. 31, 2018 | |||
Current assets | $ 26,457 | [1] | $ 26,457 | [1] | $ 33,066 | ||||
Non-current assets | 7,442 | [1] | 7,442 | [1] | 6,466 | ||||
Current liabilities | 11,948 | [1] | 11,948 | [1] | 12,953 | ||||
Non-current liabilities | 6,522 | [1] | 6,522 | [1] | $ 8,780 | ||||
Revenue | 7,519 | $ 6,723 | 13,444 | $ 22,773 | |||||
Gross profit | 2,416 | 434 | 4,051 | 3,744 | |||||
Net income attributable to Aegion Corporation | $ (652) | $ (1,188) | $ (619) | $ 60 | |||||
[1] | Includes $12.9 million of assets and $11.3 million of liabilities classified as held for sale related to Corrpower, United Mexico and Aegion South Africa. See Note 5. | ||||||||
[2] | Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third quarter of 2018. |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Disposal Group, Including Discontinued Operation, Contract Assets, Current | $ 8.3 | $ 8.3 | $ 1.8 | ||||
Disposal Group, Including Discontinued Operation, Contract Liabilities, Current | $ 2.1 | $ 2.1 | 0.1 | ||||
Contract with Customer, Liability, Total | $ 32.3 | $ 51.6 | |||||
Product and Services [Member] | |||||||
Revenue Recognized, Percent | 92.30% | 93.40% | 91.70% | 94.20% | |||
Product [Member] | |||||||
Revenue Recognized, Percent | 7.70% | 6.60% | 8.30% | 5.80% | |||
Construction, Engineering and Installation Services [Member] | |||||||
Revenue, Remaining Performance Obligation, Amount | $ 480.9 | $ 480.9 | |||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (0.3) |
Note 3 - Revenues 2 (Details Te
Note 3 - Revenues 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 $ in Millions | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 436 |
Revenue, Remaining Performance Obligation, Percentage | 90.70% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 years |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Revenues | [1] | $ 318,740,000 | $ 335,030,000 | $ 595,644,000 | $ 659,891,000 | ||||
Fixed-price Contract [Member] | |||||||||
Revenues | 190,558,000 | 219,481,000 | 352,965,000 | 428,401,000 | |||||
Time-and-materials Contract [Member] | |||||||||
Revenues | 101,696,000 | 93,383,000 | 196,616,000 | 193,063,000 | |||||
Product Sales [Member] | |||||||||
Revenues | 26,442,000 | 22,153,000 | 45,869,000 | 38,394,000 | |||||
License Fees [Member] | |||||||||
Revenues | 44,000 | 13,000 | 194,000 | 33,000 | |||||
Infrastructure Solutions [Member] | |||||||||
Revenues | 155,440,000 | 160,732,000 | 286,983,000 | 295,159,000 | |||||
Infrastructure Solutions [Member] | Fixed-price Contract [Member] | |||||||||
Revenues | 136,212,000 | 149,532,000 | 255,127,000 | 274,794,000 | |||||
Infrastructure Solutions [Member] | Time-and-materials Contract [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Infrastructure Solutions [Member] | Product Sales [Member] | |||||||||
Revenues | 19,184,000 | 11,187,000 | 31,662,000 | 20,332,000 | |||||
Infrastructure Solutions [Member] | License Fees [Member] | |||||||||
Revenues | 44,000 | 13,000 | 194,000 | 33,000 | |||||
Corrosion Protection [Member] | |||||||||
Revenues | 77,596,000 | 96,389,000 | 142,094,000 | 194,494,000 | |||||
Corrosion Protection [Member] | Fixed-price Contract [Member] | |||||||||
Revenues | 53,055,000 | 63,982,000 | 95,628,000 | 141,883,000 | |||||
Corrosion Protection [Member] | Time-and-materials Contract [Member] | |||||||||
Revenues | 17,283,000 | 21,441,000 | 32,259,000 | 34,549,000 | |||||
Corrosion Protection [Member] | Product Sales [Member] | |||||||||
Revenues | 7,258,000 | 10,966,000 | 14,207,000 | 18,062,000 | |||||
Corrosion Protection [Member] | License Fees [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Energy Services [Member] | |||||||||
Revenues | 85,704,000 | 77,909,000 | 166,567,000 | 170,238,000 | |||||
Energy Services [Member] | Fixed-price Contract [Member] | |||||||||
Revenues | 1,291,000 | 5,967,000 | 2,210,000 | 11,724,000 | |||||
Energy Services [Member] | Time-and-materials Contract [Member] | |||||||||
Revenues | 84,413,000 | 71,942,000 | 164,357,000 | 158,514,000 | |||||
Energy Services [Member] | Product Sales [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Energy Services [Member] | License Fees [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
UNITED STATES | |||||||||
Revenues | 239,987,000 | [1] | 253,699,000 | [1] | 448,762,000 | [2] | 490,231,000 | [1] | |
UNITED STATES | Infrastructure Solutions [Member] | |||||||||
Revenues | 110,957,000 | 117,580,000 | 208,848,000 | 211,425,000 | |||||
UNITED STATES | Corrosion Protection [Member] | |||||||||
Revenues | 43,326,000 | 58,210,000 | 73,347,000 | 108,568,000 | |||||
UNITED STATES | Energy Services [Member] | |||||||||
Revenues | 85,704,000 | 77,909,000 | 166,567,000 | 170,238,000 | |||||
CANADA | |||||||||
Revenues | [1] | 33,392,000 | 30,426,000 | 57,460,000 | 59,265,000 | ||||
CANADA | Infrastructure Solutions [Member] | |||||||||
Revenues | 18,934,000 | 15,607,000 | 29,545,000 | 27,876,000 | |||||
CANADA | Corrosion Protection [Member] | |||||||||
Revenues | 14,458,000 | 14,819,000 | 27,915,000 | 31,389,000 | |||||
CANADA | Energy Services [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Europe [Member] | |||||||||
Revenues | [1] | 17,381,000 | 15,846,000 | 33,384,000 | 31,855,000 | ||||
Europe [Member] | Infrastructure Solutions [Member] | |||||||||
Revenues | 12,888,000 | 12,996,000 | 25,413,000 | 26,140,000 | |||||
Europe [Member] | Corrosion Protection [Member] | |||||||||
Revenues | 4,493,000 | 2,850,000 | 7,971,000 | 5,715,000 | |||||
Europe [Member] | Energy Services [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Other Foreign Countries [Member] | |||||||||
Revenues | [1] | 27,980,000 | 35,059,000 | 56,038,000 | 78,540,000 | ||||
Other Foreign Countries [Member] | Infrastructure Solutions [Member] | |||||||||
Revenues | 12,661,000 | 14,549,000 | 23,177,000 | 29,718,000 | |||||
Other Foreign Countries [Member] | Corrosion Protection [Member] | |||||||||
Revenues | 15,319,000 | 20,510,000 | 32,861,000 | 48,822,000 | |||||
Other Foreign Countries [Member] | Energy Services [Member] | |||||||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | Revenues and gross profit are attributed to the country of origin. | ||||||||
[2] | Operating income in the second quarter of 2019 and 2018 includes $1.4 million and $2.5 million, respectively, of 2017 Restructuring charges and $0.4 million and $0.2 million, respectively, of costs primarily related to the planned divestiture of certain international operations (see note 4). Operating income in the first six months of 2019 and 2018 includes $3.4 million and $5.7 million, respectively, of 2017 Restructuring charges and $0.5 million and $0.2 million, respectively, of divestiture costs. Additionally, operating income in the second quarter and first six months of 2019 includes $9.0 million of impairment charges to assets held for sale (see Note 5). |
Note 3 - Revenues- Contract Ass
Note 3 - Revenues- Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | [1] | Dec. 31, 2018 | [2] |
Contract assets – current | $ 56,661 | $ 62,467 | ||
Contract liabilities – current | (25,387) | (32,339) | ||
Net contract assets | $ 31,274 | $ 30,128 | ||
[1] | Amounts exclude contract assets of $8.3 million and contract liabilities of $2.1 million that were classified as held for sale at June 30, 2019 (see Note 5). | |||
[2] | Amounts exclude contract assets of $1.8 million and contract liabilities of less than $0.1 million that were classified as held for sale at December 31, 2018 (see Note 5). |
Note 4 - Restructuring (Details
Note 4 - Restructuring (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 23 Months Ended | ||||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2019USD ($) | |||||
Restructuring Charges, Total | $ 3,000 | $ 1,500 | $ 4,100 | $ 3,300 | ||||||
Restructuring Charges, Non-Cash | 1,409 | 2,980 | ||||||||
Restructuring 2017 [Member] | ||||||||||
Restructuring Charges Pre Tax | $ 149,000 | |||||||||
Restructuring Charges, Net of Tax | 135,900 | |||||||||
Payments for Restructuring | $ 5,942 | [1] | 6,481 | [2] | 34,300 | |||||
Restructuring Reserve, Settled without Cash | 114,700 | |||||||||
Goodwill and Intangible Asset Impairment, Total | $ 86,400 | |||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 28,400 | |||||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 480 | |||||||||
Restructuring and Related Cost, Expected Number of Additional Positions Eliminated | 30 | |||||||||
Restructuring Charges, Total | 6,516 | [3] | 2,913 | [4] | $ 9,382 | [5] | 8,157 | [6] | ||
Restructuring Charges, Cash | 5,400 | 2,300 | 8,500 | 5,200 | ||||||
Restructuring Charges, Non-Cash | 1,100 | $ 600 | 900 | $ 2,980 | ||||||
Restructuring 2017 [Member] | Minimum [Member] | ||||||||||
Restructuring and Related Cost, Expected Cost, Total | 5,000 | 5,000 | $ 5,000 | |||||||
Restructuring 2017 [Member] | Maximum [Member] | ||||||||||
Restructuring and Related Cost, Expected Cost, Total | $ 5,000 | $ 5,000 | $ 5,000 | |||||||
[1] | Refers to cash utilized to settle charges during the first six months of 2019. | |||||||||
[2] | Refers to cash utilized to settle charges during the first six months of 2018. | |||||||||
[3] | Total pre-tax restructuring charges for the quarter ended June 30, 2019, include cash charges of $5.4 million and non-cash charges of $1.1 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||||
[4] | Total pre-tax restructuring charges for the quarter ended June 30, 2018, include cash charges of $2.3 million and non-cash charges of $0.6 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||||
[5] | Total pre-tax restructuring charges include cash charges of $8.5 million and non-cash charges of $0.9 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||||
[6] | Total pre-tax restructuring charges include cash charges of $5.2 million and non-cash charges of $3.0 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. |
Note 4 - Restructuring - Pre Ta
Note 4 - Restructuring - Pre Tax Restructuring Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Restructuring charges | $ 3,000,000 | $ 1,500,000 | $ 4,100,000 | $ 3,300,000 | ||||
Restructuring 2017 [Member] | ||||||||
Restructuring charges | 6,516,000 | [1] | 2,913,000 | [2] | 9,382,000 | [3] | 8,157,000 | [4] |
Restructuring 2017 [Member] | Cost of Revenues [Member] | ||||||||
Restructuring charges | 396,000 | [1] | 0 | [2] | 470,000 | [3] | 0 | [4] |
Restructuring 2017 [Member] | Operating Expense [Member] | ||||||||
Restructuring charges | 2,205,000 | [1] | 1,373,000 | [2] | 3,735,000 | [3] | 4,828,000 | [4] |
Restructuring 2017 [Member] | Restructuring and Related Charges [Member] | ||||||||
Restructuring charges | 2,974,000 | [1] | 1,540,000 | [2] | 4,060,000 | [3] | 3,329,000 | [4] |
Restructuring 2017 [Member] | Other Expense [Member] | ||||||||
Restructuring charges | 941,000 | [1] | 0 | [2] | 1,117,000 | [3] | 0 | [4] |
Restructuring 2017 [Member] | Employee Severance [Member] | ||||||||
Restructuring charges | 2,132,000 | 1,197,000 | 2,627,000 | 2,268,000 | ||||
Restructuring 2017 [Member] | Contract Termination [Member] | ||||||||
Restructuring charges | 698,000 | 309,000 | 1,238,000 | 987,000 | ||||
Restructuring 2017 [Member] | Employee Relocation [Member] | ||||||||
Restructuring charges | 144,000 | 34,000 | 195,000 | 74,000 | ||||
Restructuring 2017 [Member] | Other Restructuring [Member] | ||||||||
Restructuring charges | 3,542,000 | [5] | 1,373,000 | [5] | 5,322,000 | [6] | 4,828,000 | [6] |
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | ||||||||
Restructuring charges | 2,155,000 | 2,530,000 | 4,657,000 | 5,746,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Cost of Revenues [Member] | ||||||||
Restructuring charges | (67,000) | 0 | (92,000) | 0 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Operating Expense [Member] | ||||||||
Restructuring charges | 976,000 | 1,186,000 | 2,322,000 | 3,054,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Restructuring and Related Charges [Member] | ||||||||
Restructuring charges | 459,000 | 1,344,000 | 1,217,000 | 2,692,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Other Expense [Member] | ||||||||
Restructuring charges | 787,000 | 0 | 1,210,000 | 0 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Employee Severance [Member] | ||||||||
Restructuring charges | 551,000 | 1,001,000 | 833,000 | 1,781,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Contract Termination [Member] | ||||||||
Restructuring charges | (92,000) | 309,000 | 333,000 | 837,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Employee Relocation [Member] | ||||||||
Restructuring charges | 0 | 34,000 | 51,000 | 74,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Infrastructure Solutions [Member] | Other Restructuring [Member] | ||||||||
Restructuring charges | 1,696,000 | [6] | 1,186,000 | [5] | 3,440,000 | [6] | 3,054,000 | [6] |
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | ||||||||
Restructuring charges | 3,449,000 | 335,000 | 3,425,000 | 1,800,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Cost of Revenues [Member] | ||||||||
Restructuring charges | 463,000 | 0 | 562,000 | 0 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Operating Expense [Member] | ||||||||
Restructuring charges | 331,000 | 139,000 | 268,000 | 1,483,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Restructuring and Related Charges [Member] | ||||||||
Restructuring charges | 2,509,000 | 196,000 | 2,696,000 | 317,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Other Expense [Member] | ||||||||
Restructuring charges | 146,000 | 0 | (101,000) | 0 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Employee Severance [Member] | ||||||||
Restructuring charges | 1,575,000 | 196,000 | 1,745,000 | 317,000 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Contract Termination [Member] | ||||||||
Restructuring charges | 790,000 | 0 | 807,000 | 0 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Employee Relocation [Member] | ||||||||
Restructuring charges | 144,000 | 0 | 144,000 | 0 | ||||
Restructuring 2017 [Member] | Operating Segments [Member] | Corrosion Protection [Member] | Other Restructuring [Member] | ||||||||
Restructuring charges | 940,000 | [5] | 139,000 | [5] | 729,000 | [6] | 1,483,000 | [6] |
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | ||||||||
Restructuring charges | 6,000 | 40,000 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Cost of Revenues [Member] | ||||||||
Restructuring charges | 0 | 0 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Operating Expense [Member] | ||||||||
Restructuring charges | 0 | 0 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Restructuring and Related Charges [Member] | ||||||||
Restructuring charges | 6,000 | 40,000 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Other Expense [Member] | ||||||||
Restructuring charges | 0 | 0 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Employee Severance [Member] | ||||||||
Restructuring charges | 6,000 | 40,000 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Contract Termination [Member] | ||||||||
Restructuring charges | 0 | 0 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Employee Relocation [Member] | ||||||||
Restructuring charges | 0 | 0 | ||||||
Restructuring 2017 [Member] | Operating Segments [Member] | Energy Services [Member] | Other Restructuring [Member] | ||||||||
Restructuring charges | 0 | [5] | 0 | [6] | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring charges | 906,000 | 48,000 | 1,260,000 | 611,000 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Cost of Revenues [Member] | ||||||||
Restructuring charges | 0 | 0 | 0 | 0 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Operating Expense [Member] | ||||||||
Restructuring charges | 898,000 | 48,000 | 1,145,000 | 291,000 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Restructuring and Related Charges [Member] | ||||||||
Restructuring charges | 0 | 0 | 107,000 | 320,000 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Other Expense [Member] | ||||||||
Restructuring charges | 8,000 | 0 | 8,000 | 0 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Employee Severance [Member] | ||||||||
Restructuring charges | 0 | 0 | 9,000 | 170,000 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Contract Termination [Member] | ||||||||
Restructuring charges | 0 | 0 | 98,000 | 150,000 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Employee Relocation [Member] | ||||||||
Restructuring charges | 0 | 0 | 0 | 0 | ||||
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | Other Restructuring [Member] | ||||||||
Restructuring charges | $ 906,000 | [5] | $ 48,000 | [5] | $ 1,153,000 | [6] | $ 291,000 | [6] |
[1] | Total pre-tax restructuring charges for the quarter ended June 30, 2019, include cash charges of $5.4 million and non-cash charges of $1.1 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||
[2] | Total pre-tax restructuring charges for the quarter ended June 30, 2018, include cash charges of $2.3 million and non-cash charges of $0.6 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||
[3] | Total pre-tax restructuring charges include cash charges of $8.5 million and non-cash charges of $0.9 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||
[4] | Total pre-tax restructuring charges include cash charges of $5.2 million and non-cash charges of $3.0 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||
[5] | For the quarter ended June 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. For the quarter ended June 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo systems in North America and right-sizing the CIPP operations in Australia and Denmark. | |||||||
[6] | For the six months ended June 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. For the six months ended June 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo systems in North America and right-sizing the CIPP operations in Australia and Denmark. |
Note 4 - Restructuring - Recogn
Note 4 - Restructuring - Recognized Cost Restructuring Activities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 23 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |||||
Restructuring charges | $ 3,000,000 | $ 1,500,000 | $ 4,100,000 | $ 3,300,000 | |||||
Non-cash restructuring charges | 1,409,000 | 2,980,000 | |||||||
Restructuring 2017 [Member] | |||||||||
Restructing reserve, balance | 2,412,000 | 5,189,000 | |||||||
Restructuring charges | 6,516,000 | [1] | 2,913,000 | [2] | 9,382,000 | [3] | 8,157,000 | [4] | |
Restructing reserve, foreign currency translation | (27,000) | (18,000) | |||||||
Restructing reserve, settled with cash | 5,942,000 | [5] | 6,481,000 | [6] | $ 34,300,000 | ||||
Restructing reserve, settled without cash | 1,409,000 | ||||||||
Restructing reserve, balance | 4,416,000 | 3,867,000 | 4,416,000 | 3,867,000 | 4,416,000 | ||||
Non-cash restructuring charges | 1,100,000 | 600,000 | 900,000 | 2,980,000 | |||||
Employee Severance [Member] | Restructuring 2017 [Member] | |||||||||
Restructing reserve, balance | 1,742,000 | 3,864,000 | |||||||
Restructuring charges | 2,132,000 | 1,197,000 | 2,627,000 | 2,268,000 | |||||
Restructing reserve, foreign currency translation | (10,000) | (9,000) | |||||||
Restructing reserve, settled with cash | 1,860,000 | [5] | 2,993,000 | [6] | |||||
Restructing reserve, settled without cash | 0 | ||||||||
Restructing reserve, balance | 2,499,000 | 3,130,000 | 2,499,000 | 3,130,000 | 2,499,000 | ||||
Non-cash restructuring charges | 0 | ||||||||
Contract Termination [Member] | Restructuring 2017 [Member] | |||||||||
Restructing reserve, balance | 359,000 | 650,000 | |||||||
Restructuring charges | 698,000 | 309,000 | 1,238,000 | 987,000 | |||||
Restructing reserve, foreign currency translation | (13,000) | (9,000) | |||||||
Restructing reserve, settled with cash | 606,000 | [5] | 1,041,000 | [6] | |||||
Restructing reserve, settled without cash | 0 | ||||||||
Restructing reserve, balance | 978 | 587,000 | 978 | 587,000 | 978 | ||||
Non-cash restructuring charges | 0 | ||||||||
Employee Relocation [Member] | Restructuring 2017 [Member] | |||||||||
Restructing reserve, balance | 0 | 0 | |||||||
Restructuring charges | 144,000 | 34,000 | 195,000 | 74,000 | |||||
Restructing reserve, foreign currency translation | (1,000) | 0 | |||||||
Restructing reserve, settled with cash | 26,000 | [5] | 74,000 | [6] | |||||
Restructing reserve, settled without cash | 0 | ||||||||
Restructing reserve, balance | 168,000 | 0 | 168,000 | 0 | 168,000 | ||||
Non-cash restructuring charges | 0 | ||||||||
Other Restructuring [Member] | Restructuring 2017 [Member] | |||||||||
Restructing reserve, balance | 311,000 | 675,000 | |||||||
Restructuring charges | 3,542,000 | [7] | 1,373,000 | [7] | 5,322,000 | [8] | 4,828,000 | [8] | |
Restructing reserve, foreign currency translation | (3,000) | 0 | |||||||
Restructing reserve, settled with cash | 3,450,000 | [5] | 2,373,000 | [6] | |||||
Restructing reserve, settled without cash | 1,409,000 | ||||||||
Restructing reserve, balance | $ 771,000 | $ 150,000 | $ 771,000 | 150,000 | $ 771,000 | ||||
Non-cash restructuring charges | $ 2,980,000 | ||||||||
[1] | Total pre-tax restructuring charges for the quarter ended June 30, 2019, include cash charges of $5.4 million and non-cash charges of $1.1 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | ||||||||
[2] | Total pre-tax restructuring charges for the quarter ended June 30, 2018, include cash charges of $2.3 million and non-cash charges of $0.6 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | ||||||||
[3] | Total pre-tax restructuring charges include cash charges of $8.5 million and non-cash charges of $0.9 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | ||||||||
[4] | Total pre-tax restructuring charges include cash charges of $5.2 million and non-cash charges of $3.0 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | ||||||||
[5] | Refers to cash utilized to settle charges during the first six months of 2019. | ||||||||
[6] | Refers to cash utilized to settle charges during the first six months of 2018. | ||||||||
[7] | For the quarter ended June 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. For the quarter ended June 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo systems in North America and right-sizing the CIPP operations in Australia and Denmark. | ||||||||
[8] | For the six months ended June 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. For the six months ended June 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo systems in North America and right-sizing the CIPP operations in Australia and Denmark. |
Note 5 - Assets and Liabiliti_3
Note 5 - Assets and Liabilities Held for Sale (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Impairment of Long-Lived Assets to be Disposed of | $ 11,946,000 | $ 0 | $ 11,946,000 | $ 0 |
Insituform Australia [Member] | Infrastructure Solutions [Member] | ||||
Impairment of Long-Lived Assets to be Disposed of | 5,100,000 | |||
Insituform Netherlands [Member] | Infrastructure Solutions [Member] | ||||
Impairment of Long-Lived Assets to be Disposed of | 3,900,000 | |||
Corrpower [Member] | Corrosion Protection [Member] | ||||
Impairment of Long-Lived Assets to be Disposed of | 1,100,000 | |||
United Mexico [Member] | Corrosion Protection [Member] | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 1,800,000 |
Note 5 - Assets and Liabiliti_4
Note 5 - Assets and Liabilities Held for Sale - Assets and Liabilities Held for Sale (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||||
Disposal Group, Including Discontinued Operation, Contract Assets, Current | $ 8,300,000 | $ 8,300,000 | $ 1,800,000 | ||||||
Total current assets | 32,161,000 | 32,161,000 | 7,792,000 | ||||||
Impairment of assets held for sale | 11,946,000 | $ 0 | 11,946,000 | $ 0 | |||||
Disposal Group, Including Discontinued Operation, Contract Liabilities, Current | 2,100,000 | 2,100,000 | 100,000 | ||||||
Total current liabilities | 17,392,000 | 17,392,000 | 5,260,000 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||
Cash and cash equivalents | 1,330,000 | [1] | 1,330,000 | [1] | 0 | [2] | |||
Restricted cash | 379,000 | [1] | 379,000 | [1] | 0 | [2] | |||
Receivables, net | 9,888,000 | [1] | 9,888,000 | [1] | 1,309,000 | [2] | |||
Retainage | 623,000 | [1] | 623,000 | [1] | 15,000 | [2] | |||
Disposal Group, Including Discontinued Operation, Contract Assets, Current | 8,301,000 | [1] | 8,301,000 | [1] | 1,777,000 | [2] | |||
Inventories | 5,136,000 | [1] | 5,136,000 | [1] | 2,123,000 | [2] | |||
Prepaid expenses and other current assets | 2,264,000 | [1] | 2,264,000 | [1] | 300,000 | [2] | |||
Total current assets | 27,921,000 | [1] | 27,921,000 | [1] | 5,524,000 | [2] | |||
Property, plant & equipment, less accumulated depreciation | 8,823,000 | [1] | 8,823,000 | [1] | 2,268,000 | [2] | |||
Goodwill | 4,224,000 | [1] | 4,224,000 | [1] | 0 | [2] | |||
Intangible assets, less accumulated amortization | 1,470,000 | [1] | 1,470,000 | [1] | 0 | [2] | |||
Operating lease assets | 769,000 | [1] | 769,000 | [1] | 0 | [2] | |||
Deferred income tax assets | [1] | 730,000 | 730,000 | ||||||
Other assets | 170,000 | [1] | 170,000 | [1] | 0 | [2] | |||
Impairment of assets held for sale | (11,946,000) | [1] | 0 | [2] | |||||
Disposal Group, Including Discontinued Operation, Assets, Total | 32,161,000 | [1] | 32,161,000 | [1] | 7,792,000 | [2] | |||
Accounts payable | 5,779,000 | [1] | 5,779,000 | [1] | 1,331,000 | [2] | |||
Accrued expenses | 7,971,000 | [1] | 7,971,000 | [1] | 3,891,000 | [2] | |||
Disposal Group, Including Discontinued Operation, Contract Liabilities, Current | 2,081,000 | [1] | 2,081,000 | [1] | 38,000 | [2] | |||
Current maturities of long-term debt | 864,000 | [1] | 864,000 | [1] | 0 | [2] | |||
Total current liabilities | 16,695,000 | [1] | 16,695,000 | [1] | 5,260,000 | [2] | |||
Operating lease liabilities | 357,000 | [1] | 357,000 | [1] | 0 | [2] | |||
Other non-current liabilities | 340,000 | [1] | 340,000 | [1] | 0 | [2] | |||
Disposal Group, Including Discontinued Operation, Liabilities, Total | $ 17,392,000 | [1] | $ 17,392,000 | [1] | $ 5,260,000 | [2] | |||
[1] | Includes Insituform Australia, Insituform Netherlands, Insituform Spain, Environmental Techniques, Corrpower, Aegion South Africa and United Mexico. | ||||||||
[2] | Includes Insituform Australia. |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 6 Months Ended | |||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Lease, Right-of-Use Asset | $ 69,057,000 | $ 0 | ||
Operating Lease, Liability, Total | [1] | $ 69,100,000 | ||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Operating Lease, Liability, Current | [1] | $ 15,361,000 | ||
Operating Lease, Liability, Noncurrent | 53,739,000 | 0 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 19,800,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 15,100,000 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 11,500,000 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 8,100,000 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 5,400,000 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 7,200,000 | |||
Discontinued Operations, Held-for-sale [Member] | ||||
Operating Lease, Right-of-Use Asset | 800,000 | |||
Operating Lease, Liability, Current | 900,000 | |||
Operating Lease, Liability, Noncurrent | $ 400,000 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term | 1 year | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term | 20 years | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 70,500,000 | |||
Operating Lease, Liability, Total | $ 70,500,000 | |||
[1] | Amounts exclude operating lease assets of $0.8 million, accrued expenses of $0.9 million, and other liabilities of $0.4 million that were classified as held for sale at June 30, 2019 (see Note 5). |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Operating lease cost | $ 5,938 | $ 11,390 |
Short-term lease cost | 5,482 | 12,721 |
Total lease cost | 11,420 | 24,111 |
Operating cash flows from operating leases | 5,982 | 11,444 |
Operating leases | $ 1,706 | $ 7,832 |
Note 6 - Leases - Supplement Fi
Note 6 - Leases - Supplement Financial Statement Disclosure (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | [1] | |
Operating lease assets | $ 69,057 | |
Accrued expenses | 15,361 | |
Other liabilities | 53,739 | |
Total operating lease liabilities | $ 69,100 | |
Weighted-average remaining lease term (Year) | 5 years 7 months 13 days | |
Weighted-average discount rate | 6.28% | |
[1] | Amounts exclude operating lease assets of $0.8 million, accrued expenses of $0.9 million, and other liabilities of $0.4 million that were classified as held for sale at June 30, 2019 (see Note 5). |
Note 6 - Leases - Operating Lea
Note 6 - Leases - Operating Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) | |
Six months ended December 31, 2019 | $ 9,874 | |
2020 | 17,165 | |
2021 | 14,571 | |
2022 | 11,530 | |
2023 | 9,216 | |
Thereafter | 19,235 | |
Total undiscounted operating lease liability | 81,591 | |
Less: Imputed interest | (12,491) | |
Total discounted operating lease liability | $ 69,100 | [1] |
[1] | Amounts exclude operating lease assets of $0.8 million, accrued expenses of $0.9 million, and other liabilities of $0.4 million that were classified as held for sale at June 30, 2019 (see Note 5). |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Amortization of Intangible Assets, Total | $ 3.4 | $ 3.5 | $ 6.9 | $ 7 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Reconciliation Goodwill (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | ||
Goodwill, gross | $ 398,548,000 | $ 402,408,000 | |
Accumulated impairment losses | (141,775,000) | (141,775,000) | |
Goodwill, net | 256,773,000 | 260,633,000 | |
Foreign currency translation | 364,000 | ||
Reclassification to assets held for sale (1) | [1] | (4,224,000) | |
Infrastructure Solutions [Member] | |||
Goodwill, gross | 240,280,000 | 244,521,000 | |
Accumulated impairment losses | (62,848,000) | (62,848,000) | |
Goodwill, net | 177,432,000 | 181,673,000 | |
Foreign currency translation | (17,000) | ||
Reclassification to assets held for sale (1) | [1] | (4,224,000) | |
Corrosion Protection [Member] | |||
Goodwill, gross | 76,764,000 | 76,383,000 | |
Accumulated impairment losses | (45,400,000) | (45,400,000) | |
Goodwill, net | 31,364,000 | 30,983,000 | |
Foreign currency translation | 381,000 | ||
Reclassification to assets held for sale (1) | [1] | 0 | |
Energy Services [Member] | |||
Goodwill, gross | 81,504,000 | 81,504,000 | |
Accumulated impairment losses | (33,527,000) | (33,527,000) | |
Goodwill, net | 47,977,000 | $ 47,977,000 | |
Foreign currency translation | 0 | ||
Reclassification to assets held for sale (1) | [1] | $ 0 | |
[1] | During the second quarter of 2019, the Company classified certain assets of its CIPP contracting operation in Europe as held for sale. See Note 5. |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Gross carrying amount | $ 219,657 | $ 221,095 |
Accumulated amortization | (107,962) | (101,399) |
Net carrying amount | $ 111,695 | 119,696 |
Licensing Agreements [Member] | ||
Weighted average useful lives (Year) | 2 years 6 months | |
Gross carrying amount | $ 3,894 | 3,894 |
Accumulated amortization | (3,778) | (3,716) |
Net carrying amount | $ 116 | 178 |
Lease Agreements [Member] | ||
Weighted average useful lives (Year) | 1 year 6 months | |
Gross carrying amount | $ 864 | 864 |
Accumulated amortization | (733) | (689) |
Net carrying amount | $ 131 | 175 |
Trademarks [Member] | ||
Weighted average useful lives (Year) | 10 years 6 months | |
Gross carrying amount | $ 15,673 | 15,751 |
Accumulated amortization | (6,557) | (6,202) |
Net carrying amount | $ 9,116 | 9,549 |
Noncompete Agreements [Member] | ||
Weighted average useful lives (Year) | 3 years 10 months 24 days | |
Gross carrying amount | $ 2,537 | 2,529 |
Accumulated amortization | (1,364) | (1,229) |
Net carrying amount | $ 1,173 | 1,300 |
Customer Relationships [Member] | ||
Weighted average useful lives (Year) | 8 years | |
Gross carrying amount | $ 157,803 | 159,719 |
Accumulated amortization | (71,589) | (66,753) |
Net carrying amount | $ 86,214 | 92,966 |
Patents [Member] | ||
Weighted average useful lives (Year) | 8 years 3 months 18 days | |
Gross carrying amount | $ 38,886 | 38,338 |
Accumulated amortization | (23,941) | (22,810) |
Net carrying amount | $ 14,945 | $ 15,528 |
Note 7 - Goodwill and Intangi_6
Note 7 - Goodwill and Intangible Assets - Estimate Future Amortization (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 | $ 13,747 |
2020 | 13,631 |
2021 | 13,451 |
2022 | 13,406 |
2023 | $ 13,406 |
Note 8 - Long-term Debt and C_3
Note 8 - Long-term Debt and Credit Facility (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 12, 2018 | Oct. 31, 2015 | |
Line of Credit Facility, Fees | $ 2,500,000 | ||||
Line of Credit Facility, Up Front Lending Fee | 900,000 | ||||
Line of Credit Facility, Third Party Arrangement Fees | 1,600,000 | ||||
Long-term Debt, Total | $ 314,219,000 | $ 307,063,000 | |||
Other Loans Payable, Total | 1,000,000 | 900,000 | |||
Long-term Debt, Fair Value | 307,700,000 | 315,800,000 | |||
Derivative, Fixed Interest Rate | 2.937% | ||||
Interest Rate Swap [Member] | |||||
Derivative Asset, Notional Amount | 201,796,875 | ||||
A 2015 Interest Rate Swap [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.68% | ||||
Derivative Asset, Notional Amount | $ 262,500,000 | ||||
Derivative, Fixed Interest Rate | 1.46% | ||||
A 2018 Interest Rate Swap [Member] | |||||
Derivative Asset, Notional Amount | $ 170,600,000 | ||||
Derivative, Fixed Interest Rate | 2.937% | ||||
Derivative, Amount of Hedged Item | $ 170,600,000 | ||||
A 2015 Credit Facility [Member] | |||||
Debt Instrument, Face Amount | $ 650,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | ||||
Line Of Credit Facility, Unamortized Loan Costs | 2,400,000 | ||||
Interest Expense, Debt, Total | $ 200,000 | ||||
Long-term Line of Credit, Total | 31,000,000 | 38,000,000 | |||
Letters of Credit Outstanding, Amount | $ 23,600,000 | ||||
Derivative, Amount of Hedged Item | $ 262,500,000 | ||||
Credit Facility Maximum Consolidated Leverage Ratio | 3.75 | ||||
Credit Facility Actual Consolidated Leverage Ratio | 3.15 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 60,800,000 | ||||
Credit Facility Minimum Consolidated Fixed Charge Ratio | 1.15 | ||||
Credit Facility Actual Consolidated Fixed Charge Ratio | 1.34 | ||||
A 2015 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.38% | ||||
A 2015 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
A 2015 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
A 2015 Credit Facility [Member] | Term Loan [Member] | |||||
Debt Instrument, Face Amount | $ 308,400,000 | ||||
Debt Instrument, Term | 5 years | ||||
Long-term Debt, Total | $ 282,200,000 | $ 269,100,000 | |||
A 2015 Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000,000 | ||||
Debt Instrument, Term | 5 years | ||||
A 2015 Credit Facility [Member] | Working Performance Obligation [Member] | |||||
Long-term Line of Credit, Total | 7,000,000 | ||||
Letters of Credit Outstanding, Amount | 11,300,000 | ||||
A 2015 Credit Facility [Member] | Insurance Carries Collateral [Member] | |||||
Letters of Credit Outstanding, Amount | $ 12,300,000 |
Note 8 - Long-term Debt and C_4
Note 8 - Long-term Debt and Credit Facility - Long-term Debt (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Long term debt | $ 307,063,000 | $ 314,219,000 |
Less – Current maturities of long-term debt | 32,810,000 | 29,469,000 |
Less – Unamortized loan costs | 2,421,000 | 2,747,000 |
Total | 271,832,000 | 282,003,000 |
Medium-term Notes [Member] | ||
Long term debt | 269,063,000 | 282,188,000 |
Line of Credit [Member] | ||
Long term debt | 38,000,000 | 31,000,000 |
Notes Payable, Other Payables [Member] | ||
Long term debt | $ 0 | $ 1,031,000 |
Note 8 - Long-term Debt and C_5
Note 8 - Long-term Debt and Credit Facility - Long-term Debt (Details) (Parentheticals) | Jun. 30, 2019 | Dec. 31, 2018 |
Medium-term Notes [Member] | ||
Current effective interest rate | 4.38% | 4.59% |
Line of Credit [Member] | ||
Current effective interest rate | 4.40% | 4.45% |
Notes Payable, Other Payables [Member] | Minimum [Member] | ||
Current effective interest rate | 3.30% | 3.30% |
Notes Payable, Other Payables [Member] | Maximum [Member] | ||
Current effective interest rate | 7.80% | 7.80% |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity and Equity Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 30, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||||||
Share-based Payment Arrangement, Expense | $ 2 | $ 2 | $ 4 | $ 4.1 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 14.6 | $ 14.6 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 52,783 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 18.11 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 0 | |||||
A 2016 Employee Plan [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,700,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,948,756 | 1,948,756 | |||||
A 2016 Director Plan [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 326,533 | 326,533 | |||||
Share-based Payment Arrangement, Option [Member] | |||||||
Stock Repurchased During Period, Shares | 48,409 | 0 | |||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Deferred Stock Units [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 0.2 | $ 0.9 | $ 0.2 | $ 1 | |||
In Connection With Equity Compensation Programs [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 10 | $ 10 | |||||
Stock Repurchased During Period, Shares | 153,630 | 223,974 | |||||
Stock Repurchased During Period, Value | $ 3.1 | $ 5.4 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 20.48 | $ 24.14 | |||||
Through The Open Market Repurchase Program [Member] | |||||||
Stock Repurchased During Period, Shares | 1,274,086 | 548,198 | |||||
Stock Repurchased During Period, Value | $ 22 | $ 13.2 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 17.28 | $ 24.07 | |||||
Amended Credit Facility [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 32 |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity and Equity Compensation - Summary of Stock Award Activity (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Stock Awards, Outstanding (in shares) | shares | 1,143,205 |
Weighted average award date fair value (in dollars per share) | $ / shares | $ 23.26 |
Stock Awards, Outstanding (in shares) | shares | 1,205,570 |
Weighted average award date fair value (in dollars per share) | $ / shares | $ 22.89 |
Restricted Stock Units (RSUs) [Member] | |
Awards, grants during period (in shares) | shares | 297,865 |
Weighted average award date fair value, award granted (in dollars per share) | $ / shares | $ 20.10 |
Awards, distributed during period (in shares) | shares | (205,274) |
Weighted average award date fair value, award distributed (in dollars per share) | $ / shares | $ 18.49 |
Awards, forfeited during period (in shares) | shares | (20,871) |
Weighted average award date fair value, award forfeited (in dollars per share) | $ / shares | $ 23.35 |
Performance Shares [Member] | |
Awards, grants during period (in shares) | shares | 146,367 |
Weighted average award date fair value, award granted (in dollars per share) | $ / shares | $ 22.78 |
Awards, distributed during period (in shares) | shares | (111,155) |
Weighted average award date fair value, award distributed (in dollars per share) | $ / shares | $ 25.85 |
Awards, forfeited during period (in shares) | shares | (44,567) |
Weighted average award date fair value, award forfeited (in dollars per share) | $ / shares | $ 25.98 |
Note 9 - Stockholders' Equity_5
Note 9 - Stockholders' Equity and Equity Compensation - Deferred Stock Unit Activity (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Stock Awards, Outstanding (in shares) | shares | 1,143,205 |
Weighted average award date fair value (in dollars per share) | $ / shares | $ 23.26 |
Stock Awards, Outstanding (in shares) | shares | 1,205,570 |
Weighted average award date fair value (in dollars per share) | $ / shares | $ 22.89 |
Deferred Stock Units [Member] | |
Stock Awards, Outstanding (in shares) | shares | 287,350 |
Weighted average award date fair value (in dollars per share) | $ / shares | $ 20.80 |
Awards, grants during period (in shares) | shares | 45,047 |
Weighted average award date fair value, award granted (in dollars per share) | $ / shares | $ 19.67 |
Awards, distributed during period (in shares) | shares | (77,486) |
Weighted average award date fair value, award distributed (in dollars per share) | $ / shares | $ 20.39 |
Stock Awards, Outstanding (in shares) | shares | 254,911 |
Weighted average award date fair value (in dollars per share) | $ / shares | $ 20.73 |
Note 10 - Taxes on Income (Deta
Note 10 - Taxes on Income (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (111.00%) | 28.70% | (40.90%) | 24.90% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 1.5 | $ 2.1 | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 19.50% |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |||||
Number of Reportable Segments | 3 | |||||||
Restructuring Charges, Total | $ 3,000,000 | $ 1,500,000 | $ 4,100,000 | $ 3,300,000 | ||||
Impairment of Long-Lived Assets to be Disposed of | 11,946,000 | 0 | 11,946,000 | 0 | ||||
Operating Income (Loss) [Member] | Infrastructure Solutions [Member] | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 9,000,000 | |||||||
Operating Income (Loss) [Member] | Corrosion Protection [Member] | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 2,900,000 | |||||||
Restructuring 2017 [Member] | ||||||||
Restructuring Charges, Total | 6,516,000 | [1] | 2,913,000 | [2] | 9,382,000 | [3] | 8,157,000 | [4] |
Restructuring 2017 [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Charges, Total | 906,000 | 48,000 | 1,260,000 | 611,000 | ||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Charges, Total | 900,000 | 100,000 | 1,300,000 | 600,000 | ||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Divestiture of International Operations [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Charges, Total | 400,000 | 500,000 | 400,000 | 800,000 | ||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Infrastructure Solutions [Member] | ||||||||
Restructuring Charges, Total | 1,400,000 | 2,500,000 | 3,400,000 | 5,700,000 | ||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Infrastructure Solutions [Member] | Divestiture of International Operations [Member] | ||||||||
Restructuring Charges, Total | 400,000 | 200,000 | 0.5 | 0.2 | ||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Corrosion Protection [Member] | ||||||||
Restructuring Charges, Total | 3,300,000 | 300,000 | 3,500,000 | 1,800,000 | ||||
Restructuring 2017 [Member] | Operating Income (Loss) [Member] | Corrosion Protection [Member] | Divestiture of International Operations [Member] | ||||||||
Restructuring Charges, Total | 100,000 | $ 100,000 | 100,000 | $ 200,000 | ||||
Restructuring 2017 [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||
Restructuring Charges, Total | $ 900,000 | $ 1,100,000 | ||||||
[1] | Total pre-tax restructuring charges for the quarter ended June 30, 2019, include cash charges of $5.4 million and non-cash charges of $1.1 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||
[2] | Total pre-tax restructuring charges for the quarter ended June 30, 2018, include cash charges of $2.3 million and non-cash charges of $0.6 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||
[3] | Total pre-tax restructuring charges include cash charges of $8.5 million and non-cash charges of $0.9 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. | |||||||
[4] | Total pre-tax restructuring charges include cash charges of $5.2 million and non-cash charges of $3.0 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. |
Note 12 - Segment Reporting - S
Note 12 - Segment Reporting - Summary of Revenues (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Revenues | [1] | $ 318,740,000 | $ 335,030,000 | $ 595,644,000 | $ 659,891,000 | ||||
Gross profit | [1] | 67,437,000 | 71,053,000 | 115,732,000 | 132,557,000 | ||||
Total operating income (loss) | 459,000 | 14,459,000 | (315,000) | 17,640,000 | |||||
Interest expense | (3,566,000) | (3,923,000) | (7,156,000) | (9,366,000) | |||||
Interest income | 261,000 | 62,000 | 546,000 | 109,000 | |||||
Other | [2] | (1,015,000) | (506,000) | (1,689,000) | (768,000) | ||||
Total other expense | (4,320,000) | (4,367,000) | (8,299,000) | (10,025,000) | |||||
Income (loss) before taxes on income | (3,861,000) | 10,092,000 | (8,614,000) | 7,615,000 | |||||
UNITED STATES | |||||||||
Revenues | 239,987,000 | [1] | 253,699,000 | [1] | 448,762,000 | [3] | 490,231,000 | [1] | |
Gross profit | [1] | 50,792,000 | 58,599,000 | 82,619,000 | 108,162,000 | ||||
CANADA | |||||||||
Revenues | [1] | 33,392,000 | 30,426,000 | 57,460,000 | 59,265,000 | ||||
Gross profit | [1] | 5,028,000 | 5,454,000 | 8,482,000 | 10,229,000 | ||||
Europe [Member] | |||||||||
Revenues | [1] | 17,381,000 | 15,846,000 | 33,384,000 | 31,855,000 | ||||
Gross profit | [1] | 3,311,000 | 1,401,000 | 6,830,000 | 2,535,000 | ||||
Other Foreign Countries [Member] | |||||||||
Revenues | [1] | 27,980,000 | 35,059,000 | 56,038,000 | 78,540,000 | ||||
Gross profit | [1] | 8,306,000 | 5,599,000 | 17,801,000 | 11,631,000 | ||||
Infrastructure Solutions [Member] | |||||||||
Revenues | 155,440,000 | 160,732,000 | 286,983,000 | 295,159,000 | |||||
Infrastructure Solutions [Member] | UNITED STATES | |||||||||
Revenues | 110,957,000 | 117,580,000 | 208,848,000 | 211,425,000 | |||||
Infrastructure Solutions [Member] | CANADA | |||||||||
Revenues | 18,934,000 | 15,607,000 | 29,545,000 | 27,876,000 | |||||
Infrastructure Solutions [Member] | Europe [Member] | |||||||||
Revenues | 12,888,000 | 12,996,000 | 25,413,000 | 26,140,000 | |||||
Infrastructure Solutions [Member] | Other Foreign Countries [Member] | |||||||||
Revenues | 12,661,000 | 14,549,000 | 23,177,000 | 29,718,000 | |||||
Corrosion Protection [Member] | |||||||||
Revenues | 77,596,000 | 96,389,000 | 142,094,000 | 194,494,000 | |||||
Corrosion Protection [Member] | UNITED STATES | |||||||||
Revenues | 43,326,000 | 58,210,000 | 73,347,000 | 108,568,000 | |||||
Corrosion Protection [Member] | CANADA | |||||||||
Revenues | 14,458,000 | 14,819,000 | 27,915,000 | 31,389,000 | |||||
Corrosion Protection [Member] | Europe [Member] | |||||||||
Revenues | 4,493,000 | 2,850,000 | 7,971,000 | 5,715,000 | |||||
Corrosion Protection [Member] | Other Foreign Countries [Member] | |||||||||
Revenues | 15,319,000 | 20,510,000 | 32,861,000 | 48,822,000 | |||||
Energy Services [Member] | |||||||||
Revenues | 85,704,000 | 77,909,000 | 166,567,000 | 170,238,000 | |||||
Energy Services [Member] | UNITED STATES | |||||||||
Revenues | 85,704,000 | 77,909,000 | 166,567,000 | 170,238,000 | |||||
Energy Services [Member] | CANADA | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Energy Services [Member] | Europe [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Energy Services [Member] | Other Foreign Countries [Member] | |||||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Operating Segments [Member] | Infrastructure Solutions [Member] | |||||||||
Revenues | 155,439,000 | 160,732,000 | 286,982,000 | 295,159,000 | |||||
Gross profit | 38,871,000 | 35,949,000 | 65,458,000 | 62,658,000 | |||||
Total operating income (loss) | [3] | 9,120,000 | 12,916,000 | 14,835,000 | 16,153,000 | ||||
Operating Segments [Member] | Corrosion Protection [Member] | |||||||||
Revenues | 77,597,000 | 96,389,000 | 142,095,000 | 194,494,000 | |||||
Gross profit | 16,692,000 | 24,537,000 | 29,564,000 | 48,113,000 | |||||
Total operating income (loss) | [4] | (3,863,000) | 6,953,000 | (5,623,000) | 11,915,000 | ||||
Operating Segments [Member] | Energy Services [Member] | |||||||||
Revenues | 85,704,000 | 77,909,000 | 166,567,000 | 170,238,000 | |||||
Gross profit | 11,874,000 | 10,567,000 | 20,710,000 | 21,786,000 | |||||
Total operating income (loss) | 4,107,000 | 2,498,000 | 5,222,000 | 5,625,000 | |||||
Corporate, Non-Segment [Member] | |||||||||
Total operating income (loss) | [5] | $ (8,905,000) | $ (7,908,000) | $ (14,749,000) | $ (16,053,000) | ||||
[1] | Revenues and gross profit are attributed to the country of origin. | ||||||||
[2] | Other expense in the second quarter and first six months of 2019 includes $0.9 million and $1.1 million, respectively, of 2017 Restructuring charges (see Note 4). | ||||||||
[3] | Operating income in the second quarter of 2019 and 2018 includes $1.4 million and $2.5 million, respectively, of 2017 Restructuring charges and $0.4 million and $0.2 million, respectively, of costs primarily related to the planned divestiture of certain international operations (see note 4). Operating income in the first six months of 2019 and 2018 includes $3.4 million and $5.7 million, respectively, of 2017 Restructuring charges and $0.5 million and $0.2 million, respectively, of divestiture costs. Additionally, operating income in the second quarter and first six months of 2019 includes $9.0 million of impairment charges to assets held for sale (see Note 5). | ||||||||
[4] | Operating income (loss) in the second quarter of 2019 and 2018 includes $3.3 million and $0.3 million, respectively, of 2017 Restructuring charges and less than $0.1 million and $0.1 million, respectively, of costs primarily related to the planned divestiture of certain international operations (see Note 4). Operating income (loss) in the first six months of 2019 and 2018 includes $3.5 million and $1.8 million, respectively, of 2017 restructuring charges, and less than $0.1 million and $0.2 million, respectively, of costs primarily related to the planned divestiture of certain international operations. Additionally, operating income in the second quarter and first six months of 2019 includes $2.9 million of impairment charges to assets held for sale (see Note 5). | ||||||||
[5] | Operating loss in the second quarter of 2019 and 2018 includes $0.9 and less than $0.1 million, respectively, of 2017 Restructuring charges, and $0.4 million and $0.5 million, respectively of costs primarily related to the planned divestiture of certain international operations (see Note 4). Operating loss in the first six months of 2019 and 2018 includes $1.3 million and $0.6 million, respectively, of 2017 Restructuring charges and $0.4 million and $0.8 million, respectively of divestiture costs. |
Note 13 - Derivative Financia_3
Note 13 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Mar. 12, 2018 | Oct. 31, 2015 | |
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ (4,127) | $ 1,719 | |||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | (300) | $ (300) | |||
Derivative, Fixed Interest Rate | 2.937% | ||||
A 2015 Interest Rate Swap [Member] | |||||
Derivative, Fixed Interest Rate | 1.46% | ||||
Derivative Asset, Notional Amount | $ 262,500 | ||||
A 2018 Interest Rate Swap [Member] | |||||
Derivative, Amount of Hedged Item | $ 170,600 | ||||
Derivative, Fixed Interest Rate | 2.937% | ||||
Derivative Asset, Notional Amount | $ 170,600 | ||||
A 2015 Credit Facility [Member] | |||||
Derivative, Amount of Hedged Item | 262,500 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | ||||
A 2018 Credit Facility [Member] | |||||
Derivative Asset, Notional Amount | $ 170,600 | ||||
Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ 4,100 | $ 1,800 |
Note 13 - Derivative Financia_4
Note 13 - Derivative Financial Instruments - Summary of Derivative Positions (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)Rate | Jun. 30, 2019GBP (£)Rate | |
Interest Rate Swap [Member] | ||
Notional amount | $ | $ 201,796,875 | |
Weighted average remaining maturities (Year) | 3 years 6 months | |
Short [Member] | USD British Pound [Member] | ||
Notional amount | £ | £ 2,670,000 | |
Weighted average remaining maturities (Year) | 3 months 18 days | |
Average Exchange Rate (Rate) | Rate | 90.00% | 90.00% |
Short [Member] | EURO British Pound [Member] | ||
Notional amount | £ | £ 3,573,000 | |
Weighted average remaining maturities (Year) | 3 months 18 days | |
Average Exchange Rate (Rate) | Rate | 78.00% | 78.00% |
Note 13 - Derivative Financia_5
Note 13 - Derivative Financial Instruments - Summary of Fair Value Amounts of Derivative Instruments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative assets | $ 785,000 | $ 3,648,000 |
Derivative liabilities | 4,912,000 | 1,929,000 |
Net derivative assets (liabilities) | (4,127,000) | 1,719,000 |
Designated as Hedging Instrument [Member] | ||
Derivative assets | 785,000 | 3,648,000 |
Derivative liabilities | 4,871,000 | 1,885,000 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | ||
Derivative assets | 785,000 | 3,648,000 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative liabilities | 4,871,000 | 1,885,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 41,000 | 44,000 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative assets | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Accrued Expense [Member] | ||
Derivative liabilities | $ 41,000 | $ 44,000 |