FORM 10-K |
ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Willbros Group, Inc. | ||
(Exact name of registrant as specified in its charter) |
Delaware | 30-0513080 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Name of each exchange on which registered | |||
Common Stock, $.05 Par Value | New York Stock Exchange | |||
Securities registered pursuant to Section 12(g) of the Act: None |
Large accelerated filer | ¨ | Accelerated filer | ý | ||
Non-accelerated filer | ¨ | Smaller Reporting Company | ¨ |
Page | ||
Items 1. and 2. | ||
Item 1A. | ||
Item 1B. | ||
Item 3. | ||
Item 4. | ||
Item 4A. | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Item 15. | ||
Item 16. | ||
• | our stockholders fail to approve the proposed merger transaction with Primoris; |
• | we or the other parties to the merger agreement are unable to satisfy the conditions to the completion of the merger, or are unable to obtain any regulatory approvals required for the merger on the terms expected, on the anticipated schedule, or at all; |
• | we are unable to close the merger or the merger is delayed, either as a result of litigation related to the transaction or otherwise; |
• | the parties are unable to achieve the anticipated benefits of the merger transaction; |
• | completing the merger may distract our management from other important matters; |
• | inability to comply with the financial and other covenants in or to obtain waivers under our credit facilities; |
• | the loss of customers, suppliers and key personnel that may occur as a result of our issuing financial statements with a “going concern” qualification or explanation, and the possibility that we may seek protection under the U.S. Bankruptcy Code; |
• | inability to obtain adequate financing on reasonable terms; |
• | curtailment of capital expenditures due to low prevailing commodity prices or other factors, and the unavailability of project funding in the power and oil and gas industries; |
• | inability to execute fixed-price and cost-reimbursable projects within the target cost, thus eroding contract margin and, potentially, contract income on any such project; |
• | inability to satisfy New York Stock Exchange (“NYSE”) continued listing requirements for our common stock; |
• | increased capacity and decreased demand for our services in the more competitive industry segments that we serve; |
• | the demand for energy moderating or diminishing; |
• | cancellation or delay of projects, in whole or in part, for any reason; |
• | failure to obtain the timely award of one or more projects; |
• | inability to obtain sufficient surety bonds or letters of credit; |
• | reduced creditworthiness of our customer base and higher risk of non-payment of receivables; |
• | project cost overruns, unforeseen schedule delays and the application of liquidated damages; |
• | inability to lower our cost structure to remain competitive in the market or to achieve anticipated operating margins; |
• | inability of the energy service sector to reduce costs when necessary to a level where our customers’ project economics support a reasonable level of development work; |
• | reduction of services to existing and prospective clients when they bring historically out-sourced services back in-house to preserve intellectual capital and minimize layoffs; |
• | the consequences we may encounter if, in the future, we identify any material weaknesses in our internal control over financial reporting, which may adversely affect the accuracy and timing of our financial reporting; |
• | the impact of any litigation, including class actions associated with our restatement of first and second quarter 2014 financial results on our financial position and results of operations, including our defense costs and the costs and other effects of settlements or judgments; |
• | adverse weather conditions not anticipated in bids and estimates; |
• | the occurrence during the course of our operations of accidents and injuries to our personnel, as well as to third parties, that negatively affect our safety record, which is a factor used by many clients to pre-qualify and otherwise award work to contractors in our industry; |
• | failing to realize cost recoveries on claims or change orders from projects completed or in progress within a reasonable period after completion of the relevant project; |
• | political or social circumstances impeding the progress of our work and increasing the cost of performance; |
• | inability to predict the timing of an increase in energy sector capital spending, which results in staffing below the level required to service such an increase; |
• | inability to hire and retain sufficient skilled labor to execute our current work, our work in backlog and future work we have not yet been awarded; |
• | loss of the services of key management personnel; |
• | the consequences we may encounter if we violate the Foreign Corrupt Practices Act (the “FCPA”) or other anti-corruption laws in view of the 2008 final settlements with the Department of Justice and the Securities and Exchange Commission (“SEC”) in which we admitted prior FCPA violations, including the imposition of civil or criminal fines, penalties, enhanced monitoring arrangements, or other sanctions that might be imposed; |
• | the dishonesty of employees and/or other representatives or their refusal to abide by applicable laws and our established policies and rules; |
• | inability to obtain and maintain legal registration status in one or more foreign countries in which we are seeking to do business; |
• | downturns in general economic, market or business conditions in our target markets; |
• | changes in and interpretation of U.S. and foreign tax laws that impact our worldwide provision for income taxes and effective income tax rate; |
• | changes in applicable laws or regulations, or changed interpretations thereof, including climate change regulation; |
• | changes in the scope of our expected insurance coverage; |
• | inability to manage insurable risk at an affordable cost; |
• | enforceable claims for which we are not fully insured; |
• | incurrence of insurable claims in excess of our insurance coverage; |
• | the occurrence of the risk factors listed elsewhere in this Form 10-K or described in our periodic filings with the SEC; and |
• | other factors, most of which are beyond our control. |
• | The Company’s Twitter account (twitter.com/willbros); |
• | The Company’s LinkedIn account (linkedin.com/company/willbros); and |
• | The Company’s Facebook account (facebook.com/WillbrosGroup). |
• | Utility T&D Segment – Quanta Services, MYR Group, MasTec and larger privately-held companies such as Pike Electric, Henkels & McCoy, Michels Corporation and Miller Pipeline. |
• | Canada Segment – Ledcor, MasTec, Quanta Services, Chicago Bridge & Iron, Matrix Service, Strike, AECOM, JV Driver and Site Energy Services. |
• | Oil & Gas Segment – Quanta Services, MasTec, Primoris, Associated Pipeline Contractors, U.S. Pipeline, Welded Construction, Henkels & McCoy, Michels Corporation, Flint Energy Services, Smith Tank & Steel, Strike, Chicago Bridge & Iron and Matrix Service. In addition, there are a number of regional competitors such as Sunland, Dyess and Jomax. |
• | unit-price contracts, which specify a price for each unit of work performed; |
• | firm fixed-price or lump sum fixed-price contracts, providing for a single price for the total amount of work; |
• | cost plus fixed fee contracts where income is earned solely from the fee received; |
• | time and materials contracts where personnel and equipment are provided under an agreed-upon schedule of daily rates with other direct costs being reimbursable; |
• | a combination of the above (including lump sum payment for certain items and unit rates for others); and |
• | MSAs under which we receive work orders for specific projects and which involve one or more of the foregoing categories. |
Number of Employees | Percent | |||||
Utility T&D | 2,233 | 55.8 | % | |||
Canada | 546 | 13.7 | % | |||
Oil & Gas | 1,163 | 29.1 | % | |||
Corporate | 54 | 1.4 | % | |||
Total | 3,996 | 100.0 | % |
Principal Facilities | ||||||
Business | Location | Description | Ownership | |||
Utility T&D | McKinney, TX | Office space and general warehouse | Lease | |||
Ft. Worth, TX | Office space | Lease | ||||
White Marsh, MD | Office space and general warehouse | Lease | ||||
Richmond, VA | Office space and general warehouse | Lease | ||||
Canada | Ft. McMurray, Alberta | Office space, repair shop and lay down area | Lease | |||
Ft. McMurray, Alberta | Office space | Lease | ||||
Edmonton, Alberta | Office space and fabrication facility | Lease | ||||
Acheson, Alberta | Office space and equipment yard | Lease | ||||
Edmonton, Alberta | Office space | Lease | ||||
Calgary, Alberta | Office space | Lease | ||||
Oil & Gas | Houston, TX | Office space | Lease | |||
Splendora, TX* | Office space and equipment yard | Own | ||||
Channelview, TX* | Office space and general warehouse | Lease | ||||
Tulsa, OK | Manufacturing, office space and general warehouse | Lease | ||||
Geismer, LA | Office space and general warehouse | Lease | ||||
Pittsburgh, PA | Office space and general warehouse | Lease | ||||
Corporate | Houston, TX | Office space | Lease |
• | current and projected electric power and oil and gas prices; |
• | the demand for electricity and gasoline; |
• | the abilities of electric power and oil and gas companies to generate, access and deploy capital; |
• | regulatory restraints on the rates that electric power companies may charge their customers; |
• | exploration, production and transportation costs; |
• | the discovery rate and location of new oil and gas reserves; |
• | the sale and expiration dates of oil and gas leases and concessions; |
• | local and international political and economic conditions; and |
• | technological advances. |
• | the risk factors described in this Item 1A; |
• | a shortfall in operating revenue or net income from that expected by securities analysts and investors; |
• | changes in securities analysts’ estimates of our financial performance or the financial performance of our competitors or companies in our industries generally; |
• | general conditions in our customers’ industries; and |
• | general conditions in the securities markets. |
• | provide for a classified board of directors; |
• | deny stockholders the ability to take action by written consent; |
• | establish advance notice requirements for nominations for election to our Board of Directors and business to be brought by stockholders before any meeting of the stockholders; |
• | provide that special meetings of stockholders may be called only by our Board of Directors, Chairman, Chief Executive Officer or President; and |
• | authorize our Board of Directors to designate the terms of and to approve the issuance of new series of preferred stock. |
Name | Age | Position(s) | ||
Michael J. Fournier | 55 | President, Chief Executive Officer, Chief Operating Officer and Director | ||
Jeffrey B. Kappel | 43 | Senior Vice President and Chief Financial Officer | ||
Johnny M. Priest | 68 | Executive Vice President, Utility Transmission & Distribution (President, Utility T&D) | ||
Jeremy R. Kinch | 44 | Senior Vice President, Willbros Canada (President, Canada) | ||
Linnie A. Freeman | 63 | Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary |
High | Low | |||||||
For the year ended December 31, 2017: | ||||||||
First Quarter | $ | 3.84 | $ | 2.35 | ||||
Second Quarter | 3.10 | 2.02 | ||||||
Third Quarter | 3.35 | 1.96 | ||||||
Fourth Quarter | 3.34 | 1.11 | ||||||
For the year ended December 31, 2016: | ||||||||
First Quarter | $ | 3.07 | $ | 1.11 | ||||
Second Quarter | 3.41 | 1.98 | ||||||
Third Quarter | 2.85 | 1.46 | ||||||
Fourth Quarter | 3.43 | 1.42 |
Total Number of Shares Purchased (1) | Average Price Paid Per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
October 1, 2017 – October 31, 2017 | 111 | $ | 3.21 | — | — | ||||||||
November 1, 2017 – November 30, 2017 | — | — | — | — | |||||||||
December 1, 2017 – December 31, 2017 | 16,006 | 1.35 | — | — | |||||||||
Total | 16,117 | $ | 1.36 | — | — |
(1) | Represents shares of common stock acquired from certain of our officers and key employees under the share withholding provisions of our 2010 Stock and Incentive Compensation Plan and our 2017 Stock and Incentive Compensation Plan for the payment of taxes associated with the vesting of shares of restricted stock granted under such plan. |
(2) | The price paid per common share represents the closing sales price of a share of our common stock as reported by the New York Stock Exchange on the day that the stock was acquired by us. |
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Contract revenue | $ | 849,983 | $ | 731,685 | $ | 908,994 | $ | 1,594,370 | $ | 1,495,125 | ||||||||||
Contract costs | 874,738 | 685,389 | 868,240 | 1,497,618 | 1,360,014 | |||||||||||||||
Contract income (loss) | (24,755 | ) | 46,296 | 40,754 | 96,752 | 135,111 | ||||||||||||||
Amortization of intangibles | 9,667 | 9,754 | 9,874 | 9,885 | 9,907 | |||||||||||||||
General and administrative | 54,693 | 60,993 | 77,335 | 108,622 | 122,368 | |||||||||||||||
Gain on sale of subsidiary | — | — | (12,826 | ) | — | — | ||||||||||||||
Other charges | 2,226 | 6,210 | 18,469 | 6,692 | — | |||||||||||||||
Operating income (loss) | (91,341 | ) | (30,661 | ) | (52,098 | ) | (28,447 | ) | 2,836 | |||||||||||
Interest expense | (16,017 | ) | (13,976 | ) | (27,254 | ) | (30,797 | ) | (32,394 | ) | ||||||||||
Interest income | 31 | 451 | 51 | 438 | 1,174 | |||||||||||||||
Debt covenant suspension and extinguishment charges | — | (63 | ) | (39,178 | ) | (15,176 | ) | (11,573 | ) | |||||||||||
Other, net | (296 | ) | (63 | ) | (101 | ) | (397 | ) | (733 | ) | ||||||||||
Loss from continuing operations before income taxes | (107,623 | ) | (44,312 | ) | (118,580 | ) | (74,379 | ) | (40,690 | ) | ||||||||||
Provision (benefit) for income taxes | (964 | ) | (530 | ) | (54,031 | ) | 229 | (3,992 | ) | |||||||||||
Loss from continuing operations | (106,659 | ) | (43,782 | ) | (64,549 | ) | (74,608 | ) | (36,698 | ) | ||||||||||
Income (loss) from discontinued operations net of provision for income taxes | (1,436 | ) | (3,977 | ) | 96,032 | (5,219 | ) | 20,831 | ||||||||||||
Net income (loss) | $ | (108,095 | ) | $ | (47,759 | ) | $ | 31,483 | $ | (79,827 | ) | $ | (15,867 | ) | ||||||
Basic income (loss) per share attributable to Company shareholders: | ||||||||||||||||||||
Continuing operations | $ | (1.72 | ) | $ | (0.71 | ) | $ | (1.12 | ) | $ | (1.51 | ) | $ | (0.76 | ) | |||||
Discontinued operations | (0.02 | ) | (0.06 | ) | 1.66 | (0.11 | ) | 0.44 | ||||||||||||
Net income (loss) | $ | (1.74 | ) | $ | (0.77 | ) | $ | 0.54 | $ | (1.62 | ) | $ | (0.32 | ) | ||||||
Diluted income (loss) per share attributable to Company shareholders: | ||||||||||||||||||||
Continuing operations | $ | (1.72 | ) | $ | (0.71 | ) | $ | (1.12 | ) | $ | (1.51 | ) | $ | (0.76 | ) | |||||
Discontinued operations | (0.02 | ) | (0.06 | ) | 1.66 | (0.11 | ) | 0.44 | ||||||||||||
Net income (loss) | $ | (1.74 | ) | $ | (0.77 | ) | $ | 0.54 | $ | (1.62 | ) | $ | (0.32 | ) | ||||||
Cash Flow Data: | ||||||||||||||||||||
Cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | (51,467 | ) | $ | (19,611 | ) | $ | (4,195 | ) | $ | (60,106 | ) | $ | 2,469 | ||||||
Investing activities | 2,581 | 10,843 | 209,833 | 39,230 | 25,955 | |||||||||||||||
Financing activities | 40,115 | (8,615 | ) | (166,642 | ) | 1,596 | (37,630 | ) | ||||||||||||
Effect of exchange rate changes | 823 | (29 | ) | (3,437 | ) | (1,057 | ) | (1,564 | ) | |||||||||||
Balance Sheet Data (at period end): | ||||||||||||||||||||
Cash and cash equivalents | $ | 33,472 | $ | 41,420 | $ | 58,832 | $ | 22,565 | $ | 42,096 | ||||||||||
Total assets | 363,877 | 363,036 | 441,577 | 684,021 | 860,272 | |||||||||||||||
Total liabilities | 332,169 | 227,899 | 264,177 | 570,196 | 671,498 | |||||||||||||||
Total debt | 133,283 | 89,189 | 95,623 | 270,335 | 261,432 | |||||||||||||||
Stockholders’ equity | 31,708 | 135,137 | 177,400 | 113,825 | 188,774 | |||||||||||||||
Other Financial Data (excluding discontinued operations): | ||||||||||||||||||||
12 Month Backlog (at period end)(1) | $ | 477,114 | $ | 419,866 | $ | 432,217 | $ | 548,552 | $ | 800,961 | ||||||||||
Capital expenditures | 2,561 | 3,802 | 2,183 | 11,452 | 12,975 | |||||||||||||||
Adjusted EBITDA from continuing operations(2) | (70,882 | ) | (2,755 | ) | (19,461 | ) | 15,618 | 39,802 | ||||||||||||
Number of employees (at period end): | 3,996 | 3,165 | 3,579 | 7,959 | 9,399 |
(1) | Backlog broadly consists of anticipated contract revenue from the uncompleted portions of existing contracts and contracts whose award is reasonably assured, subject only to the cancellation and modification provisions contained in various contracts. MSA backlog is estimated for the remaining terms of the contract. MSA backlog is determined based on historical trends inherent in the MSAs, factoring in seasonal demand and projecting customer needs based on ongoing communications with the customer. |
(2) | Adjusted EBITDA from continuing operations is defined as income (loss) from continuing operations before interest expense (income), income tax expense (benefit) and depreciation and amortization, adjusted for items which management does not consider representative of our ongoing operations and certain non-cash items of the Company. Management uses Adjusted EBITDA from continuing operations as a supplemental performance measure for comparing normalized operating results with corresponding historical periods and with the operational performance of other companies in our industry and for presentations made to analysts, investment banks and other members of the financial community who use this information in order to make investment decisions about us. |
12-Month Backlog | ||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
MSA | Discrete Contract | 12-Month | MSA | Discrete Contract | 12-Month | |||||||||||||||||||
Utility T&D | $ | 285,759 | $ | 21,363 | $ | 307,122 | $ | 312,681 | $ | 37,317 | $ | 349,998 | ||||||||||||
Canada | 45,759 | 5,955 | 51,714 | 33,430 | 7,611 | 41,041 | ||||||||||||||||||
Oil & Gas | — | 118,278 | 118,278 | — | 28,827 | 28,827 | ||||||||||||||||||
12-Month Backlog | $ | 331,518 | $ | 145,596 | $ | 477,114 | $ | 346,111 | $ | 73,755 | $ | 419,866 |
Total Backlog | ||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
MSA | Discrete Contract | Total | MSA | Discrete Contract | Total | |||||||||||||||||||
Utility T&D | $ | 350,107 | $ | 37,177 | $ | 387,284 | $ | 607,061 | $ | 49,777 | $ | 656,838 | ||||||||||||
Canada | 104,815 | 5,955 | 110,770 | 99,182 | 7,611 | 106,793 | ||||||||||||||||||
Oil & Gas | — | 118,278 | 118,278 | — | 28,827 | 28,827 | ||||||||||||||||||
Total Backlog | $ | 454,922 | $ | 161,410 | $ | 616,332 | $ | 706,243 | $ | 86,215 | $ | 792,458 |
As of December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
12 Month Backlog | $ | 477,114 | $ | 419,866 | $ | 432,217 | $ | 548,552 | $ | 800,961 |
• | Comparing normalized operating results with corresponding historical periods and with the operational performance of other companies in our industry; and |
• | Presentations made to analysts, investment banks and other members of the financial community who use this information in order to make investment decisions about us. |
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Loss from continuing operations attributable to Willbros Group, Inc. | $ | (106,659 | ) | $ | (43,782 | ) | $ | (64,549 | ) | $ | (74,608 | ) | $ | (36,698 | ) | |||||
Interest expense | 16,017 | 13,976 | 27,254 | 30,797 | 32,394 | |||||||||||||||
Interest income | (31 | ) | (451 | ) | (51 | ) | (438 | ) | (1,174 | ) | ||||||||||
Provision (benefit) for income taxes | (964 | ) | (530 | ) | (54,031 | ) | 229 | (3,992 | ) | |||||||||||
Depreciation and amortization | 19,162 | 21,919 | 27,200 | 31,873 | 34,436 | |||||||||||||||
EBITDA from continuing operations | (72,475 | ) | (8,868 | ) | (64,177 | ) | (12,147 | ) | 24,966 | |||||||||||
Debt covenant suspension and extinguishment charges | — | 63 | 39,178 | 15,176 | 11,573 | |||||||||||||||
Stock-based compensation | 2,859 | 4,127 | 6,605 | 12,475 | 6,382 | |||||||||||||||
Fort McMurray wildfire related costs | — | 450 | — | — | — | |||||||||||||||
Restructuring and reorganization costs | 1,339 | 4,933 | 9,475 | 1,878 | 59 | |||||||||||||||
Accounting and legal fees associated with the restatements | 636 | (24 | ) | 595 | 3,413 | — | ||||||||||||||
(Gain) loss on disposal of equipment | (3,241 | ) | (3,436 | ) | 1,155 | (5,177 | ) | (3,178 | ) | |||||||||||
Gain on sale of subsidiary | — | — | (12,826 | ) | — | — | ||||||||||||||
Impairment of intangible assets | — | — | 534 | — | — | |||||||||||||||
Adjusted EBITDA from continuing operations | $ | (70,882 | ) | $ | (2,755 | ) | $ | (19,461 | ) | $ | 15,618 | $ | 39,802 |
Years Ended December 31 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
2017 | 2016 | 2017-2016 Change | 2015 | 2016-2015 Change | ||||||||||||||||
Contract revenue | ||||||||||||||||||||
Utility T&D | $ | 506,978 | $ | 418,387 | $ | 88,591 | $ | 379,629 | $ | 38,758 | ||||||||||
Canada | 121,151 | 143,140 | (21,989 | ) | 232,534 | (89,394 | ) | |||||||||||||
Oil & Gas | 221,939 | 170,448 | 51,491 | 297,110 | (126,662 | ) | ||||||||||||||
Eliminations | (85 | ) | (290 | ) | 205 | (279 | ) | (11 | ) | |||||||||||
Total | 849,983 | 731,685 | 118,298 | 908,994 | (177,309 | ) | ||||||||||||||
Contract costs | 874,738 | 685,389 | 189,349 | 868,240 | (182,851 | ) | ||||||||||||||
Contract income (loss) | (24,755 | ) | 46,296 | (71,051 | ) | 40,754 | 5,542 | |||||||||||||
Amortization of intangibles | 9,667 | 9,754 | (87 | ) | 9,874 | (120 | ) | |||||||||||||
General and administrative | 54,693 | 60,993 | (6,300 | ) | 77,335 | (16,342 | ) | |||||||||||||
Gain on sale of subsidiary | — | — | — | (12,826 | ) | 12,826 | ||||||||||||||
Other charges | 2,226 | 6,210 | (3,984 | ) | 18,469 | (12,259 | ) | |||||||||||||
Operating income (loss) | ||||||||||||||||||||
Utility T&D | (5,281 | ) | 15,567 | (20,848 | ) | 3,960 | 11,607 | |||||||||||||
Canada | (4,045 | ) | (650 | ) | (3,395 | ) | 10,226 | (10,876 | ) | |||||||||||
Oil & Gas | (60,505 | ) | (16,783 | ) | (43,722 | ) | (38,024 | ) | 21,241 | |||||||||||
Gain on sale of subsidiary | — | — | — | 12,826 | (12,826 | ) | ||||||||||||||
Corporate | (21,510 | ) | (28,795 | ) | 7,285 | (41,086 | ) | 12,291 | ||||||||||||
Total | (91,341 | ) | (30,661 | ) | (60,680 | ) | (52,098 | ) | 21,437 | |||||||||||
Non-operating expenses | (16,282 | ) | (13,651 | ) | (2,631 | ) | (66,482 | ) | 52,831 | |||||||||||
Loss from continuing operations before income taxes | (107,623 | ) | (44,312 | ) | (63,311 | ) | (118,580 | ) | 74,268 | |||||||||||
Benefit for income taxes | (964 | ) | (530 | ) | (434 | ) | (54,031 | ) | 53,501 | |||||||||||
Loss from continuing operations | (106,659 | ) | (43,782 | ) | (62,877 | ) | (64,549 | ) | 20,767 | |||||||||||
Income (loss) from discontinued operations net of provision for income taxes | (1,436 | ) | (3,977 | ) | 2,541 | 96,032 | (100,009 | ) | ||||||||||||
Net income (loss) | $ | (108,095 | ) | $ | (47,759 | ) | $ | (60,336 | ) | $ | 31,483 | $ | (79,242 | ) |
March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | March 31, 2019 | June 30, 2019 | September 30, 2019 | ||||||||||||||||||||||
Makewhole | $ | 16,843 | $ | 13,358 | $ | 9,874 | $ | 16,888 | $ | 12,331 | $ | 7,595 | $ | 3,350 |
• | 85 percent of the value of “eligible accounts” (as defined in the 2013 ABL Credit Facility); |
• | the lesser of (i) 75 percent of the value of “eligible unbilled accounts” (as defined in the 2013 ABL Credit Facility) and (ii) $33.0 million minus the amount of eligible unbilled accounts then included in the borrowing base; and |
• | “eligible pledged cash”. |
Fixed Charge Coverage Ratio | U.S. Base Rate, Canadian Base Rate and Canadian Prime Rate Loans | LIBOR Loans, BA Rate Loans and Letter of Credit Fees | ||
>1.25 to 1 | 1.25% | 2.25% | ||
≤1.25 to 1 and >1.15 to 1 | 1.50% | 2.50% | ||
≤1.15 to 1 | 1.75% | 2.75% |
• | the preparation of financial statements in accordance with GAAP; |
• | the ability to deliver an audit opinion without a going concern explanation; |
• | the identification of any events or circumstances, either individually or in the aggregate, that has had or could reasonably be expected to have a material adverse effect on the business, results of operations, properties or financial condition of the Company; |
• | limitations on liens and indebtedness; |
• | limitations on dividends and other payments in respect of capital stock; |
• | limitations on capital expenditures; and |
• | limitations on modifications of the documentation of the 2013 ABL Credit Facility. |
2017 | 2016 | 2015 | ||||||||||
Operating activities | $ | (49,623 | ) | $ | (11,992 | ) | $ | 46,009 | ||||
Investing activities | 2,581 | 10,843 | 210,423 | |||||||||
Financing activities | 40,115 | (8,615 | ) | (177,266 | ) | |||||||
Effect of exchange rate changes | 823 | (29 | ) | (3,437 | ) | |||||||
Net change in cash from all continuing activities | $ | (6,104 | ) | $ | (9,793 | ) | $ | 75,729 |
• | An increase in cash flow used by continuing operations, adjusted for any non-cash items, of $64.2 million primarily related to an increase in operating losses in comparison to 2016; |
• | A decrease in cash flow provided by accounts receivable of $51.5 million to cash flow used of $30.4 million primarily related to a higher volume of work in comparison to 2016; and |
• | A decrease in cash flow provided by contracts in progress of $3.0 million primarily related to a higher volume of work in comparison to 2016. |
• | A decrease in cash flow used by accounts payable of $73.7 million to cash flow provided of $53.1 million primarily related to higher accounts payable balances resulting from a higher volume of work in comparison to 2016. |
• | A decrease in cash flow provided by continuing operations, adjusted for any non-cash items, of $18.2 million primarily related to an increase in operating losses in comparison to 2015; and |
• | A decrease in cash flow provided by accounts receivable of $83.4 million related to a lower volume of work in comparison to 2015. |
• | A decrease in cash flow used by accounts payable of $36.3 million attributed primarily to a reduction of vendor payments in comparison to 2015; and |
• | A decrease in cash flow used by other assets and liabilities of $6.4 million attributed primarily to changes in business activity in comparison to 2015. |
Payments Due By Period | ||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 4-5 years | More than 5 years | ||||||||||||||||
Principal amount, 2014 Term Loan Facility | $ | 107,224 | $ | 107,224 | $ | — | $ | — | $ | — | ||||||||||
Principal amount, 2013 ABL Credit Facility | 28,108 | 28,108 | — | — | — | |||||||||||||||
Repayment fee, 2014 Term Loan Facility | 9,650 | 9,650 | — | — | — | |||||||||||||||
Interest obligations, 2014 Term Loan Facility | 31,497 | 31,497 | — | — | — | |||||||||||||||
Interest obligations, 2013 ABL Credit Facility | 1,010 | 1,010 | — | — | — | |||||||||||||||
Operating lease obligations | 90,392 | 25,055 | 33,379 | 19,051 | 12,907 | |||||||||||||||
Total | $ | 267,881 | $ | 202,544 | $ | 33,379 | $ | 19,051 | $ | 12,907 |
Expiration Per Period | ||||||||||||||||
Total Commitment | Less than 1 year | 1-2 Years | More Than 2 Years | |||||||||||||
Letters of credit: | ||||||||||||||||
U.S. – financial | $ | 46,246 | $ | 46,246 | $ | — | $ | — | ||||||||
Canada – financial | 2,813 | 2,813 | — | — | ||||||||||||
Total letters of credit | 49,059 | 49,059 | — | — | ||||||||||||
U.S. surety bonds – primarily performance | 155,304 | 141,435 | 13,868 | 1 | ||||||||||||
Total commercial commitments | $ | 204,363 | $ | 190,494 | $ | 13,868 | $ | 1 |
Page | |
Consolidated Financial Statements of Willbros Group, Inc. and Subsidiaries: | |
Financial Statement Schedule: | |
December 31, | ||||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 33,472 | $ | 41,420 | ||||
Accounts receivable, net | 142,192 | 112,037 | ||||||
Contract cost and recognized income not yet billed | 13,992 | 11,938 | ||||||
Prepaid expenses and other current assets | 20,760 | 18,416 | ||||||
Parts and supplies inventories | 1,152 | 800 | ||||||
Assets held for sale | 1,804 | 9,050 | ||||||
Assets associated with discontinued operations | 324 | 505 | ||||||
Total current assets | 213,696 | 194,166 | ||||||
Property, plant and equipment, net | 30,113 | 38,123 | ||||||
Intangible assets, net | 67,181 | 76,848 | ||||||
Restricted cash | 40,367 | 40,206 | ||||||
Deferred income taxes | — | 315 | ||||||
Other long-term assets | 12,520 | 13,378 | ||||||
Total assets | $ | 363,877 | $ | 363,036 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 138,161 | $ | 83,488 | ||||
Contract billings in excess of cost and recognized income | 17,814 | 4,938 | ||||||
Current maturities of long-term debt | 105,175 | — | ||||||
Short-term borrowings under revolving credit facility | 28,108 | — | ||||||
Accrued income taxes | 310 | 311 | ||||||
Other current liabilities | 6,056 | 6,253 | ||||||
Liabilities held for sale | 865 | 8,275 | ||||||
Current liabilities associated with discontinued operations | 1,091 | 1,578 | ||||||
Total current liabilities | 297,580 | 104,843 | ||||||
Long-term debt obligations | — | 89,189 | ||||||
Long-term liabilities for unrecognized tax benefits | 603 | — | ||||||
Other long-term liabilities | 33,093 | 32,872 | ||||||
Long-term liabilities associated with discontinued operations | 893 | 995 | ||||||
Total liabilities | 332,169 | 227,899 | ||||||
Contingencies and commitments (Note 15) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, par value $.01 per share, 1,000,000 shares authorized, none issued | — | — | ||||||
Common stock, par value $.05 per share, 105,000,000 shares authorized and 65,598,065 shares issued at December 31, 2017 (64,679,896 at December 31, 2016) | 3,271 | 3,226 | ||||||
Additional paid-in capital | 752,117 | 749,303 | ||||||
Accumulated deficit | (706,116 | ) | (598,021 | ) | ||||
Treasury stock at cost, 2,361,343 shares at December 31, 2017 (2,025,208 at December 31, 2016) | (15,702 | ) | (15,137 | ) | ||||
Accumulated other comprehensive loss | (1,862 | ) | (4,234 | ) | ||||
Total stockholders’ equity | 31,708 | 135,137 | ||||||
Total liabilities and stockholders’ equity | $ | 363,877 | $ | 363,036 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Contract revenue | $ | 849,983 | $ | 731,685 | $ | 908,994 | ||||||
Contract costs | 874,738 | 685,389 | 868,240 | |||||||||
Contract income (loss) | (24,755 | ) | 46,296 | 40,754 | ||||||||
Amortization of intangibles | 9,667 | 9,754 | 9,874 | |||||||||
General and administrative | 54,693 | 60,993 | 77,335 | |||||||||
Gain on sale of subsidiary | — | — | (12,826 | ) | ||||||||
Other charges | 2,226 | 6,210 | 18,469 | |||||||||
Operating loss | (91,341 | ) | (30,661 | ) | (52,098 | ) | ||||||
Interest expense | (16,017 | ) | (13,976 | ) | (27,254 | ) | ||||||
Interest income | 31 | 451 | 51 | |||||||||
Debt covenant suspension and extinguishment charges | — | (63 | ) | (39,178 | ) | |||||||
Other, net | (296 | ) | (63 | ) | (101 | ) | ||||||
(16,282 | ) | (13,651 | ) | (66,482 | ) | |||||||
Loss from continuing operations before income taxes | (107,623 | ) | (44,312 | ) | (118,580 | ) | ||||||
Benefit for income taxes | (964 | ) | (530 | ) | (54,031 | ) | ||||||
Loss from continuing operations | (106,659 | ) | (43,782 | ) | (64,549 | ) | ||||||
Income (loss) from discontinued operations, net of provision for income taxes | (1,436 | ) | (3,977 | ) | 96,032 | |||||||
Net income (loss) | $ | (108,095 | ) | $ | (47,759 | ) | $ | 31,483 | ||||
Basic income (loss) per share attributable to Company shareholders: | ||||||||||||
Loss from continuing operations | $ | (1.72 | ) | $ | (0.71 | ) | $ | (1.12 | ) | |||
Income (loss) from discontinued operations | (0.02 | ) | (0.06 | ) | 1.66 | |||||||
Net income (loss) | $ | (1.74 | ) | $ | (0.77 | ) | $ | 0.54 | ||||
Diluted income (loss) per share attributable to Company shareholders: | ||||||||||||
Loss from continuing operations | $ | (1.72 | ) | $ | (0.71 | ) | $ | (1.12 | ) | |||
Income (loss) from discontinued operations | (0.02 | ) | (0.06 | ) | 1.66 | |||||||
Net income (loss) | $ | (1.74 | ) | $ | (0.77 | ) | $ | 0.54 | ||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic | 62,160,849 | 61,364,592 | 57,759,988 | |||||||||
Diluted | 62,160,849 | 61,364,592 | 57,759,988 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net income (loss) | $ | (108,095 | ) | $ | (47,759 | ) | $ | 31,483 | ||||
Other comprehensive income (loss), net of tax | ||||||||||||
Foreign currency translation adjustments | 1,287 | 553 | (8,828 | ) | ||||||||
Changes in derivative financial instruments | 1,085 | 1,222 | 31 | |||||||||
Total other comprehensive income (loss), net of tax | 2,372 | 1,775 | (8,797 | ) | ||||||||
Total comprehensive income (loss) | $ | (105,723 | ) | $ | (45,984 | ) | $ | 22,686 |
Common Stock | Additional Paid-in Capital | Accumu- lated Deficit | Treasury Stock | Accumu- lated Other Compre- hensive Income (Loss) | Total Stock- holders’ Equity Willbros Group, Inc. | Non-controlling Interest | Total Stock- holders’ Equity | ||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | 52,094,931 | $ | 2,597 | $ | 703,728 | $ | (581,745 | ) | $ | (13,832 | ) | $ | 2,788 | $ | 113,536 | $ | 289 | $ | 113,825 | ||||||||||||||||
Net income | — | — | — | 31,483 | — | — | 31,483 | — | 31,483 | ||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | (8,828 | ) | (8,828 | ) | — | (8,828 | ) | |||||||||||||||||||||||
Derivatives, net of tax | — | — | — | — | — | 31 | 31 | — | 31 | ||||||||||||||||||||||||||
Sale of noncontrolling interest | — | — | — | — | — | — | — | (289 | ) | (289 | ) | ||||||||||||||||||||||||
Cost of debt covenant suspension | 10,125,410 | 506 | 33,009 | — | — | — | 33,515 | — | 33,515 | ||||||||||||||||||||||||||
Amortization of stock-based compensation | — | — | 8,562 | — | — | — | 8,562 | — | 8,562 | ||||||||||||||||||||||||||
Stock issued under share-based compensation plans | 1,697,879 | 85 | (85 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Additions to treasury stock, vesting and forfeitures of restricted stock | — | — | — | — | (899 | ) | — | (899 | ) | — | (899 | ) | |||||||||||||||||||||||
Balance as of December 31, 2015 | 63,918,220 | $ | 3,188 | $ | 745,214 | $ | (550,262 | ) | $ | (14,731 | ) | $ | (6,009 | ) | $ | 177,400 | $ | — | $ | 177,400 | |||||||||||||||
Net loss | — | — | — | (47,759 | ) | — | — | (47,759 | ) | — | (47,759 | ) | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | 553 | 553 | — | 553 | ||||||||||||||||||||||||||
Derivatives, net of tax | — | — | — | — | — | 1,222 | 1,222 | — | 1,222 | ||||||||||||||||||||||||||
Amortization of stock-based compensation | — | — | 4,127 | — | — | — | 4,127 | — | 4,127 | ||||||||||||||||||||||||||
Stock issued under share-based compensation plans | 761,676 | 38 | (38 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Additions to treasury stock, vesting and forfeitures of restricted stock | — | — | — | — | (406 | ) | — | (406 | ) | — | (406 | ) | |||||||||||||||||||||||
Balance as of December 31, 2016 | 64,679,896 | $ | 3,226 | $ | 749,303 | $ | (598,021 | ) | $ | (15,137 | ) | $ | (4,234 | ) | $ | 135,137 | $ | — | $ | 135,137 | |||||||||||||||
Net loss | — | — | — | (108,095 | ) | — | — | (108,095 | ) | — | (108,095 | ) | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | 1,287 | 1,287 | — | 1,287 | ||||||||||||||||||||||||||
Derivatives, net of tax | — | — | — | — | — | 1,085 | 1,085 | — | 1,085 | ||||||||||||||||||||||||||
Amortization of stock-based compensation | — | — | 2,859 | — | — | — | 2,859 | — | 2,859 | ||||||||||||||||||||||||||
Stock issued under share-based compensation plans | 918,169 | 45 | (45 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Additions to treasury stock, vesting and forfeitures of restricted stock | — | — | — | — | (565 | ) | — | (565 | ) | — | (565 | ) | |||||||||||||||||||||||
Balance as of December 31, 2017 | 65,598,065 | $ | 3,271 | $ | 752,117 | $ | (706,116 | ) | $ | (15,702 | ) | $ | (1,862 | ) | $ | 31,708 | $ | — | $ | 31,708 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | (108,095 | ) | $ | (47,759 | ) | $ | 31,483 | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
(Income) loss from discontinued operations | 1,436 | 3,977 | (96,032 | ) | ||||||||
Depreciation and amortization | 19,162 | 21,919 | 27,200 | |||||||||
Stock-based compensation | 2,859 | 4,127 | 6,605 | |||||||||
Debt covenant suspension and extinguishment charges | — | 63 | 39,178 | |||||||||
Provision (benefit) for deferred income taxes | 326 | (176 | ) | (413 | ) | |||||||
Amortization of debt issue costs | 2,203 | 1,063 | 573 | |||||||||
Non-cash interest expense | 2,481 | 2,173 | — | |||||||||
(Gain) loss on disposal of equipment | (3,241 | ) | (3,436 | ) | 1,155 | |||||||
Impairment of intangible assets | — | — | 534 | |||||||||
Gain on sale of subsidiary | — | — | (12,826 | ) | ||||||||
Provision for bad debt | 887 | 284 | 2,945 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable, net | (30,353 | ) | 21,182 | 104,620 | ||||||||
Contract cost and recognized income not yet billed | (1,927 | ) | 8,411 | 9,672 | ||||||||
Prepaid expenses and other current assets | (2,240 | ) | 1,093 | (433 | ) | |||||||
Accounts payable and accrued liabilities | 53,101 | (20,557 | ) | (56,894 | ) | |||||||
Accrued income taxes | (1 | ) | (2,818 | ) | 715 | |||||||
Contract billings in excess of cost and recognized income | 12,874 | (506 | ) | (4,611 | ) | |||||||
Assets held for sale | 7,302 | — | — | |||||||||
Liabilities held for sale | (7,409 | ) | — | — | ||||||||
Other assets and liabilities, net | 1,012 | (1,032 | ) | (7,462 | ) | |||||||
Cash provided by (used in) operating activities of continuing operations | (49,623 | ) | (11,992 | ) | 46,009 | |||||||
Cash used in operating activities of discontinued operations | (1,844 | ) | (7,619 | ) | (50,204 | ) | ||||||
Cash used in operating activities | (51,467 | ) | (19,611 | ) | (4,195 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Proceeds from sale of property, plant and equipment | 4,242 | 6,985 | 12,228 | |||||||||
Proceeds from sale of subsidiaries | 950 | 12,646 | 236,112 | |||||||||
Purchases of property, plant and equipment | (2,450 | ) | (3,794 | ) | (2,705 | ) | ||||||
Changes in restricted cash | (161 | ) | (4,994 | ) | (35,212 | ) | ||||||
Cash provided by investing activities of continuing operations | 2,581 | 10,843 | 210,423 | |||||||||
Cash used in investing activities of discontinued operations | — | — | (590 | ) | ||||||||
Cash provided by investing activities | 2,581 | 10,843 | 209,833 | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from term loan issuance | 15,000 | — | — | |||||||||
Proceeds from revolver and notes payable | 28,995 | — | 30,439 | |||||||||
Payments on capital leases | — | (469 | ) | (915 | ) | |||||||
Payments on revolver and notes payable | (1,009 | ) | — | (30,439 | ) | |||||||
Payments on term loan facility | — | (3,128 | ) | (174,648 | ) | |||||||
Payments to reacquire common stock | (565 | ) | (406 | ) | (899 | ) | ||||||
Cost of debt issuance | (2,306 | ) | (4,612 | ) | (804 | ) | ||||||
Cash provided by (used in) financing activities of continuing operations | 40,115 | (8,615 | ) | (177,266 | ) |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Cash provided by financing activities of discontinued operations | — | — | 10,624 | |||||||||
Cash provided by (used in) financing activities | 40,115 | (8,615 | ) | (166,642 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 823 | (29 | ) | (3,437 | ) | |||||||
Cash provided by (used in) all activities | (7,948 | ) | (17,412 | ) | 35,559 | |||||||
Cash and cash equivalents of continuing operations at beginning of period | 41,420 | 58,832 | 22,565 | |||||||||
Cash and cash equivalents of discontinued operations at beginning of period | — | — | 708 | |||||||||
Cash and cash equivalents at beginning of period | 41,420 | 58,832 | 23,273 | |||||||||
Cash and cash equivalents at end of period | 33,472 | 41,420 | 58,832 | |||||||||
Less: cash and cash equivalents of discontinued operations at end of period | — | — | — | |||||||||
Cash and cash equivalents of continuing operations at end of period | $ | 33,472 | $ | 41,420 | $ | 58,832 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for interest (including discontinued operations) | $ | 10,783 | $ | 9,019 | $ | 28,198 | ||||||
Cash paid for income taxes (including discontinued operations) | $ | 993 | $ | 2,737 | $ | 3,495 | ||||||
Supplemental non-cash investing and financing transactions: | ||||||||||||
Capital expenditure included in accounts payable and accrued liabilities | $ | 283 | $ | 171 | $ | 163 |
Construction equipment | 3-20 years | |
Furniture and equipment | 3-12 years | |
Buildings | 20 years | |
Transportation equipment | 3-17 years | |
Marine equipment | 10 years |
December 31, | ||||||||
2017 | 2016 | |||||||
Trade | $ | 95,923 | $ | 79,348 | ||||
Unbilled revenue | 22,018 | 20,447 | ||||||
Contract retention | 26,146 | 12,091 | ||||||
Other receivables | 901 | 2,114 | ||||||
Total accounts receivable | 144,988 | 114,000 | ||||||
Less: allowance for doubtful accounts | (2,796 | ) | (1,963 | ) | ||||
Total accounts receivable, net | $ | 142,192 | $ | 112,037 |
December 31, | ||||||||
2017 | 2016 | |||||||
Cost incurred on contracts in progress | $ | 445,029 | $ | 234,544 | ||||
Recognized income | (14,536 | ) | 28,702 | |||||
430,493 | 263,246 | |||||||
Progress billings and advance payments | (434,315 | ) | (256,246 | ) | ||||
$ | (3,822 | ) | $ | 7,000 | ||||
Contract cost and recognized income not yet billed | $ | 13,992 | $ | 11,938 | ||||
Contract billings in excess of cost and recognized income | (17,814 | ) | (4,938 | ) | ||||
$ | (3,822 | ) | $ | 7,000 |
December 31, | ||||||||
2017 | 2016 | |||||||
Accounts receivable, net | $ | 490 | $ | 7,806 | ||||
Contract cost and recognized income not yet billed | 234 | 136 | ||||||
Prepaid expenses and other assets | 36 | 61 | ||||||
Parts and supplies inventories | 409 | 468 | ||||||
Property, plant and equipment, net | 375 | 318 | ||||||
Intangible assets, net | 260 | 260 | ||||||
Other long-term assets | — | 1 | ||||||
Total assets held for sale | 1,804 | 9,050 | ||||||
Accounts payable and accrued liabilities | 100 | 3,789 | ||||||
Contract billings in excess of cost and recognized income | 765 | 4,480 | ||||||
Other current liabilities | — | 3 | ||||||
Other long-term liabilities | — | 3 | ||||||
Total liabilities held for sale | $ | 865 | $ | 8,275 |
December 31, | ||||||||
2017 | 2016 | |||||||
Construction equipment | $ | 57,195 | $ | 59,607 | ||||
Furniture and equipment | 26,002 | 30,752 | ||||||
Land and buildings | 1,715 | 1,521 | ||||||
Transportation equipment | 57,346 | 65,501 | ||||||
Leasehold improvements | 5,819 | 5,641 | ||||||
Marine equipment | 82 | 82 | ||||||
Total property, plant and equipment | 148,159 | 163,104 | ||||||
Less: accumulated depreciation | (118,046 | ) | (124,981 | ) | ||||
Total property, plant and equipment, net | $ | 30,113 | $ | 38,123 |
December 31, 2017 | ||||||||||||
Customer Relationships | Trademark/ Tradename | Total | ||||||||||
Balance as of December 31, 2016 | $ | 73,100 | $ | 3,748 | $ | 76,848 | ||||||
Amortization | (8,597 | ) | (1,070 | ) | (9,667 | ) | ||||||
Balance as of December 31, 2017 | $ | 64,503 | $ | 2,678 | $ | 67,181 | ||||||
Weighted average remaining amortization period | 7.5 years | 2.5 years |
December 31, 2016 | ||||||||||||
Customer Relationships | Trademark/ Tradename | Total | ||||||||||
Balance as of December 31, 2015 | $ | 82,044 | $ | 4,818 | $ | 86,862 | ||||||
Amortization | (8,684 | ) | (1,070 | ) | (9,754 | ) | ||||||
Transfer to assets held for sale | $ | (260 | ) | $ | — | $ | (260 | ) | ||||
Balance as of December 31, 2016 | $ | 73,100 | $ | 3,748 | $ | 76,848 | ||||||
Weighted average remaining amortization period | 8.5 years | 3.5 years |
Fiscal year: | ||||
2018 | $ | 9,667 | ||
2019 | 9,667 | |||
2020 | 9,135 | |||
2021 | 8,597 | |||
2022 | 8,597 | |||
Thereafter | 21,518 | |||
Total amortization | $ | 67,181 |
December 31, | ||||||||
2017 | 2016 | |||||||
Trade accounts payable | $ | 54,414 | $ | 34,770 | ||||
Payroll liabilities | 12,185 | 10,377 | ||||||
Accrued contract costs | 52,847 | 15,840 | ||||||
Self-insurance accrual | 6,601 | 11,210 | ||||||
Other accrued liabilities | 12,114 | 11,291 | ||||||
Total accounts payable and accrued liabilities | $ | 138,161 | $ | 83,488 |
December 31, | ||||||||
2017 | 2016 | |||||||
Aggregate outstanding principal balance, 2014 Term Loan Facility | $ | 107,224 | $ | 92,224 | ||||
Repayment fee, 2014 Term Loan Facility | 9,650 | 4,611 | ||||||
Unamortized discount – repayment fee, 2014 Term Loan Facility | (7,235 | ) | (3,592 | ) | ||||
Unamortized debt issuance costs, 2014 Term Loan Facility | (4,464 | ) | (4,054 | ) | ||||
Revolver borrowings, 2013 ABL Credit Facility | 28,108 | — | ||||||
Total debt obligations, net of unamortized discount and debt issuance costs | $ | 133,283 | $ | 89,189 | ||||
Current maturities of long-term debt | $ | 105,175 | $ | — | ||||
Short-term borrowings under revolving credit facility | 28,108 | — | ||||||
Long-term debt obligations | — | 89,189 | ||||||
Total debt obligations, net of unamortized discount and debt issuance costs | $ | 133,283 | $ | 89,189 |
March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | March 31, 2019 | June 30, 2019 | September 30, 2019 | ||||||||||||||||||||||
Makewhole | $ | 16,843 | $ | 13,358 | $ | 9,874 | $ | 16,888 | $ | 12,331 | $ | 7,595 | $ | 3,350 |
• | 85 percent of the value of “eligible accounts” (as defined in the 2013 ABL Credit Facility); |
• | the lesser of (i) 75 percent of the value of “eligible unbilled accounts” (as defined in the 2013 ABL Credit Facility) and (ii) $33.0 million minus the amount of eligible unbilled accounts then included in the borrowing base; and |
• | “eligible pledged cash”. |
Fixed Charge Coverage Ratio | U.S. Base Rate, Canadian Base Rate and Canadian Prime Rate Loans | LIBOR Loans, BA Rate Loans and Letter of Credit Fees | ||
>1.25 to 1 | 1.25% | 2.25% | ||
≤1.25 to 1 and >1.15 to 1 | 1.50% | 2.50% | ||
≤1.15 to 1 | 1.75% | 2.75% |
• | the preparation of financial statements in accordance with GAAP; |
• | the ability to deliver an audit opinion without a going concern explanation; |
• | the identification of any events or circumstances, either individually or in the aggregate, that has had or could reasonably be expected to have a material adverse effect on the business, results of operations, properties or financial condition of the Company; |
• | limitations on liens and indebtedness; |
• | limitations on dividends and other payments in respect of capital stock; |
• | limitations on capital expenditures; and |
• | limitations on modifications of the documentation of the 2013 ABL Credit Facility. |
December 31, 2017 | December 31, 2016 | |||||||
2014 Term Loan Facility | $ | 119,042 | $ | 95,577 | ||||
Revolver borrowings, 2013 ABL Credit Facility | 28,108 | — | ||||||
Total fair value of debt instruments | $ | 147,150 | $ | 95,577 |
Fiscal year: | |||
2018 | $ | 135,332 | |
$ | 135,332 |
a. | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. |
b. | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. |
c. | If a participating employer chooses to stop participating in a multiemployer plan, the employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. |
Fund | EIN/PN | PPA Zone Status (1) | Plan Year End for Zone Status | Subject to Funding Improvement/ Rehabilitation Plan(2) | 2017 Contributions (in thousands) | 2016 Contributions (in thousands) | 2015 Contributions (in thousands) | Sur-charge Imposed | Expiration Date of Collective Bargaining Agreement | |||||||||||||||
Pennsylvania Heavy and Highway Contractors Pension Trust | 23-6531755/ 001 | Green | 12/31/2016 | No | $ | 2,085 | $ | 975 | $ | 1,086 | No | 12/31/2018 | ||||||||||||
Boilermaker-Blacksmith National Pension Trust | 48-6168020/ 001 | Yellow | 12/31/2016 | Implemented | $ | — | $ | — | $ | 208 | No | N/A | ||||||||||||
Other Funds | — | — | 43 | |||||||||||||||||||||
Total Contributions: | $ | 2,085 | $ | 975 | $ | 1,337 |
(1) | The zone status is based on information that the Company received from the plan as well as publicly available information per the Department of Labor website and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. Although the Boilermaker-Blacksmith National Pension Trust plan was considered to be in the yellow zone for 2016, it proactively entered critical status early for 2017 and imposed a surcharge for contributions payable after May 28, 2017. |
(2) | The “Subject to Funding Improvement / Rehabilitation Plan” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Foreign | $ | (4,406 | ) | $ | (556 | ) | $ | 334 | ||||
United States | (103,217 | ) | (43,756 | ) | (118,914 | ) | ||||||
$ | (107,623 | ) | $ | (44,312 | ) | $ | (118,580 | ) |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Current provision (benefit): | ||||||||||||
Foreign | $ | (157 | ) | $ | (550 | ) | $ | 1,822 | ||||
United States: | ||||||||||||
Federal | (833 | ) | 735 | (51,475 | ) | |||||||
State | (391 | ) | (159 | ) | (4,497 | ) | ||||||
(1,381 | ) | 26 | (54,150 | ) | ||||||||
Deferred tax provision (benefit): | ||||||||||||
Foreign | 417 | (556 | ) | 357 | ||||||||
United States | — | — | (238 | ) | ||||||||
417 | (556 | ) | 119 | |||||||||
Total benefit for income taxes | $ | (964 | ) | $ | (530 | ) | $ | (54,031 | ) |
2017 | 2016 | 2015 | ||||||||||
Taxes on earnings at statutory rate in domicile of parent company | $ | (37,668 | ) | $ | (15,509 | ) | $ | (41,503 | ) | |||
Earnings taxed at rates less or greater than parent company rates: | ||||||||||||
Foreign | 443 | 246 | (297 | ) | ||||||||
State income taxes, net of U.S. federal benefit | — | 116 | (3,050 | ) | ||||||||
Non deductibles | 3,033 | 2,017 | 2,681 | |||||||||
Changes in provision for unrecognized tax positions | 574 | 204 | 91 | |||||||||
Change in valuation allowance | 33,656 | 12,951 | (19,027 | ) | ||||||||
Stock-based compensation | 597 | 1,522 | 1,990 | |||||||||
Deferred tax adjustments | (276 | ) | (1,123 | ) | (595 | ) | ||||||
Deemed dividend/previously taxed income | — | — | 1,850 | |||||||||
Prior year tax settlement | 327 | 382 | (246 | ) | ||||||||
Transfer pricing allocation | (874 | ) | 6 | 2,011 | ||||||||
Stock issuance costs | — | — | 1,947 | |||||||||
Alternative Minimum Tax credit carryforward | — | (1,031 | ) | — | ||||||||
Other | (124 | ) | (311 | ) | 117 | |||||||
Tax Cuts and Jobs Act | (652 | ) | — | — | ||||||||
Total benefit for income taxes | $ | (964 | ) | $ | (530 | ) | $ | (54,031 | ) |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Beginning balance | $ | 2,406 | $ | 2,406 | ||||
Impact of Tax Cuts and Jobs Act | (870 | ) | — | |||||
Other | (49 | ) | — | |||||
Ending balance | $ | 1,487 | $ | 2,406 |
December 31, | ||||||||
2017 | 2016 | |||||||
Deferred tax assets: | ||||||||
Non-current: | ||||||||
Accrued vacation | 293 | 144 | ||||||
Allowance for doubtful accounts | 319 | 249 | ||||||
Estimated losses | 2,021 | 143 | ||||||
Deferred compensation | 311 | 696 | ||||||
Accrued insurance | 4,620 | 7,581 | ||||||
Deferred rent | 790 | 1,815 | ||||||
Various accrued liabilities | 163 | 274 | ||||||
Goodwill | 12,885 | 25,739 | ||||||
U.S. tax net operating loss carry forwards | 53,617 | 59,258 | ||||||
State tax net operating loss carry forwards | 8,201 | 6,148 | ||||||
Foreign tax net operating loss carry forwards | 2,817 | 2,817 | ||||||
Alternative Minimum Tax credit carryforward | — | 846 | ||||||
Other | 211 | 117 | ||||||
Gross deferred tax assets | 86,248 | 105,827 | ||||||
Valuation allowance | (68,003 | ) | (69,304 | ) | ||||
Deferred tax assets, net of valuation allowance | 18,245 | 36,523 | ||||||
Deferred tax liabilities: | ||||||||
Non-current: | ||||||||
Term Loan amortization | (394 | ) | (1,203 | ) | ||||
Depreciation | (3,150 | ) | (7,409 | ) | ||||
Intangible amortization | (14,701 | ) | (27,596 | ) | ||||
Deferred tax liabilities | (18,245 | ) | (36,208 | ) | ||||
Net deferred tax assets | $ | — | $ | 315 | ||||
United States | $ | — | $ | — | ||||
Foreign | — | 315 | ||||||
Net deferred tax assets | $ | — | $ | 315 |
Year Ended December 31, 2017 (in thousands) | ||||||||||||
Foreign currency translation adjustments | Changes in derivative financial instruments | Total accumulated comprehensive income (loss) | ||||||||||
Balance, December 31, 2016 | $ | (1,412 | ) | $ | (2,822 | ) | $ | (4,234 | ) | |||
Other comprehensive income before reclassifications | 1,287 | — | 1,287 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,085 | 1,085 | |||||||||
Net current-period other comprehensive income | 1,287 | 1,085 | 2,372 | |||||||||
Balance, December 31, 2017 | $ | (125 | ) | $ | (1,737 | ) | $ | (1,862 | ) |
Year Ended December 31, 2016 (in thousands) | ||||||||||||
Foreign currency translation adjustments | Changes in derivative financial instruments | Total accumulated comprehensive income (loss) | ||||||||||
Balance, December 31, 2015 | $ | (1,965 | ) | $ | (4,044 | ) | $ | (6,009 | ) | |||
Other comprehensive income before reclassifications | 553 | — | 553 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,222 | 1,222 | |||||||||
Net current-period other comprehensive income | 553 | 1,222 | 1,775 | |||||||||
Balance, December 31, 2016 | $ | (1,412 | ) | $ | (2,822 | ) | $ | (4,234 | ) |
Year Ended December 31, 2015 (in thousands) | ||||||||||||
Foreign currency translation adjustments | Changes in derivative financial instruments | Total accumulated comprehensive income (loss) | ||||||||||
Balance, December 31, 2014 | $ | 6,863 | $ | (4,075 | ) | $ | 2,788 | |||||
Other comprehensive loss before reclassifications | (8,828 | ) | (2,928 | ) | (11,756 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 2,959 | 2,959 | |||||||||
Net current-period other comprehensive income (loss) | (8,828 | ) | 31 | (8,797 | ) | |||||||
Balance, December 31, 2015 | $ | (1,965 | ) | $ | (4,044 | ) | $ | (6,009 | ) |
Year Ended December 31, 2017 (in thousands) | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Details about Accumulated Other Comprehensive Income Components | ||||
Interest rate contracts | $ | 1,085 | Interest expense, net | |||
Total | $ | 1,085 |
Year Ended December 31, 2016 (in thousands) | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Details about Accumulated Other Comprehensive Income Components | ||||
Interest rate contracts | $ | 1,222 | Interest expense, net | |||
Total | $ | 1,222 |
Year Ended December 31, 2015 (in thousands) | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Details about Accumulated Other Comprehensive Income Components | ||||
Interest rate contracts | $ | 2,959 | Interest expense, net | |||
Total | $ | 2,959 |
Year Ended December 31, | |||||||
2017 | |||||||
Shares | Weighted-Average Grant-Date Fair Value | ||||||
Nonvested, beginning of year | 1,219,446 | $ | 3.87 | ||||
Granted | 711,990 | 2.47 | |||||
Vested | (809,652 | ) | 4.10 | ||||
Forfeited | (108,137 | ) | 2.62 | ||||
Nonvested, end of year | 1,013,647 | $ | 2.84 |
Year Ended December 31, | ||||||
2017 | 2016 | 2015 | ||||
Volatility | 99.8% | 91.1% | 77.8% | |||
Risk-free interest rates | 1.37% | 1.01% | 0.49% - 0.96% |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net loss from continuing operations applicable to common shares (numerator for basic and diluted calculation) | $ | (106,659 | ) | $ | (43,782 | ) | $ | (64,549 | ) | |||
Weighted average number of common shares outstanding for basic loss per share | 62,160,849 | 61,364,592 | 57,759,988 | |||||||||
Weighted average number of potentially dilutive common shares outstanding | — | — | — | |||||||||
Weighted average number of common shares outstanding for diluted loss per share | 62,160,849 | 61,364,592 | 57,759,988 | |||||||||
Loss per common share from continuing operations: | ||||||||||||
Basic | $ | (1.72 | ) | $ | (0.71 | ) | $ | (1.12 | ) | |||
Diluted | $ | (1.72 | ) | $ | (0.71 | ) | $ | (1.12 | ) |
Year Ended December 31, | |||||||||
2017 | 2016 | 2015 | |||||||
Stock options | — | 32,787 | 55,000 | ||||||
Restricted stock and restricted stock rights | 274,210 | 519,137 | 665,955 | ||||||
274,210 | 551,924 | 720,955 |
Year Ended December 31, 2017 | ||||||||||||||||||||||||
Utility T&D | Canada | Oil & Gas | Corporate | Eliminations | Consolidated | |||||||||||||||||||
Contract revenue | $ | 506,978 | $ | 121,151 | $ | 221,939 | $ | — | $ | (85 | ) | $ | 849,983 | |||||||||||
Contract costs | 486,340 | 115,870 | 272,613 | — | (85 | ) | 874,738 | |||||||||||||||||
Contract income (loss) | 20,638 | 5,281 | (50,674 | ) | — | — | (24,755 | ) | ||||||||||||||||
Amortization of intangibles | 9,559 | — | 108 | — | — | 9,667 | ||||||||||||||||||
General and administrative | 16,360 | 7,659 | 9,584 | 21,090 | — | 54,693 | ||||||||||||||||||
Other charges | — | 1,667 | 139 | 420 | — | 2,226 | ||||||||||||||||||
Operating loss | $ | (5,281 | ) | $ | (4,045 | ) | $ | (60,505 | ) | $ | (21,510 | ) | $ | — | (91,341 | ) | ||||||||
Non-operating expenses | (16,282 | ) | ||||||||||||||||||||||
Benefit for income taxes | (964 | ) | ||||||||||||||||||||||
Loss from continuing operations | (106,659 | ) | ||||||||||||||||||||||
Loss from discontinued operations, net of provision for income taxes | (1,436 | ) | ||||||||||||||||||||||
Net loss | $ | (108,095 | ) |
Year Ended December 31, 2016 | ||||||||||||||||||||||||
Utility T&D | Canada | Oil & Gas | Corporate | Eliminations | Consolidated | |||||||||||||||||||
Contract revenue | $ | 418,387 | $ | 143,140 | $ | 170,448 | $ | — | $ | (290 | ) | $ | 731,685 | |||||||||||
Contract costs | 378,229 | 134,248 | 173,202 | — | (290 | ) | 685,389 | |||||||||||||||||
Contract income (loss) | 40,158 | 8,892 | (2,754 | ) | — | — | 46,296 | |||||||||||||||||
Amortization of intangibles | 9,559 | — | 195 | — | — | 9,754 | ||||||||||||||||||
General and administrative | 15,035 | 8,538 | 12,175 | 25,245 | — | 60,993 | ||||||||||||||||||
Other charges (income) | (3 | ) | 1,004 | 1,659 | 3,550 | — | 6,210 | |||||||||||||||||
Operating income (loss) | $ | 15,567 | $ | (650 | ) | $ | (16,783 | ) | $ | (28,795 | ) | $ | — | (30,661 | ) | |||||||||
Non-operating expenses | (13,651 | ) | ||||||||||||||||||||||
Benefit for income taxes | (530 | ) | ||||||||||||||||||||||
Loss from continuing operations | (43,782 | ) | ||||||||||||||||||||||
Loss from discontinued operations, net of provision for income taxes | (3,977 | ) | ||||||||||||||||||||||
Net loss | $ | (47,759 | ) |
Year Ended December 31, 2015 | |||||||||||||||||||||||||
Utility T&D | Canada | Oil & Gas | Corporate | Eliminations | Consolidated | ||||||||||||||||||||
Contract revenue | $ | 379,629 | $ | 232,534 | $ | 297,110 | $ | — | $ | (279 | ) | $ | 908,994 | ||||||||||||
Contract costs | 354,267 | 209,439 | 304,813 | — | (279 | ) | 868,240 | ||||||||||||||||||
Contract income (loss) | 25,362 | 23,095 | (7,703 | ) | — | — | 40,754 | ||||||||||||||||||
Amortization of intangibles | 9,559 | — | 315 | — | — | 9,874 | |||||||||||||||||||
General and administrative | 9,841 | 12,245 | 20,154 | 35,095 | — | 77,335 | |||||||||||||||||||
Gain on sale of subsidiary | — | — | — | — | — | — | (12,826 | ) | |||||||||||||||||
Other charges | 2,002 | 624 | 9,852 | 5,991 | — | 18,469 | |||||||||||||||||||
Operating income (loss) | $ | 3,960 | $ | 10,226 | $ | (38,024 | ) | $ | (41,086 | ) | $ | — | (52,098 | ) | |||||||||||
Non-operating expenses | (66,482 | ) | |||||||||||||||||||||||
Benefit for income taxes | (54,031 | ) | |||||||||||||||||||||||
Loss from continuing operations | (64,549 | ) | |||||||||||||||||||||||
Income from discontinued operations, net of provision for income taxes | 96,032 | ||||||||||||||||||||||||
Net income | $ | 31,483 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Utility T&D | $ | 15,300 | $ | 16,511 | $ | 18,719 | ||||||
Canada | 737 | 924 | 1,321 | |||||||||
Oil & Gas | 2,041 | 3,142 | 5,241 | |||||||||
Corporate | 1,084 | 1,342 | 1,919 | |||||||||
Total | $ | 19,162 | $ | 21,919 | $ | 27,200 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Utility T&D | $ | 1,953 | $ | 2,493 | $ | 451 | ||||||
Canada | 271 | 693 | 519 | |||||||||
Oil & Gas | 275 | 323 | 605 | |||||||||
Corporate | 62 | 293 | 608 | |||||||||
Total | $ | 2,561 | $ | 3,802 | $ | 2,183 |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Utility T&D | $ | 196,923 | $ | 201,339 | ||||
Canada | 41,958 | 47,704 | ||||||
Oil & Gas | 50,779 | 42,887 | ||||||
Corporate | 73,893 | 70,601 | ||||||
Total assets, continuing operations | $ | 363,553 | $ | 362,531 |
Year Ended December 31, | |||||||||
2017 | 2016 | 2015 | |||||||
Oncor | 25.0 | % | 25.0 | % | 17.9 | % | |||
Enterprise Products Partners L.P. | 9.8 | % | 9.4 | % | 12.5 | % |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Contract revenue: | ||||||||||||
United States | $ | 728,832 | $ | 588,545 | $ | 676,460 | ||||||
Canada | 121,151 | 143,140 | 232,534 | |||||||||
$ | 849,983 | $ | 731,685 | $ | 908,994 |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Property, plant and equipment, net: | ||||||||
United States | $ | 25,804 | $ | 33,625 | ||||
Canada | 4,309 | 4,498 | ||||||
$ | 30,113 | $ | 38,123 |
For the Year Ended December 31, | ||||||||||||||||||||||||||
Derivatives in ASC 815 Cash Flow Hedging Relationships | Amount of Gain Recognized in OCI on Derivative (Effective Portion) | Financial Statement Classification | Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | (2,928 | ) | Interest expense, net | $ | 1,085 | $ | 1,222 | $ | 2,959 | ||||||||||||
Total | $ | — | $ | — | $ | (2,928 | ) | $ | 1,085 | $ | 1,222 | $ | 2,959 |
December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Equipment and facility lease abandonment (1) | $ | (225 | ) | $ | 3,633 | $ | 7,747 | |||||
Loss on disposal of equipment (2) | — | 1,030 | 6,683 | |||||||||
Employee severance charges | 1,564 | 1,300 | 1,728 | |||||||||
Restatement costs (3) | 636 | (24 | ) | 595 | ||||||||
Impairment of intangible assets (4) | — | — | 534 | |||||||||
Accelerated stock vesting | 251 | 271 | 1,182 | |||||||||
Total | $ | 2,226 | $ | 6,210 | $ | 18,469 |
Utility T&D | Canada | Oil & Gas | Corporate | Total | ||||||||||||||||
Accrued cost at December 31, 2016 | $ | 348 | $ | 290 | $ | 793 | $ | 4,048 | $ | 5,479 | ||||||||||
Cash payments | (176 | ) | (120 | ) | (296 | ) | (1,127 | ) | (1,719 | ) | ||||||||||
Non-cash charges (1) | — | — | — | 340 | 340 | |||||||||||||||
Change in estimates | — | 41 | 48 | (314 | ) | (225 | ) | |||||||||||||
Accrued cost at December 31, 2017 | $ | 172 | $ | 211 | $ | 545 | $ | 2,947 | $ | 3,875 |
Year Ended December 31, 2017 | ||||||||||||||||
Professional Services | Hawkeye | Other | Total | |||||||||||||
Contract revenue | $ | 1,006 | $ | — | $ | — | $ | 1,006 | ||||||||
Contract costs | 831 | — | — | 831 | ||||||||||||
General and administrative | 1,219 | (197 | ) | — | 1,022 | |||||||||||
Other charges | 525 | — | — | 525 | ||||||||||||
Operating income (loss) | (1,569 | ) | 197 | — | (1,372 | ) | ||||||||||
Non-operating income (expense) | — | — | — | — | ||||||||||||
Pre-tax income (loss) | (1,569 | ) | 197 | — | (1,372 | ) | ||||||||||
Provision for income taxes | 64 | — | — | 64 | ||||||||||||
Income (loss) from discontinued operations | $ | (1,633 | ) | $ | 197 | $ | — | $ | (1,436 | ) |
Year Ended December 31, 2016 | ||||||||||||||||
Professional Services | Hawkeye | Other | Total | |||||||||||||
Contract revenue | $ | 2,126 | $ | — | $ | — | $ | 2,126 | ||||||||
Contract costs | 2,299 | — | — | 2,299 | ||||||||||||
Loss on sale of subsidiary | 2,456 | — | — | 2,456 | ||||||||||||
General and administrative | 2,633 | (313 | ) | — | 2,320 | |||||||||||
Other income | (1,060 | ) | — | — | (1,060 | ) | ||||||||||
Operating income (loss) | (4,202 | ) | 313 | — | (3,889 | ) | ||||||||||
Non-operating income (expense) | — | — | — | — | ||||||||||||
Pre-tax income (loss) | (4,202 | ) | 313 | — | (3,889 | ) | ||||||||||
Provision for income taxes | — | — | 88 | 88 | ||||||||||||
Income (loss) from discontinued operations | $ | (4,202 | ) | $ | 313 | $ | (88 | ) | $ | (3,977 | ) |
Year Ended December 31, 2015 | ||||||||||||||||
Professional Services | Hawkeye | Other | Total | |||||||||||||
Contract revenue | $ | 229,482 | $ | 2,078 | $ | — | $ | 231,560 | ||||||||
Contract costs | 197,414 | 1,317 | — | 198,731 | ||||||||||||
Amortization of intangibles | 793 | — | — | 793 | ||||||||||||
Gain on sale of subsidiaries | (152,208 | ) | — | — | (152,208 | ) | ||||||||||
General and administrative | 26,937 | (370 | ) | — | 26,567 | |||||||||||
Other charges | 4,405 | — | — | 4,405 | ||||||||||||
Operating income | 152,141 | 1,131 | — | 153,272 | ||||||||||||
Non-operating income (expense) | (36 | ) | 6 | — | (30 | ) | ||||||||||
Pre-tax income | 152,105 | 1,137 | — | 153,242 | ||||||||||||
Provision for income taxes | 57,210 | — | — | 57,210 | ||||||||||||
Income from discontinued operations | $ | 94,895 | $ | 1,137 | $ | — | $ | 96,032 |
December 31, 2017 | ||||||||||||
Professional Services | Hawkeye | Total | ||||||||||
Contract cost and recognized income not yet billed | $ | 324 | $ | — | $ | 324 | ||||||
Total assets associated with discontinued operations | 324 | — | 324 | |||||||||
Accounts payable and accrued liabilities | 337 | 180 | 517 | |||||||||
Other current liabilities | 574 | — | 574 | |||||||||
Other long-term liabilities | 893 | — | 893 | |||||||||
Total liabilities associated with discontinued operations | 1,804 | 180 | 1,984 | |||||||||
Net liabilities associated with discontinued operations | $ | (1,480 | ) | $ | (180 | ) | $ | (1,660 | ) |
December 31, 2016 | ||||||||||||
Professional Services | Hawkeye | Total | ||||||||||
Accounts receivable, net | $ | 313 | $ | — | $ | 313 | ||||||
Contract cost and recognized income not yet billed | 192 | — | 192 | |||||||||
Total assets associated with discontinued operations | 505 | — | 505 | |||||||||
Accounts payable and accrued liabilities | 412 | 277 | 689 | |||||||||
Contract billings in excess of costs | 358 | — | 358 | |||||||||
Other current liabilities | 531 | — | 531 | |||||||||
Other long-term liabilities | 995 | — | 995 | |||||||||
Total liabilities associated with discontinued operations | 2,296 | 277 | 2,573 | |||||||||
Net liabilities associated with discontinued operations | $ | (1,791 | ) | $ | (277 | ) | $ | (2,068 | ) |
Year 2017 Quarter Ended | March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | Total 2017 | |||||||||||||||
Contract revenue | $ | 163,900 | $ | 227,447 | $ | 240,773 | $ | 217,863 | $ | 849,983 | ||||||||||
Contract income (loss) | 1,681 | 17,079 | (12,188 | ) | (31,327 | ) | (24,755 | ) | ||||||||||||
Operating income (loss) | (14,853 | ) | 358 | (27,789 | ) | (49,057 | ) | (91,341 | ) | |||||||||||
Loss from continuing operations before income taxes | (18,336 | ) | (3,318 | ) | (31,577 | ) | (54,392 | ) | (107,623 | ) | ||||||||||
Loss from continuing operations | (17,736 | ) | (1,121 | ) | (32,709 | ) | (55,093 | ) | (106,659 | ) | ||||||||||
Income (loss) from discontinued operations, net of provision for income taxes | (31 | ) | 19 | (1,496 | ) | 72 | (1,436 | ) | ||||||||||||
Net loss | $ | (17,767 | ) | $ | (1,102 | ) | $ | (34,205 | ) | $ | (55,021 | ) | $ | (108,095 | ) | |||||
Basic loss per share attributable to Company shareholders: | ||||||||||||||||||||
Loss from continuing operations | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.52 | ) | $ | (0.89 | ) | $ | (1.72 | ) | |||||
Loss from discontinued operations | — | — | (0.02 | ) | — | (0.02 | ) | |||||||||||||
Net loss | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.54 | ) | $ | (0.89 | ) | $ | (1.74 | ) | |||||
Diluted loss per share attributable to Company shareholders: | ||||||||||||||||||||
Loss from continuing operations | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.52 | ) | $ | (0.89 | ) | $ | (1.72 | ) | |||||
Loss from discontinued operations | — | — | (0.02 | ) | — | (0.02 | ) | |||||||||||||
Net loss | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.54 | ) | $ | (0.89 | ) | $ | (1.74 | ) | |||||
Weighted average number of common shares outstanding | ||||||||||||||||||||
Basic | 61,829,768 | 62,170,910 | 62,310,191 | 62,329,614 | 62,160,849 | |||||||||||||||
Diluted | 61,829,768 | 62,170,910 | 62,310,191 | 62,329,614 | 62,160,849 |
Year 2016 Quarter Ended | March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | Total 2016 | |||||||||||||||
Contract revenue | $ | 199,030 | $ | 193,442 | $ | 174,821 | $ | 164,392 | $ | 731,685 | ||||||||||
Contract income | 13,799 | 15,157 | 12,015 | 5,325 | 46,296 | |||||||||||||||
Operating loss | (9,461 | ) | (2,741 | ) | (6,319 | ) | (12,140 | ) | (30,661 | ) | ||||||||||
Loss from continuing operations before income taxes | (13,131 | ) | (5,574 | ) | (9,869 | ) | (15,738 | ) | (44,312 | ) | ||||||||||
Loss from continuing operations | (13,298 | ) | (5,761 | ) | (10,661 | ) | (14,062 | ) | (43,782 | ) | ||||||||||
Loss from discontinued operations, net of provision for income taxes | (1,853 | ) | (658 | ) | (1,325 | ) | (141 | ) | (3,977 | ) | ||||||||||
Net loss | $ | (15,151 | ) | $ | (6,419 | ) | $ | (11,986 | ) | $ | (14,203 | ) | $ | (47,759 | ) | |||||
Basic loss per share attributable to Company shareholders: | ||||||||||||||||||||
Loss from continuing operations | $ | (0.22 | ) | $ | (0.09 | ) | $ | (0.17 | ) | $ | (0.23 | ) | $ | (0.71 | ) | |||||
Loss from discontinued operations | (0.03 | ) | (0.01 | ) | (0.02 | ) | — | (0.06 | ) | |||||||||||
Net loss | $ | (0.25 | ) | $ | (0.10 | ) | $ | (0.19 | ) | $ | (0.23 | ) | $ | (0.77 | ) | |||||
Diluted loss per share attributable to Company shareholders: | ||||||||||||||||||||
Loss from continuing operations | $ | (0.22 | ) | $ | (0.09 | ) | $ | (0.17 | ) | $ | (0.23 | ) | $ | (0.71 | ) | |||||
Loss from discontinued operations | (0.03 | ) | (0.01 | ) | (0.02 | ) | — | (0.06 | ) | |||||||||||
Net loss | $ | (0.25 | ) | $ | (0.10 | ) | $ | (0.19 | ) | $ | (0.23 | ) | $ | (0.77 | ) | |||||
Weighted average number of common shares outstanding | ||||||||||||||||||||
Basic | 60,756,314 | 61,299,334 | 61,639,590 | 61,682,996 | 61,364,592 | |||||||||||||||
Diluted | 60,756,314 | 61,299,334 | 61,639,590 | 61,682,996 | 61,364,592 |
• | During the quarter ended March 31, 2016, the Company made an early payment of $3.1 million against its Term Loan Facility and recorded debt extinguishment costs of $0.1 million, which consisted of the write-off of debt issuance costs. |
• | During the quarter ended March 31, 2016, in relation to the sale of its Professional Services segment, the Company received $2.4 million of the Holdback Amount from TRC and recorded, as a working capital adjustment, a $1.5 million charge against the net gain on sale recorded during the quarter ended December 31, 2015. |
• | During the quarter ended June 30, 2016, in relation to the sale of Premier, the Company received $2.0 million from USIC in relation to a portion of the outstanding escrow amount. |
• | During the quarter ended June 30, 2016, in relation the sale of its Professional Services segment, the Company recorded, as a working capital adjustment, a $1.0 million charges against the net gain on sale recorded during the quarter ended December 31, 2015. |
• | During the quarter ended September 30, 2016, in relation to the sale of its Professional Services segment, the Company received $2.2 million from TRC and inclusive of the final settlement of working capital and the Holdback Amount. |
• | During the quarter ended September 30, 2016, in relation to the sale of Bemis, the Company received $0.9 million from Riggs Distler & Company in relation to a portion of the outstanding escrow amount. |
• | During the quarter ended December 31, 2016, in relation to the sale of Premier, the Company received $1.7 million from USIC in relation to the full and final settlement of the outstanding escrow amount. |
2017 | |
Form 10-K | |
Page(s) | |
Schedule II – Consolidated Valuation and Qualifying Accounts |
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10.17* | |
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10.36* | |
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10.39* | |
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21 | |
23.1 | |
31.1 | |
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32.2 | |
101.INS | XBRL Instance Document. |
101.SCH | XBRL Taxonomy Extension Schema Document. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
* | Management contract or compensatory plan or arrangement. |
WILLBROS GROUP, INC. | ||
Date: March 29, 2018 | By: | /s/ Michael J. Fournier |
Michael J. Fournier | ||
President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Michael J. Fournier | Director, President and | March 29, 2018 | ||
Michael J. Fournier | Chief Executive Officer | |||
(Principal Executive Officer) | ||||
/s/ Jeffrey B. Kappel | Senior Vice President and | March 29, 2018 | ||
Jeffrey B. Kappel | Chief Financial Officer | |||
(Principal Financial Officer) | ||||
/s/ S. Brett Luz | Vice President and | March 29, 2018 | ||
S. Brett Luz | Chief Accounting Officer | |||
(Principal Accounting Officer) | ||||
/s/ S. Miller Williams | Director and | March 29, 2018 | ||
S. Miller Williams | Chairman of the Board | |||
/s/ W. Gary Gates | Director | March 29, 2018 | ||
W. Gary Gates | ||||
/s/ Michael C. Lebens | Director | March 29, 2018 | ||
Michael C. Lebens | ||||
/s/ Daniel E. Lonergan | Director | March 29, 2018 | ||
Daniel E. Lonergan | ||||
/s/ Phil D. Wedemeyer | Director | March 29, 2018 | ||
Phil D. Wedemeyer |
Year Ended | Description | Balance at Beginning of Year | Charged (Credited) to Costs and Expense | Charge Offs and Other | Balance at End of Year | |||||||||||||
December 31, 2015 | Allowance for Bad Debts | $ | 2,723 | $ | 2,945 | $ | (1,186 | ) | $ | 4,482 | ||||||||
December 31, 2015 | Deferred Tax Valuation Allowance | 80,794 | (22,359 | ) | — | 58,435 | ||||||||||||
December 31, 2016 | Allowance for Bad Debts | $ | 4,482 | $ | 284 | $ | (2,803 | ) | $ | 1,963 | ||||||||
December 31, 2016 | Deferred Tax Valuation Allowance | 58,435 | 10,869 | — | 69,304 | |||||||||||||
December 31, 2017 | Allowance for Bad Debts | $ | 1,963 | $ | 887 | $ | (54 | ) | $ | 2,796 | ||||||||
December 31, 2017 | Deferred Tax Valuation Allowance | 69,304 | (1,301 | ) | — | 68,003 |
(a) | By a majority vote of the directors who are not parties to the third party or corporate proceeding, even though less than a quorum; |
(b) | By a committee of directors designated by a majority vote of directors, even though less than a quorum; |
(c) | If there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion; or |
(d) | By the stockholders. |
SUBSIDIARIES OF WILLBROS GROUP, INC. | |
Company Name and Name Under Which it is Doing | |
Business (if applicable) | Jurisdiction of Incorporation or Organization |
0795781 B.C. Ltd | Canada (British Columbia) |
Chapman Construction Co., L.P. | Texas, USA |
Chapman Construction Management Co., Inc. | Texas, USA |
Construction Tank Services LLC | Delaware, USA |
Forward Company for Energy & Infrastructure PSC | Iraq |
Lineal Industries, Inc. | Pennsylvania, USA |
P/L Equipment LP | Canada (Alberta) |
PT Willbros Indonesia | Indonesia |
Skibeck PLC, Inc. | New York, USA |
WG Global Holdings Dutch C.V. | The Netherlands |
Willbros Al-Rushaid Limited | Saudi Arabia |
Willbros Canada Holdings ULC | Canada (British Columbia) |
Willbros (Canada) GP I Limited | Canada (British Columbia) |
Willbros (Canada) GP IV Limited | Canada (British Columbia) |
Willbros (Canada) GP V Limited | Canada (British Columbia) |
Willbros (Canada) GP VI Limited | Canada (British Columbia) |
Willbros (Canada) GP VII Limited | Canada (British Columbia) |
Willbros (Canada) GP VIII Limited | Canada (British Columbia) |
Willbros Construction (U.S.), LLC | Delaware, USA |
Willbros Dutch GP LLC | Delaware, USA |
Willbros Energy Services Company | Delaware, USA |
Willbros Engineering & Services, LLC | Texas |
Willbros Fabrication (Canada) L.P. | Canada (Alberta) |
Willbros Facilities & Tanks (Canada) LP | Canada (Alberta) |
Willbros Global Holdings S. de R.L. | Panama |
Willbros Global Infrastructure Limited | Cayman Islands |
Willbros Industrial de Mexico, S. de R.L. de C.V. | Mexico |
Willbros International Dutch B.V. | The Netherlands |
Willbros International, Inc. | Panama |
Willbros International Pty Limited | Australia |
Willbros Maintenance (Canada) L.P. | Canada (Alberta) |
Willbros Management (Canada) L.P. | Canada (Alberta) |
Willbros Middle East, Inc. | Panama |
Willbros Mine Services, L.P. | Canada (Alberta) |
Willbros Panama LLC | Delaware, USA |
Willbros PSS Midstream (Canada) L.P. | Canada (Alberta) |
Willbros T&D Services, LLC | Delaware, USA |
Willbros Transandina S.A. | Bolivia |
Willbros United States Holdings, Inc. | Delaware, USA |
Willbros Utility T&D Group Common Paymaster, LLC | Delaware, USA |
Willbros Utility T&D Holdings, LLC | Delaware, USA |
Willbros Utility T&D of New York, LLC | New York, USA |
Willbros West Coast Services, Inc. | Oklahoma |
1. | I have reviewed this Annual Report on Form 10-K of Willbros Group, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: March 29, 2018 | /s/ Michael J. Fournier | |
Michael J. Fournier | ||
President and Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of Willbros Group, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: March 29, 2018 | /s/ Jeffrey B. Kappel | |
Jeffrey B. Kappel | ||
Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: March 29, 2018 | /s/ Michael J. Fournier | |
Michael J. Fournier | ||
President and Chief Executive Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: March 29, 2018 | /s/ Jeffrey B. Kappel | |
Jeffrey B. Kappel | ||
Chief Financial Officer |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Mar. 26, 2018 |
Jun. 30, 2017 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WG | ||
Entity Registrant Name | Willbros Group, Inc.\NEW\ | ||
Entity Central Index Key | 0001449732 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 63,221,610 | ||
Entity Public Float | $ 127,979,239 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.05 | $ 0.05 |
Common stock, shares authorized | 105,000,000 | 105,000,000 |
Common stock, shares issued | 65,598,065 | 64,679,896 |
Treasury stock, shares | 2,361,343 | 2,025,208 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (108,095) | $ (47,759) | $ 31,483 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 1,287 | 553 | (8,828) |
Changes in derivative financial instruments | 1,085 | 1,222 | 31 |
Total other comprehensive income (loss), net of tax | 2,372 | 1,775 | (8,797) |
Total comprehensive income (loss) | $ (105,723) | $ (45,984) | $ 22,686 |
Company Description and Financial Condition |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Description and Financial Condition | Company Description and Financial Condition Company Description – Willbros Group, Inc., a Delaware corporation, and its subsidiaries (the “Company,” “Willbros” or “WGI”), is a specialty energy infrastructure contractor serving the oil and gas and power industries with offerings that primarily include construction, maintenance and facilities development services. The Company’s principal markets for continuing operations are the United States and Canada. The Company obtains its work through competitive bidding and negotiations with prospective clients. Contract values range from several thousand dollars to several hundred million dollars, and contract durations range from a few weeks to more than two years. Business Segments – The Company has three reportable segments: Utility T&D, Canada and Oil & Gas. The Company’s Utility T&D segment provides a wide range of services in electric and natural gas transmission and distribution, including comprehensive engineering, procurement, maintenance and construction, repair and restoration of utility infrastructure. These services include engineering, design, installation, maintenance, procurement and repair of electrical transmission, distribution, substation, wireless and gas distribution systems. The Company’s Utility T&D segment conducts projects ranging from small engineering and consulting projects to multi-million dollar turnkey distribution, substation and transmission line projects, including those required for renewable energy facilities. The Company’s Canada segment provides construction, maintenance and fabrication services, including integrity and supporting civil work, pipeline construction, general mechanical and facility construction, American Petroleum Institute (“API”) storage tanks, general and modular fabrication, along with electrical and instrumentation projects serving the Canadian energy and water industries. The Company’s Oil & Gas segment provides construction, maintenance and lifecycle extension services to the midstream markets. These services include facilities construction such as tank terminals, pump stations, flow stations, gas compressor stations and metering stations, as well as small-diameter midstream pipeline construction, integrity construction, system maintenance, tank services and mainline pipeline construction. On January 2, 2018, the Company sold its tank services business to ATS Group, Inc. (“ATS”). See Note 5 – Assets Held for Sale for more information. On January 9, 2018, the Company agreed to sell assets comprising its mainline pipeline construction business to WB Pipeline, LLC, an affiliate of Meridien Energy, LLC. (“Meridien”). Discontinued Operations – On November 30, 2015, the Company sold the balance of its Professional Services segment to TRC Companies (“TRC”). As such, the Professional Services segment, including Willbros Engineers, LLC and Willbros Heater Services, LLC (collectively “Downstream Professional Services”), Premier Utility Services, LLC (“Premier”) and UtilX Corporation (“UtilX”), which were sold earlier in 2015, are presented as discontinued operations in the Company’s Consolidated Financial Statements. These subsidiaries, coupled with assets comprising the Company’s Hawkeye business that was sold in 2013 (“Hawkeye”), are referred to as the “Discontinued Operations.” Assets and liabilities related to the Discontinued Operations are included in the line item “Assets associated with discontinued operations,” “Current liabilities associated with discontinued operations” and “Long-term liabilities associated with discontinued operations” on the Consolidated Balance Sheets for all periods presented. The results of the Discontinued Operations are included in the line item “Income (loss) from discontinued operations, net of provision for income taxes” on the Consolidated Statements of Operations for all periods presented. See Note 18 – Discontinued Operations for more information. Merger Agreement – On March 27, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Primoris Services Corporation (“Primoris”) and Waco Acquisition Vehicle, Inc., a wholly-owned subsidiary of Primoris (the “Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will be merged into the Company, and the Company will become a wholly owned subsidiary of Primoris. The Merger Agreement includes customary representations, warranties and covenants. Primoris will pay $0.60 per share for all of the Company’s outstanding common stock. The Merger Agreement is expected to close in the second quarter of 2018, subject to satisfaction of customary closing conditions, including approval of the Merger Agreement by the requisite vote of the Company’s stockholders. Upon termination of the Merger Agreement in certain circumstances, the Company is obligated to pay Primoris a termination fee of $4.3 million and, in certain other circumstances, a termination fee of $8.0 million. Term Forbearance Agreement – On March 27, 2018, the Company entered into a Forbearance Agreement (the “Term Forbearance Agreement”) with the lenders under the 2014 Term Credit Agreement (the “Term Lenders”). Under the Term Forbearance Agreement, the Term Lenders agreed to, among other things, forbear from taking any action to enforce certain of their rights or remedies under the 2014 Term Credit Agreement with respect to certain defaults and events of default (the “Term Specified Defaults”). The Term Forbearance Agreement is effective until the earliest of (i) August 15, 2018 or the closing of the Merger Agreement or (ii) the occurrence of any one of several specified termination events including, among other things, the termination of the Merger Agreement (the “Term Forbearance Period”). The effectiveness of the Term Forbearance Agreement is conditioned on the occurrence of several events, including the execution of the Merger Agreement and the Seventh Amendment. Upon expiration of the Term Forbearance Agreement or if the Company were to default under the Term Forbearance Agreement or the 2014 Term Credit Agreement, other than Term Specified Defaults, the Term Lenders would be free to exercise any rights and remedies with respect to such defaults and events of defaults pursuant to the terms of the 2014 Term Credit Agreement. ABL Forbearance Agreement – On March 27, 2018, the Company entered into a Limited Forbearance Agreement (the “ABL Forbearance Agreement”) with the lenders under the 2013 ABL Credit Facility (the “ABL Lenders”). Under the ABL Forbearance Agreement, the ABL Lenders agreed to, among other things, forbear from taking any action to enforce certain of their rights or remedies under the 2013 ABL Credit Facility with respect to certain defaults and events of default (the “ABL Specified Defaults”). The ABL Forbearance Agreement is effective until the earliest of (i) July 31, 2018 or the closing of the Merger Agreement or (ii) the occurrence of any one of several specified termination events including, among other things, the termination of the Merger Agreement (the “ABL Forbearance Period”). The effectiveness of the ABL Forbearance Agreement is conditioned on the occurrence of several events, including the execution of the Merger Agreement and the Seventh Amendment. Upon expiration of the ABL Forbearance Agreement or if the Company were to default under the ABL Forbearance Agreement or the 2013 ABL Credit Facility, other than ABL Specified Defaults, the ABL Lenders would be free to exercise any rights and remedies with respect to such defaults and events of defaults pursuant to the terms of the 2013 ABL Credit Facility. Seventh Amendment to the 2014 Term Credit Agreement – On March 27, 2018, (the “Seventh Amendment Effective Date”), the Company amended the 2014 Term Credit Agreement pursuant to a Seventh Amendment among the Company, as borrower, the guarantors from time to time party thereto, Primoris as initial first-out lender, the lenders from time to time party thereto and Cortland Capital Market Services LLC, as administrative agent (the “Seventh Amendment”). Under the terms of the Seventh Amendment, Primoris will provide the Company with an additional term loan in an amount equal to $10.0 million (the “Initial First-Out Loan”) to be drawn in full no earlier than three business days after the Seventh Amendment Effective Date. The Initial First-Out Loan is subject to various terms and conditions including that no defaults shall have occurred and be continuing under the 2013 ABL Credit Facility or the 2014 Term Credit Agreement other than ABL Specified Defaults and Term Specified Defaults. In addition, under the terms of the Seventh Amendment, Primoris may provide the Company with additional term loans in an aggregate amount not to exceed $10.0 million (the “Additional First-Out Loans”). Interest payable with respect to the Initial First-Out Loan and any Additional First-Out Loans will be paid in-kind through additions to the principal amount of such loans. The Seventh Amendment further provides that, until the termination of the Term Forbearance Period, the due date of any payments due and owing to the lenders (other than Primoris) under the 2014 Term Credit Agreement will be deferred until the fifth business day after the date of the termination of the Term Forbearance Period. In addition, the Seventh Amendment provides that the payment by the borrower of an amount equal to $100.0 million plus the expenses of the administrative agent in an amount not to exceed $1.1 million shall constitute payment in full and satisfaction and discharge of all obligations of the borrower and the other loan parties under the 2014 Term Credit Agreement, but solely if such payment is made in connection with the consummation of the merger. Going Concern – The Company has incurred significant operating losses, cash outflows from operating activities and a net working capital deficiency. The Company does not expect to be in compliance with the Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio under the 2014 Term Credit Agreement beginning with the quarterly period ending March 31, 2018, primarily due to these significant operating losses in 2017. In addition, the Company is not in compliance with certain other provisions under the 2014 Term Credit Agreement and the 2013 ABL Credit Facility, which expires on August 7, 2018. Absent the temporary forbearance provided under the Term Forbearance Agreement and the ABL Forbearance Agreement, all of the Company’s debt obligations would become due under the default provisions in the 2014 Term Credit Agreement and the 2013 ABL Credit Facility. In addition, these significant operating losses and cash outflows have put a considerable strain on the Company’s overall liquidity. Although the Seventh Amendment provides the Company with additional short-term liquidity for the period between the signing of the Merger Agreement and the completion of the merger, the Company can provide no assurance that the merger will be completed. If the Company is unable to complete the merger, it will likely need to explore other strategic alternatives, which could include seeking protection under the U.S. Bankruptcy laws. The Company’s continuing failure to comply with financial covenants and other covenants, its inability to extend or refinance the 2013 ABL Credit Facility and its continuing liquidity issues raise substantial doubt about its ability to continue as a going concern, notwithstanding the temporary forbearance provided under the Term Forbearance Agreement and the ABL Forbearance Agreement and the short-term liquidity provided by the Seventh Amendment. In consideration of the above facts and circumstances, at December 31, 2017, the Company has classified all of its debt obligations as current, which has caused its current liabilities to far exceed its current assets since such date. These debt obligations, net of unamortized discount and debt issuance costs, approximate $133.3 million at December 31, 2017. Sale of Mainline Pipeline Construction Business – On January 9, 2018, the Company entered into an agreement to sell assets comprising our mainline pipeline construction business to Meridien. As part of the agreement, the Company retained the three mainline pipeline construction projects associated with the business through their completion. Two of these projects have reached mechanical completion with an existing letter of credit returned in the first quarter of 2018. The remaining right-of-way restoration and other clean-up activities associated with these projects are expected to be completed by the end of the third quarter of 2018. With respect to the remaining mainline pipeline construction project, in the first quarter of 2018, the Company reached a settlement with the customer to mutually conclude the remaining work. In addition, the settlement releases the Company from further liability at the completion of the project. As such, the Company has withdrawn and released any outstanding change orders or claims associated with the project. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation – The Consolidated Financial Statements of the Company include all of its majority-owned subsidiaries and all of its wholly-owned entities. Inter-company accounts and transactions are eliminated in consolidation. The ownership interest of noncontrolling participants in subsidiaries that are not wholly-owned is included as a separate component of equity. These subsidiaries were sold in 2015. Use of Estimates – The Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and include certain estimates and assumptions made by management of the Company in the preparation of the Consolidated Financial Statements. These estimates and assumptions relate to the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expense during the period. Significant items subject to such estimates and assumptions include revenue recognition under the percentage-of-completion method of accounting, including estimates of progress towards completion and estimates of gross profit or loss accrual on contracts in progress; tax accruals and certain other accrued liabilities; quantification of amounts recorded for contingencies; valuation allowances for accounts receivable and deferred income tax assets; and the carrying amount of property, plant and equipment, goodwill and intangible assets. The Company bases its estimates on historical experience and other assumptions that it believes relevant under the circumstances. Actual results could differ from these estimates. Change in Presentation – In the second quarter of 2017, the Company adopted a change in presentation on its Consolidated Statements of Operations in order to present a “Contract income (loss)” line item that is consistent with its peers. “Contract income (loss)” is defined as contract revenue less contract costs (which is inclusive of both direct and indirect costs). Previously reported information has been modified to conform to this new presentation. Commitments and Contingencies – Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management assesses that it is probable that a liability has been incurred and the amount can be reasonably estimated. Recoveries of costs from third parties, which management assesses as being probable of realization, are recorded as “Other long-term assets” in the Consolidated Balance Sheets. Legal costs incurred in connection with matters relating to contingencies are expensed in the period incurred. See Note 15 – Contingencies, Commitments and Other Circumstances for more information. Accounts Receivable – Most of the accounts receivable and contract work in progress are from clients in the oil, gas, refinery, petrochemical and power industries in North America. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Most contracts require payments as the projects progress or, in certain cases, advance payments. The Company generally does not require collateral, but in most cases can place liens against the property, plant or equipment constructed or terminate the contract if a material default occurs. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. A considerable amount of judgment is required in assessing the realization of receivables. Relevant assessment factors include the creditworthiness of the customer and prior collection history. Balances over 90 days past due are reviewed individually for collectability. Account balances are charged off against the allowance after all reasonable means of collection are exhausted and the potential for recovery is considered remote. The allowance requirements are based on the most current facts available and are re-evaluated and adjusted on a regular basis and as additional information is received. Inventories – Inventories, consisting primarily of parts and supplies, are stated at the lower of actual cost or market. Parts and supplies are evaluated at least annually and adjusted for excess and obsolescence. No excess or obsolescence allowances existed at December 31, 2017 or 2016. Intangible Assets – The Company’s intangible assets with finite lives include customer relationships and trade names. The value of customer relationships is estimated using the income approach, specifically the excess earnings method. The excess earnings method consists of discounting to present value the projected cash flows attributable to the customer relationships, with consideration given to customer contract renewals, the importance or lack thereof of existing customer relationships to the Company’s business plan, income taxes and required rates of return. The value of trade names is estimated using the relief-from-royalty method of the income approach. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of this intangible asset. The Company amortizes intangible assets based upon the estimated consumption of the economic benefits of each intangible asset or on a straight-line basis if the pattern of economic benefits consumption cannot otherwise be reliably estimated. Intangible assets subject to amortization are reviewed for impairment and are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For instance, a significant change in business climate or a loss of a significant customer, among other things, may trigger the need for an impairment test of intangible assets. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Property, Plant and Equipment – Property, plant and equipment is stated at cost. Depreciation, including amortization of capital leases, is provided on the straight-line method using estimated lives as follows:
Leasehold improvements are amortized on a straight-line basis over the shorter of their economic lives or the lease term. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized within operating expenses in the Consolidated Statements of Operations for the period. Normal repair and maintenance costs are charged to expense as incurred. Significant renewals and betterments are capitalized. The Company depreciates assets based on their estimated useful lives at the time of acquisition using the straight-line method. Depreciation and amortization related to operating activities is included in “Contract costs,” and depreciation and amortization related to general and administrative activities is included in “General and administrative” expense in the Consolidated Statements of Operations. “Contract costs” and “General and administrative” expenses are included within operating expenses in the Consolidated Statements of Operations. Further, amortization of assets under capital lease obligations is included in depreciation expense. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such asset is necessary. This evaluation, as well as an evaluation of our intangible assets, requires the Company to make long-term forecasts of the future revenues and costs related to the assets subject to review. Forecasts require assumptions about demand for the Company’s services and future market conditions. Estimating future cash flows requires significant judgment, and the Company’s projections may vary from the cash flows eventually realized. Future events and unanticipated changes to assumptions could require a provision for impairment in a future period. The effect of any impairment would be to expense the difference between the fair value (less selling costs) of such asset and its carrying value. Such expense would be reflected in earnings. In the fourth quarter of 2017, the Company continued to incur significant operating losses primarily driven by losses on three mainline pipeline construction projects in the Oil & Gas segment. Consequently, the Company does not expect to be in compliance with its Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio under the 2014 Term Credit Agreement beginning with the quarterly period ending March 31, 2018. In addition, these significant operating losses have led to significant negative operating cash flow in recent months, which has a put a considerable strain on the Company’s overall liquidity. These factors, combined with the uncertainty associated with the Company’s ability to obtain covenant relief, extend or refinance its indebtedness and meet its obligations as they become due raises substantial doubt about the Company’s ability to continue as a going concern. See Note 1 – Company Description and Financial Condition for more information. The above information indicates that the carrying amount of long-lived assets (including intangible assets) associated with each of the Company’s asset groups may not be recoverable. As such, the Company has performed an impairment assessment of all long-lived assets (including intangible assets) associated with each of its asset groups under ASC 360, Property, Plant and Equipment. As part of its assessment, the Company determined the estimated future undiscounted cash flows derived from the long-lived assets (including intangible assets) associated with each of its asset groups at December 31, 2017, based on its best internal projections and the likelihood of various outcomes, which includes bankruptcy and outright sale. Based on its assessment, the Company determined that the estimated future undiscounted cash flows associated with each of its asset groups exceeds the carrying amount of long-lived assets (including intangible assets) associated with each of its asset groups. As such, no impairment to long-lived assets (including intangible assets) was required. However, the occurrence of future events or deteriorating conditions could result in additional impairment assessments subsequent to December 31, 2017. Revenue – A number of factors relating to the Company’s business affect the recognition of contract revenue. The Company typically structures contracts as unit-price, time and materials, fixed-price or cost plus fixed fee. The Company believes that its operating results should be evaluated over a time horizon during which major contracts in progress are completed and change orders, extra work, variations in the scope of work, cost recoveries and other claims are negotiated and realized. Revenue from unit-price and time and materials contracts is recognized as earned. Revenue for fixed-price and cost plus fixed fee contracts is recognized using the percentage-of-completion method. Under this method, estimated contract income and resulting revenue is generally accrued based on costs incurred to date as a percentage of total estimated costs, taking into consideration physical completion. Total estimated costs, and thus contract income, are impacted by changes in productivity, scheduling, unit cost of labor, subcontracts, materials and equipment. Additionally, external factors such as weather, client needs, client delays in providing permits and approvals, labor availability, governmental regulation and politics may affect the progress of a project’s completion and thus the estimated amount and timing of revenue recognition. Certain fixed-price and cost plus fixed fee contracts include, or are amended to include, incentive bonus amounts, contingent on accomplishing a stated milestone. Revenue attributable to incentive bonus amounts is recognized when the risk and uncertainty surrounding the achievement of the milestone have been removed. The Company does not recognize income on a fixed-price contract until the contract is approximately five to ten percent complete, depending upon the nature of the contract. If a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. The Company considers unapproved change orders to be contract variations on which the Company has customer approval for scope change, but not for price associated with that scope change. Costs associated with unapproved change orders are included in the estimated cost to complete the contracts and are expensed as incurred. The Company recognizes revenue equal to cost incurred on unapproved change orders when realization of price approval is probable and the amount is estimable. Revenue recognized on unapproved change orders is included in “Contract cost and recognized income not yet billed” on the Consolidated Balance Sheets. Revenue recognized on unapproved change orders is subject to adjustment in subsequent periods to reflect the changes in estimates or final agreements with customers. The Company considers claims to be amounts that the Company seeks or will seek to collect from customers or others for customer-caused changes in contract specifications or design, or other customer-related causes of unanticipated additional contract costs on which there is no agreement with customers on both scope and price changes. Revenue from claims is recognized when agreement is reached with customers as to the value of the claims, which in some instances may not occur until after completion of work under the contract. Costs associated with claims are included in the estimated costs to complete the contracts and are expensed when incurred. The Company’s operating loss for the years ended December 31, 2017 and 2016 was positively impacted by approximately $1.4 million and $7.6 million, respectively, as a result of changes in contract estimates related to projects that were in progress at December 31, 2016 and 2015. Included in these changes in contract estimates for the year ended December 31, 2017 is a $2.0 million income recovery associated with a claim on a cross-country pipeline project in the Canada segment. These changes in contract estimates are primarily attributed to, among other things, a reduction in estimated costs for certain individually immaterial projects as they progress to completion; the realization of change orders related to work previously performed; and other changes in events, facts and circumstances during the period in which the estimate was revised. Insurance – The Company is insured for workers’ compensation, employer’s liability, auto liability and general liability claims, subject to a deductible of $1.0 million per occurrence. Additionally, the Company’s largest non-union employee-related health care benefit plan is subject to a deductible of $0.3 million per claimant per year. Losses are accrued based upon the Company’s estimates of the ultimate liability for claims incurred (including an estimate of claims incurred but not reported), with assistance from third-party actuaries. For these claims, to the extent insurance coverage is above the deductible amounts, the Company has recorded a receivable reflected in “Other long-term assets” in the Consolidated Balance Sheets. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the severity of an injury, the determination of the Company’s liability in proportion to other parties and the number of incidents not reported. The accruals are based upon known facts and historical trends. Income Taxes – The Financial Accounting Standards Board (“FASB”) standard for income taxes takes into account the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates due to changes in legislation is recognized as income or expense in the period that includes the enactment date. The ultimate realization of deferred tax assets related to net operating loss carry forwards, including federal and state net operating loss carry forwards, is dependent upon the generation of future taxable income in a particular tax jurisdiction during the periods in which the use of such net operating losses are allowed. The Company considers future taxable income, including the impacts of reversing taxable temporary differences, future forecasted income and available tax planning strategies, when evaluating whether deferred tax assets are more likely than not to be realized prior to expiration. The Company files income tax returns in the United States federal jurisdiction, in various states and in various foreign jurisdictions. The Company is subject to examination for 2008 forward for the United States and the majority of the state jurisdictions and for 2010 forward in Canada. Retirement Plans and Benefits – The Company has a voluntary defined contribution retirement plan for U.S. based employees that is qualified and contributory on the part of the employees. Additionally, the Company is subject to collective bargaining agreements with various unions. As a result, the Company participates with other companies in the unions’ multi-employer pension and other postretirement benefit plans. Stock-Based Compensation – Compensation cost resulting from all share-based payment transactions is recognized in the financial statements measured based on the grant-date fair value of the instrument issued and is recognized over the vesting period. Share-based compensation related to restricted stock and restricted stock units or rights, also described collectively as restricted stock units, is recorded based on the Company’s closing stock price as of the grant date. Awards granted are expensed ratably over the vesting period of the award. Foreign Currency Translation – All significant monetary asset and liability accounts denominated in currencies other than United States dollars are translated into United States dollars at current exchange rates. Translation adjustments are included in “Other comprehensive income (loss), net of tax” in the Company’s Consolidated Statements of Comprehensive Income (Loss). Revenue and expense accounts are converted at prevailing rates throughout the year. Gains or losses on foreign currency transactions are recorded in income in the period in which they are incurred. Concentration of Credit Risk – The Company has a concentration of customers in the oil and gas and power industries which expose the Company to a concentration of credit risk within a single industry. The Company seeks to obtain advance and progress payments for contract work performed on major contracts. Receivables are generally not collateralized. An allowance for doubtful accounts of $2.8 million and $2.0 million is included within “Accounts receivable, net” on the Consolidated Balance Sheets for the years ended December 31, 2017 and 2016, respectively. Income (Loss) per Common Share – Basic income (loss) per share is calculated by dividing net income (loss), less any preferred dividend requirements, by the weighted-average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by including the weighted average number of all potentially dilutive common shares with the weighted-average number of common shares outstanding. Derivative Financial Instruments – The Company may use derivative financial instruments such as forward contracts, options or other common hedging techniques to mitigate non-U.S. currency exchange risk when the Company is unable to match non-U.S. currency revenue with expense in the same currency. The Company has no forward contracts or options at December 31, 2017 and 2016. The Company is subject to interest rate risk on its debt and investment of cash and cash equivalents arising in the normal course of business and has previously entered into hedging arrangements from time to time to fix or otherwise limit the interest cost of the variable interest rate borrowings. Cash Equivalents – The Company considers all highly liquid investments with an original maturity of 3 months or less to be cash equivalents. Short-term Investments – The Company may invest a portion of its cash in short-term time deposits, some of which may have early withdrawal penalties. All such deposits have maturity dates that exceed three months. There were no short-term investments outstanding as of December 31, 2017 and 2016. Accounting Pronouncements Recently Adopted – In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, which changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods with early adoption permitted. The Company adopted ASU 2016-09 in the first quarter with an effective date of January 1, 2017. The recognition of previously unrecognized windfall tax benefits increased the Company’s deferred tax assets by $1.8 million offset by a related valuation allowance which resulted in a $0 cumulative-effect adjustment, net of tax, on the Company’s Consolidated Balance Sheet as of the beginning of 2017. The amendments within ASU 2016-09 related to the recognition of excess tax benefits and tax shortfalls in the Consolidated Statement of Operations and presentation within the operating section of the Consolidated Statement of Cash Flows were adopted prospectively with no adjustments to prior periods. The Company has elected to account for forfeitures as they occur. The remaining provisions of ASU 2016-09 did not have a material effect on the Company’s Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted – Revenue Recognition – In May 2014, the FASB issued ASU 2014-09 governing the recognition of revenue from contracts with customers. Under the new standard, a company will recognize revenue when it satisfies a performance obligation by transferring a promised good or service to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods and services. The standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, under ASU 2015-14, the FASB deferred the effective date of the standard to December 15, 2017 with early adoption permitted. The standard can be applied on a full retrospective or modified retrospective basis whereby the entity records a cumulative effect of initially applying this update at the date of initial application. Furthermore, in March, April, and May of 2016, the FASB issued ASUs 2016-08, 2016-10, and 2016-12, respectively, which provide practical expedients and clarification in regards to ASU 2014-09. ASU 2016-08 amends and clarifies the principal versus agent considerations under the new revenue recognition standard, which requires determination of whether the nature of a promise is to provide the specified good or service to the customer (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by another party (that is, the entity is an agent). This determination affects the timing and amount of revenue recognition. ASU 2016-10 clarifies issues related to identifying performance obligations. ASU 2016-12 provides practical expedients and clarification pertaining to the exclusion of sales tax from the measurement of a transaction price, the measurement of noncash consideration, allocation of a transaction price on the basis of all satisfied and unsatisfied performance obligations in a modified contract at transition, and the definition of a completed contract. The effective date of ASUs 2016-08, 2016-10, and 2016-12 is December 15, 2017 with early adoption permitted. Quantitative Disclosures of Directional Effects of Adoption The Company will adopt the new revenue guidance effective January 1, 2018 via the modified retrospective approach, by recognizing the cumulative effect of initially applying the new standard as an increase to the opening balance of retained earnings. Although still under the process of determining the impact, we expect this adjustment to be an immaterial impact to our opening balance of retained earnings as well as net income and earnings per share on an ongoing basis. Qualitative Status of Management’s Implementation Efforts Upon our initial evaluation of ASU 2014-09, there are no material changes in the standard that impact our revenue recognition relating to the allocation and measurement of contract revenues and the timing in which those revenues are recognized. However, the new standard will require a substantial increase in the amount and complexity of disclosures related to revenue recognition. The Company has taken steps to effectively implement the new standard by evaluating a representative sample of contracts with customers to identify the potential impacts that would result from applying the requirements of the standard to the Company’s existing revenue contracts. For most of the contracts entered into, the Company expects there to be a similar number of performance obligations, and in most cases, the Company has determined that the method of revenue recognition for these contracts will remain the same with the Company already considering different elements, such as variable consideration, when evaluating their transaction prices. The Company continues analyzing stand-alone pricing of the obligations as well as the timing related to revenue recognition. Significant judgments were used when concluding on the method of revenue recognition, but, in most cases, the Company determined that over time revenue recognition was appropriate via the percentage-of-completion method, based on time incurred, or as units are produced in accordance with the three over time criteria within ASC 606-10-25-27. However, there were also various industry-specific elements that the Company has identified that will have to be continuously monitored as new contracts are entered into in associated with ASU 2014-09, including uninstalled materials, customer provided materials and other elements. The Company has started to update its current accounting policies to align with revenue recognition practices under the new standard. As part of its evaluation of contracts with customers, the Company is holding regular meetings with key stakeholders across the organization to determine the impacts of the standards on its business processes. Additionally, the Company is evaluating its processes to address risks associated with incorporating these standards, and upon adoption, the Company expects to implement new internal controls related to accounting policies and procedures in order to validate the processes implemented upon adoption and going forward. Various trainings of the Accounting team are also expected to be held to further educate the business when applying some of the significant judgments required as part of the new standard. The Company is continuing to evaluate the future impact and method of adoption of ASU 2014-09 and related amendments on its Consolidated Financial Statements and related disclosures. Accounting Pronouncements Not Yet Adopted – Other – In February 2018, the FASB issued ASU 2018-02, which provides that the stranded tax effects from the Tax Cuts and Jobs Act on the balance of other comprehensive earnings may be reclassified to retained earnings. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with an option to adopt early. We are evaluating the effect of the standard on our Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, which clarifies when a change to the terms or conditions of a share-based payment award should be accounted for as a modification. An entity should account for the effects of a modification unless the fair value, vesting conditions and classification, as an equity instrument or a liability instrument, of the modified award are the same before and after a change to the terms or conditions of the share-based payment award. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company does not expect the new standard to have a material impact on its Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, which requires a reporting entity to include restricted cash and restricted cash equivalents in its cash and cash-equivalent balances presented in the entity’s statement of cash flows. A reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the balance sheet includes more than one line item for cash, cash equivalents, restricted cash and restricted cash equivalents. Transfers between non-restricted and restricted cash should not be presented as cash flow activities in the statement of cash flows. Furthermore, an entity with a material restricted cash balance must disclose information regarding the nature of the restrictions. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual reporting periods. At December 31, 2017 and December 31, 2016, approximately $40.4 million and $40.2 million, respectively, is recorded as “Restricted cash” on the Company’s Consolidated Balance Sheets. These amounts are primarily composed of eligible pledged cash in the Company’s December 31, 2017 and December 31, 2016 borrowing base calculation. The Company will adopt this standard in the first quarter of 2018. In October 2016, the FASB issued ASU 2016-16, which requires a reporting entity to recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. The new guidance does not apply to intra-entity transfers of inventory, and the income tax consequences from the sale of inventory from one member of a consolidated entity to another will continue to be deferred until the inventory is sold to a third party. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company does not expect the new standard to have any impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, which provides specific guidance for cash flow classifications of cash payments and receipts to reduce the diversity of treatment of such items. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods with early adoption permitted. The Company does not expect the new standard to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, which requires companies that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those assets. The standard is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements of fiscal years or interim periods that have not been previously issued. The Company is currently evaluating the impact of the standard on its Consolidated Financial Statements. Based on initial evaluation, the Company expects to include operating leases with durations greater than twelve months on its Consolidated Balance Sheets. The Company will provide additional information about the expected financial impact as it progresses through the evaluation and implementation of the standard. |
Accounts Receivable |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable Accounts receivable, net as of December 31, 2017 and 2016 is comprised of the following (in thousands):
The Company expects all accounts receivable to be collected within one year. The provision for bad debt included in operating expenses in the Consolidated Statements of Operations was $0.9 million, $0.3 million and $2.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. The balances billed but not paid by customers pursuant to retainage provisions in certain contracts are generally due upon completion of the contracts and acceptance by the customer. Based on the Company’s contract terms in recent years, the majority of the retainage balances at each balance sheet date are expected to be collected within the next 12 months. |
Contracts in Progress |
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Contractors [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracts in Progress | Contracts in Progress Contract cost and recognized income not yet billed on uncompleted contracts arise when recorded revenues for a contract exceed the amounts billed under the terms of the contracts. Contract billings in excess of cost and recognized income arise when billed amounts exceed revenues recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of the contract. Contract cost and recognized income not yet billed and related amounts billed as of December 31, 2017 and 2016 were as follows (in thousands):
Contract cost and recognized income not yet billed includes $0.5 million and $0.5 million at December 31, 2017 and 2016, respectively, on completed contracts. |
Assets Held For Sale |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Held For Sale | Assets Held for Sale Components of assets held for sale as of December 31, 2017 and 2016 were as follows (in thousands):
The Company, as part of its ongoing strategic evaluation, made the decision to offer the sale of its tank services business, which is included in the Company’s Oil & Gas segment, to an outside party. At December 31, 2017, the tank business was classified as held for sale, as it was being actively marketed, expected to sell within one year and measured at the lower of carrying value or fair value less costs to sell. On January 2, 2018, the Company sold its tank services business to ATS for $3.0 million, subject to working capital adjustments. Discontinued Operations The following disposals qualify for discontinued operations treatment with ASU 2014-08, which the Company adopted on January 1, 2015. Professional Services On November 30, 2015, the Company sold the balance of its Professional Services segment to TRC for $130.0 million in cash, subject to working capital and other adjustments. At closing, TRC held back $7.5 million from the purchase price (the “Holdback Amount”) until the Company effects the novation of a customer contract from one of the subsidiaries sold in the transaction to the Company (or obtains written approval of a subcontract of all the work that is the subject of such contract) and obtains certain consents. If such novation, subcontract or consents are not approved by March 15, 2016, TRC would pay the Holdback Amount to the Company. In connection with this transaction, the Company recorded a net gain on sale of $97.0 million during the year ended December 31, 2015. During the year ended December 31, 2016, the Company reached an agreement with TRC on substantially all of the outstanding items related to the sale of the Professional Services segment. As a result, the Company received $4.6 million during the year ended December 31, 2016 in relation to the sale and inclusive of the final settlement of working capital and the Holdback Amount and recorded $2.5 million in charges against the original net gain on sale in relation to working capital and other post-closing adjustments. Certain assets and liabilities associated with one Professional Services contract were retained by the Company and have been excluded from the transaction. In 2015, and prior to the sale of the balance of the Professional Services segment, the Company sold the following three subsidiaries that were historically part of the Professional Services segment. Downstream Professional Services On June 12, 2015, the Company sold all of its issued and outstanding equity of Downstream Professional Services to BR Engineers, LLC for approximately $10.0 million in cash. In connection with this transaction, the Company recorded a net loss on sale of $2.2 million during the year ended December 31, 2015. Premier On March 31, 2015, the Company sold all of its membership units in Premier to USIC Locating Services, LLC for approximately $51.0 million in cash, of which $4.0 million was deposited into an escrow account for a period of up to eighteen months to cover post-closing adjustments and any indemnification obligations of the Company. In connection with this transaction, the Company recorded a net gain on sale of $37.1 million during the year ended December 31, 2015. The Company received $3.7 million as full and final settlement of the outstanding escrow amount during the year ended December 31, 2016. UtilX On March 17, 2015, the Company sold all of its equity interests of UtilX to Novinium, Inc. for approximately $40.0 million in cash, of which $0.5 million was deposited into an escrow account for a period of six months to cover post-closing adjustments and any indemnification obligations of the Company. In the third quarter of 2015, the Company cleared the $0.5 million amount recorded in the escrow account as a post-closing adjustment. As a result of this transaction, the Company recorded a net gain on sale of $20.3 million during the year ended December 31, 2015. Hawkeye In the fourth quarter of 2013, the Company sold certain assets comprising its Hawkeye business to Elecnor Hawkeye, LLC, a subsidiary of Elecnor, Inc. Results of Discontinued Operations Condensed Statements of Operations of the Discontinued Operations for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
Condensed Balance Sheets of the Discontinued Operations are as follows (in thousands):
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, which are used to secure debt or are subject to lien, at cost, as of December 31, 2017 and 2016 were as follows (in thousands):
Amounts above include $0.3 million and $0.8 million of construction in progress as of December 31, 2017 and 2016, respectively. Depreciation expense included in operating expenses for the years ended December 31, 2017, 2016 and 2015 was $9.5 million, $12.1 million and $17.3 million, respectively. In the fourth quarter of 2017, the Company performed an impairment assessment of all long-lived assets (including property, plant and equipment) associated with each of its asset groups under ASC 360. As a result of the Company’s assessment, no impairment to long-lived assets (including property, plant and equipment) was required. See Note 2 – Summary of Significant Accounting Policies for more information. |
Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets The Company’s intangible assets as of December 31, 2017 and 2016 were as follows (in thousands):
In the fourth quarter of 2017, the Company performed an impairment assessment of all long-lived assets (including intangible assets) associated with each of its asset groups under ASC 360. As a result of the Company’s assessment, no impairment to long-lived assets (including intangible assets) was required. See Note 2 – Summary of Significant Accounting Policies for more information. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 5 to 15 years. Amortization expense was $9.7 million, $9.8 million and $9.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. Estimated amortization expense for each of the subsequent five years and thereafter is as follows (in thousands):
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Accounts Payable |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable | Accounts Payable Accounts payable and accrued liabilities as of December 31, 2017 and 2016 were as follows (in thousands):
Accrued contract costs includes $12.2 million and $3.7 million at December 31, 2017 and 2016, respectively, related to provisions on loss projects. The self-insurance accrual includes $6.6 million and $11.2 million of short-term liabilities at December 31, 2017 and 2016, respectively. The remaining $17.2 million and $14.5 million of the self-insurance accrual is included within “Other long-term liabilities” on the Consolidated Balance Sheets for the years ended December 31, 2017 and 2016, respectively. |
Debt Obligations |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations | Debt Obligations The Company’s debt obligations as of December 31, 2017 and 2016 were as follows (in thousands):
2014 Term Loan Facility On December 15, 2014, the Company entered into a credit agreement (the “2014 Term Credit Agreement”) among the Company, certain of its subsidiaries, as guarantors, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. Cortland Capital Market Services LLC currently serves as administrative agent under the 2014 Term Credit Agreement. Principal, Interest and Maturity The 2014 Term Credit Agreement initially provided for a five-year $270.0 million term loan facility (the “2014 Term Loan Facility”), which the Company drew in full on the effective date of the 2014 Term Credit Agreement. Effective November 6, 2017, the Company amended the 2014 Term Credit Agreement pursuant to a Sixth Amendment (the “Sixth Amendment”). The Sixth Amendment, among other things, provides for an additional term loan in an amount equal to $15.0 million, which will be pari passu in right of payment with, and secured on a pari passu basis with the aggregate outstanding principal balance of the Company’s 2014 Term Loan Facility. The additional term loan was drawn in full on November 17, 2017 (the “Sixth Amendment Funding Date”) and bears the same maturity date as the aggregate outstanding principal balance of the Company’s 2014 Term Loan Facility. At December 31, 2017, the aggregate outstanding principal balance of the Company’s 2014 Term Loan Facility was approximately $107.2 million. The 2014 Term Loan Facility initially bore interest at the “Adjusted Base Rate” plus an applicable margin of 8.75 percent, or the “Eurodollar Rate” plus an applicable margin of 9.75 percent. The interest rate in effect at December 31, 2016 was 11 percent, which consisted of an applicable margin of 9.75 percent for Eurodollar Rate loans plus a LIBOR floor of 1.25 percent. On the Sixth Amendment Funding Date, the interest rate increased to 13 percent, consisting of an applicable margin of 11.75 percent for Eurodollar Rate loans plus a LIBOR floor of 1.25 percent. Beginning September 30, 2018, the applicable margin will increase an additional 100 basis points each quarterly period until maturity. Subsequent to December 31, 2017, the Company amended the 2014 Term Credit Agreement pursuant to the Seventh Amendment. Under the terms of the Seventh Amendment, Primoris will provide the Company with an Initial First-Out Loan in an amount equal to $10.0 million to be drawn in full no earlier than three business days after the Seventh Amendment Effective Date. In addition, Primoris may provide the Company with Additional First-Out Loans up to $10.0 million. See Note 1 – Company Description and Financial Condition for more information. Makewhole Under the 2014 Term Credit Agreement, with respect to prepayments made from inception of the Term Loan through December 31, 2017, the Company has not been required to pay prepayment premiums in respect of the “makewhole amount.” However, future prepayments or refinancing of the balance of the 2014 Term Loan Facility may require the Company to pay a prepayment premium equal to the makewhole amount and the repayment fee described below. Pursuant to the Sixth Amendment and beginning with the Sixth Amendment Funding Date, if a prepayment is made on or before September 30, 2018, the makewhole amount will be calculated as the present value of all interest payments that would have been made on the amount prepaid from the date of the prepayment to June 15, 2019 at a rate per annum equal to the sum of the applicable margin on the date of the prepayment plus the greater of 1.25 percent and the Eurodollar rate in effect on the date of the repayment. If a prepayment is made after September 30, 2018, the makewhole amount will be calculated as the present value of all interest payments that would have been made on the amount prepaid from the date of the prepayment to December 15, 2019 at a rate per annum equal to the sum of the applicable margin on the date of the prepayment plus the greater of 1.25 percent and the Eurodollar rate in effect on the date of the repayment. Should a prepayment in full occur under the Sixth Amendment, the estimated makewhole amount due at future prepayment dates would be as follows (in thousands):
Repayment Fee Prior to the Sixth Amendment, the Company was also required to pay a repayment fee on the date of any prepayment and on the maturity date of the 2014 Term Loan Facility equal to a total of $4.6 million, which was 5.0 percent of the amount prepaid or 5.0 percent of the aggregate remaining outstanding principal balance on the maturity date. Pursuant to the Sixth Amendment and beginning with the Sixth Amendment Funding Date, the repayment fee increased to a total of $9.7 million, which is 9.0 percent of the amount prepaid or 9.0 percent of the aggregate remaining outstanding principal balance on the maturity date. The Company is amortizing the repayment fee as a discount, from that date through the maturity date of the 2014 Term Loan Facility, using the effective interest method. The unamortized amount of the repayment fee was $7.2 million at December 31, 2017 based on the 9.0 percent repayment fee in effect as of the Sixth Amendment Funding Date and $3.6 million at December 31, 2016, based on the 5.0 percent repayment fee in effect as of that date. Term Loan Discounted Payoff The Seventh Amendment provides that the payment by the borrower of an amount equal to $100.0 million plus the expenses of the administrative agent in an amount not to exceed $1.1 million shall constitute payment in full and satisfaction and discharge of all obligations of the borrower and the other loan parties under the 2014 Term Credit Agreement, but solely if such payment is made in connection with the consummation of the merger. Accordingly, if the 2014 Term Loan Facility is paid off in connection with the closing of the merger, no amounts will be owed in respect of the makewhole amount and the repayment fee. See Note 1 – Company Description and Financial Condition for more information. Debt Covenants On March 31, 2015 (the “First Amendment Closing Date”), March 1, 2016, July 26, 2016 and March 3, 2017, the Company amended the 2014 Term Credit Agreement pursuant to a First Amendment (the “First Amendment”), a Third Amendment (the “Third Amendment”), a Fourth Amendment (the “Fourth Amendment”) and a Fifth Amendment (the “Fifth Amendment”). These amendments, among other things, suspended the calculation of the Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio for the period from December 31, 2014 through June 30, 2017 (the “Covenant Suspension Periods”) so that any failure by the Company to comply with the Maximum Total Leverage Ratio or Minimum Interest Coverage Ratio during the Covenant Suspension Periods shall not be deemed to result in a default or event of default. In consideration of the initial suspension of the calculation of the Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio under the First Amendment, the Company issued 10.1 million shares, which was equivalent to 19.9 percent of the then outstanding shares of common stock immediately prior to the First Amendment Closing Date, to KKR Lending Partners II L.P. and other entities indirectly advised by KKR Credit Advisers (US) LLC, which made them a related party. In connection with this transaction, the Company recorded debt covenant suspension charges of approximately $33.5 million which represented the fair value of the 10.1 million outstanding shares of common stock issued, multiplied by the closing stock price on the First Amendment Closing Date. In addition, the Company recorded debt extinguishment charges of approximately $0.8 million related to the write-off of debt issuance costs associated with the Company’s 2014 Term Credit Agreement. In consideration for the Third Amendment, Fourth Amendment and Fifth Amendment, the Company paid a total of $4.6 million in amendment fees during the year ended December 31, 2016 and $2.3 million in amendment fees during the year ended December 31, 2017. The amendment fees are recorded as direct deductions from the carrying amount of the 2014 Term Loan Facility and are being amortized through the maturity date of the 2014 Term Loan Facility using the effective interest method. The Sixth Amendment suspends compliance with the Maximum Total Leverage Ratio and the Minimum Interest Coverage Ratio covenants through December 31, 2017. In addition, under the Sixth Amendment, the Maximum Total Leverage Ratio will be 5.50 to 1.00 as of March 31, 2018 and will decrease to 4.50 to 1.00 as of June 30, 2018, 4.25 to 1.00 as of September 30, 2018 and 3.00 to 1.00 as of March 31, 2019, and thereafter. The Minimum Interest Coverage Ratio will be 1.75 to 1.00 as of March 31, 2018, will increase to 2.00 to 1.00 as of June 30, 2018, decrease to 1.50 to 1.00 as of December 31, 2018 and increase to 2.75 to 1.00 as of March 31, 2019, and thereafter. The Sixth Amendment also provides that, for the four-quarter period ending March 31, 2018, Consolidated EBITDA shall be equal to the sum of Consolidated EBITDA for the quarterly periods ending December 31, 2017 and March 31, 2018 multiplied by two, and, for the four-quarter period ending June 30, 2018, Consolidated EBITDA shall be equal to the annualized sum of Consolidated EBITDA for the quarterly periods ending December 31, 2017, March 31, 2018 and June 30, 2018. Other The Company is the borrower under the 2014 Term Credit Agreement, with all of its obligations guaranteed by its material U.S. subsidiaries, other than excluded subsidiaries. Obligations under the 2014 Term Loan Facility are secured by a first priority security interest in, among other things, the borrower’s and the guarantors’ equipment, subsidiary capital stock and intellectual property (the “2014 Term Loan Priority Collateral”) and a second priority security interest in, among other things, the borrower’s and the guarantors’ inventory, accounts receivable, deposit accounts and similar assets. Unamortized debt issuance costs, primarily related to amendment fees associated with the 2014 Term Loan Facility, were $4.5 million and $4.1 million at December 31, 2017 and December 31, 2016, respectively. These costs are being amortized through the maturity date of the 2014 Term Loan Facility using the effective interest method. The Company made no early payments during the year ended December 31, 2017 and $3.1 million of early payments during the year ended December 31, 2016 against the 2014 Term Loan Facility. As a result of these early payments, the Company recorded no debt extinguishment charges during the year ended December 31, 2017 and $0.1 million of debt extinguishment charges, which consisted of the write-off of debt issuance costs, during the year ended December 31, 2016. 2013 ABL Credit Facility On August 7, 2013, the Company entered into a five-year asset based senior revolving credit facility maturing on August 7, 2018 with Bank of America, N.A. serving as sole administrative agent for the lenders thereunder, collateral agent, issuing bank and swingline lender (as amended, the “2013 ABL Credit Facility”). The aggregate amount of commitments for the 2013 ABL Credit Facility is $100.0 million, which is comprised of $90.0 million for the U.S. facility (the “U.S. Facility”) and $10.0 million for the Canadian facility (the “Canadian Facility”). At December 31, 2017, the Company had approximately $28.1 million in outstanding borrowings under the 2013 ABL Credit Facility for working capital purposes. The 2013 ABL Credit Facility includes a sublimit of $80.0 million for letters of credit. The borrowers under the U.S. Facility consist of all of the Company’s U.S. operating subsidiaries with assets included in the borrowing base, and the U.S. Facility is guaranteed by Willbros Group, Inc. and its material U.S. subsidiaries, other than excluded subsidiaries. The borrower under the Canadian Facility is Willbros Construction Services (Canada) LP, and the Canadian Facility is guaranteed by Willbros Group, Inc. and all of its material U.S. and Canadian subsidiaries, other than excluded subsidiaries. Advances under the U.S. and Canadian Facilities are limited to a borrowing base consisting of the sum of the following, less applicable reserves:
The Company is also required, as part of its borrowing base calculation, to include a minimum of $25.0 million of the net proceeds of the sale of Bemis, LLC and the balance of the Professional Services segment as eligible pledged cash. The Company has included $40.0 million as eligible pledged cash in its December 31, 2017 borrowing base calculation, which is included in “Restricted cash” on its Consolidated Balance Sheets. The aggregate amount of the borrowing base attributable to eligible accounts and eligible unbilled accounts constituting certain progress or milestone billings, retainage and other performance-based benchmarks may not exceed $23.0 million. Advances in U.S. dollars bear interest at a rate equal to LIBOR or the U.S. or Canadian base rate plus an additional margin. Advances in Canadian dollars bear interest at the Bankers Acceptance (“BA”) Equivalent Rate or the Canadian prime rate plus an additional margin. The interest rate margins will be adjusted each quarter based on the Company’s fixed charge coverage ratio as of the end of the previous quarter as follows:
The Company will also pay an unused line fee on each of the U.S. and Canadian Facilities equal to 50 basis points when usage under the applicable facility during the preceding calendar month is less than 50 percent of the commitments or 37.5 basis points when usage under the applicable facility equals or exceeds 50 percent of the commitments for such period. With respect to the letters of credit, the Company will pay a letter of credit fee equal to the applicable LIBOR margin, shown in the table above, on all letters of credit and a 0.125 percent fronting fee to the issuing bank, in each case, payable monthly in arrears. Obligations under the 2013 ABL Credit Facility are secured by a first priority security interest in the borrowers’ and guarantors’ accounts receivable, deposit accounts and similar assets (the “ABL Priority Collateral”) and a second priority security interest in the 2014 Term Loan Priority Collateral. On January 2, 2018, the Company paid down $2.5 million of its outstanding borrowings under the 2013 ABL Credit Facility using available cash on hand. If the Company’s unused availability under the 2013 ABL Credit Facility is less than the greater of (i) 15.0 percent of the revolving commitments or $15.0 million for five consecutive days, or (ii) 12.5 percent of the revolving commitments or $12.5 million at any time, or upon the occurrence of certain events of default under the 2013 ABL Credit Facility (“Cash Dominion”), the Company is subject to increased reporting requirements, the administrative agent shall have exclusive control over any deposit account, the Company will not have any right of access to, or withdrawal from, any deposit account, or any right to direct the disposition of funds in any deposit account, and amounts in any deposit account will be applied to reduce the outstanding amounts under the 2013 ABL Credit Facility. In addition, if the Company’s unused availability under the 2013 ABL Credit Facility is less than the amounts described above, the Company would be required to comply with a Minimum Fixed Charge Coverage Ratio of 1.15 to 1.00. In accordance with its December 31, 2017 borrowing base certificate completed in January 2018, the Company’s unused availability under the 2013 ABL Credit Facility was $12.8 million. As such, on January 30, 2018, in order to avoid Cash Dominion under the 2013 ABL Credit Facility, as described above, the Company paid down an additional $2.5 million of outstanding revolver borrowings under the 2013 ABL Credit Facility. The Company gives no assurance that it will continue to be able to avoid Cash Dominion under the 2013 ABL Credit Facility. If the Minimum Fixed Charge Coverage Ratio were to become applicable, the Company would not expect to be in compliance over the next twelve months and would therefore be in default under its credit agreements. Pursuant to the ABL Forbearance Agreement, the aggregate amount of commitments under the 2013 ABL Credit Facility has been reduced from $100.0 million to $90.0 million, which is comprised of $80.0 million for the U.S. Facility and $10.0 million for the Canadian Facility. In addition, during the ABL Forbearance Period, the Company may not request any additional loans or any new or increased letters of credit. The ABL Forbearance Agreement also provides that Cash Dominion will occur if the Company’s unused availability under the 2013 ABL Credit Facility is less than $10.0 million at any time. Events of Default A default under the 2014 Term Credit Agreement and the 2013 ABL Credit Facility may be triggered by events such as a failure to comply with financial covenants or other covenants under the 2014 Term Credit Agreement and the 2013 ABL Credit Facility, a failure to make payments when due under the 2014 Term Credit Agreement and the 2013 ABL Credit Facility, a failure to make payments when due in respect of, or a failure to perform obligations relating to, debt obligations in excess of $15.0 million, a change of control of the Company and certain insolvency proceedings. A default under the 2013 ABL Credit Facility would permit the lenders to terminate their commitment to make cash advances or issue letters of credit, require the immediate repayment of any outstanding cash advances with interest and require the cash collateralization of outstanding letter of credit obligations. A default under the 2014 Term Credit Agreement would permit the lenders to require immediate repayment of all principal, interest, fees and other amounts payable thereunder. The 2014 Term Credit Agreement and the 2013 ABL Credit Facility also include customary representations and warranties and affirmative and negative covenants, including:
The Company’s inability to deliver audited financial statements without a going concern explanation constitutes an event of default under the 2014 Term Credit Agreement and the 2013 ABL Credit Facility. See Note 1 – Company Description and Financial Condition for more information. On March 27, 2018, the Company entered into a Term Forbearance Agreement with the Term Lenders and an ABL Forbearance Agreement with the ABL Lenders. If the merger with Primoris is not completed, or if these forbearance agreements were to expire or be terminated prior to the completion of the merger, the Term Lenders and ABL Lenders would be free to exercise any rights and remedies with respect to such defaults and events of defaults pursuant to the terms of the 2014 Term Credit Agreement and the 2013 ABL Credit Facility, respectively. See Note 1 – Company Description and Financial Condition for more information. Fair Value of Debt The estimated fair value of the Company’s debt instruments as of December 31, 2017 and December 31, 2016 was as follows (in thousands):
The 2014 Term Loan Facility and revolver borrowings under the 2013 ABL Credit Facility are classified within Level 2 of the fair value hierarchy. The fair value of the 2014 Term Loan Facility has been estimated using discounted cash flow analyses based on the Company’s incremental borrowing rate for similar borrowing arrangements. The fair value of the revolver borrowings approximates its carrying value. Maturities The principal amounts due under the Company’s remaining debt obligations as of December 31, 2017 is as follows (in thousands):
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Retirement Plans and Benefits |
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Retirement Plans and Benefits | Retirement Plans and Benefits The Company contributes to multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain union-represented employees. Currently, the Company has no intention to withdraw from these plans. The risks of participating in a multiemployer plan are different from single-employer plans in the following aspects:
The Employee Retirement Income Security Act of 1974 (“ERISA”), as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain liabilities upon employers who are contributors to a multiemployer plan in the event of the employer’s withdrawal from, or upon termination of, such plan. The plans do not maintain information on the net assets and actuarial present value of the plans’ unfunded vested benefits allocable to the Company. As such, the amount, if any, for which the Company may be contingently liable, is not ascertainable at this time. The majority of the Company’s unionized employees work in the building and construction industry (“B&C”), and, therefore, the Company believes it satisfies the criteria for the B&C industry exception under ERISA for those multiemployer pension plans that primarily cover employees in the B&C industry. As a result, the Company does not expect to be assessed a withdrawal liability when it ceases making contributions to those plans after the completion of a project or projects, so long as it does not continue to perform work in the jurisdiction of the pension plan on a non-union basis. The applicability of the B&C industry proviso is fact-specific, so there can be no assurance in any particular situation whether the B&C proviso applies or whether withdrawal liability will be assessed. The Pension Protection Act of 2006 added new funding rules generally applicable to plan years beginning after 2007 for multiemployer plans that are classified as “endangered,” “seriously endangered” or “critical” status. For a plan in endangered, seriously endangered or critical status, additional required contributions and benefit reductions may apply. A number of plans to which the Company’s business units contribute or may contribute in the future are in “endangered” or “critical” status. Certain of these plans may require additional contributions, generally in the form of a surcharge on future benefit contributions required for future work performed by union employees covered by these plans. The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated, as such amounts will likely be based on future levels of work that require the specific use of those union employees covered by these plans. The following table contains a summary of plan information relating to the Company’s participation in multiemployer pension plans, including Company contributions for the last three years, status of the multiemployer plan, and whether the plan is subject to a funding improvement, rehabilitation plan or contribution surcharges. Information has been presented separately for individually significant plans (defined as plans that make up 70 to 80 percent of the total Company defined benefit contributions and any plan that exceeds individual contributions of $0.1 million in any plan year presented).
Based upon the most recent and available plan financial information, the Company made contributions to the Pennsylvania Heavy and Highway Contractors Pension Trust that represented more than 5 percent of total plan contributions for the 2016 plan year. In regards to the Boilermaker-Blacksmith National Pension Trust, the Company did not contribute to the plan in 2017 and has no collective bargaining agreements related to this plan. In addition to the contributions noted above to multiemployer defined benefit pension plans, the Company also makes discretionary contributions to defined contribution plans. The zone status outlined above does not apply to defined contribution plans. Contributions to all defined contribution and defined benefit plans were $9.1 million, $6.9 million and $9.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company is domiciled in the United States and operates primarily in the United States and Canada. These countries have different tax regimes and tax rates, which affect the consolidated income tax provision of the Company and its effective tax rate. Moreover, losses from one country generally cannot be used to offset taxable income from another country, and some expenses incurred in certain tax jurisdictions receive no tax benefit, thereby affecting the effective tax rate. Tax Cuts and Jobs Act of 2017 On December 22, 2017, the President of the United States signed into law what is informally referred to as the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), a comprehensive U.S. tax reform package that, effective January 1, 2018, among other things, lowered the corporate income tax rate from 35 percent to 21 percent and moved the country towards a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of foreign subsidiaries. Under the accounting rules, companies are required to recognize the effects of changes in tax laws and tax rates on deferred tax assets and liabilities in the period in which the new legislation is enacted. At December 31, 2017, the Company has recognized the tax effects of the Tax Act as written and recorded a $0.7 million tax benefit. Below is a brief description of the effects from U.S. tax reform and its impact on the Company. Remeasurement of Deferred Taxes Under the Tax Act, the U.S. corporate income tax rate was reduced from 35 percent to 21 percent. As a result, the Company remeasured its U.S. deferred taxes as of December 31, 2017. The remeasurement had no impact on tax expense or the Company’s effective tax rate due to the full valuation allowance. The valuation allowance decreased by $36.6 million. In addition, due to the remeasurement of the net operating loss (“NOL”), the ASC 740-10 reserve was remeasured at 21 percent, which resulted in a decrease to deferred taxes of $1.3 million with an offset to the valuation allowance. Reassessment of the Realizability of Deferred Tax Assets Under the Tax Act, the Alternative Minimum Tax Credit utilization rule was changed, which required the Company to reassess the realizability of the deferred tax asset. As a result, the Company has released the valuation allowance on the Refundable Alternative Minimum Tax Credit Carryforward and reclassified the asset from a deferred tax asset to a non-current receivable resulting in $0.7 million of tax benefit. The reclassification had a minimal impact on the Company’s effective tax rate. Liability for Taxes Due on Mandatory Deemed Repatriation Under the Tax Act, a company’s foreign earnings accumulated under the legacy tax laws are deemed to be repatriated into the United States. Since the Company discontinued its strategy of reinvesting foreign earnings in foreign operations in 2011, there is no impact to the tax provision as a result of the deemed repatriation. Upon completion of our 2017 U.S. income tax return in 2018, we may identify additional remeasurement adjustments to our recorded deferred tax assets. We will continue to assess our provision for income taxes as future guidance on the accounting effects of the Tax Act is issued but do not anticipate significant revisions will be necessary. Any such revisions will be recorded in the period in which they are identified, in accordance with the measurement period guidance outlined in SEC Staff Accounting Bulletin No. 118. Components of the Provision (Benefit) for Income Taxes Income (loss) before income taxes on continuing operations consists of the following (in thousands):
Provision (benefit) for income taxes on continuing operations by country consists of the following (in thousands):
The provision (benefit) for income taxes has been determined based upon the tax laws and rates in the countries in which operations are conducted and income is earned. The Company and its subsidiaries operating in the United States are subject to federal income tax rates up to 35 percent and varying state income tax rates and methods of computing tax liabilities. The Company’s principal international continuing operations are in Canada. The Company’s subsidiaries in Canada are subject to a corporate income tax rate of 27 percent. The Company did not have any non-taxable foreign earnings from tax holidays for taxable years 2015 through 2017. In April 2011, the Company discontinued its strategy of reinvesting foreign earnings in foreign operations. The Company’s current operating strategy is not to reinvest all earnings of its operations internationally. Instead, dividends are distributed to the U.S. parent or its U.S. affiliates. Due to the current deficit in foreign earnings and profits, the Company does not anticipate a significant tax expense to future repatriations of foreign earnings in the United States. A reconciliation of the differences between the provision (benefit) for income taxes computed at the appropriate statutory rates and the reported provision (benefit) for income taxes is as follows (in thousands). For 2017, 2016 and 2015, the Company was domiciled in the United States, which has a 35 percent statutory tax rate.
For the year ended December 31, 2017, the Company’s provision for income taxes for discontinued operations is $0.0 million, and the Company’s benefit for income taxes for continuing operations is $1.0 million for a net benefit for income taxes of $1.0 million on a consolidated basis. For the year ended December 31, 2016, the Company’s provision for income taxes for discontinued operations was $0.1 million, and the Company’s benefit for income taxes for continuing operations was $0.5 million for a net benefit for income taxes of $0.4 million on a consolidated basis. For the year ended December 31, 2015, the Company’s provision for income taxes for discontinued operations was $57.2 million, and the Company’s benefit for income taxes for continuing operations was $54.0 million for a net provision for income taxes of $3.2 million on a consolidated basis. As a result of the Tax Act, the NOL was remeasured from 35 percent to 21 percent. Due to the remeasurement of the NOL, the U.S. portion of the ASC 740-10 reserve was also remeasured at 21 percent, which decreased the gross position by $0.9 million with a full offset to the valuation allowance. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
At December 31, 2017, there are no unrecognized tax benefits that will impact the Company’s effective tax rate if ultimately recognized. Due to the Tax Act, the Company remeasured interest and penalties on its U.S. positions from 35 percent to 21 percent, which resulted in a $0.4 million decrease to the reserve with a full offset to the valuation allowance. The Company has determined that, during the next twelve months, it is reasonably possible there will be no change in unrecognized tax benefits to be recognized due to the lapse of statutes of limitation in certain jurisdictions or settlement of audits. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2017, 2016 and 2015, the Company has recognized $0.2 million, $0.2 million and $0.2 million, respectively, in interest and penalties expense. The cumulative accrual for interest and penalties carried on the Consolidated Balance Sheets as of December 31, 2017 and 2016 is $1.0 million and $1.2 million, respectively. The Company files income tax returns in the United States federal jurisdiction, in various states and in various foreign jurisdictions. The Company is subject to examination for 2008 forward for the United States and the majority of the state jurisdictions and for 2010 forward in Canada. The principal components of the Company’s net deferred tax assets (liabilities) are as follows (in thousands):
The valuation allowance for deferred income tax assets at December 31, 2017 and 2016 was $68.0 million and $69.3 million, respectively. Due to the Tax Act, $36.6 million of the valuation allowance was released which resulted in no impact to the Consolidated Statements of Operations. Valuation allowances exist in the U.S., Canada and Australia. The valuation allowances at December 31, 2017 are $64.7 million, $0.5 million and $2.8 million, respectively. The valuation allowances at December 31, 2016 are $66.5 million, $0.0 million and $2.8 million, respectively. At December 31, 2017, the Company has remaining U.S. federal net operating loss carry forwards of $53.6 million and state net operating loss carry forwards of $8.2 million. The Company has a net operating loss carry forward for Australia of $2.8 million. The Company’s U.S. federal net operating losses expire beginning in 2031. The Company’s state net operating losses generally expire 20 years after the period in which the net operating loss was incurred. After the effect of tax planning strategies, carrybacks of certain federal net operating losses, reversals of existing temporary differences, and projections for future taxable income over the periods in which the deferred tax assets can be utilized to offset taxable income, the Company does not believe that the remaining net federal deferred tax asset is more likely than not realizable in the foreseeable future. |
Stockholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Changes in Accumulated Other Comprehensive Income (Loss) by Component
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Stock Ownership Plans On June 1, 2017, the Company established the Willbros Group, Inc. 2017 Stock and Incentive Compensation Plan (the “2017 Plan”) to provide for awards to key employees of the Company. The 2017 Plan succeeds the 2006 Director Restricted Stock Plan (the “2006 Director Plan”) and the 2010 Stock and Incentive Compensation Plan (the “2010 Plan”). Beginning June 1, 2017, all future grants of stock awards to key employees will be made through the 2017 Plan, which had 4,960,315 shares available for grant at December 31, 2017. Restricted Stock/Restricted Stock Units Restricted stock and restricted stock units or rights, also described collectively as restricted stock units (“RSUs”), granted to employees under the 2010 Plan and 2017 Plan generally vest over a 3 to 4 year period whereas RSUs granted under the 2006 Director Plan generally vest one year after the date of grant. The Company’s RSU activity and related information consist of:
For RSUs, certain provisions allow for accelerated vesting in the event of involuntary termination not for cause or a change of control of the Company. During the years ended December 31, 2017, 2016 and 2015, $0.4 million, $0.5 million and $2.3 million, respectively, of compensation expense was recognized due to accelerated vesting of RSUs due to retirements and separation from the Company. Stock-based compensation related to RSUs is recorded based on the Company’s closing stock price as of the grant date. The total fair value of RSUs vested during the years ended December 31, 2017, 2016 and 2015 was $3.3 million, $5.9 million and $9.8 million, respectively. Performance Stock Units For performance stock units (“PSUs”) granted during the year ended December 31, 2017, 2016 and 2015, the number of shares that will vest is contingent upon the Company’s achievement of certain specified targets. These awards have market conditions and were valued using a Monte Carlo simulation model. The following table sets forth the assumptions used in the valuations of these awards:
The volatility inputs were developed based on volatility observed using historical price observations over a look-back period consistent with the contractual terms of the awards. The risk-free interest rate inputs were derived using the US Treasury security rates as of the grant dates. Awards granted during the year ended December 31, 2015 included tranches with varying vesting periods, which resulted in the application of a range of risk-free rates. Stock Compensation Expense Expense related to all stock-based compensation arrangements totaled $2.9 million, $4.1 million and $8.6 million, respectively, for the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, there was a total of $3.6 million of unrecognized compensation cost related to all non-vested stock-based compensation arrangements granted under the Company’s stock ownership plans. That cost is expected to be recognized over a weighted-average period of 2.30 years. |
Income (Loss) Per Common Share |
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Income (Loss) Per Common Share | Income (Loss) Per Common Share Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is based on the weighted average number of shares outstanding during each period and the assumed exercise of potentially dilutive stock options and warrants and vesting of RSUs less the number of treasury shares assumed to be purchased from the proceeds using the average market price of the Company’s stock for each of the periods presented. Basic and diluted loss per common share is computed as follows (in thousands, except share and per share amounts):
The Company has excluded shares potentially issuable under the terms of use of the securities listed below from the number of potentially dilutive shares outstanding as the effect would be anti-dilutive:
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Segment Information |
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Segment Information | Segment Information The Company has three reportable segments: Utility T&D, Canada and Oil & Gas. These segments are comprised of strategic businesses that are defined by the industries or geographic regions they serve. Each segment is led by a separate segment President who reports directly to the Company’s Chief Operating Decision Maker (“CODM”). The CODM evaluates segment performance using operating income which is defined as contract revenue less contract costs and segment overhead, such as amortization related to intangible assets and general and administrative expenses that are directly attributable to the segment. For additional information regarding the Company’s reportable segments, see Note 2 – Summary of Significant Accounting Policies for more information. On November 30, 2015, the Company sold the balance of its Professional Services segment to TRC. As such, the Professional Services segment, including the Company’s previously sold subsidiaries in 2015 of Downstream Professional Services, Premier and UtilX, are presented as discontinued operations in the tables below. For additional information, see Note 18 – Discontinued Operations for more information. The following tables reflect the Company’s operations for the years ended December 31, 2017, 2016 and 2015 (in thousands) by its three reportable segments.
Depreciation and amortization expense by segment are presented below (in thousands):
Capital expenditures by segment are presented below (in thousands):
Total assets by segment as of December 31, 2017 and 2016 are presented below (in thousands):
Due to a limited number of major projects and clients, the Company may at any one time have a substantial part of its operations dedicated to one project, client and country. Customers representing 10 percent or more of total contract revenue are as follows:
On March 5, 2018, Oncor notified the Company of its election to extend its agreement with Willbros, under the terms and conditions currently in effect, through December 31, 2019. Information about the Company’s operations in its work countries is shown below (in thousands):
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Contingencies, Commitments and Other Circumstances |
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Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Other Circumstances | Contingencies, Commitments and Other Circumstances Contingencies Litigation and Regulatory Matters Related to the Company’s October 21, 2014 Press Release and December 4, 2014 8-K Announcing the Restatement of Condensed Consolidated Financial Statements for the Quarterly Periods Ended June 30, 2014 and March 31, 2014 After the Company announced it would be restating its Condensed Consolidated Financial Statements for the quarterly period ended June 30, 2014, a complaint was filed in the United States District Court for the Southern District of Texas (“USDC”) on October 28, 2014 seeking class action status on behalf of purchasers of the Company’s stock and alleging damages on their behalf arising from the matters that led to the restatement. The original defendants in the case were the Company, its former Chief Executive Officer, Robert R. Harl, and its former Chief Financial Officer, Van A. Welch. On January 30, 2015, the court named two employee retirement systems as Lead Plaintiffs. Lead Plaintiffs filed their consolidated complaint, captioned In re Willbros Group, Inc. Securities Litigation, on March 31, 2015, adding as a defendant John T. McNabb, II, the former Chief Executive Officer who had succeeded Mr. Harl, and claims regarding the restatement of the Company’s Condensed Consolidated Financial Statements for the quarterly period ended March 31, 2014. On June 15, 2015, Lead Plaintiffs filed a second amended consolidated complaint, seeking unspecified damages and asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Act”), based on alleged misrepresentations and omissions in the SEC filings and other public disclosures in 2014, primarily regarding internal controls, the performance of the Oil & Gas segment, compliance with debt covenants and liquidity, certain financial results and the circumstances surrounding Mr. Harl’s departure. On July 27, 2015, the Company filed a motion to dismiss the case. At a hearing on May 24, 2016, the court granted the motion to dismiss in part and denied it in part. On July 22, 2016, the Company filed an answer to the suit denying the remaining allegations in the case, which complain of alleged misrepresentations and omissions in violation of the Act regarding internal controls, the performance of the Oil & Gas segment and Mr. Harl’s departure. On June 28, 2017, Lead Plaintiffs filed a motion asking the Court to reconsider its order in 2016 dismissing certain claims and allow Lead Plaintiffs to replead two of the claims the Court has dismissed; the Company opposes the motion. The Court heard oral argument but has not ruled. On February 16, 2018, the Company reached an agreement in principle, which, if approved by the Court, would settle all claims against the defendants and be funded by our insurance carriers. In addition, two shareholder derivative lawsuits were filed purportedly on behalf of the Company in connection with the restatement. The first, Markovich v. Harl et al, was filed on November 6, 2014 in the District Court of Harris County, Texas. The second, Kumararatne v. McNabb et al, was filed on March 4, 2015 in the USDC, but was voluntarily dismissed by the plaintiff on April 23, 2015. The Markovich lawsuit named certain former officers and current and former members of the Company’s Board of Directors as defendants and the Company as a nominal defendant. The lawsuit alleged that the officer and board member defendants breached their fiduciary duties by permitting the Company’s internal controls to be inadequate, failing to prevent the restatements, and wasting corporate assets, and that the defendants were unjustly enriched. The defendants sought dismissal of the lawsuit on the grounds that the plaintiff failed to make demand upon the Company’s board to bring the lawsuit, and, on February 23, 2016, the court sustained the defendants’ motion and dismissed the lawsuit with prejudice. On March 10, 2016, the plaintiff filed a motion for reconsideration and asked the court for leave to amend its lawsuit. The court granted the plaintiff’s motion in part, allowing an amended petition, which was filed on April 18, 2016. The Plaintiff’s Second Amended Petition added Ravi Kumararatne as a plaintiff and added claims for breach of fiduciary duty against the former officers and officer and Board of Director defendants related to the departure of former Company executives, financial controls, and compliance with the Company’s debt covenants. The Company sought dismissal of the amended petition on the grounds the plaintiffs failed to make a demand upon the Company’s board to bring the lawsuit. In response, plaintiffs filed a Third Amended Petition on June 24, 2016, purporting to add additional facts to support their allegations, including their allegation that they were excused from making a demand upon the board because, they claimed, such demand would be futile. Believing the claims added by plaintiffs were without merit, the Company sought to dismiss this latest pleading. After hearing argument on the motion, the court issued an order on October 24, 2016, sustaining the Company’s objections to plaintiffs’ latest pleading and again dismissed the lawsuit with prejudice. Plaintiffs’ motion for reconsideration was denied on December 21, 2016. Plaintiffs filed a Notice of Appeal on January 20, 2017. The appeal is assigned to the 14th Court of Appeals, Houston, Texas; the court heard oral argument in the appeal on January 30, 2018 but has not yet issued an opinion. Other The SEC issued an order of investigation on January 29, 2015 and a subpoena on February 3, 2015, requesting information regarding the restatement of the Company’s previously issued Condensed Consolidated Financial Statements for the quarterly periods ended March 31, 2014 and June 30, 2014. The Company provided its full cooperation to the SEC, who on January 25, 2016, sent the Company a letter stating it had concluded its investigation and, based on the information it had, did not intend to recommend an enforcement action against the Company. In addition to the matters discussed above, the Company is party to a number of other legal proceedings. Management believes that the nature and number of these proceedings are typical for a firm of similar size engaged in a similar type of business and that none of these proceedings is material to the Company’s consolidated results of operations, financial position or cash flows. Commitments From time to time, the Company enters into commercial commitments, usually in the form of commercial and standby letters of credit, surety bonds and financial guarantees. Contracts with the Company’s customers may require the Company to secure letters of credit or surety bonds to secure the Company’s performance of contracted services. In such cases, the letters of credit or bond commitments can be called upon in the event of the Company’s failure to perform contracted services. Likewise, contracts may allow the Company to issue letters of credit or surety bonds in lieu of contract retention provisions, where the client otherwise withholds a percentage of the contract value until project completion or expiration of a warranty period. Retention letters of credit or bond commitments can be called upon in the event of warranty or project completion issues, as prescribed in the contracts. The Company also issues letters of credit from time to time to secure deductible obligations under its workers compensation, automobile and general liability policies. At December 31, 2017, the Company had approximately $49.1 million of outstanding letters of credit. This amount represents the maximum amount of payments the Company could be required to make if these letters of credit are drawn upon. Additionally, the Company issues surety bonds (primarily performance in nature) that are customarily required by commercial terms on construction projects. At December 31, 2017, these bonds outstanding had a face value at $155.3 million. This amount represents the bond penalty amount of future payments the Company could be required to make if the Company fails to perform its obligations under such contracts. The performance bonds do not have a stated expiration date; rather, each is released when the Company’s performance of the contract is accepted by the owner. The Company’s maximum exposure as it relates to the value of the bonds outstanding is lowered on each bonded project as the cost to complete is reduced. As of December 31, 2017, no liability has been recognized for letters of credit or surety bonds. Operating Leases The Company has certain operating leases for various equipment and office facilities. Rental expense for continuing operations excluding daily rentals and reimbursable rentals under cost plus contracts was $16.3 million in 2017, $23.3 million in 2016, and $33.0 million in 2015. Minimum lease commitments under operating leases as of December 31, 2017, totaled $90.4 million and are payable as follows: 2018, $25.1 million; 2019, $19.3 million; 2020, $14.1 million; 2021, $12.1 million; 2022, $6.9 million and thereafter, $12.9 million. Other Circumstances The Company has the usual liability of contractors for the completion of contracts and the warranty of its work. In addition, the Company acts as prime contractor on a majority of the projects it undertakes and is normally responsible for the performance of the entire project, including subcontract work. Management is not aware of any material exposure related thereto which has not been provided for in the accompanying Consolidated Financial Statements. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The FASB’s standard on fair value measurements defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. Fair Value Hierarchy The FASB’s standard on fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This standard establishes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities. Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. There were no transfers between levels in 2017, 2016 or 2015. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, notes payable, long-term debt and interest rate contracts. The fair value estimates of the Company’s financial instruments have been determined using available market information and appropriate valuation methodologies and approximate carrying value. Hedging Arrangements The Company is exposed to market risk associated with changes in non-U.S. currency exchange rates. To mitigate its risk, the Company may borrow Canadian dollars under its Canadian Facility to settle U.S. dollar account balances. The Company attempts to negotiate contracts that provide for payment in U.S. dollars, but it may be required to take all or a portion of payment under a contract in another currency. To mitigate non-U.S. currency exchange risk, the Company seeks to match anticipated non-U.S. currency revenue with expenses in the same currency whenever possible. To the extent it is unable to match non-U.S. currency revenue with expenses in the same currency, the Company may use forward contracts, options or other common hedging techniques in the same non-U.S. currencies. The Company had no forward contracts or options at December 31, 2017 and December 31, 2016. The Company is subject to interest rate risk on its debt and investment of cash and cash equivalents arising in the normal course of business and had previously entered into hedging arrangements from time to time to fix or otherwise limit the interest cost of its variable interest rate borrowings. Termination of Interest Rate Swap Agreement In August 2013, the Company entered into an interest rate swap agreement (the “Swap Agreement”) for a notional amount of $124.1 million to hedge changes in the variable rate interest expense on $124.1 million of its existing or replacement LIBOR-indexed debt. The Swap Agreement was designated and qualified as a cash flow hedging instrument with the effective portion of the Swap Agreement’s change in fair value recorded in Other Comprehensive Income (“OCI”). The Swap Agreement was highly effective in offsetting changes in interest expense, and no hedge ineffectiveness was recorded in the Consolidated Statements of Operations. The Swap Agreement was terminated in the third quarter of 2015 for $5.7 million, which was recorded in OCI at fair value. In the fourth quarter of 2015, the Company made an early payment of $93.6 million against the 2014 Term Loan Facility and therefore reclassified approximately $1.2 million of the fair value of the Swap Agreement from OCI to interest expense. In the first quarter of 2016, the Company made an early payment of $3.1 million against the 2014 Term Loan Facility and therefore reclassified approximately $0.1 million of the fair value of the Swap Agreement from OCI to interest expense. The remaining fair value of the Swap Agreement included in OCI will be reclassified to interest expense over the remaining life of the underlying debt with approximately $1.1 million expected to be recognized in the coming twelve months.
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Other Charges |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other charges | Other Charges The following table reflects the Company’s other charges for the years ended December 31, 2017, 2016 and 2015 (in thousands):
(1) Includes $0.0 million, $0.8 million and $1.8 million of costs associated with the write-off of deferred rent attributed to the abandonment of a portion of the Company’s corporate facility lease headquarters during the years ended December 31, 2017, 2016 and 2015, respectively. In addition, the 2017 amount includes a $0.8 million adjustment to decrease one of the Company’s lease abandonment liabilities. (2) 2016 loss is attributed to the fourth quarter disposal of $0.7 million in equipment associated with the abandonment of a portion of the Company’s corporate facility lease headquarters, as well as the $0.3 million loss on sale of the Oil & Gas segment’s fabrication business that was finalized during the year. 2015 loss is attributed to a $2.2 million loss on the sale of a corporate asset, impairment charges of $2.0 million in relation to the Oil & Gas segment’s fabrication services which was sold in 2016, impairment charges of $1.3 million in relation to construction equipment in the Utility T&D segment and the disposal of $1.2 million in equipment associated with the abandonment of a portion of the Company’s corporate facility lease headquarters. (3) Includes accounting and legal fees associated with the investigation of the root cause behind the deterioration of certain construction projects within the Oil & Gas segment, which led to the restatements of the Company’s Condensed Consolidated Financial Statements for the quarterly periods ended March 31, 2014 and June 30, 2014. (4) Attributed to intangible assets associated with fabrication, field and union construction turnaround services in the Oil & Gas segment. Activity in the accrual related to the equipment and facility lease abandonment charges during the year ended December 31, 2017 is as follows (in thousands):
(1) Non-cash charges consist of accretion expense. The Company will continue to evaluate the need for additional equipment and facility lease abandonment charges, including the adequacy of its existing accrual, as conditions warrant. |
Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Assets Held for Sale Components of assets held for sale as of December 31, 2017 and 2016 were as follows (in thousands):
The Company, as part of its ongoing strategic evaluation, made the decision to offer the sale of its tank services business, which is included in the Company’s Oil & Gas segment, to an outside party. At December 31, 2017, the tank business was classified as held for sale, as it was being actively marketed, expected to sell within one year and measured at the lower of carrying value or fair value less costs to sell. On January 2, 2018, the Company sold its tank services business to ATS for $3.0 million, subject to working capital adjustments. Discontinued Operations The following disposals qualify for discontinued operations treatment with ASU 2014-08, which the Company adopted on January 1, 2015. Professional Services On November 30, 2015, the Company sold the balance of its Professional Services segment to TRC for $130.0 million in cash, subject to working capital and other adjustments. At closing, TRC held back $7.5 million from the purchase price (the “Holdback Amount”) until the Company effects the novation of a customer contract from one of the subsidiaries sold in the transaction to the Company (or obtains written approval of a subcontract of all the work that is the subject of such contract) and obtains certain consents. If such novation, subcontract or consents are not approved by March 15, 2016, TRC would pay the Holdback Amount to the Company. In connection with this transaction, the Company recorded a net gain on sale of $97.0 million during the year ended December 31, 2015. During the year ended December 31, 2016, the Company reached an agreement with TRC on substantially all of the outstanding items related to the sale of the Professional Services segment. As a result, the Company received $4.6 million during the year ended December 31, 2016 in relation to the sale and inclusive of the final settlement of working capital and the Holdback Amount and recorded $2.5 million in charges against the original net gain on sale in relation to working capital and other post-closing adjustments. Certain assets and liabilities associated with one Professional Services contract were retained by the Company and have been excluded from the transaction. In 2015, and prior to the sale of the balance of the Professional Services segment, the Company sold the following three subsidiaries that were historically part of the Professional Services segment. Downstream Professional Services On June 12, 2015, the Company sold all of its issued and outstanding equity of Downstream Professional Services to BR Engineers, LLC for approximately $10.0 million in cash. In connection with this transaction, the Company recorded a net loss on sale of $2.2 million during the year ended December 31, 2015. Premier On March 31, 2015, the Company sold all of its membership units in Premier to USIC Locating Services, LLC for approximately $51.0 million in cash, of which $4.0 million was deposited into an escrow account for a period of up to eighteen months to cover post-closing adjustments and any indemnification obligations of the Company. In connection with this transaction, the Company recorded a net gain on sale of $37.1 million during the year ended December 31, 2015. The Company received $3.7 million as full and final settlement of the outstanding escrow amount during the year ended December 31, 2016. UtilX On March 17, 2015, the Company sold all of its equity interests of UtilX to Novinium, Inc. for approximately $40.0 million in cash, of which $0.5 million was deposited into an escrow account for a period of six months to cover post-closing adjustments and any indemnification obligations of the Company. In the third quarter of 2015, the Company cleared the $0.5 million amount recorded in the escrow account as a post-closing adjustment. As a result of this transaction, the Company recorded a net gain on sale of $20.3 million during the year ended December 31, 2015. Hawkeye In the fourth quarter of 2013, the Company sold certain assets comprising its Hawkeye business to Elecnor Hawkeye, LLC, a subsidiary of Elecnor, Inc. Results of Discontinued Operations Condensed Statements of Operations of the Discontinued Operations for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
Condensed Balance Sheets of the Discontinued Operations are as follows (in thousands):
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Quarterly Financial Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Selected unaudited quarterly financial data for the years ended December 31, 2017 and 2016 is presented below (in thousands):
Additional Notes:
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SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS |
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Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS |
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||
Company | Company Description – Willbros Group, Inc., a Delaware corporation, and its subsidiaries (the “Company,” “Willbros” or “WGI”), is a specialty energy infrastructure contractor serving the oil and gas and power industries with offerings that primarily include construction, maintenance and facilities development services. The Company’s principal markets for continuing operations are the United States and Canada. The Company obtains its work through competitive bidding and negotiations with prospective clients. Contract values range from several thousand dollars to several hundred million dollars, and contract durations range from a few weeks to more than two years. |
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Segment Reporting | Business Segments – The Company has three reportable segments: Utility T&D, Canada and Oil & Gas. The Company’s Utility T&D segment provides a wide range of services in electric and natural gas transmission and distribution, including comprehensive engineering, procurement, maintenance and construction, repair and restoration of utility infrastructure. These services include engineering, design, installation, maintenance, procurement and repair of electrical transmission, distribution, substation, wireless and gas distribution systems. The Company’s Utility T&D segment conducts projects ranging from small engineering and consulting projects to multi-million dollar turnkey distribution, substation and transmission line projects, including those required for renewable energy facilities. The Company’s Canada segment provides construction, maintenance and fabrication services, including integrity and supporting civil work, pipeline construction, general mechanical and facility construction, American Petroleum Institute (“API”) storage tanks, general and modular fabrication, along with electrical and instrumentation projects serving the Canadian energy and water industries. The Company’s Oil & Gas segment provides construction, maintenance and lifecycle extension services to the midstream markets. These services include facilities construction such as tank terminals, pump stations, flow stations, gas compressor stations and metering stations, as well as small-diameter midstream pipeline construction, integrity construction, system maintenance, tank services and mainline pipeline construction. |
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Discontinued Operations | Discontinued Operations – On November 30, 2015, the Company sold the balance of its Professional Services segment to TRC Companies (“TRC”). As such, the Professional Services segment, including Willbros Engineers, LLC and Willbros Heater Services, LLC (collectively “Downstream Professional Services”), Premier Utility Services, LLC (“Premier”) and UtilX Corporation (“UtilX”), which were sold earlier in 2015, are presented as discontinued operations in the Company’s Consolidated Financial Statements. These subsidiaries, coupled with assets comprising the Company’s Hawkeye business that was sold in 2013 (“Hawkeye”), are referred to as the “Discontinued Operations.” Assets and liabilities related to the Discontinued Operations are included in the line item “Assets associated with discontinued operations,” “Current liabilities associated with discontinued operations” and “Long-term liabilities associated with discontinued operations” on the Consolidated Balance Sheets for all periods presented. The results of the Discontinued Operations are included in the line item “Income (loss) from discontinued operations, net of provision for income taxes” on the Consolidated Statements of Operations for all periods presented. See Note 18 – Discontinued Operations for more information. |
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Principles of Consolidation | Principles of Consolidation – The Consolidated Financial Statements of the Company include all of its majority-owned subsidiaries and all of its wholly-owned entities. Inter-company accounts and transactions are eliminated in consolidation. The ownership interest of noncontrolling participants in subsidiaries that are not wholly-owned is included as a separate component of equity. |
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Use of Estimates | Use of Estimates – The Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and include certain estimates and assumptions made by management of the Company in the preparation of the Consolidated Financial Statements. These estimates and assumptions relate to the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expense during the period. Significant items subject to such estimates and assumptions include revenue recognition under the percentage-of-completion method of accounting, including estimates of progress towards completion and estimates of gross profit or loss accrual on contracts in progress; tax accruals and certain other accrued liabilities; quantification of amounts recorded for contingencies; valuation allowances for accounts receivable and deferred income tax assets; and the carrying amount of property, plant and equipment, goodwill and intangible assets. The Company bases its estimates on historical experience and other assumptions that it believes relevant under the circumstances. Actual results could differ from these estimates. |
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Commitments and Contingencies | Commitments and Contingencies – Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management assesses that it is probable that a liability has been incurred and the amount can be reasonably estimated. Recoveries of costs from third parties, which management assesses as being probable of realization, are recorded as “Other long-term assets” in the Consolidated Balance Sheets. Legal costs incurred in connection with matters relating to contingencies are expensed in the period incurred. See Note 15 – Contingencies, Commitments and Other Circumstances for more information. |
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Accounts Receivable | Accounts Receivable – Most of the accounts receivable and contract work in progress are from clients in the oil, gas, refinery, petrochemical and power industries in North America. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Most contracts require payments as the projects progress or, in certain cases, advance payments. The Company generally does not require collateral, but in most cases can place liens against the property, plant or equipment constructed or terminate the contract if a material default occurs. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. A considerable amount of judgment is required in assessing the realization of receivables. Relevant assessment factors include the creditworthiness of the customer and prior collection history. Balances over 90 days past due are reviewed individually for collectability. Account balances are charged off against the allowance after all reasonable means of collection are exhausted and the potential for recovery is considered remote. The allowance requirements are based on the most current facts available and are re-evaluated and adjusted on a regular basis and as additional information is received. |
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Inventories | Inventories – Inventories, consisting primarily of parts and supplies, are stated at the lower of actual cost or market. Parts and supplies are evaluated at least annually and adjusted for excess and obsolescence. |
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Intangible Assets | Intangible Assets – The Company’s intangible assets with finite lives include customer relationships and trade names. The value of customer relationships is estimated using the income approach, specifically the excess earnings method. The excess earnings method consists of discounting to present value the projected cash flows attributable to the customer relationships, with consideration given to customer contract renewals, the importance or lack thereof of existing customer relationships to the Company’s business plan, income taxes and required rates of return. The value of trade names is estimated using the relief-from-royalty method of the income approach. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of this intangible asset. The Company amortizes intangible assets based upon the estimated consumption of the economic benefits of each intangible asset or on a straight-line basis if the pattern of economic benefits consumption cannot otherwise be reliably estimated. Intangible assets subject to amortization are reviewed for impairment and are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For instance, a significant change in business climate or a loss of a significant customer, among other things, may trigger the need for an impairment test of intangible assets. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
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Property, Plant and Equipment | Property, Plant and Equipment – Property, plant and equipment is stated at cost. Depreciation, including amortization of capital leases, is provided on the straight-line method using estimated lives as follows:
Leasehold improvements are amortized on a straight-line basis over the shorter of their economic lives or the lease term. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized within operating expenses in the Consolidated Statements of Operations for the period. Normal repair and maintenance costs are charged to expense as incurred. Significant renewals and betterments are capitalized. The Company depreciates assets based on their estimated useful lives at the time of acquisition using the straight-line method. Depreciation and amortization related to operating activities is included in “Contract costs,” and depreciation and amortization related to general and administrative activities is included in “General and administrative” expense in the Consolidated Statements of Operations. “Contract costs” and “General and administrative” expenses are included within operating expenses in the Consolidated Statements of Operations. Further, amortization of assets under capital lease obligations is included in depreciation expense. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such asset is necessary. This evaluation, as well as an evaluation of our intangible assets, requires the Company to make long-term forecasts of the future revenues and costs related to the assets subject to review. Forecasts require assumptions about demand for the Company’s services and future market conditions. Estimating future cash flows requires significant judgment, and the Company’s projections may vary from the cash flows eventually realized. Future events and unanticipated changes to assumptions could require a provision for impairment in a future period. The effect of any impairment would be to expense the difference between the fair value (less selling costs) of such asset and its carrying value. Such expense would be reflected in earnings. |
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Revenue | Revenue – A number of factors relating to the Company’s business affect the recognition of contract revenue. The Company typically structures contracts as unit-price, time and materials, fixed-price or cost plus fixed fee. The Company believes that its operating results should be evaluated over a time horizon during which major contracts in progress are completed and change orders, extra work, variations in the scope of work, cost recoveries and other claims are negotiated and realized. Revenue from unit-price and time and materials contracts is recognized as earned. Revenue for fixed-price and cost plus fixed fee contracts is recognized using the percentage-of-completion method. Under this method, estimated contract income and resulting revenue is generally accrued based on costs incurred to date as a percentage of total estimated costs, taking into consideration physical completion. Total estimated costs, and thus contract income, are impacted by changes in productivity, scheduling, unit cost of labor, subcontracts, materials and equipment. Additionally, external factors such as weather, client needs, client delays in providing permits and approvals, labor availability, governmental regulation and politics may affect the progress of a project’s completion and thus the estimated amount and timing of revenue recognition. Certain fixed-price and cost plus fixed fee contracts include, or are amended to include, incentive bonus amounts, contingent on accomplishing a stated milestone. Revenue attributable to incentive bonus amounts is recognized when the risk and uncertainty surrounding the achievement of the milestone have been removed. The Company does not recognize income on a fixed-price contract until the contract is approximately five to ten percent complete, depending upon the nature of the contract. If a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. The Company considers unapproved change orders to be contract variations on which the Company has customer approval for scope change, but not for price associated with that scope change. Costs associated with unapproved change orders are included in the estimated cost to complete the contracts and are expensed as incurred. The Company recognizes revenue equal to cost incurred on unapproved change orders when realization of price approval is probable and the amount is estimable. Revenue recognized on unapproved change orders is included in “Contract cost and recognized income not yet billed” on the Consolidated Balance Sheets. Revenue recognized on unapproved change orders is subject to adjustment in subsequent periods to reflect the changes in estimates or final agreements with customers. The Company considers claims to be amounts that the Company seeks or will seek to collect from customers or others for customer-caused changes in contract specifications or design, or other customer-related causes of unanticipated additional contract costs on which there is no agreement with customers on both scope and price changes. Revenue from claims is recognized when agreement is reached with customers as to the value of the claims, which in some instances may not occur until after completion of work under the contract. Costs associated with claims are included in the estimated costs to complete the contracts and are expensed when incurred. |
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Insurance | Insurance – The Company is insured for workers’ compensation, employer’s liability, auto liability and general liability claims, subject to a deductible of $1.0 million per occurrence. Additionally, the Company’s largest non-union employee-related health care benefit plan is subject to a deductible of $0.3 million per claimant per year. Losses are accrued based upon the Company’s estimates of the ultimate liability for claims incurred (including an estimate of claims incurred but not reported), with assistance from third-party actuaries. For these claims, to the extent insurance coverage is above the deductible amounts, the Company has recorded a receivable reflected in “Other long-term assets” in the Consolidated Balance Sheets. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the severity of an injury, the determination of the Company’s liability in proportion to other parties and the number of incidents not reported. The accruals are based upon known facts and historical trends. |
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Income Taxes | Income Taxes – The Financial Accounting Standards Board (“FASB”) standard for income taxes takes into account the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates due to changes in legislation is recognized as income or expense in the period that includes the enactment date. The ultimate realization of deferred tax assets related to net operating loss carry forwards, including federal and state net operating loss carry forwards, is dependent upon the generation of future taxable income in a particular tax jurisdiction during the periods in which the use of such net operating losses are allowed. The Company considers future taxable income, including the impacts of reversing taxable temporary differences, future forecasted income and available tax planning strategies, when evaluating whether deferred tax assets are more likely than not to be realized prior to expiration. The Company files income tax returns in the United States federal jurisdiction, in various states and in various foreign jurisdictions. The Company is subject to examination for 2008 forward for the United States and the majority of the state jurisdictions and for 2010 forward in Canada. |
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Retirement Plans and Benefits | Retirement Plans and Benefits – The Company has a voluntary defined contribution retirement plan for U.S. based employees that is qualified and contributory on the part of the employees. Additionally, the Company is subject to collective bargaining agreements with various unions. As a result, the Company participates with other companies in the unions’ multi-employer pension and other postretirement benefit plans. |
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Stock-Based Compensation | Stock-Based Compensation – Compensation cost resulting from all share-based payment transactions is recognized in the financial statements measured based on the grant-date fair value of the instrument issued and is recognized over the vesting period. Share-based compensation related to restricted stock and restricted stock units or rights, also described collectively as restricted stock units, is recorded based on the Company’s closing stock price as of the grant date. Awards granted are expensed ratably over the vesting period of the award. |
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Foreign Currency Translation | Foreign Currency Translation – All significant monetary asset and liability accounts denominated in currencies other than United States dollars are translated into United States dollars at current exchange rates. Translation adjustments are included in “Other comprehensive income (loss), net of tax” in the Company’s Consolidated Statements of Comprehensive Income (Loss). Revenue and expense accounts are converted at prevailing rates throughout the year. Gains or losses on foreign currency transactions are recorded in income in the period in which they are incurred. |
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Concentration of Credit Risk | Concentration of Credit Risk – The Company has a concentration of customers in the oil and gas and power industries which expose the Company to a concentration of credit risk within a single industry. The Company seeks to obtain advance and progress payments for contract work performed on major contracts. Receivables are generally not collateralized. |
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Income (Loss) per Common Share | Income (Loss) per Common Share – Basic income (loss) per share is calculated by dividing net income (loss), less any preferred dividend requirements, by the weighted-average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by including the weighted average number of all potentially dilutive common shares with the weighted-average number of common shares outstanding. |
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Derivative Financial Instruments | Derivative Financial Instruments – The Company may use derivative financial instruments such as forward contracts, options or other common hedging techniques to mitigate non-U.S. currency exchange risk when the Company is unable to match non-U.S. currency revenue with expense in the same currency. The Company has no forward contracts or options at December 31, 2017 and 2016. The Company is subject to interest rate risk on its debt and investment of cash and cash equivalents arising in the normal course of business and has previously entered into hedging arrangements from time to time to fix or otherwise limit the interest cost of the variable interest rate borrowings. |
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Cash Equivalents | Cash Equivalents – The Company considers all highly liquid investments with an original maturity of 3 months or less to be cash equivalents. |
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Short-term Investments | Short-term Investments – The Company may invest a portion of its cash in short-term time deposits, some of which may have early withdrawal penalties. All such deposits have maturity dates that exceed three months. |
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Recent Accounting Pronouncements | Accounting Pronouncements Recently Adopted – In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, which changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods with early adoption permitted. The Company adopted ASU 2016-09 in the first quarter with an effective date of January 1, 2017. The recognition of previously unrecognized windfall tax benefits increased the Company’s deferred tax assets by $1.8 million offset by a related valuation allowance which resulted in a $0 cumulative-effect adjustment, net of tax, on the Company’s Consolidated Balance Sheet as of the beginning of 2017. The amendments within ASU 2016-09 related to the recognition of excess tax benefits and tax shortfalls in the Consolidated Statement of Operations and presentation within the operating section of the Consolidated Statement of Cash Flows were adopted prospectively with no adjustments to prior periods. The Company has elected to account for forfeitures as they occur. The remaining provisions of ASU 2016-09 did not have a material effect on the Company’s Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted – Revenue Recognition – In May 2014, the FASB issued ASU 2014-09 governing the recognition of revenue from contracts with customers. Under the new standard, a company will recognize revenue when it satisfies a performance obligation by transferring a promised good or service to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods and services. The standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, under ASU 2015-14, the FASB deferred the effective date of the standard to December 15, 2017 with early adoption permitted. The standard can be applied on a full retrospective or modified retrospective basis whereby the entity records a cumulative effect of initially applying this update at the date of initial application. Furthermore, in March, April, and May of 2016, the FASB issued ASUs 2016-08, 2016-10, and 2016-12, respectively, which provide practical expedients and clarification in regards to ASU 2014-09. ASU 2016-08 amends and clarifies the principal versus agent considerations under the new revenue recognition standard, which requires determination of whether the nature of a promise is to provide the specified good or service to the customer (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by another party (that is, the entity is an agent). This determination affects the timing and amount of revenue recognition. ASU 2016-10 clarifies issues related to identifying performance obligations. ASU 2016-12 provides practical expedients and clarification pertaining to the exclusion of sales tax from the measurement of a transaction price, the measurement of noncash consideration, allocation of a transaction price on the basis of all satisfied and unsatisfied performance obligations in a modified contract at transition, and the definition of a completed contract. The effective date of ASUs 2016-08, 2016-10, and 2016-12 is December 15, 2017 with early adoption permitted. Quantitative Disclosures of Directional Effects of Adoption The Company will adopt the new revenue guidance effective January 1, 2018 via the modified retrospective approach, by recognizing the cumulative effect of initially applying the new standard as an increase to the opening balance of retained earnings. Although still under the process of determining the impact, we expect this adjustment to be an immaterial impact to our opening balance of retained earnings as well as net income and earnings per share on an ongoing basis. Qualitative Status of Management’s Implementation Efforts Upon our initial evaluation of ASU 2014-09, there are no material changes in the standard that impact our revenue recognition relating to the allocation and measurement of contract revenues and the timing in which those revenues are recognized. However, the new standard will require a substantial increase in the amount and complexity of disclosures related to revenue recognition. The Company has taken steps to effectively implement the new standard by evaluating a representative sample of contracts with customers to identify the potential impacts that would result from applying the requirements of the standard to the Company’s existing revenue contracts. For most of the contracts entered into, the Company expects there to be a similar number of performance obligations, and in most cases, the Company has determined that the method of revenue recognition for these contracts will remain the same with the Company already considering different elements, such as variable consideration, when evaluating their transaction prices. The Company continues analyzing stand-alone pricing of the obligations as well as the timing related to revenue recognition. Significant judgments were used when concluding on the method of revenue recognition, but, in most cases, the Company determined that over time revenue recognition was appropriate via the percentage-of-completion method, based on time incurred, or as units are produced in accordance with the three over time criteria within ASC 606-10-25-27. However, there were also various industry-specific elements that the Company has identified that will have to be continuously monitored as new contracts are entered into in associated with ASU 2014-09, including uninstalled materials, customer provided materials and other elements. The Company has started to update its current accounting policies to align with revenue recognition practices under the new standard. As part of its evaluation of contracts with customers, the Company is holding regular meetings with key stakeholders across the organization to determine the impacts of the standards on its business processes. Additionally, the Company is evaluating its processes to address risks associated with incorporating these standards, and upon adoption, the Company expects to implement new internal controls related to accounting policies and procedures in order to validate the processes implemented upon adoption and going forward. Various trainings of the Accounting team are also expected to be held to further educate the business when applying some of the significant judgments required as part of the new standard. The Company is continuing to evaluate the future impact and method of adoption of ASU 2014-09 and related amendments on its Consolidated Financial Statements and related disclosures. Accounting Pronouncements Not Yet Adopted – Other – In February 2018, the FASB issued ASU 2018-02, which provides that the stranded tax effects from the Tax Cuts and Jobs Act on the balance of other comprehensive earnings may be reclassified to retained earnings. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with an option to adopt early. We are evaluating the effect of the standard on our Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, which clarifies when a change to the terms or conditions of a share-based payment award should be accounted for as a modification. An entity should account for the effects of a modification unless the fair value, vesting conditions and classification, as an equity instrument or a liability instrument, of the modified award are the same before and after a change to the terms or conditions of the share-based payment award. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company does not expect the new standard to have a material impact on its Consolidated Financial Statements. In November 2016, the FASB issued ASU 2016-18, which requires a reporting entity to include restricted cash and restricted cash equivalents in its cash and cash-equivalent balances presented in the entity’s statement of cash flows. A reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the balance sheet includes more than one line item for cash, cash equivalents, restricted cash and restricted cash equivalents. Transfers between non-restricted and restricted cash should not be presented as cash flow activities in the statement of cash flows. Furthermore, an entity with a material restricted cash balance must disclose information regarding the nature of the restrictions. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual reporting periods. At December 31, 2017 and December 31, 2016, approximately $40.4 million and $40.2 million, respectively, is recorded as “Restricted cash” on the Company’s Consolidated Balance Sheets. These amounts are primarily composed of eligible pledged cash in the Company’s December 31, 2017 and December 31, 2016 borrowing base calculation. The Company will adopt this standard in the first quarter of 2018. In October 2016, the FASB issued ASU 2016-16, which requires a reporting entity to recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. The new guidance does not apply to intra-entity transfers of inventory, and the income tax consequences from the sale of inventory from one member of a consolidated entity to another will continue to be deferred until the inventory is sold to a third party. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company does not expect the new standard to have any impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, which provides specific guidance for cash flow classifications of cash payments and receipts to reduce the diversity of treatment of such items. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods with early adoption permitted. The Company does not expect the new standard to have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, which requires companies that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those assets. The standard is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements of fiscal years or interim periods that have not been previously issued. The Company is currently evaluating the impact of the standard on its Consolidated Financial Statements. Based on initial evaluation, the Company expects to include operating leases with durations greater than twelve months on its Consolidated Balance Sheets. The Company will provide additional information about the expected financial impact as it progresses through the evaluation and implementation of the standard. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||
Schedule of Property Plant and Equipment | Depreciation, including amortization of capital leases, is provided on the straight-line method using estimated lives as follows:
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Accounts Receivable (Tables) |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | Accounts receivable, net as of December 31, 2017 and 2016 is comprised of the following (in thousands):
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Contracts in Progress (Tables) |
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Contractors [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Cost and Recognized Income Not Yet Billed and Related Amounts | Contract cost and recognized income not yet billed and related amounts billed as of December 31, 2017 and 2016 were as follows (in thousands):
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Assets Held For Sale (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Assets Held for Sale | Components of assets held for sale as of December 31, 2017 and 2016 were as follows (in thousands):
Condensed Statements of Operations of the Discontinued Operations for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
Condensed Balance Sheets of the Discontinued Operations are as follows (in thousands):
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment | Property, plant and equipment, which are used to secure debt or are subject to lien, at cost, as of December 31, 2017 and 2016 were as follows (in thousands):
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Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in the Carrying Amounts of Intangible Assets | The Company’s intangible assets as of December 31, 2017 and 2016 were as follows (in thousands):
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Estimated Amortization Expense | Estimated amortization expense for each of the subsequent five years and thereafter is as follows (in thousands):
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Accounts Payable (Tables) |
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Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities as of December 31, 2017 and 2016 were as follows (in thousands):
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Debt Obligations (Tables) |
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Long Term Debt | The Company’s debt obligations as of December 31, 2017 and 2016 were as follows (in thousands):
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Makewhole amounts due in case of prepayment | Should a prepayment in full occur under the Sixth Amendment, the estimated makewhole amount due at future prepayment dates would be as follows (in thousands):
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Schedule of Interest Rate Margins | The interest rate margins will be adjusted each quarter based on the Company’s fixed charge coverage ratio as of the end of the previous quarter as follows:
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Fair Value of Debt Instruments | The estimated fair value of the Company’s debt instruments as of December 31, 2017 and December 31, 2016 was as follows (in thousands):
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Principal Amounts Due under Remaining Debt Obligations | The principal amounts due under the Company’s remaining debt obligations as of December 31, 2017 is as follows (in thousands):
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Retirement Plans and Benefits (Tables) |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans and Benefits | The following table contains a summary of plan information relating to the Company’s participation in multiemployer pension plans, including Company contributions for the last three years, status of the multiemployer plan, and whether the plan is subject to a funding improvement, rehabilitation plan or contribution surcharges. Information has been presented separately for individually significant plans (defined as plans that make up 70 to 80 percent of the total Company defined benefit contributions and any plan that exceeds individual contributions of $0.1 million in any plan year presented).
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes on Continuing Operations | Income (loss) before income taxes on continuing operations consists of the following (in thousands):
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Provision (Benefit) for Income Taxes on Continuing Operations by Country | Provision (benefit) for income taxes on continuing operations by country consists of the following (in thousands):
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Reconciliation of Differences Between Provision (Benefit) for Income Tax Computed and Reported Provision for Income Taxes | A reconciliation of the differences between the provision (benefit) for income taxes computed at the appropriate statutory rates and the reported provision (benefit) for income taxes is as follows (in thousands). For 2017, 2016 and 2015, the Company was domiciled in the United States, which has a 35 percent statutory tax rate.
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Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | 21 percent, which decreased the gross position by $0.9 million with a full offset to the valuation allowance. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
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Summary of Principal Components of Company's Net Deferred Tax Assets (Liabilities) | The principal components of the Company’s net deferred tax assets (liabilities) are as follows (in thousands):
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Stockholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | Changes in Accumulated Other Comprehensive Income (Loss) by Component
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Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of Accumulated Other Comprehensive Income (Loss)
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RSU Activity and Related Information | The Company’s RSU activity and related information consist of:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table sets forth the assumptions used in the valuations of these awards:
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Income (Loss) Per Common Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Loss Per Common Share | Basic and diluted loss per common share is computed as follows (in thousands, except share and per share amounts):
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Schedule of Potentially Dilutive Shares | The Company has excluded shares potentially issuable under the terms of use of the securities listed below from the number of potentially dilutive shares outstanding as the effect would be anti-dilutive:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company's Operations by Reportable Segment | The following tables reflect the Company’s operations for the years ended December 31, 2017, 2016 and 2015 (in thousands) by its three reportable segments.
Depreciation and amortization expense by segment are presented below (in thousands):
Capital expenditures by segment are presented below (in thousands):
Total assets by segment as of December 31, 2017 and 2016 are presented below (in thousands):
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Total Contract Revenue | Customers representing 10 percent or more of total contract revenue are as follows:
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Information about the Company's Operation | Information about the Company’s operations in its work countries is shown below (in thousands):
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
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Other Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | The following table reflects the Company’s other charges for the years ended December 31, 2017, 2016 and 2015 (in thousands):
(1) Includes $0.0 million, $0.8 million and $1.8 million of costs associated with the write-off of deferred rent attributed to the abandonment of a portion of the Company’s corporate facility lease headquarters during the years ended December 31, 2017, 2016 and 2015, respectively. In addition, the 2017 amount includes a $0.8 million adjustment to decrease one of the Company’s lease abandonment liabilities. (2) 2016 loss is attributed to the fourth quarter disposal of $0.7 million in equipment associated with the abandonment of a portion of the Company’s corporate facility lease headquarters, as well as the $0.3 million loss on sale of the Oil & Gas segment’s fabrication business that was finalized during the year. 2015 loss is attributed to a $2.2 million loss on the sale of a corporate asset, impairment charges of $2.0 million in relation to the Oil & Gas segment’s fabrication services which was sold in 2016, impairment charges of $1.3 million in relation to construction equipment in the Utility T&D segment and the disposal of $1.2 million in equipment associated with the abandonment of a portion of the Company’s corporate facility lease headquarters. (3) Includes accounting and legal fees associated with the investigation of the root cause behind the deterioration of certain construction projects within the Oil & Gas segment, which led to the restatements of the Company’s Condensed Consolidated Financial Statements for the quarterly periods ended March 31, 2014 and June 30, 2014. (4) Attributed to intangible assets associated with fabrication, field and union construction turnaround services in the Oil & Gas segment. |
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Schedule of Restructuring Reserve by Type of Cost | Activity in the accrual related to the equipment and facility lease abandonment charges during the year ended December 31, 2017 is as follows (in thousands):
(1) Non-cash charges consist of accretion expense. |
Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Major Classes of Revenue and Income (Losses) with Respect to Discontinued Operations | Components of assets held for sale as of December 31, 2017 and 2016 were as follows (in thousands):
Condensed Statements of Operations of the Discontinued Operations for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
Condensed Balance Sheets of the Discontinued Operations are as follows (in thousands):
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data | Selected unaudited quarterly financial data for the years ended December 31, 2017 and 2016 is presented below (in thousands):
|
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Change in Accounting Estimate [Line Items] | |||||||||||
Number of balance days due | 90 days | ||||||||||
Obsolescence allowances | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Operating income (loss) | (49,057,000) | $ (27,789,000) | $ 358,000 | $ (14,853,000) | (12,140,000) | $ (2,741,000) | $ (9,461,000) | $ (6,319,000) | (91,341,000) | (30,661,000) | $ (52,098,000) |
Income recovery due to change in contract estimate | 2,000,000 | ||||||||||
Deductible insurance claims for workers | 1,000,000 | ||||||||||
Deductible non-union employee-related health care benefit plan | 300,000 | ||||||||||
Allowance for doubtful accounts | 2,796,000 | 1,963,000 | $ 2,796,000 | 1,963,000 | |||||||
Maturity period of liquid investments (or less) | 3 months | ||||||||||
Short term investment maturity period minimum | 3 months | ||||||||||
Short term investment | 0 | 0 | $ 0 | 0 | |||||||
Deferred Tax Assets, Gross | 86,248,000 | 105,827,000 | 86,248,000 | 105,827,000 | |||||||
Restricted cash | $ 40,367,000 | 40,206,000 | 40,367,000 | 40,206,000 | |||||||
ASU 2016-09 | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Deferred Tax Assets, Gross | 1,800,000 | 1,800,000 | |||||||||
Cumulative effect of new accounting principle | $ 0 | 0 | |||||||||
Change In Contract Estimates | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Operating income (loss) | $ 1,400,000 | $ 7,600,000 |
Accounts Receivable, Net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 144,988 | $ 114,000 |
Less: allowance for doubtful accounts | (2,796) | (1,963) |
Total accounts receivable, net | 142,192 | 112,037 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 22,018 | 20,447 |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 95,923 | 79,348 |
Contract retention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 26,146 | 12,091 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 901 | $ 2,114 |
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for bad debt | $ 887 | $ 284 | $ 2,945 |
General and administrative expenses | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for bad debt | $ 900 | $ 300 | $ 2,900 |
Contracts in Progress - Schedule of Contract Cost and Recognized Income Not Yet Billed and Related Amounts (Detail) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Contractors [Abstract] | ||
Cost incurred on contracts in progress | $ 445,029 | $ 234,544 |
Recognized income | (14,536) | 28,702 |
Contract cost in excess of cost and recognized income | 430,493 | 263,246 |
Progress billings and advance payments | (434,315) | (256,246) |
Total Contract in progress | (3,822) | 7,000 |
Contract cost and recognized income not yet billed | 13,992 | 11,938 |
Contract billings in excess of cost and recognized income | (17,814) | (4,938) |
Net cost of contracts in progress | $ (3,822) | $ 7,000 |
Contracts in Progress - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Contractors [Abstract] | ||
Contract cost and recognized income not yet billed on completed agreements | $ 0.5 | $ 0.5 |
Assets Held For Sale - Components of assets held for sale (Details) - USD ($) $ in Thousands |
Jan. 02, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||
Accounts receivable, net | $ 490 | $ 7,806 | |
Contract cost and recognized income not yet billed | 234 | 136 | |
Prepaid expenses and other assets | 36 | 61 | |
Parts and supplies inventories | 409 | 468 | |
Property, plant and equipment, net | 375 | 318 | |
Intangible assets, net | 260 | 260 | |
Other long-term assets | 0 | 1 | |
Total assets | 1,804 | 9,050 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Accounts payable and accrued liabilities | 100 | 3,789 | |
Contract billings in excess of cost and recognized income | 765 | 4,480 | |
Other current liabilities | 0 | 3 | |
Other long-term liabilities | 0 | 3 | |
Total liabilities | $ 865 | $ 8,275 | |
Subsequent Event | |||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Gain on sale of tank services business | $ 3,000 |
Property, Plant and Equipment - Total property, plant and equipment, net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 148,159 | $ 163,104 |
Less: accumulated depreciation | (118,046) | (124,981) |
Total property, plant and equipment, net | 30,113 | 38,123 |
Construction equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 57,195 | 59,607 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 26,002 | 30,752 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,715 | 1,521 |
Transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 57,346 | 65,501 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 5,819 | 5,641 |
Marine equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 82 | $ 82 |
Property, Plant and Equipment - Narrative (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Property, Plant and Equipment [Line Items] | |||
Construction in progress | $ 300 | $ 800 | |
Depreciation expense included in operating expense | 19,162 | 21,919 | $ 27,200 |
Operating Expense | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense included in operating expense | $ 9,500 | $ 12,100 | $ 17,300 |
Intangible Assets - Schedule of Changes in the Carrying Amounts of Intangible Assets (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning Balance | $ 76,848 | $ 86,862 | |
Amortization | (9,667) | (9,754) | $ (9,874) |
Transfer to assets held for sale | (260) | ||
Ending Balance | 67,181 | 76,848 | 86,862 |
Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning Balance | 73,100 | 82,044 | |
Amortization | (8,597) | (8,684) | |
Transfer to assets held for sale | (260) | ||
Ending Balance | $ 64,503 | $ 73,100 | 82,044 |
Weighted average remaining amortization period | 7 years 6 months | 8 years 6 months | |
Trademark/ Tradename | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning Balance | $ 3,748 | $ 4,818 | |
Amortization | (1,070) | (1,070) | |
Transfer to assets held for sale | 0 | ||
Ending Balance | $ 2,678 | $ 3,748 | $ 4,818 |
Weighted average remaining amortization period | 2 years 6 months | 3 years 6 months |
Intangible Assets - Narrative (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Restructuring Cost and Reserve [Line Items] | |||
Amortization of intangibles | $ 9,667 | $ 9,754 | $ 9,874 |
Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Estimated useful lives of intangible asset | 5 years | ||
Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Estimated useful lives of intangible asset | 15 years |
Intangible Assets - Estimated Amortization Expense (Detail) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Fiscal year: | |||
2018 | $ 9,667 | ||
2019 | 9,667 | ||
2020 | 9,135 | ||
2021 | 8,597 | ||
2022 | 8,597 | ||
Thereafter | 21,518 | ||
Total amortization | $ 67,181 | $ 76,848 | $ 86,862 |
Accounts Payable and accrued liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts Payable Balance Sheet Location [Line Items] | ||
Trade accounts payable | $ 54,414 | $ 34,770 |
Payroll liabilities | 12,185 | 10,377 |
Accrued contract costs | 52,847 | 15,840 |
Self-insurance accrual | 6,601 | 11,210 |
Other accrued liabilities | 12,114 | 11,291 |
Total accounts payable and accrued liabilities | 138,161 | 83,488 |
Provisions on loss projects | 12,200 | 3,700 |
Short-term liabilities | ||
Accounts Payable Balance Sheet Location [Line Items] | ||
Self-insurance accrual | 6,600 | 11,200 |
Other long-term liabilities | ||
Accounts Payable Balance Sheet Location [Line Items] | ||
Self-insurance accrual, long-term | $ 17,200 | $ 14,500 |
Debt Obligations - Schedule of Debt Obligations (Detail) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Long term debt | $ 133,283 | $ 89,189 |
Current maturities of long-term debt | 105,175 | 0 |
Short-term borrowings under revolving credit facility | 28,108 | 0 |
Long-term debt obligations | 0 | 89,189 |
Total debt obligations, net of unamortized discount and debt issuance costs | 133,283 | 89,189 |
Revolver borrowings | ||
Debt Instrument [Line Items] | ||
Long term debt | 28,108 | 0 |
2014 Term Loan | ||
Debt Instrument [Line Items] | ||
Repayment fee, 2014 Term Loan Facility | 9,650 | 4,611 |
Unamortized discount – repayment fee, 2014 Term Loan Facility | (7,235) | (3,592) |
Unamortized debt issuance costs, 2014 Term Loan Facility | (4,464) | (4,054) |
Long term debt | $ 107,224 | $ 92,224 |
Debt Obligations - Makewhole amounts due in future quarters (Details) - JP Morgan Chase Bank NA and KKR Credit Advisors (US) LLC - 2014 Term Loan $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
March 31, 2018 | |
Debt Instrument [Line Items] | |
Makewhole amount | $ 16,843 |
June 30, 2018 | |
Debt Instrument [Line Items] | |
Makewhole amount | 13,358 |
September 30, 2018 | |
Debt Instrument [Line Items] | |
Makewhole amount | 9,874 |
December 31, 2018 | |
Debt Instrument [Line Items] | |
Makewhole amount | 16,888 |
March 31, 2019 | |
Debt Instrument [Line Items] | |
Makewhole amount | 12,331 |
June 30, 2019 | |
Debt Instrument [Line Items] | |
Makewhole amount | 7,595 |
September 30, 2019 | |
Debt Instrument [Line Items] | |
Makewhole amount | $ 3,350 |
Debt Obligations - Fair Value of Debt Instruments (Detail) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Total fair value of debt instruments | $ 147,150 | $ 95,577 |
2014 Term Loan | ||
Debt Instrument [Line Items] | ||
Total fair value of debt instruments | 119,042 | 95,577 |
Revolver borrowings | ||
Debt Instrument [Line Items] | ||
Total fair value of debt instruments | $ 28,108 | $ 0 |
Debt Obligations - Principal Amounts Due under Remaining Debt Obligations (Detail) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2018 | $ 135,332 |
Total | $ 135,332 |
Retirement Plans and Benefits - Narrative (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Multiemployer Plans [Line Items] | |||
Percentage limit of total plan contributions | 5.00% | ||
Contributions to defined contribution plans | $ 9.1 | $ 6.9 | $ 9.9 |
Minimum | |||
Multiemployer Plans [Line Items] | |||
Percentage limit of total plan contributions | 70.00% | ||
Limit of individual contributions of plan | $ 0.1 | ||
Maximum | |||
Multiemployer Plans [Line Items] | |||
Percentage limit of total plan contributions | 80.00% |
Retirement Plans and Benefits - Summary of plan information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Multiemployer Plans [Line Items] | |||
Contributions | $ 2,085 | $ 975 | $ 1,337 |
Pennsylvania Heavy and Highway Contractors Pension Trust | |||
Multiemployer Plans [Line Items] | |||
EIN/PN | 23-6531755/ 001 | ||
PPA Zone Status | Green | ||
Plan Year End for Zone Status | Dec. 31, 2016 | ||
Subject to Funding Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 2,085 | 975 | 1,086 |
Sur-charge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Dec. 31, 2018 | ||
Boilermaker-Blacksmith National Pension Trust | |||
Multiemployer Plans [Line Items] | |||
EIN/PN | 48-6168020/ 001 | ||
PPA Zone Status | Yellow | ||
Plan Year End for Zone Status | Dec. 31, 2016 | ||
Subject to Funding Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 0 | 0 | 208 |
Sur-charge Imposed | No | ||
Other Funds | |||
Multiemployer Plans [Line Items] | |||
Contributions | $ 0 | $ 0 | $ 43 |
Income Taxes - Income (Loss) Before Income Taxes on Continuing Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Foreign | $ (4,406) | $ (556) | $ 334 | ||||||||
United States | (103,217) | (43,756) | (118,914) | ||||||||
Loss from continuing operations before income taxes | $ (54,392) | $ (31,577) | $ (3,318) | $ (18,336) | $ (15,738) | $ (5,574) | $ (13,131) | $ (9,869) | $ (107,623) | $ (44,312) | $ (118,580) |
Income Taxes - Provision (Benefit) for Income Taxes on Continuing Operations by Country (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Current provision (benefit): | |||
Foreign | $ (157) | $ (550) | $ 1,822 |
Federal | (833) | 735 | (51,475) |
State | (391) | (159) | (4,497) |
Total | (1,381) | 26 | (54,150) |
Deferred tax provision (benefit): | |||
Foreign | 417 | (556) | 357 |
United States | 0 | 0 | (238) |
Total deferred tax expense (benefit) | 417 | (556) | 119 |
Total benefit for income taxes | $ (964) | $ (530) | $ (54,031) |
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning Balance | $ 2,406 | $ 2,406 |
Impact of Tax Cuts and Jobs Act | (870) | 0 |
Other | (49) | 0 |
Ending Balance | $ 1,487 | $ 2,406 |
Stockholders' Equity - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Detail) - Amount Reclassified from Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total | $ 1,085 | $ 1,222 | $ 2,959 |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate contracts | $ 1,085 | $ 1,222 | $ 2,959 |
Stockholders' Equity - Fair Value Assumptions (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 99.80% | 91.10% | 77.80% |
Risk-free interest rates | 1.37% | 1.01% | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rates | 0.49% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rates | 0.96% |
Income (Loss) Per Common Share - Schedule of Basic and Diluted Income (Loss) Per Common Share from Continuing Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Earnings Per Share [Abstract] | |||||||||||
Net loss from continuing operations applicable to common shares (numerator for basic and diluted calculation) | $ (55,093) | $ (32,709) | $ (1,121) | $ (17,736) | $ (14,062) | $ (5,761) | $ (13,298) | $ (10,661) | $ (106,659) | $ (43,782) | $ (64,549) |
Weighted average number of common shares outstanding for basic income per share (in shares) | 62,329,614 | 62,310,191 | 62,170,910 | 61,829,768 | 61,682,996 | 61,299,334 | 60,756,314 | 61,639,590 | 62,160,849 | 61,364,592 | 57,759,988 |
Weighted average number of potentially dilutive common shares outstanding (in shares) | 0 | 0 | 0 | ||||||||
Weighted average number of common shares outstanding for diluted income per share (in shares) | 62,329,614 | 62,310,191 | 62,170,910 | 61,829,768 | 61,682,996 | 61,299,334 | 60,756,314 | 61,639,590 | 62,160,849 | 61,364,592 | 57,759,988 |
Loss per common share from continuing operations: | |||||||||||
Basic (in dollar per share) | $ (0.89) | $ (0.52) | $ (0.02) | $ (0.29) | $ (0.23) | $ (0.09) | $ (0.22) | $ (0.17) | $ (1.72) | $ (0.71) | $ (1.12) |
Diluted (in dollar per share) | $ (0.89) | $ (0.52) | $ (0.02) | $ (0.29) | $ (0.23) | $ (0.09) | $ (0.22) | $ (0.17) | $ (1.72) | $ (0.71) | $ (1.12) |
Income (Loss) Per Common Share - Schedule of Potentially Dilutive Shares (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded from the computation of diluted income (loss) per share (shares) | 274,210 | 551,924 | 720,955 |
Restricted stock and restricted stock rights | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded from the computation of diluted income (loss) per share (shares) | 274,210 | 519,137 | 665,955 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded from the computation of diluted income (loss) per share (shares) | 0 | 32,787 | 55,000 |
Segment Information - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017
Project
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | Segment | 3 |
Number of Projects | Project | 1 |
Customers representing percent | 10.00% |
Segment Information - Total Contract Revenue (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Oncor | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total contract revenue | 25.00% | 25.00% | 17.90% |
Enterprise Products Partners L.P. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total contract revenue | 9.80% | 9.40% | 12.50% |
Segment Information - Information about the Company's Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Contract revenue: | |||||||||||
Contract revenue | $ 217,863 | $ 240,773 | $ 227,447 | $ 163,900 | $ 164,392 | $ 193,442 | $ 199,030 | $ 174,821 | $ 849,983 | $ 731,685 | $ 908,994 |
Property, plant and equipment, net: | |||||||||||
Property, plant and equipment, net | 30,113 | 38,123 | 30,113 | 38,123 | |||||||
United States | |||||||||||
Contract revenue: | |||||||||||
Contract revenue | 728,832 | 588,545 | 676,460 | ||||||||
Property, plant and equipment, net: | |||||||||||
Property, plant and equipment, net | 25,804 | 33,625 | 25,804 | 33,625 | |||||||
Canada | |||||||||||
Contract revenue: | |||||||||||
Contract revenue | 121,151 | 143,140 | $ 232,534 | ||||||||
Property, plant and equipment, net: | |||||||||||
Property, plant and equipment, net | $ 4,309 | $ 4,498 | $ 4,309 | $ 4,498 |
Contingencies, Commitments and Other Circumstances - Contingencies (Details) |
4 Months Ended | |
---|---|---|
Jan. 31, 2015
Plaintiff
|
Mar. 04, 2015
Complaint
|
|
In re Willbros Group, Inc. Securities Litigation | ||
Loss Contingencies [Line Items] | ||
Number of plaintiffs | Plaintiff | 2 | |
Markovich v Harl et al And Kumararatne v. McNabb et al | ||
Loss Contingencies [Line Items] | ||
Number of complaints filed | Complaint | 2 |
Contingencies, Commitments and Other Circumstances - Commitments and Other (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Commitment And Contingencies [Line Items] | |||
Face value of primarily performance bonds | $ 155.3 | ||
Liability recognized for letters of credit | 0.0 | ||
Rental expense for continuing operations | 16.3 | $ 23.3 | $ 33.0 |
Operating lease payable, future minimum due | 90.4 | ||
Operating lease payable, 2018 | 25.1 | ||
Operating lease payable, 2019 | 19.3 | ||
Operating lease payable, 2020 | 14.1 | ||
Operating lease payable, 2021 | 12.1 | ||
Operating lease payable, 2022 | 6.9 | ||
Operating lease payable, thereafter | 12.9 | ||
Continuing Operations | |||
Commitment And Contingencies [Line Items] | |||
Outstanding letters of credit, continuing operations | $ 49.1 |
Fair Value Measurements - Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Gain Recognized in OCI on Derivative (Effective Portion) | $ 0 | $ 0 | $ (2,928) |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | 1,085 | 1,222 | 2,959 |
Interest expense, net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | 1,085 | 1,222 | 2,959 |
Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Gain Recognized in OCI on Derivative (Effective Portion) | $ 0 | $ 0 | $ (2,928) |
Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Contract revenue | $ 217,863 | $ 240,773 | $ 227,447 | $ 163,900 | $ 164,392 | $ 193,442 | $ 199,030 | $ 174,821 | $ 849,983 | $ 731,685 | $ 908,994 |
Contract income | (31,327) | (12,188) | 17,079 | 1,681 | 5,325 | 15,157 | 13,799 | 12,015 | (24,755) | 46,296 | |
Operating income (loss) | (49,057) | (27,789) | 358 | (14,853) | (12,140) | (2,741) | (9,461) | (6,319) | (91,341) | (30,661) | (52,098) |
Income (loss) from continuing operations before income taxes | (54,392) | (31,577) | (3,318) | (18,336) | (15,738) | (5,574) | (13,131) | (9,869) | (107,623) | (44,312) | (118,580) |
Loss from continuing operations | (55,093) | (32,709) | (1,121) | (17,736) | (14,062) | (5,761) | (13,298) | (10,661) | (106,659) | (43,782) | (64,549) |
Income (loss) from discontinued operations, net of provision for income taxes | 72 | (1,496) | 19 | (31) | (141) | (658) | (1,853) | (1,325) | (1,436) | (3,977) | 96,032 |
Net income (loss) | $ (55,021) | $ (34,205) | $ (1,102) | $ (17,767) | $ (14,203) | $ (6,419) | $ (15,151) | $ (11,986) | $ (108,095) | $ (47,759) | $ 31,483 |
Basic income (loss) per share attributable to Company shareholders: | |||||||||||
Loss from continuing operations (in dollar per share) | $ (0.89) | $ (0.52) | $ (0.02) | $ (0.29) | $ (0.23) | $ (0.09) | $ (0.22) | $ (0.17) | $ (1.72) | $ (0.71) | $ (1.12) |
Loss from discontinued operations (in dollar per share) | 0.00 | (0.02) | 0.00 | 0.00 | 0.00 | (0.01) | (0.03) | (0.02) | (0.02) | (0.06) | 1.66 |
Net income (loss) (in dollar per share) | (0.89) | (0.54) | (0.02) | (0.29) | (0.23) | (0.10) | (0.25) | (0.19) | (1.74) | (0.77) | 0.54 |
Diluted income (loss) per share attributable to Company shareholders: | |||||||||||
Loss from continuing operations (in dollar per share) | (0.89) | (0.52) | (0.02) | (0.29) | (0.23) | (0.09) | (0.22) | (0.17) | (1.72) | (0.71) | (1.12) |
Loss from discontinued operations (in dollar per share) | 0.00 | (0.02) | 0.00 | 0.00 | 0.00 | (0.01) | (0.03) | (0.02) | (0.02) | (0.06) | 1.66 |
Net income (loss) (in dollar per share) | $ (0.89) | $ (0.54) | $ (0.02) | $ (0.29) | $ (0.23) | $ (0.10) | $ (0.25) | $ (0.19) | $ (1.74) | $ (0.77) | $ 0.54 |
Weighted average number of common shares outstanding | |||||||||||
Basic (in shares) | 62,329,614 | 62,310,191 | 62,170,910 | 61,829,768 | 61,682,996 | 61,299,334 | 60,756,314 | 61,639,590 | 62,160,849 | 61,364,592 | 57,759,988 |
Diluted (in shares) | 62,329,614 | 62,310,191 | 62,170,910 | 61,829,768 | 61,682,996 | 61,299,334 | 60,756,314 | 61,639,590 | 62,160,849 | 61,364,592 | 57,759,988 |
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS Schedule II - Consolidated Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Allowance for Bad Debts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 1,963 | $ 4,482 | $ 2,723 |
Charged (Credited) to Costs and Expense | 887 | 284 | 2,945 |
Charge Offs and Other | (54) | (2,803) | (1,186) |
Balance at End of Year | 2,796 | 1,963 | 4,482 |
Deferred Tax Valuation Allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 69,304 | 58,435 | 80,794 |
Charged (Credited) to Costs and Expense | 10,869 | (22,359) | |
Balance at End of Year | $ 68,003 | $ 69,304 | $ 58,435 |
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