Subsidiary Guarantors (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidating of Balance Sheet

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF SEPTEMBER 30, 2016
(In thousands)
ASSETS	Subsidiary Guarantors			Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations			Consolidated Totals
CURRENT ASSETS:
Cash and cash equivalents	$	13,064		$	529	$	2	$	—		$	13,595
Accounts receivable — net		115,335			418		—		—			115,753
Contract revenues in excess of billings		73,765			2,078		—		—			75,843
Inventories		35,734			—		—		—			35,734
Prepaid expenses and other current assets		77,988			185		168		—			78,341
Total current assets		315,886			3,210		170		—			319,266
PROPERTY AND EQUIPMENT—Net		436,684			7		—		—			436,691
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		85,314			—		—		—			85,314
INVENTORIES — Noncurrent		48,706			—		—		—			48,706
INVESTMENTS IN JOINT VENTURES		5,791			—		—		—			5,791
RECEIVABLES FROM AFFILIATES		10,982			6,637		85,327		(102,946	)		—
INVESTMENTS IN SUBSIDIARIES		3,551			—		640,658		(644,209	)		—
OTHER		7,558			1		807		—			8,366
TOTAL	$	914,472		$	9,855	$	726,962	$	(747,155	)	$	904,134
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	108,883		$	372	$	—	$	—		$	109,255
Accrued expenses		52,424			764		4,177		—			57,365
Revolving Credit Facility		—			—		60,000		—			60,000
Billings in excess of contract revenues		9,557			120		—		—			9,677
Current portion of long term debt		1,449			—		10,296		—			11,745
Total current liabilities		172,313			1,256		74,473		—			248,042
7 3/8% SENIOR NOTES		—			—		272,748		—			272,748
NOTES PAYABLE		220			—		44,792		—			45,012
DEFERRED INCOME TAXES		(794	)		—		74,547		—			73,753
PAYABLES TO AFFILIATES		91,359			5,926		5,661		(102,946	)		—
OTHER		9,838			—		164		—			10,002
Total liabilities		272,936			7,182		472,385		(102,946	)		649,557
TOTAL EQUITY		641,536			2,673		254,577		(644,209	)		254,577
TOTAL	$	914,472		$	9,855	$	726,962	$	(747,155	)	$	904,134

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2015
(In thousands)
ASSETS	Subsidiary Guarantors			Non-Guarantor Subsidiaries		GLDD Corporation		Eliminations			Consolidated Totals
CURRENT ASSETS:
Cash and cash equivalents	$	12,035		$	2,147	$	2	$	—		$	14,184
Accounts receivable — net		129,978			799		—		—			130,777
Contract revenues in excess of billings		79,477			1,718		—		—			81,195
Inventories		35,963			—		—		—			35,963
Prepaid expenses and other current assets		66,919			218		477		—			67,614
Total current assets		324,372			4,882		479		—			329,733
PROPERTY AND EQUIPMENT—Net		430,192			18		—		—			430,210
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		86,004			—		—		—			86,004
INVENTORIES — Noncurrent		41,646			—		—		—			41,646
INVESTMENTS IN JOINT VENTURES		3,761			—		—		—			3,761
RECEIVABLES FROM AFFILIATES		18,326			6,009		70,738		(95,073	)		—
INVESTMENTS IN SUBSIDIARIES		3,706			—		621,984		(625,690	)		—
OTHER		6,702			3		65		—			6,770
TOTAL	$	914,709		$	10,912	$	693,266	$	(720,763	)	$	898,124
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	118,619		$	227	$	—	$	—		$	118,846
Accrued expenses		62,861			509		8,907		—			72,277
Billings in excess of contract revenues		6,964			97		—		—			7,061
Current portion of long term debt		1,424			—		6,082		—			7,506
Total current liabilities		189,868			833		14,989		—			205,690
7 3/8% SENIOR NOTES		—			—		271,998		—			271,998
REVOLVING CREDIT FACILITY		—			—		20,000		—			20,000
NOTE PAYABLE		323			—		53,469		—			53,792
DEFERRED INCOME TAXES		(783	)		—		74,789		—			74,006
PAYABLES TO AFFILIATES		85,859			3,505		5,709		(95,073	)		—
OTHER		20,326			—		139		—			20,465
Total liabilities		295,593			4,338		441,093		(95,073	)		645,951
TOTAL EQUITY		619,116			6,574		252,173		(625,690	)		252,173
TOTAL	$	914,709		$	10,912	$	693,266	$	(720,763	)	$	898,124

Schedule Of Condensed Consolidating Operations And Comprehensive Income

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
Contract revenues	$	554,388		$	1,333		$	—		$	(1,541	)	$	554,180
Costs of contract revenues		(486,220	)		(5,210	)		—			1,541			(489,889	)
Gross profit		68,168			(3,877	)		—			—			64,291
OPERATING EXPENSES:
General and administrative expenses		47,076			4			(53	)		—			47,027
Loss on sale of assets—net		675			—			—			—			675
Operating income (loss)		20,417			(3,881	)		53			—			16,589
Interest expense—net		531			—			(16,974	)		—			(16,443	)
Equity in earnings (loss) of subsidiaries		(181	)		—			15,082			(14,901	)		—
Equity in earnings of joint ventures		19			—			—			—			19
Other expense		(1,910	)		(8	)		—			—			(1,918	)
Income (loss) before income taxes		18,876			(3,889	)		(1,839	)		(14,901	)		(1,753	)
Income tax (provision) benefit		—			(86	)		645			—			559
Net income (loss)	$	18,876		$	(3,975	)	$	(1,194	)	$	(14,901	)	$	(1,194	)
Comprehensive income (loss)	$	18,859		$	(3,379	)	$	(615	)	$	(15,480	)	$	(615	)

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
Contract revenues	$	624,498		$	11,912		$	—		$	(2,174	)	$	634,236
Costs of contract revenues		(558,343	)		(11,013	)		—			2,174			(567,182	)
Gross profit		66,155			899			—			—			67,054
OPERATING EXPENSES:
General and administrative expenses		48,768			—			—			—			48,768
Impairment of goodwill		2,750			—			—			—			2,750
Gain on sale of assets—net		(887	)		—			—			—			(887	)
Operating income		15,524			899			—			—			16,423
Interest expense—net		(349	)		—			(18,141	)		—			(18,490	)
Equity in earnings of subsidiaries		6			—			9,663			(9,669	)		—
Equity in loss of joint ventures		(5,765	)		—			—			—			(5,765	)
Other expense		(346	)		(7	)		—			—			(353	)
Income (loss) before income taxes		9,070			892			(8,478	)		(9,669	)		(8,185	)
Income tax (provision) benefit		7			(300	)		3,124			—			2,831
Net income (loss)	$	9,077		$	592		$	(5,354	)	$	(9,669	)	$	(5,354	)
Comprehensive income (loss)	$	9,077		$	(802	)	$	(6,748	)	$	(8,275	)	$	(6,748	)

Condensed Cash Flow Statement

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
OPERATING ACTIVITIES:
Cash provided by (used in) operating activities	$	36,242		$	(3,096	)	$	(20,168	)	$	—		$	12,978
INVESTING ACTIVITIES:
Purchases of property and equipment		(58,842	)		—			—			—			(58,842	)
Proceeds from dispositions of property and equipment		10,455			—			—			—			10,455
Net change in accounts with affiliates		10,505			—			—			(10,505	)		—
Net cash flows used in investing activities		(37,882	)		—			—			(10,505	)		(48,387	)
FINANCING ACTIVITIES:
Deferred financing fees		—			—			(332	)		—			(332	)
Repayments of long term note payable		—			—			(803	)		—			(803	)
Repayments of term loan facility		—			—			(3,750	)		—			(3,750	)
Repayments of equipment debt		(1,064	)		—			—			—			(1,064	)
Net change in accounts with affiliates		26,733			1,452			(38,690	)		10,505			—
Intercompany dividends		(23,000	)		—			23,000			—			—
Exercise of options and purchases from employee stock plans		—			—			905			—			905
Taxes paid on settlement of vested share awards		—			—			(162	)		—			(162	)
Borrowings under revolving loans		—			—			133,000			—			133,000
Repayments of revolving loans		—			—			(93,000	)		—			(93,000	)
Net cash flows provided by financing activities		2,669			1,452			20,168			10,505			34,794
Effect of foreign currency exchange rates on cash and cash equivalents		—			26			—			—			26
Net increase (decrease) in cash and cash equivalents		1,029			(1,618	)		—			—			(589	)
Cash and cash equivalents at beginning of period		12,035			2,147			2			—			14,184
Cash and cash equivalents at end of period	$	13,064		$	529		$	2		$	—		$	13,595

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	15,013		$	(1,308	)	$	(17,602	)	$	—		$	(3,897	)
INVESTING ACTIVITIES:
Purchases of property and equipment		(53,394	)		—			—			—			(53,394	)
Proceeds from dispositions of property and equipment		1,167			—			—			—			1,167
Net change in accounts with affiliates		(29,059	)		—			(9,839	)		38,898			—
Net cash flows used in investing activities		(81,286	)		—			(9,839	)		38,898			(52,227	)
FINANCING ACTIVITIES:
Deferred financing fees		—			—			(29	)		—			(29	)
Repayments of long term note payable		—			—			(488	)		—			(488	)
Taxes paid on settlement of vested share awards		—			—			(265	)		—			(265	)
Repayments of term loan facility		—			—			(3,750	)		—			(3,750	)
Repayment of equipment debt		(853	)		—			—			—			(853	)
Proceeds from equipment debt		—			—			410			—			410
Net change in accounts with affiliates		17,416			1,355			20,127			(38,898	)		—
Capital contributions		16,800			—			(16,800	)		—			—
Exercise of options and purchases from employee stock plans		—			—			1,356			—			1,356
Excess income tax benefit from share-based compensation		—			—			(13	)		—			(13	)
Treasury stock		—			—			(1,107	)		—			(1,107	)
Borrowings under revolving loans		—			—			146,000			—			146,000
Repayments of revolving loans		—			—			(118,000	)		—			(118,000	)
Net cash flows provided by financing activities		33,363			1,355			27,441			(38,898	)		23,261
Effect of foreign currency exchange rates on cash and cash equivalents		—			(105	)		—			—			(105	)
Net decrease in cash and cash equivalents		(32,910	)		(58	)		—			—			(32,968	)
Cash and cash equivalents at beginning of period		41,724			663			2			—			42,389
Cash and cash equivalents at end of period	$	8,814		$	605		$	2		$	—		$	9,421