XML 72 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Subsidiary Guarantors (Tables)
12 Months Ended
Dec. 31, 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 DECEMBER 31, 2016

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

Subsidiary

Guarantors

 

 

Non-Guarantor

Subsidiaries

 

 

GLDD Corporation

 

 

Eliminations

 

 

Consolidated Totals

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,037

 

 

$

128

 

 

$

2

 

 

$

—

 

 

$

11,167

 

 

Accounts receivable — net

 

 

86,690

 

 

 

1,401

 

 

 

—

 

 

 

—

 

 

 

88,091

 

 

Contract revenues in excess of billings

 

 

94,731

 

 

 

281

 

 

 

—

 

 

 

—

 

 

 

95,012

 

 

Inventories

 

 

37,137

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

37,137

 

 

Prepaid expenses

 

 

12,407

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,407

 

 

Other current assets

 

 

63,089

 

 

 

323

 

 

 

—

 

 

 

—

 

 

 

63,412

 

 

Total current assets

 

 

305,091

 

 

 

2,133

 

 

 

2

 

 

 

—

 

 

 

307,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT—Net

 

 

413,002

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

413,008

 

 

GOODWILL

 

 

83,576

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

83,576

 

 

OTHER INTANGIBLE ASSETS—Net

 

 

1,499

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,499

 

 

INVENTORIES — Noncurrent

 

 

52,602

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52,602

 

 

INVESTMENTS IN JOINT VENTURES

 

 

4,734

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,734

 

 

ASSETS HELD FOR SALE— Noncurrent

 

 

9,299

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,299

 

 

RECEIVABLES FROM AFFILIATES

 

 

11,524

 

 

 

6,883

 

 

 

82,340

 

 

 

(100,747

)

 

 

—

 

 

INVESTMENTS IN SUBSIDIARIES

 

 

3,695

 

 

 

—

 

 

 

636,216

 

 

 

(639,911

)

 

 

—

 

 

OTHER

 

 

14,692

 

 

 

1

 

 

 

6,951

 

 

 

—

 

 

 

21,644

 

 

TOTAL

 

$

899,714

 

 

$

9,023

 

 

$

725,509

 

 

$

(740,658

)

 

$

893,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

102,654

 

 

$

514

 

 

$

17

 

 

$

—

 

 

$

103,185

 

 

Accrued expenses

 

 

58,192

 

 

 

970

 

 

 

9,881

 

 

 

—

 

 

 

69,043

 

 

Billings in excess of contract revenues

 

 

4,963

 

 

 

178

 

 

 

—

 

 

 

—

 

 

 

5,141

 

 

Current portion of long term debt

 

 

1,320

 

 

 

—

 

 

 

1,145

 

 

 

—

 

 

 

2,465

 

 

Total current liabilities

 

 

167,129

 

 

 

1,662

 

 

 

11,043

 

 

 

—

 

 

 

179,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 3/8% SENIOR NOTES

 

 

—

 

 

 

—

 

 

 

272,998

 

 

 

—

 

 

 

272,998

 

 

REVOLVING CREDIT FACILITY

 

 

—

 

 

 

—

 

 

 

104,111

 

 

 

—

 

 

 

104,111

 

 

NOTE PAYABLE

 

 

—

 

 

 

—

 

 

 

13,293

 

 

 

—

 

 

 

13,293

 

 

DEFERRED INCOME TAXES

 

 

(1,833

)

 

 

—

 

 

 

70,282

 

 

 

—

 

 

 

68,449

 

 

PAYABLES TO AFFILIATES

 

 

88,573

 

 

 

6,433

 

 

 

5,741

 

 

 

(100,747

)

 

 

—

 

 

OTHER

 

 

6,862

 

 

 

—

 

 

 

151

 

 

 

—

 

 

 

7,013

 

 

Total liabilities

 

 

260,731

 

 

 

8,095

 

 

 

477,619

 

 

 

(100,747

)

 

 

645,698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EQUITY

 

 

638,983

 

 

 

928

 

 

 

247,890

 

 

 

(639,911

)

 

 

247,890

 

 

TOTAL

 

$

899,714

 

 

$

9,023

 

 

$

725,509

 

 

$

(740,658

)

 

$

893,588

 

 

 

 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

 

 

7,924

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,924

 

 

Other current assets

 

 

58,995

 

 

 

218

 

 

 

477

 

 

 

—

 

 

 

59,690

 

 

Total current assets

 

 

324,372

 

 

 

4,882

 

 

 

479

 

 

 

—

 

 

 

329,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT—Net

 

 

430,192

 

 

 

18

 

 

 

—

 

 

 

—

 

 

 

430,210

 

 

GOODWILL

 

 

83,576

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

83,576

 

 

OTHER INTANGIBLE ASSETS—Net

 

 

2,428

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,428

 

 

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 YEAR ENDED DECEMBER 31, 2016

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary

Guarantors

 

 

Non-Guarantor

Subsidiaries

 

 

GLDD Corporation

 

 

Eliminations

 

 

Consolidated Totals

 

Contract revenues

 

$

767,723

 

 

$

1,959

 

 

$

—

 

 

$

(2,097

)

 

$

767,585

 

Costs of contract revenues

 

 

(675,844

)

 

 

(7,450

)

 

 

—

 

 

 

2,097

 

 

 

(681,197

)

Gross profit

 

 

91,879

 

 

 

(5,491

)

 

 

—

 

 

 

—

 

 

 

86,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

65,578

 

 

 

4

 

 

 

(49

)

 

 

—

 

 

 

65,533

 

Loss on sale of assets—net

 

 

6,175

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,175

 

Operating income (loss)

 

 

20,126

 

 

 

(5,495

)

 

 

49

 

 

 

—

 

 

 

14,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense)—net

 

 

488

 

 

 

—

 

 

 

(23,395

)

 

 

—

 

 

 

(22,907

)

Equity in earnings (loss) of subsidiaries

 

 

(10

)

 

 

—

 

 

 

10,313

 

 

 

(10,303

)

 

 

—

 

Equity in loss of joint ventures

 

 

(2,365

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,365

)

Other expense

 

 

(3,369

)

 

 

(8

)

 

 

—

 

 

 

—

 

 

 

(3,377

)

Income (loss) before income taxes

 

 

14,870

 

 

 

(5,503

)

 

 

(13,033

)

 

 

(10,303

)

 

 

(13,969

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (provision) benefit

 

 

1,079

 

 

 

(143

)

 

 

4,856

 

 

 

—

 

 

 

5,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

15,949

 

 

$

(5,646

)

 

$

(8,177

)

 

$

(10,303

)

 

$

(8,177

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

16,279

 

 

$

(5,138

)

 

$

(7,339

)

 

$

(11,141

)

 

$

(7,339

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

 

FOR THE YEAR ENDED DECEMBER 31, 2015

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary

Guarantors

 

 

Non-Guarantor

Subsidiaries

 

 

GLDD Corporation

 

 

Eliminations

 

 

Consolidated Totals

 

Contract revenues

 

$

845,889

 

 

$

13,698

 

 

$

—

 

 

$

(2,709

)

 

$

856,878

 

Costs of contract revenues

 

 

(750,509

)

 

 

(13,155

)

 

 

—

 

 

 

2,709

 

 

 

(760,955

)

Gross profit

 

 

95,380

 

 

 

543

 

 

 

—

 

 

 

—

 

 

 

95,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

71,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

71,069

 

Impairment of goodwill

 

 

2,750

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,750

 

Gain on sale of assets—net

 

 

(855

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(855

)

Operating income

 

 

22,416

 

 

 

543

 

 

 

—

 

 

 

—

 

 

 

22,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense—net

 

 

(526

)

 

 

—

 

 

 

(23,839

)

 

 

—

 

 

 

(24,365

)

Equity in earnings of subsidiaries

 

 

8

 

 

 

—

 

 

 

16,282

 

 

 

(16,290

)

 

 

—

 

Equity in loss of joint ventures

 

 

(6,051

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,051

)

Other expense

 

 

(1,222

)

 

 

(7

)

 

 

—

 

 

 

—

 

 

 

(1,229

)

Income (loss) before income taxes

 

 

14,625

 

 

 

536

 

 

 

(7,557

)

 

 

(16,290

)

 

 

(8,686

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (provision) benefit

 

 

1,505

 

 

 

(376

)

 

 

1,368

 

 

 

—

 

 

 

2,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

16,130

 

 

 

160

 

 

$

(6,189

)

 

$

(16,290

)

 

$

(6,189

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

16,130

 

 

$

(1,089

)

 

$

(7,438

)

 

$

(15,041

)

 

$

(7,438

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

 

FOR THE YEAR ENDED DECEMBER 31, 2014

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary

Guarantors

 

 

Non-Guarantor

Subsidiaries

 

 

GLDD Corporation

 

 

Eliminations

 

 

Consolidated Totals

 

Contract revenues

 

$

799,579

 

 

$

26,282

 

 

$

—

 

 

$

(19,030

)

 

$

806,831

 

Costs of contract revenues

 

 

(707,474

)

 

 

(25,891

)

 

 

—

 

 

 

19,030

 

 

 

(714,335

)

Gross profit

 

 

92,105

 

 

 

391

 

 

 

—

 

 

 

—

 

 

 

92,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

67,905

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

67,911

 

Loss on sale of assets—net

 

 

732

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

732

 

Operating income

 

 

23,468

 

 

 

385

 

 

 

—

 

 

 

—

 

 

 

23,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense)—net

 

 

61

 

 

 

(261

)

 

 

(19,767

)

 

 

—

 

 

 

(19,967

)

Equity in earnings of subsidiaries

 

 

20

 

 

 

—

 

 

 

10,373

 

 

 

(10,393

)

 

 

—

 

Equity in earnings of joint ventures

 

 

2,895

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,895

 

Gain on bargain purchase acquisition

 

 

2,197

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,197

 

Other income

 

 

203

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

28,844

 

 

 

131

 

 

 

(9,394

)

 

 

(10,393

)

 

 

9,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (provision) benefit

 

 

(18,173

)

 

 

(409

)

 

 

30,112

 

 

 

—

 

 

 

11,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

 

10,671

 

 

 

(278

)

 

 

20,718

 

 

 

(10,393

)

 

 

20,718

 

Loss from discontinued operations, net of income taxes

 

 

(10,423

)

 

 

(1,343

)

 

 

(10,423

)

 

 

11,766

 

 

 

(10,423

)

Net income (loss)

 

 

248

 

 

 

(1,621

)

 

 

10,295

 

 

 

1,373

 

 

 

10,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

49

 

 

$

(1,683

)

 

$

10,034

 

 

$

1,634

 

 

$

10,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Cash Flow Statement

 

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2016

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary

Guarantors

 

 

Non-Guarantor

Subsidiaries

 

 

GLDD Corporation

 

 

Eliminations

 

 

Consolidated Totals

 

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash provided by (used in) operating activities

 

$

61,518

 

 

$

(3,786

)

 

$

(19,062

)

 

$

—

 

 

$

38,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(83,798

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(83,798

)

 

Proceeds from dispositions of property and equipment

 

 

18,257

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,257

 

 

Changes in restricted cash

 

 

(7,035

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,035

)

 

Net change in accounts with affiliates

 

 

—

 

 

 

—

 

 

 

(36,172

)

 

 

36,172

 

 

 

—

 

 

Transfer to parent

 

 

—

 

 

 

—

 

 

 

23,000

 

 

 

(23,000

)

 

 

—

 

 

Cash used in investing activities

 

 

(72,576

)

 

 

—

 

 

 

(13,172

)

 

 

13,172

 

 

 

(72,576

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayments of term loan facility

 

 

—

 

 

 

—

 

 

 

(44,582

)

 

 

—

 

 

 

(44,582

)

 

Deferred financing fees

 

 

—

 

 

 

—

 

 

 

(6,817

)

 

 

—

 

 

 

(6,817

)

 

Repayment of long term note payable

 

 

—

 

 

 

—

 

 

 

(1,079

)

 

 

—

 

 

 

(1,079

)

 

Taxes paid on settlement of vested share awards

 

 

—

 

 

 

—

 

 

 

(171

)

 

 

—

 

 

 

(171

)

 

Net change in accounts with affiliates

 

 

34,484

 

 

 

1,688

 

 

 

—

 

 

 

(36,172

)

 

 

—

 

 

Transfer to parent

 

 

(23,000

)

 

 

—

 

 

 

—

 

 

 

23,000

 

 

 

—

 

 

Repayments of equipment debt

 

 

(1,424

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,424

)

 

Exercise of stock options and purchases from employee stock plans

 

 

—

 

 

 

—

 

 

 

905

 

 

 

—

 

 

 

905

 

 

Excess income tax benefit from share-based compensation

 

 

—

 

 

 

—

 

 

 

(133

)

 

 

—

 

 

 

(133

)

 

Borrowings under revolving loans

 

 

—

 

 

 

—

 

 

 

288,611

 

 

 

—

 

 

 

288,611

 

 

Repayments of revolving loans

 

 

—

 

 

 

—

 

 

 

(204,500

)

 

 

—

 

 

 

(204,500

)

 

Cash provided by financing activities

 

 

10,060

 

 

 

1,688

 

 

 

32,234

 

 

 

(13,172

)

 

 

30,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

—

 

 

 

79

 

 

 

—

 

 

 

—

 

 

 

79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(998

)

 

 

(2,019

)

 

 

—

 

 

 

—

 

 

 

(3,017

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

12,035

 

 

 

2,147

 

 

 

2

 

 

 

—

 

 

 

14,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

11,037

 

 

$

128

 

 

$

2

 

 

$

—

 

 

$

11,167

 

 

 

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2015

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary

Guarantors

 

 

Non-Guarantor

Subsidiaries

 

 

GLDD Corporation

 

 

Eliminations

 

 

Consolidated Totals

 

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash provided by (used in) operating activities

 

 

52,498

 

 

 

312

 

 

 

(23,688

)

 

 

—

 

 

 

29,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(74,455

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(74,455

)

 

Proceeds from dispositions of property and equipment

 

 

1,322

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,322

 

 

Net change in accounts with affiliates

 

 

(29,402

)

 

 

—

 

 

 

(12,222

)

 

 

41,624

 

 

 

—

 

 

Cash used in investing activities

 

 

(102,535

)

 

 

—

 

 

 

(12,222

)

 

 

41,624

 

 

 

(73,133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from term loan facility

 

 

—

 

 

 

—

 

 

 

2,640

 

 

 

—

 

 

 

2,640

 

 

Repayments of term loan facility

 

 

—

 

 

 

—

 

 

 

(5,000

)

 

 

—

 

 

 

(5,000

)

 

Deferred financing fees

 

 

—

 

 

 

—

 

 

 

(111

)

 

 

—

 

 

 

(111

)

 

Repayment of long term note payable

 

 

—

 

 

 

—

 

 

 

(443

)

 

 

 

 

 

 

(443

)

 

Taxes paid on settlement of vested share awards

 

 

—

 

 

 

—

 

 

 

(267

)

 

 

—

 

 

 

(267

)

 

Net change in accounts with affiliates

 

 

4,291

 

 

 

1,269

 

 

 

36,064

 

 

 

(41,624

)

 

 

—

 

 

Transfer from parent

 

 

17,258

 

 

 

—

 

 

 

(17,258

)

 

 

—

 

 

 

—

 

 

Proceeds from equipment debt

 

 

—

 

 

 

—

 

 

 

410

 

 

 

—

 

 

 

410

 

 

Repayments of equipment debt

 

 

(1,201

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,201

)

 

Exercise of stock options and purchases from employee stock plans

 

 

—

 

 

 

—

 

 

 

1,365

 

 

 

—

 

 

 

1,365

 

 

Excess income tax benefit from share-based compensation

 

 

—

 

 

 

—

 

 

 

(57

)

 

 

—

 

 

 

(57

)

 

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

(1,433

)

 

 

—

 

 

 

(1,433

)

 

Borrowings under revolving loans

 

 

—

 

 

 

—

 

 

 

179,500

 

 

 

—

 

 

 

179,500

 

 

Repayments of revolving loans

 

 

—

 

 

 

—

 

 

 

(159,500

)

 

 

—

 

 

 

(159,500

)

 

Cash provided by financing activities

 

 

20,348

 

 

 

1,269

 

 

 

35,910

 

 

 

(41,624

)

 

 

15,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

—

 

 

 

(97

)

 

 

—

 

 

 

—

 

 

 

(97

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

(29,689

)

 

 

1,484

 

 

 

—

 

 

 

—

 

 

 

(28,205

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

41,724

 

 

 

663

 

 

 

2

 

 

 

—

 

 

 

42,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

12,035

 

 

$

2,147

 

 

$

2

 

 

$

—

 

 

$

14,184

 

 

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2014

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary

Guarantors

 

 

Non-Guarantor

Subsidiaries

 

 

GLDD Corporation

 

 

Eliminations

 

 

Consolidated Totals

 

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows provided by (used in) operating activities of continuing operations

 

$

63,276

 

 

$

999

 

 

$

2,879

 

 

$

—

 

 

$

67,154

 

 

Net cash flows used in operating activities of discontinued operations

 

 

(17,328

)

 

 

(1,024

)

 

 

—

 

 

 

—

 

 

 

(18,352

)

 

Cash provided by (used in) operating activities

 

 

45,948

 

 

 

(25

)

 

 

2,879

 

 

 

—

 

 

 

48,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(91,910

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(91,910

)

 

Proceeds from dispositions of property and equipment

 

 

68

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

68

 

 

Payments for acquisitions of businesses

 

 

(2,048

)

 

 

—

 

 

 

(25,000

)

 

 

—

 

 

 

(27,048

)

 

Payments on vendor performance obligations

 

 

(3,100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,100

)

 

Net change in accounts with affiliates

 

 

68,187

 

 

 

—

 

 

 

—

 

 

 

(68,187

)

 

 

—

 

 

Net cash flows used in investing activities of continuing operations

 

 

(28,803

)

 

 

—

 

 

 

(25,000

)

 

 

(68,187

)

 

 

(121,990

)

 

Net cash flows used in investing activities of discontinued operations

 

 

5,275

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,275

 

 

Cash used in investing activities

 

 

(23,528

)

 

 

—

 

 

 

(25,000

)

 

 

(68,187

)

 

 

(116,715

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from term loan facility

 

 

—

 

 

 

—

 

 

 

47,360

 

 

 

—

 

 

 

47,360

 

 

Repayments of term loan facility

 

 

—

 

 

 

—

 

 

 

(417

)

 

 

—

 

 

 

(417

)

 

Proceeds from issuance of 7 3/8% senior notes

 

 

—

 

 

 

—

 

 

 

24,880

 

 

 

—

 

 

 

24,880

 

 

Deferred financing fees

 

 

—

 

 

 

—

 

 

 

(2,532

)

 

 

—

 

 

 

(2,532

)

 

Taxes paid on settlement of vested share awards

 

 

—

 

 

 

—

 

 

 

(497

)

 

 

—

 

 

 

(497

)

 

Purchase of noncontrolling interest

 

 

—

 

 

 

—

 

 

 

(205

)

 

 

—

 

 

 

(205

)

 

Net change in accounts with affiliates

 

 

—

 

 

 

(2,547

)

 

 

(65,640

)

 

 

68,187

 

 

 

—

 

 

Transfer to parent

 

 

(52,400

)

 

 

—

 

 

 

52,400

 

 

 

—

 

 

 

—

 

 

Repayments of equipment debt

 

 

(235

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(235

)

 

Exercise of stock options and purchases from employee stock plans

 

 

—

 

 

 

—

 

 

 

1,568

 

 

 

—

 

 

 

1,568

 

 

Excess income tax benefit from share-based compensation

 

 

—

 

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

Borrowings under revolving loans

 

 

—

 

 

 

—

 

 

 

236,500

 

 

 

—

 

 

 

236,500

 

 

Repayments of revolving loans

 

 

—

 

 

 

—

 

 

 

(271,500

)

 

 

—

 

 

 

(271,500

)

 

Cash provided by (used in) financing activities

 

 

(52,635

)

 

 

(2,547

)

 

 

22,123

 

 

 

68,187

 

 

 

35,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

—

 

 

 

(164

)

 

 

—

 

 

 

—

 

 

 

(164

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(30,215

)

 

 

(2,736

)

 

 

2

 

 

 

—

 

 

 

(32,949

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

71,939

 

 

 

3,399

 

 

 

—

 

 

 

—

 

 

 

75,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

41,724

 

 

$

663

 

 

$

2

 

 

$

—

 

 

$

42,389