Subsidiary Guarantors (Tables)

3 Months Ended

Mar. 31, 2017

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 MARCH 31, 2017
(In thousands)
ASSETS	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation		Eliminations			Consolidated Totals
CURRENT ASSETS:
Cash and cash equivalents	$	6,439		$	454		$	2	$	—		$	6,895
Accounts receivable — net		91,385			—			—		—			91,385
Contract revenues in excess of billings		75,403			293			—		—			75,696
Inventories		38,307			—			—		—			38,307
Prepaid expenses and other current assets		79,545			258			35		—			79,838
Total current assets		291,079			1,005			37		—			292,121
PROPERTY AND EQUIPMENT—Net		419,263			5			—		—			419,268
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		84,927			—			—		—			84,927
INVENTORIES — Noncurrent		51,995			—			—		—			51,995
INVESTMENTS IN JOINT VENTURES		5,756			—			—		—			5,756
ASSETS HELD FOR SALE—Noncurrent		9,118			—			—		—			9,118
RECEIVABLES FROM AFFILIATES		9,350			4,283			165,214		(178,847	)		—
INVESTMENTS IN SUBSIDIARIES		3,733			—			533,318		(537,051	)		—
OTHER		8,013			1			6,428		—			14,442
TOTAL	$	883,234		$	5,294		$	704,997	$	(715,898	)	$	877,627
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	87,383		$	257		$	—	$	—		$	87,640
Accrued expenses		74,822			995			4,964		—			80,781
Billings in excess of contract revenues		8,893			—			—		—			8,893
Current portion of long term debt		1,277			—			1,162		—			2,439
Total current liabilities		172,375			1,252			6,126		—			179,753
7 3/8% SENIOR NOTES		—			—			273,248		—			273,248
REVOLVING CREDIT FACILITY		—			—			115,500		—			115,500
NOTES PAYABLE		—			—			12,995		—			12,995
DEFERRED INCOME TAXES		(1,833	)		—			59,664		—			57,831
PAYABLES TO AFFILIATES		168,827			4,255			5,765		(178,847	)		—
OTHER		6,601			—			171		—			6,772
Total liabilities		345,970			5,507			473,469		(178,847	)		646,099
TOTAL EQUITY		537,264			(213	)		231,528		(537,051	)		231,528
TOTAL	$	883,234		$	5,294		$	704,997	$	(715,898	)	$	877,627

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 and other current assets		75,496			323		—		—			75,819
Total current assets		305,091			2,133		2		—			307,226
PROPERTY AND EQUIPMENT—Net		413,002			6		—		—			413,008
GOODWILL AND OTHER INTANGIBLE ASSETS—Net		85,075			—		—		—			85,075
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

Condensed Consolidating Operations And Comprehensive Income (Loss)

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED MARCH 31, 2017
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
Contract revenues	$	170,451		$	703		$	—		$	(568	)	$	170,586
Costs of contract revenues		(153,173	)		(1,799	)		—			568			(154,404	)
Gross profit		17,278			(1,096	)		—			—			16,182
OPERATING EXPENSES:
General and administrative expenses		16,789			—			6			—			16,795
Loss on sale of assets—net		11			—			—			—			11
Operating income (loss)		478			(1,096	)		(6	)		—			(624	)
Interest expense—net		(11	)		—			(5,571	)		—			(5,582	)
Equity in earnings (loss) of subsidiaries		6			—			(434	)		428			—
Equity in earnings of joint ventures		1			—			—			—			1
Other income (expense)		215			(7	)		—			—			208
Loss from continuing operations before income taxes		689			(1,103	)		(6,011	)		428			(5,997	)
Income tax (provision) benefit		—			(14	)		2,288			—			2,274
Income (loss) from continuing operations		689			(1,117	)		(3,723	)		428			(3,723	)
Loss from discontinued operations, net of income taxes		(20,900	)		—			(13,065	)		20,900			(13,065	)
Net loss	$	(20,211	)	$	(1,117	)	$	(16,788	)	$	21,328		$	(16,788	)
Comprehensive loss	$	(20,945	)	$	(1,145	)	$	(17,550	)	$	22,090		$	(17,550	)

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTHS ENDED MARCH 31, 2016
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
Contract revenues	$	163,579		$	—		$	—		$	(460	)	$	163,119
Costs of contract revenues		(142,183	)		(1,406	)		—			460			(143,129	)
Gross profit		21,396			(1,406	)		—			—			19,990
OPERATING EXPENSES:
General and administrative expenses		20,085			4			—			—			20,089
Gain on sale of assets—net		(10	)		—			—			—			(10	)
Operating income (loss)		1,321			(1,410	)		—			—			(89	)
Interest expense—net		(181	)		—			(5,540	)		—			(5,721	)
Equity in loss of subsidiaries		(82	)		—			(1,149	)		1,231			—
Equity in loss of joint ventures		(115	)		—			—			—			(115	)
Other expense		(755	)		(8	)		—			—			(763	)
Income (loss) before income taxes		188			(1,418	)		(6,689	)		1,231			(6,688	)
Income tax (provision) benefit		(1	)		—			2,654			—			2,653
Net income (loss)	$	187		$	(1,418	)	$	(4,035	)	$	1,231		$	(4,035	)
Comprehensive income (loss)	$	187		$	(1,009	)	$	(3,626	)	$	822		$	(3,626	)

Condensed Consolidating Statement of Cash Flows

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2017
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
OPERATING ACTIVITIES:
Cash provided by (used in) operating activities		4,489			(14	)		(9,535	)		—			(5,060	)
INVESTING ACTIVITIES:
Purchases of property and equipment		(17,452	)		—			—			—			(17,452	)
Proceeds from dispositions of property and equipment		265			—			—			—			265
Changes in restricted cash		7,035			—			—			—			7,035
Net change in accounts with affiliates		—			—			(82,783	)		82,783			—
Transfer to parent		—			—			81,000			(81,000	)		—
Cash used in investing activities		(10,152	)		—			(1,783	)		1,783			(10,152	)
FINANCING ACTIVITIES:
Deferred financing fees		—			—			(58	)		—			(58	)
Repayments of long term note payable		—			—			(283	)		—			(283	)
Taxes paid on settlement of vested share awards		—			—			(164	)		—			(164	)
Repayments of equipment debt		(376	)		—			—			—			(376	)
Net change in accounts with affiliates		82,441			342			—			(82,783	)		—
Transfer to parent		(81,000	)		—			—			81,000			—
Exercise of options and purchases from employee stock plans		—			—			434			—			434
Borrowings under revolving loans		—			—			28,112			—			28,112
Repayments of revolving loans		—			—			(16,723	)		—			(16,723	)
Cash provided by financing activities		1,065			342			11,318			(1,783	)		10,942
Effect of foreign currency exchange rates on cash and cash equivalents		—			(2	)		—			—			(2	)
Net increase (decrease) in cash and cash equivalents		(4,598	)		326			—			—			(4,272	)
Cash and cash equivalents at beginning of period		11,037			128			2			—			11,167
Cash and cash equivalents at end of period	$	6,439		$	454		$	2		$	—		$	6,895

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2016
(In thousands)
	Subsidiary Guarantors			Non-Guarantor Subsidiaries			GLDD Corporation			Eliminations			Consolidated Totals
OPERATING ACTIVITIES:
Cash provided by (used in) operating activities	$	14,147		$	(787	)	$	(10,400	)	$	—		$	2,960
INVESTING ACTIVITIES:
Purchases of property and equipment		(14,917	)		—			—			—			(14,917	)
Proceeds from dispositions of property and equipment		25			—			—			—			25
Net change in accounts with affiliates		26,753			—			—			(26,753	)		—
Cash provided by investing activities		11,861			—			—			(26,753	)		(14,892	)
FINANCING ACTIVITIES:
Repayments of long term note payable		—			—			(265	)		—			(265	)
Repayments of term loan facility		—			—			(1,250	)		—			(1,250	)
Repayment of equipment debt		(367	)		—			—			—			(367	)
Net change in accounts with affiliates		(629	)		376			(26,500	)		26,753			—
Transfer to parent		(23,000	)		—			23,000			—			—
Exercise of options and purchases from employee stock plans		—			—			415			—			415
Borrowings under revolving loans		—			—			38,000			—			38,000
Repayments of revolving loans		—			—			(23,000	)		—			(23,000	)
Cash provided by (used in) financing activities		(23,996	)		376			10,400			26,753			13,533
Effect of foreign currency exchange rates on cash and cash equivalents		—			109			—			—			109
Net increase (decrease) in cash and cash equivalents		2,012			(302	)		—			—			1,710
Cash and cash equivalents at beginning of period		12,035			2,147			2			—			14,184
Cash and cash equivalents at end of period	$	14,047		$	1,845		$	2		$	—		$	15,894