XML 24 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Property and Equipment
3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at March 31, 2021 and December 31, 2020:

    

March 31,

    

December 31, 

2021

2020

Automobiles and trucks

$

2,722

$

2,379

Building and improvements

 

44,325

 

44,324

Construction equipment

 

135,485

 

142,661

Vessels and other equipment

 

80,686

 

79,499

Office equipment

 

5,947

 

5,577

 

269,165

 

274,440

Less: Accumulated depreciation

 

(185,883)

 

(186,615)

Net book value of depreciable assets

 

83,282

 

87,825

Construction in progress

 

1,734

 

1,809

Land

 

35,863

 

35,863

$

120,879

$

125,497

For the three months ended March 31, 2021 and 2020, depreciation expense was $5.3 million and $5.7 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Operations. Substantially all of the assets of the Company are pledged as collateral under the Company’s Credit Agreement (as defined in Note 11).

Substantially all of the Company’s long-lived assets are located in the United States.

See Note 2 to the Company’s condensed consolidated financial statements for further discussion of property and equipment.