Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of accumulated other comprehensive income (loss)

The Company’s accumulated other comprehensive loss is comprised of three main components: (i) currency translation; (ii) derivatives; and (iii) gains and losses associated with the Company’s defined benefit plan in the United Kingdom (in thousands):



	September 30, 2018			December 31, 2017
Currency translation adjustments	$	(38,017	)	$	(26,614	)
Derivative hedging activity	5,584			3,336
Pension activity	(235		)	(244		)
Total accumulated other comprehensive loss	$	(32,668	)	$	(23,522	)

Schedule of weighted average number of shares

Earnings per share have been calculated using the following share information:



	Quarters Ended September 30,		Nine Months Ended September 30,
	2018	2017	2018	2017
Weighted average number of common shares used for basic EPS	32,312,000	32,905,142	32,390,777	33,363,472
Effect of dilutive stock options and restricted and deferred stock unit awards	—	—	667,229	—
Weighted average number of common shares and dilutive potential common stock used for dilutive EPS	32,312,000	32,905,142	33,058,006	33,363,472

Restrictions on cash and cash equivalents

Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands):



Balance sheet data	September 30, 2018		December 31, 2017⁽¹⁾
Cash and cash equivalents	$	67,410	$	105,717
Restricted cash	1,835		1,839
Cash, cash equivalents and restricted cash	$	69,245	$	107,556

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⁽¹⁾	Amounts exclude $1.0 million of cash and cash equivalents classified as held for sale at December 31, 2017 (see Note 5).

Financial data for consolidated variable interest entities

Financial data for consolidated variable interest entities are summarized in the following tables (in thousands):



Balance sheet data	September 30, 2018		December 31, 2017⁽¹⁾
Current assets	$	39,022	$	42,732
Non-current assets	5,098		26,346
Current liabilities	14,514		12,449
Non-current liabilities	11,341		30,675

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⁽¹⁾	Amounts included $25.4 million of assets and $9.8 million of liabilities classified as held for sale relating to our pipe coating and insulation joint venture in Louisiana, Bayou Wasco Insulation, LLC, which was divested on August 31, 2018. See Note 5.



	Quarters Ended September 30,					Nine Months Ended September 30,
Income statement data ⁽¹⁾	2018			2017		2018			2017⁽¹⁾
Revenue	$	16,405		$	11,457	$	39,179		$	72,916
Gross profit	3,238			1,984		6,982			11,704
Net income (loss) attributable to Aegion Corporation	(946		)	1,121		(886		)	3,071

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⁽¹⁾	During the nine months ended September 30, 2017, increased activity was primarily driven from our joint venture in Louisiana, which performed work on a large deepwater pipe coating and insulation project.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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