Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Cash, Cash Equivalents and Restricted Cash

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	December 31, 2018		December 31, 2017⁽¹⁾
Cash and cash equivalents	$	83,527	$	105,717
Restricted cash	1,359		1,839
Cash, cash equivalents and restricted cash	$	84,886	$	107,556

__________________________


⁽¹⁾	Amounts exclude $1.0 million of cash and cash equivalents classified as held for sale at December 31, 2017 (see Note 6).

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):



	December 31,
	2018			2017
Currency translation adjustments⁽¹⁾	$	(41,107	)	$	(26,614	)
Derivative hedging activity	1,715			3,336
Pension activity	(898		)	(244		)
Total accumulated other comprehensive loss	$	(40,290	)	$	(23,522	)

Schedule of Earnings Per Share Calculation

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



	Years Ended December 31,
	2018	2017	2016
Weighted average number of common shares used for basic EPS	32,345,382	33,150,949	34,713,937
Effect of dilutive stock options and restricted and deferred stock unit awards	652,621	—	496,493
Weighted average number of common shares and dilutive potential common stock used in dilutive EPS	32,998,003	33,150,949	35,210,430

Schedule of Variable Interest Entities

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



	December 31,
Balance sheet data	2018		2017 ⁽¹⁾
Current assets	$	33,066	$	42,732
Non-current assets	6,466		26,346
Current liabilities	12,953		12,449
Non-current liabilities	8,780		30,675

_____________________


⁽¹⁾	Amounts include $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. See Note 6.



	Years Ended December 31,
Statement of operations data	2018			2017 ⁽¹⁾		2016
Revenue	$	49,809		$	91,947	$	61,205
Gross profit	9,898			15,194		5,760
Net income (loss)	(1,374		)	3,432		(3,075		)

_____________________


⁽¹⁾	During 2017, increases were primarily driven from: (i) our joint venture in Louisiana, which completed its work on a large deepwater pipe coating and insulation project; and (ii) the formation of our new joint venture in South Africa.

- 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.

+ References + Details