0001564590-22-006231 | 10-K | XBRL Viewer | Great Lakes Dredge Dock Corp

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 145,459	$ 216,510
Accounts receivable—net	82,953	38,990
Contract revenues in excess of billings	39,844	32,106
Inventories	30,760	34,689
Prepaid expenses	2,017	3,091
Other current assets	26,399	37,307
Total current assets	327,432	362,693
PROPERTY AND EQUIPMENT—Net	455,102	383,042
OPERATING LEASE ASSETS	62,233	65,188
GOODWILL	76,576	76,576
INVENTORIES—Noncurrent	65,049	58,413
OTHER	11,278	12,112
TOTAL	997,670	958,024
LIABILITIES AND EQUITY
Accounts payable	85,566	71,308
Accrued expenses	37,626	52,899
Operating lease liabilities	16,729	19,472
Billings in excess of contract revenues	14,814	32,608
Total current liabilities	154,735	176,287
LONG-TERM DEBT	320,971	323,735
OPERATING LEASE LIABILITIES—Noncurrent	45,986	45,879
DEFERRED INCOME TAXES	68,497	56,466
OTHER	8,484	8,989
Total liabilities	598,673	611,356
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Common stock—$.0001 par value; 90,000 authorized, 65,746 and 65,023 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.	6	6
Additional paid-in capital	308,482	304,757
Accumulated retained earnings	90,369	40,937
Accumulated other comprehensive income	140	968
Total equity	398,997	346,668
TOTAL	$ 997,670	$ 958,024

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	65,746,000	65,023,000
Common stock, shares outstanding	65,746,000	65,023,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
CONTRACT REVENUES	$ 726,149	$ 733,601	$ 711,518
Type of Revenue [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
COSTS OF CONTRACT REVENUES	$ 580,879	$ 562,373	$ 557,761
Type of Cost, Good or Service [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
GROSS PROFIT	$ 145,270	$ 171,228	$ 153,757
OPERATING EXPENSES:
GENERAL AND ADMINISTRATIVE EXPENSES	62,134	62,757	59,110
PROCEEDS FROM LOSS OF USE CLAIM		(1,723)	(4,619)
(GAIN) LOSS ON SALE OF ASSETS—Net	(294)	(1,571)	1,138
Total operating income	83,430	111,765	98,128
OTHER EXPENSE:
Interest expense—net	(21,601)	(26,585)	(27,524)
Other income	994	1,110	317
Total other expense	(20,607)	(25,475)	(27,207)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	62,823	86,290	70,921
INCOME TAX PROVISION	(13,391)	(20,187)	(15,253)
INCOME FROM CONTINUING OPERATIONS	49,432	66,103	55,668
Loss from discontinued operations, net of income taxes			(6,329)
NET INCOME	$ 49,432	$ 66,103	$ 49,339
Basic earnings per share attributable to income from continuing operations	$ 0.75	$ 1.02	$ 0.88
Basic loss per share attributable to loss on discontinued operations, net of income taxes			(0.10)
Basic earnings per share	$ 0.75	$ 1.02	$ 0.78
Basic weighted average shares	65,587	64,743	63,597
Diluted earnings per share attributable to income from continuing operations	$ 0.75	$ 1.00	$ 0.86
Diluted loss per share attributable to loss on discontinued operations, net of income taxes			(0.10)
Diluted earnings per share	$ 0.75	$ 1.00	$ 0.76
Diluted weighted average shares	66,301	65,872	65,042

Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Statement Of Income And Comprehensive Income [Abstract]

Net income

$ 49,432

$ 66,103

$ 49,339

Net change in cash flow derivative hedges—net of tax

^[1]

(828)

673

4,104

Comprehensive income

$ 48,604

$ 66,776

$ 53,443

[1]	Net of income tax (provision) benefit of $280, $217 and $(421) for the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net unrealized loss on derivatives, tax	$ 280	$ 217	$ (421)

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect of Recent Accounting Pronouncements [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Retained Earnings (Deficit) [Member]	Accumulated Retained Earnings (Deficit) [Member] Cumulative Effect of Recent Accounting Pronouncements [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
BALANCE - value at Dec. 31, 2018	$ 214,928	$ 2,802	$ 6	$ (1,433)	$ 295,135	$ (74,971)	$ 2,802	$ (3,809)
BALANCE - shares at Dec. 31, 2018			62,830	(278)
Share-based compensation, value	8,395				8,395
Share-based compensation, shares			73
Vesting of restricted stock units, including impact of shares withheld for taxes, value	(5,008)				(5,008)
Vesting of restricted stock units, including impact of shares withheld for taxes, shares			873
Exercise of stock options and purchases from employee stock purchase plan, value	4,839				4,839
Exercise of stock options and purchases from employee stock purchase plan, shares			785
Cancellation of treasury stock, value				$ 1,433	(1,172)	(261)
Cancellation of treasury stock, shares			(278)	278
Net income	49,339					49,339
Other comprehensive income—net of tax	4,104							4,104
BALANCE - value at Dec. 31, 2019	279,399		$ 6		302,189	(23,091)		295
BALANCE - shares at Dec. 31, 2019			64,283
Share-based compensation, value	6,754				6,754
Share-based compensation, shares			94
Vesting of restricted stock units, including impact of shares withheld for taxes, value	(4,748)				(4,748)
Vesting of restricted stock units, including impact of shares withheld for taxes, shares			741
Exercise of stock options and purchases from employee stock purchase plan, value	2,360				2,360
Exercise of stock options and purchases from employee stock purchase plan, shares			331
Repurchase of common stock, value	(3,873)				(1,798)	(2,075)
Repurchase of common stock, shares			(426)
Net income	66,103					66,103
Other comprehensive income—net of tax	673							673
BALANCE - value at Dec. 31, 2020	346,668		$ 6		304,757	40,937		968
BALANCE - shares at Dec. 31, 2020			65,023
Share-based compensation, value	5,188				5,188
Share-based compensation, shares			35
Vesting of restricted stock units, including impact of shares withheld for taxes, value	(3,785)				(3,785)
Vesting of restricted stock units, including impact of shares withheld for taxes, shares			431
Exercise of stock options and purchases from employee stock purchase plan, value	$ 2,322				2,322
Exercise of stock options and purchases from employee stock purchase plan, shares	173		257
Net income	$ 49,432					49,432
Other comprehensive income—net of tax	(828)							(828)
BALANCE - value at Dec. 31, 2021	$ 398,997		$ 6		$ 308,482	$ 90,369		$ 140
BALANCE - shares at Dec. 31, 2021			65,746

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES:
Net income	$ 49,432	$ 66,103	$ 49,339
Loss from discontinued operations, net of income taxes			(6,329)
INCOME FROM CONTINUING OPERATIONS	49,432	66,103	55,668
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation expense	43,016	38,183	37,145
Deferred income taxes	12,311	20,508	15,134
(Gain) loss on dispositions of property and equipment	(294)	(1,571)	1,138
Amortization of deferred financing fees	2,349	1,611	2,746
Share-based compensation expense	5,188	6,754	6,908
Changes in assets and liabilities:
Accounts receivable	(43,963)	(19,205)	44,994
Contract revenues in excess of billings	(7,738)	(9,546)	(4,607)
Inventories	(2,706)	(2,383)	(1,939)
Prepaid expenses and other current assets	10,873	1,466	(8,539)
Accounts payable and accrued expenses	(698)	(3,328)	12,546
Billings in excess of contract revenues	(17,794)	(22,658)	37,473
Other noncurrent assets and liabilities	(969)	3,013	3,120
Net cash flows provided by operating activities of continuing operations	49,007	78,947	201,787
Net cash flows used in operating activities of discontinued operations			(9,238)
Cash provided by operating activities	49,007	78,947	192,549
INVESTING ACTIVITIES:
Purchases of property and equipment	(116,658)	(47,621)	(49,412)
Proceeds from dispositions of property and equipment	4,459	4,450	5,592
Net cash flows used in investing activities of continuing operations	(112,199)	(43,171)	(43,820)
Net cash flows provided by investing activities of discontinued operations			18,056
Cash used in investing activities	(112,199)	(43,171)	(25,764)
FINANCING ACTIVITIES:
Repayments of debt	(325,000)
Proceeds from issuance of debt	325,000
Deferred financing fees	(4,395)		(2,388)
Taxes paid on settlement of vested share awards	(3,785)	(4,748)	(5,008)
Exercise of stock options and purchases from employee stock plans	2,321	2,360	4,839
Repurchase of common stock		(3,873)
Repayments of revolving loans			(11,500)
Net cash flows used in financing activities of continuing operations	(5,859)	(6,261)	(14,057)
Net cash flows used in financing activities of discontinued operations			(191)
Cash used in financing activities	(5,859)	(6,261)	(14,248)
Net (decrease) increase in cash, cash equivalents and restricted cash	(69,051)	29,515	152,537
Cash, cash equivalents and restricted cash at beginning of period	216,510	186,995	34,458
Cash, cash equivalents and restricted cash at end of period	147,459	216,510	186,995
Cash and cash equivalents	145,459	216,510	186,995
Restricted cash included in other long-term assets	2,000
Supplemental Cash Flow Information
Cash paid for interest	22,919	26,430	24,942
Cash paid for income taxes	637	392	366
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 7,010	$ 6,693	$ 6,473

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business and Summary of Significant Accounting Policies

1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization—Great Lakes Dredge & Dock Corporation and its subsidiaries (the “Company” or “Great Lakes”) are in the business of marine construction, primarily dredging. The Company is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The mobility of the Company’s fleet enables the Company to move equipment in response to changes in demand for dredging services

Principles of Consolidation and Basis of Presentation—The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Revenue and Cost Recognition on Contracts—Revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. Additionally, the Company capitalizes certain pre-contract and pre-construction costs, and defers recognition over the life of the contract. The Company’s performance obligations are satisfied over time and revenue is recognized using the cost-to-cost method, described above. Contract modifications are changes in the scope or price (or both) of a contract that are approved by the parties to the contract. The Company recognizes a contract modification when the parties to a contract approve a modification that either creates new, or changes existing, enforceable rights and obligations of the parties to the contract. Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for services that are not distinct, and, therefore, are accounted for as part of the existing contract. Contract modifications are included in the transaction price only if it is probable that the modification estimate will not result in a significant reversal of revenue. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across projects, does not significantly affect results across annual reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined.

The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor generally is hired on a project-by-project basis. The Company is a party to numerous collective bargaining agreements in the U.S. that govern its relationships with its unionized hourly workforce.

Classification of Current Assets and Liabilities—The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year.

Cash Equivalents—The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents.

Accounts Receivable—Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable based on historical and expected losses and when events or conditions indicate that amounts outstanding are not recoverable.

Inventories—Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Spare part inventories are stated at weighted average historical cost, and are charged to expense when used in operations. Pipe inventory is recorded at cost and amortized to expense over the period of its use.

Property and Equipment—Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are:

Class		Useful Life (years)
Buildings and improvements		10
Furniture and fixtures		5-10
Vehicles, dozers, and other light operating equipment and systems		3-5
Heavy operating equipment (dredges and barges)		10-30

Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases.

Goodwill—Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

When conducting the annual impairment test for goodwill, the Company can choose to assess qualitative factors to determine whether it is more likely than not the fair value of the reporting unit is below its carrying value. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. The Company also may elect to forego this step and just perform the quantitative impairment test.

The Company has one operating segment which is also the Company’s one reportable segment and reporting unit of which the Company tests goodwill for impairment. In the current year, the Company elected to perform a qualitative goodwill impairment test in accordance with ASC 350-20. The Company performed its most recent annual test of impairment as of July 1, 2021 with no indication of impairment as of the test date. As of the test date, the Company determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company has documented the qualitative considerations and determinations to support this conclusion. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2022 should no triggering events occur which would require a test prior to the next annual test.

Long-Lived Assets—Long-lived assets are comprised of property and equipment subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. No triggering events were identified in 2021 or 2020. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell.

Self-insurance Reserves—The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves.

Income Taxes—The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. Refer to Note 8, Income Taxes.

Hedging Instruments—At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions.

The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions),

(2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring.

Recent Accounting Pronouncements—In January 2021, the Financial Accounting Standards Board (“FASB”) amended ASU No. 2020-04 (“ASU 2020-04”) into ASU No. 2021-01 (“ASU 2021-01”), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendment provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting and other transactions to simplify the accounting for transitioning from the London Interbank Offered Rate (“LIBOR”), and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this update was effective upon its issuance; if elected, it is to be applied prospectively through December 31, 2022. The Company is currently evaluating the effect the potential adoption of this ASU will have on the Company’s consolidated financial statements.

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

2. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

The computations for basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 are as follows:

(shares in thousands)
		2021		2020		2019
Income from continuing operations	$	49,432	$	66,103	$	55,668
Loss on discontinued operations, net of income taxes		—		—		(6,329	)
Net income	$	49,432	$	66,103	$	49,339

Weighted-average common shares outstanding — basic		65,587		64,743		63,597
Effect of stock options and restricted stock units		714		1,129		1,445

Weighted-average common shares outstanding — diluted		66,301		65,872		65,042

Earnings per share from continuing operations — basic	$	0.75	$	1.02	$	0.88
Earnings per share from continuing operations — diluted	$	0.75	$	1.00	$	0.86

For the years ended December 31, 2021, 2020 and 2019, 1 thousand, 1 thousand and 16 thousand, respectively, non-qualified stock options (“NQSOs”) and restricted stock units (“RSUs”) were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive.

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

3. PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2021 and 2020 are as follows:

		2021			2020
Land	$	9,992		$	9,992
Buildings and improvements		1,315			1,315
Furniture and fixtures		18,568			17,251
Operating equipment		869,953			762,350

Total property and equipment		899,828			790,908

Accumulated depreciation		(444,726	)		(407,866	)

Property and equipment — net	$	455,102		$	383,042

Operating equipment of $2,900 was classified as held for sale, excluded from property and equipment, as of December 31, 2020.

Depreciation expense was $43,016, $38,183 and $37,145, for the years ended December 31, 2021, 2020 and 2019, respectively.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

4. LEASES

The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. Leases with an initial term greater than twelve months are recorded on the Company’s balance sheet as an operating lease asset and operating lease liability and are measured at the present value of lease payments over the lease term. Substantially all of the Company’s leases are classified as operating leases. Leases with an initial term of twelve months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s Amended Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its Amended Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions.

The exercise of lease renewal options is at the Company’s sole discretion and is considered in the measurement of operating lease assets and operating lease liabilities when it is reasonably certain the Company will exercise the option. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Lease costs

The Company’s lease costs are recorded in costs of contract revenues and general and administrative expenses. For the years ended December 31, 2021,2020 and 2019, respectively, lease costs are as follows:


		2021		2020		2019
Operating lease costs	$	24,427	$	24,602	$	27,259
Short-term lease costs		95,957		87,534		70,382
Total lease cost	$	120,384	$	112,136	$	97,641

Lease terms and commitments

As recorded on the balance sheet, the Company’s maturity analysis of its operating lease liabilities as of December 31, 2021 is as follows:


	2022	$	18,982
	2023		17,090
	2024		14,320
	2025		7,984
	2026		4,664
Thereafter			6,181
Minimum lease payments			69,221
Imputed interest			6,506
Present value of minimum operating lease payments		$	62,715

As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Additional information related to the Company’s leases as of December 31, 2021 and 2020, respectively, is as follows:

		2021			2020			2019
Weighted average remaining lease term	4.4 years			4.1 years			4.2 years
Weighted average discount rate		5.1	%		6.2	%		6.7	%

Supplemental information related to leases during the year ended December 31, 2021 and 2020, respectively, is as follows:


		2021			2020			2019
Operating cash flows from operating leases	$	(22,591	)	$	(25,064	)	$	(27,235	)
Operating lease liabilities arising from obtaining new operating lease assets	$	24,191		$	22,746		$	13,149

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

5. ACCRUED EXPENSES

Accrued expenses at December 31, 2021 and 2020 were as follows:

		2021		2020
Payroll and employee benefits	$	13,533	$	21,675
Insurance		12,821		14,754
Other		6,427		8,530
Income and other taxes		2,941		2,164
Interest		1,460		3,285
Contract reserves		444		2,491
Total accrued expenses	$	37,626	$	52,899

Long-Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

6. LONG-TERM DEBT

Long-term debt at December 31, 2021 and 2020 were as follows:

	2021		2020
Revolving credit facility	$	—	$	—
2029 Notes		320,971		—
8% Notes		—		323,735
Total	$	320,971	$	323,735

Credit agreement

On May 3, 2019, the Company, Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Dredge & Dock Environmental, Inc., Great Lakes Environmental & Infrastructure Solutions, LLC, Great Lakes U.S. Fleet Management, LLC, and Drews Services LLC (collectively, the “Credit Parties”) entered into an amended and restated revolving credit and security agreement (as amended, supplemented or otherwise modified from time to time, the “Amended Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, PNC Bank, National Association, as Agent (the “Agent”), PNC Capital Markets, CIBC Bank USA, Suntrust Robinson Humphrey, Inc. and Bank of America, N.A., as Joint Lead Arrangers and Joint Bookrunners, and HSBC USA, N.A., as Documentation Agent. The Amended Credit Agreement amends and restates the prior Revolving Credit and Security Agreement dated as of December 30, 2016 (as amended, the “Prior Credit Agreement”) by and among the financial institutions from time to time party thereto as lenders, the Agent and the Credit Parties party thereto, such that the terms and conditions of the Prior Credit Agreement have been subsumed and replaced in their entirety by the terms and conditions of the Amended Credit Agreement, including the amount available under the revolving credit facility. The Amended Credit Agreement matures on May 3, 2024. The terms of the Amended Credit Agreement are summarized below.

The Amended Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $200,000 of which the full amount is available for the issuance of standby letters of credit. The maximum borrowing capacity under the Amended Credit Agreement is determined by a formula and may fluctuate depending on the value of the collateral included in such formula at the time of determination. The Amended Credit Agreement also includes an increase option that will allow the Company to increase the senior secured revolving credit facility by an aggregate principal amount of up to $100,000. This increase is

subject to lenders providing incremental commitments for such increase, the Credit Parties having adequate borrowing capacity and provided that no default or event of default exists both before and after giving effect to such incremental commitment increase.

The Amended Credit Agreement contains customary representations and affirmative and negative covenants, including a springing financial covenant that requires the Credit Parties to maintain a fixed charge coverage ratio (ratio of earnings before income taxes, depreciation and amortization, net interest expenses, non-cash charges and losses and certain other non-recurring charges, minus capital expenditures, income and franchise taxes, to net cash interest expense plus scheduled cash principal payments with respect to debt plus restricted payments paid in cash) of not less than 1.10 to 1.00. The Amended Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding providers. The obligations of the Credit Parties under the Amended Credit Agreement will be unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. Borrowings under the Amended Credit Agreement will be used to pay fees and expenses related to the Amended Credit Agreement, finance acquisitions permitted under the Amended Credit Agreement, finance ongoing working capital and for other general corporate purposes.

The obligations under the Amended Credit Agreement are secured by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid first priority perfected lien on substantially all of the U.S. flagged and located vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding providers).

Interest on the senior secured revolving credit facility of the Amended Credit Agreement is equal to either a Domestic Rate option or LIBOR option, at the Company’s election. As of the Closing Date, (a) the Domestic Rate option is the highest of (1) the base commercial lending rate of PNC Bank, National Association, as publicly announced, (2) the sum of the federal funds open rate plus 0.5% and (3) the sum of the daily LIBOR rate plus 1.0%, so long as a daily LIBOR rate is offered, ascertainable and not unlawful plus an interest margin of 0.5%; and (b) the LIBOR Rate option is the rate that applies for the applicable interest period on the Bloomberg page BBAMI (or such other substitute page or alternate source as agreed) plus an interest margin of 1.5%. After the date on which a borrowing base certificate is required to be delivered under Section 9.2 of the Amended Credit Agreement (commencing with the fiscal quarter ended September 30, 2019, the “Adjustment Date”), the Domestic Rate option will be the Domestic Rate plus an interest margin ranging between 0.5% and 1.0% and the LIBOR Rate option will be the LIBOR Rate plus an interest margin ranging between 1.5% and 2.0%, in each case, depending on the quarterly average undrawn availability on the Amended Credit Agreement.

The Company had no borrowings on the revolver, $25,127 and $36,407 of letters of credit outstanding and $174,546 and $163,231 of availability under the Amended Credit Agreement as of December 31, 2021 and 2020, respectively. The availability under the Amended Credit Agreement is suppressed by $327 and $362 as of December 31, 2021 and 2020, respectively, as a result of certain limitations set forth in the Amended Credit Agreement.

Senior notes and subsidiary guarantors

In May 2021 the Company sold $325,000 of unsecured 5.25% Senior Notes (the “2029 Notes”) pursuant to a private offering. The 2029 Notes were priced to investors at par and will mature on June 1, 2029. The Company used the net proceeds from the offering, together with cash on hand, to redeem all $325,000 aggregate principal amount of its outstanding 8.000% Senior Notes due 2022 (the “8% Notes”). Approximately $1,000 of deferred financing fees related to the 8% Notes were extinguished and are presented within year-to-date net interest expense in the Statement of Operations.

The Company’s obligations under these 2029 Notes are guaranteed by certain of the Company’s 100% owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several. The parent company issuer has no independent assets or operations and all non-guarantor subsidiaries have been determined to be minor.

Other

The scheduled principal payments through the maturity date of the Company’s long-term debt at December 31, 2021, are as follows:

Years Ending December 31,
2022	$	—
2023		—
2024		—
2025		—
2026		—
Thereafter		325,000
Total	$	325,000

The Company incurred amortization of deferred financing fees for its long-term debt of $1,382, $1,611 and $2,231 for each of the years ended December 31, 2021, 2020 and 2019. Such amortization is recorded as a component of net interest expense.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage foreign currency risk or commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	At December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fuel hedge contracts	$	630	$	—	$	630	$	—

			Fair Value Measurements at Reporting Date Using
Description	At December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fuel hedge contracts	$	1,739	$	—	$	1,739	$	—

Fuel hedge contracts

The Company is exposed to certain market risks, primarily commodity price risk as it relates to the diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices will have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80% of the eligible fuel requirements for work in domestic backlog.

As of December 31, 2021, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through December 2022. As of December 31, 2021, there were 10.2 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted domestic fuel purchases through December 2022. Under these swap agreements, the Company will pay fixed prices ranging from $1.25 to $2.46 per gallon.

At December 31, 2021 and 2020, the fair value asset of the fuel hedge contracts were estimated to be $630 and $1,739, respectively, and are recorded in other current assets. For fuel hedge contracts considered to be highly effective, the gains reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 2021 were $6,481. The remaining gains and losses included in the accumulated other comprehensive income at December 31, 2021 will be reclassified into earnings over the next twelve months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as costs of contract revenues in the Statement of Operations. The fair value of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair values of these fuel hedges using Level 2 inputs.

The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis.

The fair value of the fuel hedge contracts outstanding as of December 31, 2021 and 2020 is as follows:

	Balance Sheet Location	Fair Value at December 31,
		2021		2020
Asset derivatives:
Derivatives designated as hedging instruments
Fuel hedge contracts	Other current assets	$	630	$	1,739

Assets and liabilities measured at fair value on a nonrecurring basis

All other nonfinancial assets and liabilities measured at fair value in the financial statements on a nonrecurring basis are subject to fair value measurements and disclosures. Nonfinancial assets and liabilities included in the consolidated balance sheets and measured on a nonrecurring basis consist of goodwill and long-lived assets. Goodwill and long-lived assets are measured at fair value to test for and measure impairment, if any, at least annually for goodwill or when necessary for both goodwill and long-lived assets.

Accumulated other comprehensive income (loss)

Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows:

		2021			2020			2019
Cumulative translation adjustments—net of tax	$	—		$	—		$	—
Derivatives:
Reclassification of derivative (gains) losses to earnings—net of tax		(6,481	)		5,825			1,458
Change in fair value of derivatives—net of tax		5,653			(5,152	)		2,646
Net unrealized (gain) loss on derivatives—net of tax		(828	)		673			4,104
Total other comprehensive income (loss)	$	(828	)	$	673		$	4,104

Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows:

	Statement of Operations Location		2021			2020		2019
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	(8,670	)	$	7,703	$	1,975
	Income tax (provision) benefit		(2,189	)		1,878		517
		$	(6,481	)	$	5,825	$	1,458

Other financial instruments

The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying value of the senior revolving credit agreement approximates fair value. In May 2021, the Company sold $325,000 of the 2029 Notes pursuant to a private offering, which were outstanding at December 31, 2021 (See Note 6, Long-Term Debt). The 2029 Notes were priced to investors at par and will mature on June 1, 2029. The 2029 Notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the 2029 Notes. The fair value of the 2029 Notes was $334,750 at December 31, 2021, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

The Company’s income tax provision (benefit) from continuing and discontinued operations for the years ended December 31, 2021, 2020 and 2019 are as follows:

	2021		2020		2019
Income tax provision from continuing operations	$	13,391	$	20,187	$	15,253
Income tax benefit from discontinued operations		—		—		(4,556	)
Income tax provision	$	13,391	$	20,187	$	10,697

The Company’s income (loss) from continuing operations before income tax from domestic and foreign continuing operations for the years ended December 31, 2021, 2020 and 2019 is as follows:

	2021			2020			2019
Domestic operations	$	65,708			94,826		$	89,344
Foreign operations		(2,885	)		(8,536	)		(18,423	)
Total income from continuing operations before income tax	$	62,823		$	86,290		$	70,921

The provision for income taxes from continuing operations as of December 31, 2021, 2020 and 2019 is as follows:

	2021		2020			2019
Federal:
Current	$	—	$	—		$	—
Deferred		11,020		17,464			14,052
State:
Current		1,080		128			212
Deferred		1,291		3,023			989
Foreign:
Current		—		(428	)		—
Deferred		—		—			—
Total	$	13,391	$	20,187		$	15,253

The Company’s income tax provision from continuing operations reconciles to the provision at the statutory U.S. federal income tax rate of 21% for the years ended December 31, 2021, 2020 and 2019, as follows:

	2021			2020			2019
Tax provision at statutory U.S. federal income tax rate	$	13,193		$	18,121		$	14,893
State income tax — net of federal income tax benefit		2,144			3,124			3,049
Adjustment to deferred tax depreciation		(1,414	)		—			—
Change in deferred state tax rate		—			—			(1,835	)
Stock based compensation		(1,318	)		(1,212	)		(1,266	)
Nondeductible officer compensation		1,195			1,212			1,021
Research and development tax credits		(642	)		(674	)		(452	)
Changes in unrecognized tax benefits		—			—			(56	)
Changes in valuation allowance		—			—			(3	)
Other		233			(384	)		(98	)
Income tax provision	$	13,391		$	20,187		$	15,253

At December 31, 2021 and 2020, the Company had loss carryforwards for federal income tax purposes of $55,554 and $92,328 respectively, which expire in 2037.

At December 31, 2021 and 2020, the Company had gross net operating loss carryforwards for state income tax purposes totaling $157,245 and $170,738, respectively, which expire between 2023 and 2039. The Company has established a valuation allowance that was $1,623 and $1,628 as of December 31, 2021 and 2020, respectively. The Company believes that the remaining net operating losses, net of the valuation allowance, will be fully utilized in future periods.

The Company also has foreign gross net operating loss carryforwards of approximately $2,469 and $2,414 as of December 31, 2021 and 2020, of which expire between 2022 and 2028. At December 31, 2021 and 2020, a full valuation allowance has been established for the deferred tax asset of $864 and $845 related to foreign net operating loss carryforwards, respectively, as the Company believes it is more likely than not that the net operating loss carryforwards will not be realized.

The Company does not expect that total unrecognized tax benefits will significantly increase or decrease within the next 12 months. Below is a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period.

	2021		2020		2019
Unrecognized tax benefits — January 1	$	—	$	—	$	157
Gross increases — tax positions in prior period		—		—		—
Gross increases — current period tax positions		—		—		—
Gross decreases — expirations		—		—		—
Gross decreases — tax positions in prior period		—		—		(157	)
Unrecognized tax benefits — December 31,	$	—	$	—	$	—

The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2021, 2020 and 2019 the Company had no interest and penalties recorded.

The Company files income tax returns at the U.S. federal level and in various state and foreign jurisdictions. U.S. federal income tax years prior to 2018 are closed and no longer subject to examination. With few exceptions, the statute of limitations in state taxing jurisdictions in which the Company operates has expired for all years prior to 2017. In foreign jurisdictions in which the Company operates, years prior to 2016 are closed and are no longer subject to examination.

The Company’s deferred tax assets (liabilities) at December 31, 2021 and 2020 are as follows:

	2021			2020
Deferred tax assets:
Operating lease assets	$	15,835		$	16,501
Accrued liabilities		7,130			8,212
Federal NOLs		11,666			19,389
Foreign NOLs		864			845
State NOLs		6,682			7,256
Tax credit carryforwards		3,892			3,250
Valuation allowance		(2,487	)		(2,473	)
Total deferred tax assets		43,582			52,980

Deferred tax liabilities:
Depreciation and amortization		(96,207	)		(92,547	)
Operating lease liabilities		(15,713	)		(16,460	)
Other liabilities		(159	)		(439	)
Total deferred tax liabilities		(112,079	)		(109,446	)
Net noncurrent deferred tax liabilities	$	(68,497	)	$	(56,466	)

Deferred tax assets relate primarily to reserves and other liabilities for costs and expenses not currently deductible for tax purposes as well as net operating loss and other carryforwards. Deferred tax liabilities relate primarily to the cumulative difference between book depreciation and amounts deducted for tax purposes. The Company evaluates its ability to realize deferred tax assets by considering all available positive and negative evidence. This evidence includes its cumulative earnings or losses in recent years. The Company further considers the impact on these cumulative earnings or losses of discontinued operations and other divested operations and joint ventures, restructuring charges and other nonrecurring adjustments that are not indicative of its ability to generate taxable income in future periods. The Company also considers sources of taxable income, such as the amount and timing of realization of its deferred tax liabilities relative to the timing of expiration of loss carryforwards. When it is estimated to be more likely than not that all or some portion of deferred tax assets will not be realized, the Company establishes a valuation allowance for the amount of such deferred tax assets considered to be unrealizable. After evaluating the positive and negative evidence for future realization of deferred tax assets, the Company recorded valuation allowances for foreign net operating loss carryforwards and certain state net operating loss carryforwards to reduce the balance of these deferred tax assets at December 31, 2021 and 2020 as it was more likely than not that the balance of these tax items would not be realized. By contrast, after evaluating the positive and negative evidence, the Company concluded that it was more likely than not that the deferred federal income tax asset and remaining state net operating loss carryforwards recorded at December 31, 2021 and 2020 would ultimately be realized and determined that no valuation allowance was required.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

9. SHARE-BASED COMPENSATION

On May 5, 2021, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan replaces the 2017 Long-Term Incentive Plan (the “Prior Plan”) and is largely based on the Prior Plan, but with updates to the available shares and other administrative changes. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 1.5 million shares of common stock, plus the number of shares that remained available for future grant under the Prior Plan as of the effectiveness of the Incentive Plan.

The Prior Plan permitted the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to its employees and directors for up to 3.3 million shares of common stock, plus an additional 1.7 million shares underlying equity awards issued under the 2007 Long-Term Incentive Plan. The Company may also issue share-based compensation as inducement awards to new employees upon approval of the Board of Directors.

Compensation cost charged to expense related to share-based compensation arrangements was $5,188, $6,754 and $6,908, for the years ended December 31, 2021, 2020 and 2019, respectively.

Non-qualified stock options

The NQSO awards were granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date, and have ten year exercise periods.

The fair value of the NQSOs was determined at the grant date using a Black-Scholes option pricing model, which requires the Company to make several assumptions. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The annual dividend yield on the Company’s common stock is based on estimates of future dividends during the expected term of the NQSOs. The expected life of the NQSOs was determined from historical exercise data providing a reasonable basis upon which to estimate the expected life. The volatility assumptions were based on historical volatility of Great Lakes. There is not an active market for options on the Company’s common stock and, as such, implied volatility for the Company’s stock was not considered. Additionally, the Company’s general policy is to issue new shares of registered common stock to satisfy stock option exercises or grants of restricted stock. No NQSO awards were granted in 2021, 2020 and 2019. The aggregate intrinsic value of stock options represents the difference between market value on the date of exercise and the option price. The aggregate intrinsic value of stock options exercised during 2021, 2020 and 2019 was $1,351, $779 and $2,534, respectively.

A summary of stock option activity under the Incentive Plan as of December 31, 2021, and changes during the year ended December 31, 2021, is presented below:

Options	Shares			Weighted Average Exercise Price		Weighted-Average Remaining Contract Term (yrs)		Aggregate Intrinsic Value ($000's)
Outstanding as of January 1, 2021		278		$	7.02
Granted		—			—
Exercised		(173	)		6.73
Forfeited or Expired		—			—
Outstanding as of December 31, 2021		105		$	7.50		1.9	$	860

Vested at December 31, 2021		105		$	7.50		1.9	$	860

Restricted stock units

RSUs primarily vest in equal portions over the three year vesting period. The fair value of RSUs was based upon the Company’s stock price on the date of grant. A summary of the status of the Company’s non-vested RSUs as of December 31, 2021, and changes during the year ended December 31, 2021, is presented below:

Nonvested Restricted Stock Units	Shares			Weighted-Average Grant-Date Fair Value
Outstanding as of January 1, 2021		1,407		$	8.00
Granted		327			14.66
Vested		(653	)		7.00
Forfeited		(34	)		7.69
Outstanding as of December 31, 2021		1,047		$	10.57

Expected to vest at December 31, 2021		846		$	10.55

As of December 31, 2021, there was $3,959 of total unrecognized compensation cost related to non-vested RSUs granted under the Incentive Plan. That cost for non-vested RSUs is expected to be recognized over a weighted-average period of 1.8 years.

The Incentive Plan permits the employee to use vested shares from RSUs to satisfy the grantee’s U.S. federal income tax liability resulting from the issuance of the shares through the Company’s retention of that number of common shares having a market value as of the vesting date equal to such tax obligation up to the minimum statutory withholding requirements. The amount related to shares used for such tax withholding obligations was approximately $4,250 and $4,748 for the years ended December 31, 2021 and 2020, respectively.

Director compensation

The Company uses a combination of cash and share-based compensation to attract and retain qualified candidates to serve on its Board of Directors. Compensation is paid to non-employee directors. Directors who are employees receive no additional compensation for services as members of the Board or any of its committees. Share-based compensation is paid pursuant to the Incentive Plan. Each non-employee director of the Company receives an annual retainer of $155, payable quarterly in arrears, and is generally paid 50% in cash and 50% in common stock or deferred restricted stock units of the Company. Directors may elect to receive some or all of the cash retainer in common stock or deferred restricted stock units. In 2021, the Chairman of the Board received an additional $100 of annual compensation, paid 100% in common stock.

In the years ended December 31, 2021, 2020 and 2019, 50 thousand, 79 thousand and 78 thousand shares, respectively, of the Company’s common stock or restricted stock units were issued to non-employee directors under the Incentive Plan.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

10. REVENUE

The Company’s revenue is derived from contracts for services with federal, state, local and foreign governmental entities and private customers. Revenues are generally derived from the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock.

Performance obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account upon which the Company’s revenue is calculated. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligation is satisfied. Fixed-price contracts, which comprise substantially all of the Company’s revenue, will most often represent a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in the contracts and, therefore, not distinct.

The Company’s performance obligations are satisfied over time and revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. As the Company’s performance creates an asset that the customer controls, this method provides a faithful depiction of the transfer of an asset to the customer. Generally, the Company has an enforceable right to payment for performance completed to date.

The majority of the Company’s contracts are completed in a year or less. At December 31, 2021, the Company had $551,588 of remaining performance obligations, which the Company refers to as total backlog. Approximately 88% of the Company’s backlog will be completed in 2022 with the remaining balance expected to be completed by 2023.

Transaction price

The transaction price is calculated using the Company’s estimated costs to complete a project. These costs are based on the types of equipment required to perform the specified service, project site conditions, the estimated project duration, seasonality, location and complexity of a project.

The nature of the Company’s contracts gives rise to several types of variable consideration, including pay on quantity dredged for dredging projects and dredging project contract modifications. Estimated pay quantity is the amount of material the Company expects to dredge for which it will receive payment. Estimated quantity to be dredged is calculated using engineering estimates based on current survey data and the Company’s knowledge based on historical project experience.

Revenue by category

Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. Foreign projects typically involve capital work.

The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2021, 2020 and 2019:

Revenues	2021		2020		2019
Capital—U.S.	$	397,034	$	336,163	$	299,706
Capital—foreign		6,596		25,892		48,619
Coastal protection		169,678		201,361		182,369
Maintenance		132,551		148,767		104,753
Rivers & lakes		20,290		21,418		76,071
Total revenues	$	726,149	$	733,601	$	711,518

The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2021, 2020 and 2019:

Revenues	2021		2020		2019
Federal government	$	568,980	$	582,949	$	581,157
State and local government		118,712		85,737		71,398
Private		31,861		39,023		10,344
Foreign		6,596		25,892		48,619
Total revenues	$	726,149	$	733,601	$	711,518

Contract balances

Billings on contracts are generally submitted after verification with the customers of physical progress and are recognized as accounts receivable in the balance sheet. For billings that do not match the timing of revenue recognition, the difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Certain pre-contract and pre-construction costs are capitalized and reflected as contract assets in the balance sheet. Customer advances, deposits and commissions are reflected in the balance sheet as contract liabilities.

Accounts receivable at December 31, 2021 and December 31, 2020 are as follows:

		2021			2020
Completed contracts	$	10,612		$	12,347
Contracts in progress		65,415			21,239
Retainage		7,490			5,968
		83,517			39,554
Allowance for doubtful accounts		(564	)		(564	)

Total accounts receivable—net	$	82,953		$	38,990

The components of contracts in progress at December 31, 2021 and December 31, 2020 are as follows:

		2021			2020
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	270,998		$	199,964
Amounts billed		(240,941	)		(168,569	)
Costs and earnings in excess of billings for contracts in progress		30,057			31,395
Costs and earnings in excess of billings for completed contracts		10,894			2,823
Total contract revenues in excess of billings	$	40,951		$	34,218

Current portion of contract revenues in excess of billings	$	39,844		$	32,106
Long-term contract revenues in excess of billings		1,107			2,112
Total contract revenues in excess of billings	$	40,951		$	34,218

Billings in excess of costs and earnings:
Amounts billed	$	(224,381	)	$	(550,468	)
Costs and earnings for contracts in progress		209,567			517,860

Total billings in excess of contract revenues	$	(14,814	)	$	(32,608	)

At December 31, 2021 and 2020, costs to fulfill contracts with customers recognized as an asset were $5,652 and $10,501, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the years ended December 31, 2021 and 2020 the company amortized pre-contract and pre-construction costs of $17,839 and $15,541, respectively.

The Company’s largest domestic customer is the U.S. Army Corps of Engineers (the “Corps”), which has responsibility for federally funded projects related to navigation and flood control of U.S. waterways. In 2021, 2020 and 2019, 78.4%, 79.5% and 81.7%, respectively, of contract revenues were earned from contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. During the year ended December 31, 2021 and 2020, respectively, the Company recognized $716 and $616 of revenue related to the use of equipment by a customer working on a federal government contract. At December 31, 2021 and 2020, approximately 68.5% and 42.6% respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company’s operations can be influenced by the level and timing of federal funding.

The Company derived revenues and gross profit (loss) from foreign project operations for the years ended December 31, 2021, 2020, and 2019, as follows:

	2021			2020			2019
Contract revenues	$	6,596		$	25,892		$	48,619
Costs of contract revenues		(9,281	)		(34,529	)		(66,347	)
Gross profit (loss)	$	(2,685	)	$	(8,637	)	$	(17,728	)

In 2021, 2020 and 2019, foreign revenues were primarily from work done in the Middle East. The majority of the Company’s long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company’s foreign projects. As of December 31, 2021, long-lived assets located outside of the U.S had no net book value compared to $5,225 at December 31, 2020. Currently our assets outside of the U.S. do not include dredges. Revenue from foreign projects has been concentrated in the Middle East which comprised less than 10% in 2021, 2020 and 2019. At December 31, 2021 and 2020, approximately 9% and 12%, respectively, of total accounts receivable, including retainage and contract revenues in excess of billings, were due on contracts in the Middle East.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Retirement Plans

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

11. RETIREMENT PLANS

The Company sponsors two 401(k) savings plans, one covering substantially all non-union salaried employees (“Salaried Plan”), a second covering its hourly employees (“Hourly Plan”). Under the Salaried Plan and the Hourly Plan, individual employees may contribute a percentage of compensation and the Company will match a portion of the employees’ contributions. The Salaried Plan also includes a discretionary profit-sharing component, permitting the Company to make discretionary employer contributions to all eligible employees of these plans. Additionally, the Company sponsors a Supplemental Savings Plan in which the Company makes contributions for certain key executives. The Company’s expense for matching, discretionary and Supplemental Savings Plan contributions for 2021, 2020 and 2019, was $4,659, $5,557 and $5,168, respectively.

The Company also contributes to various multiemployer pension plans pursuant to collective bargaining agreements. In 2021, 2020 and 2019, the Company contributed $4,632, $4,929 and $4,517 respectively to all of the multiemployer plans that provide pension benefits in its continuing operations. The information available to the Company about the multiemployer plans in which it participates, whether via request to the plan or publicly available, is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act (“MPPAA”). Based upon these plans’ most recently available annual reports, the Company’s contributions to these plans were less than 5% of each plan’s total contributions.

The Company does not expect any future increased contributions to have a material negative impact on its financial position, results of operations or cash flows for future years. The risks of participating in multiemployer plans are different from single employer plans as assets contributed are available to provide benefits to employees of other employers and unfunded obligations from an employer that discontinues contributions are the responsibility of all remaining employers. In addition, in the event of a plan’s termination or the Company’s withdrawal from a plan, the Company may be liable for a portion of the plan’s unfunded vested benefits. However, information from the plans’ administrators is not available to permit the Company to determine its share, if any, of unfunded vested benefits.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. COMMITMENTS AND CONTINGENCIES

Commercial commitments

Performance and bid bonds are customarily required for dredging and marine construction projects. The Company has bonding agreements with Argonaut Insurance Company, Berkley Insurance Company, Chubb Surety and Liberty Mutual Insurance Company under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty and Surety Company of America and Zurich American Insurance Company (“Zurich”). Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At December 31, 2021, the Company had outstanding performance bonds with a notional amount of approximately $1,164,822. The revenue value remaining in backlog related to the projects of continuing operations totaled approximately $551,588.

Certain foreign projects performed by the Company have warranty periods, typically spanning no more than one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications.

Legal proceedings and other contingencies

As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company.

Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. The Company will defend itself vigorously on all matters. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition.

On April 23, 2014, the Company completed the sale of NASDI, LLC (“NASDI”) and Yankee Environmental Services, LLC (“Yankee”), which together comprised the Company’s historical demolition business, to a privately-owned demolition company. On January 14, 2015, the Company and its subsidiary, NASDI Holdings, LLC, brought an action in the Delaware Court of Chancery to enforce the terms of the Company's agreement to sell NASDI and Yankee. Under the terms of the agreement, the Company received cash of $5,309 and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close. The Company seeks specific performance of the buyer’s obligation to collect and to remit the additional proceeds, and other related relief. Defendants have filed counterclaims alleging that the Company misrepresented the quality of its contracts and receivables prior to the sale. The Company denies defendants’ allegations. In addition, the Company has been granted a judgment in the amount of $21,934 based upon the buyer’s default of its obligations to indemnify the Company for losses resulting from failure to perform in accordance with terms of surety performance bond. The defendants filed a notice of appeal from that judgement. The Company continues to aggressively pursue collection from the buyer on outstanding amounts owed under the sale and the indemnification. An estimate of a range of potential gains or losses relating to these matters cannot reasonably be made.

On April 22, 2021, the U.S. Attorney’s Office for the Eastern District of Louisiana filed a bill of information against the Company charging the Company with a negligent discharge violation of the Clean Water Act arising from a September 2016 oil spill. The spill occurred during the Company’s Cheniere Ronquille project and resulted in the discharge of around one hundred sixty barrels of crude oil in Bay Long, Louisiana. The Company has cooperated with the U.S. Attorney’s Office and other relevant agencies in their investigation of the oil spill and on June 15, 2021, the Company pleaded guilty to the misdemeanor violation alleged in the bill of information and agreed to pay a fine of $1,000. In the first quarter of 2022, the Company entered into a settlement of a civil suit arising from the same matter. The Company remains subject to potential liability for restitution in connection with this criminal matter, and has deposited the potential liability for the criminal matter of $2,000 into the registry of the court. That amount is presented as restricted cash in other noncurrent assets. As a result of the pending conviction, the government will likely initiate statutory debarment proceedings against the Company, which might prohibit the Company from bidding for, entering into or completing certain government projects. Although the Company does not know whether debarment proceedings will result in prohibitions, or the impact of any such resulting prohibitions, the Company does not expect any such proceedings or prohibitions to cause a material disruption to its business, financial condition or results of operations.

On September 27, 2019, the EPA Region 4 filed an administrative complaint against the Company relating to a project the Company performed at PortMiami from 2013-2015 alleging violations of Section 103 of the Marine Protection, Research, and Sanctuaries Act (“MPRSA”) and failure to report violations of the MPRSA. In July 2021, the parties executed a consent agreement and the Company paid $500 as a civil penalty in August 2021.

Business Dispositions

12 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Business Dispositions

13. BUSINESS DISPOSITIONS

Discontinued operations

During the second quarter of 2019, the Company completed the sale of the historical environmental & infrastructure business. Under the terms of the agreement, the Company received cash of $17,500 in the second quarter of 2019 and received an additional $857 in the third quarter of 2019.

The results of the business have been reported in discontinued operations as follows:

		2019
Revenue	$	25,040
Loss before income taxes from discontinued operations	$	(8,253	)
Loss on disposal of assets held for sale		(2,632	)
Income tax benefit		4,556
Loss from discontinued operations, net of income taxes	$	(6,329	)

Schedule II-Valuation and Qualify Accounts

12 Months Ended

Dec. 31, 2021

Valuation And Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

Great Lakes Dredge & Dock Corporation
Schedule II—Valuation and Qualifying Accounts
For the Years Ended December 31, 2021, 2020 and 2019
(In thousands)

	Beginning Balance		Additions		Deductions			Ending balance
Description
Year ended December 31, 2019
Allowances deducted from assets to which they apply:
Allowances for doubtful accounts	$	200	$	364	$	—		$	564
Valuation allowance for deferred tax assets		4,786		—		(1,291	)		3,495
Total	$	4,986	$	364	$	(1,291	)	$	4,059

Year ended December 31, 2020
Allowances deducted from assets to which they apply:
Allowances for doubtful accounts	$	564	$	—	$	—		$	564
Valuation allowance for deferred tax assets		3,495		—		(1,022	)		2,473
Total	$	4,059	$	—	$	(1,022	)	$	3,037

Year ended December 31, 2021
Allowances deducted from assets to which they apply:
Allowances for doubtful accounts	$	564	$	—	$	—		$	564
Valuation allowance for deferred tax assets		2,473		14		—			2,487
Total	$	3,037	$	14	$	—		$	3,051

Nature of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Principles of Consolidation and Basis of Presentation

Use of Estimates

Revenue and Cost Recognition on Contracts

Classification of Current Assets and Liabilities

Cash Equivalents

Cash Equivalents—The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents.

Accounts Receivable

Inventories

Property, Plant and Equipment

Class		Useful Life (years)
Buildings and improvements		10
Furniture and fixtures		5-10
Vehicles, dozers, and other light operating equipment and systems		3-5
Heavy operating equipment (dredges and barges)		10-30

Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases.

Goodwill

Long-Lived Assets

Self-insurance Reserves

Income Taxes

Hedging Instruments

Recent Accounting Pronouncements

Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Estimated Useful Lives By Class Of Assets

The estimated useful lives by class of assets are:

Class		Useful Life (years)
Buildings and improvements		10
Furniture and fixtures		5-10
Vehicles, dozers, and other light operating equipment and systems		3-5
Heavy operating equipment (dredges and barges)		10-30

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Computations for Basic and Diluted Earnings Per Share

The computations for basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 are as follows:

(shares in thousands)
		2021		2020		2019
Income from continuing operations	$	49,432	$	66,103	$	55,668
Loss on discontinued operations, net of income taxes		—		—		(6,329	)
Net income	$	49,432	$	66,103	$	49,339

Weighted-average common shares outstanding — basic		65,587		64,743		63,597
Effect of stock options and restricted stock units		714		1,129		1,445

Weighted-average common shares outstanding — diluted		66,301		65,872		65,042

Earnings per share from continuing operations — basic	$	0.75	$	1.02	$	0.88
Earnings per share from continuing operations — diluted	$	0.75	$	1.00	$	0.86

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property Plant and Equipment

Property and equipment at December 31, 2021 and 2020 are as follows:

		2021			2020
Land	$	9,992		$	9,992
Buildings and improvements		1,315			1,315
Furniture and fixtures		18,568			17,251
Operating equipment		869,953			762,350

Total property and equipment		899,828			790,908

Accumulated depreciation		(444,726	)		(407,866	)

Property and equipment — net	$	455,102		$	383,042

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Lease Costs


		2021		2020		2019
Operating lease costs	$	24,427	$	24,602	$	27,259
Short-term lease costs		95,957		87,534		70,382
Total lease cost	$	120,384	$	112,136	$	97,641

Schedule of Maturity Analysis of Operating Lease Liabilities

As recorded on the balance sheet, the Company’s maturity analysis of its operating lease liabilities as of December 31, 2021 is as follows:


	2022	$	18,982
	2023		17,090
	2024		14,320
	2025		7,984
	2026		4,664
Thereafter			6,181
Minimum lease payments			69,221
Imputed interest			6,506
Present value of minimum operating lease payments		$	62,715

Schedule of Additional Information Related to Leases

Additional information related to the Company’s leases as of December 31, 2021 and 2020, respectively, is as follows:

		2021			2020			2019
Weighted average remaining lease term	4.4 years			4.1 years			4.2 years
Weighted average discount rate		5.1	%		6.2	%		6.7	%

Supplemental Information Related to Leases

Supplemental information related to leases during the year ended December 31, 2021 and 2020, respectively, is as follows:


		2021			2020			2019
Operating cash flows from operating leases	$	(22,591	)	$	(25,064	)	$	(27,235	)
Operating lease liabilities arising from obtaining new operating lease assets	$	24,191		$	22,746		$	13,149

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

Accrued expenses at December 31, 2021 and 2020 were as follows:

		2021		2020
Payroll and employee benefits	$	13,533	$	21,675
Insurance		12,821		14,754
Other		6,427		8,530
Income and other taxes		2,941		2,164
Interest		1,460		3,285
Contract reserves		444		2,491
Total accrued expenses	$	37,626	$	52,899

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2021 and 2020 were as follows:

	2021		2020
Revolving credit facility	$	—	$	—
2029 Notes		320,971		—
8% Notes		—		323,735
Total	$	320,971	$	323,735

Maturities of Long-Term Debt

The scheduled principal payments through the maturity date of the Company’s long-term debt at December 31, 2021, are as follows:

Years Ending December 31,
2022	$	—
2023		—
2024		—
2025		—
2026		—
Thereafter		325,000
Total	$	325,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date

The fair values of these financial instruments are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	At December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fuel hedge contracts	$	630	$	—	$	630	$	—

			Fair Value Measurements at Reporting Date Using
Description	At December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fuel hedge contracts	$	1,739	$	—	$	1,739	$	—

Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location

The fair value of the fuel hedge contracts outstanding as of December 31, 2021 and 2020 is as follows:

	Balance Sheet Location	Fair Value at December 31,
		2021		2020
Asset derivatives:
Derivatives designated as hedging instruments
Fuel hedge contracts	Other current assets	$	630	$	1,739

Changes in Components of Accumulated Other Comprehensive Income (Loss)

Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows:

		2021			2020			2019
Cumulative translation adjustments—net of tax	$	—		$	—		$	—
Derivatives:
Reclassification of derivative (gains) losses to earnings—net of tax		(6,481	)		5,825			1,458
Change in fair value of derivatives—net of tax		5,653			(5,152	)		2,646
Net unrealized (gain) loss on derivatives—net of tax		(828	)		673			4,104
Total other comprehensive income (loss)	$	(828	)	$	673		$	4,104

Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings

Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows:

	Statement of Operations Location		2021			2020		2019
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	(8,670	)	$	7,703	$	1,975
	Income tax (provision) benefit		(2,189	)		1,878		517
		$	(6,481	)	$	5,825	$	1,458

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income tax Provision (Benefit) from Continuing and Discontinuing Operations

	2021		2020		2019
Income tax provision from continuing operations	$	13,391	$	20,187	$	15,253
Income tax benefit from discontinued operations		—		—		(4,556	)
Income tax provision	$	13,391	$	20,187	$	10,697

Income (Loss) from Continuing Operations before Income Tax from Domestic and Foreign Operations

	2021			2020			2019
Domestic operations	$	65,708			94,826		$	89,344
Foreign operations		(2,885	)		(8,536	)		(18,423	)
Total income from continuing operations before income tax	$	62,823		$	86,290		$	70,921

Provision For Income Taxes

	2021		2020			2019
Federal:
Current	$	—	$	—		$	—
Deferred		11,020		17,464			14,052
State:
Current		1,080		128			212
Deferred		1,291		3,023			989
Foreign:
Current		—		(428	)		—
Deferred		—		—			—
Total	$	13,391	$	20,187		$	15,253

Income Tax Provision Reconciliation

	2021			2020			2019
Tax provision at statutory U.S. federal income tax rate	$	13,193		$	18,121		$	14,893
State income tax — net of federal income tax benefit		2,144			3,124			3,049
Adjustment to deferred tax depreciation		(1,414	)		—			—
Change in deferred state tax rate		—			—			(1,835	)
Stock based compensation		(1,318	)		(1,212	)		(1,266	)
Nondeductible officer compensation		1,195			1,212			1,021
Research and development tax credits		(642	)		(674	)		(452	)
Changes in unrecognized tax benefits		—			—			(56	)
Changes in valuation allowance		—			—			(3	)
Other		233			(384	)		(98	)
Income tax provision	$	13,391		$	20,187		$	15,253

Reconciliation of Unrecognized Tax Benefits

	2021		2020		2019
Unrecognized tax benefits — January 1	$	—	$	—	$	157
Gross increases — tax positions in prior period		—		—		—
Gross increases — current period tax positions		—		—		—
Gross decreases — expirations		—		—		—
Gross decreases — tax positions in prior period		—		—		(157	)
Unrecognized tax benefits — December 31,	$	—	$	—	$	—

Deferred Tax Assets (Liabilities)

	2021			2020
Deferred tax assets:
Operating lease assets	$	15,835		$	16,501
Accrued liabilities		7,130			8,212
Federal NOLs		11,666			19,389
Foreign NOLs		864			845
State NOLs		6,682			7,256
Tax credit carryforwards		3,892			3,250
Valuation allowance		(2,487	)		(2,473	)
Total deferred tax assets		43,582			52,980

Deferred tax liabilities:
Depreciation and amortization		(96,207	)		(92,547	)
Operating lease liabilities		(15,713	)		(16,460	)
Other liabilities		(159	)		(439	)
Total deferred tax liabilities		(112,079	)		(109,446	)
Net noncurrent deferred tax liabilities	$	(68,497	)	$	(56,466	)

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of stock option activity under the Incentive Plan as of December 31, 2021, and changes during the year ended December 31, 2021, is presented below:

Options	Shares			Weighted Average Exercise Price		Weighted-Average Remaining Contract Term (yrs)		Aggregate Intrinsic Value ($000's)
Outstanding as of January 1, 2021		278		$	7.02
Granted		—			—
Exercised		(173	)		6.73
Forfeited or Expired		—			—
Outstanding as of December 31, 2021		105		$	7.50		1.9	$	860

Vested at December 31, 2021		105		$	7.50		1.9	$	860

Summary of Non-Vested Restricted Stock Units

A summary of the status of the Company’s non-vested RSUs as of December 31, 2021, and changes during the year ended December 31, 2021, is presented below:

Nonvested Restricted Stock Units	Shares			Weighted-Average Grant-Date Fair Value
Outstanding as of January 1, 2021		1,407		$	8.00
Granted		327			14.66
Vested		(653	)		7.00
Forfeited		(34	)		7.69
Outstanding as of December 31, 2021		1,047		$	10.57

Expected to vest at December 31, 2021		846		$	10.55

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Type of Work and Customer, Contract Revenues

The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2021, 2020 and 2019:

Revenues	2021		2020		2019
Capital—U.S.	$	397,034	$	336,163	$	299,706
Capital—foreign		6,596		25,892		48,619
Coastal protection		169,678		201,361		182,369
Maintenance		132,551		148,767		104,753
Rivers & lakes		20,290		21,418		76,071
Total revenues	$	726,149	$	733,601	$	711,518

The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2021, 2020 and 2019:

Revenues	2021		2020		2019
Federal government	$	568,980	$	582,949	$	581,157
State and local government		118,712		85,737		71,398
Private		31,861		39,023		10,344
Foreign		6,596		25,892		48,619
Total revenues	$	726,149	$	733,601	$	711,518

Schedule of Accounts Receivable

Accounts receivable at December 31, 2021 and December 31, 2020 are as follows:

		2021			2020
Completed contracts	$	10,612		$	12,347
Contracts in progress		65,415			21,239
Retainage		7,490			5,968
		83,517			39,554
Allowance for doubtful accounts		(564	)		(564	)

Total accounts receivable—net	$	82,953		$	38,990

Components of Contracts in Progress

The components of contracts in progress at December 31, 2021 and December 31, 2020 are as follows:

		2021			2020
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	270,998		$	199,964
Amounts billed		(240,941	)		(168,569	)
Costs and earnings in excess of billings for contracts in progress		30,057			31,395
Costs and earnings in excess of billings for completed contracts		10,894			2,823
Total contract revenues in excess of billings	$	40,951		$	34,218

Current portion of contract revenues in excess of billings	$	39,844		$	32,106
Long-term contract revenues in excess of billings		1,107			2,112
Total contract revenues in excess of billings	$	40,951		$	34,218

Billings in excess of costs and earnings:
Amounts billed	$	(224,381	)	$	(550,468	)
Costs and earnings for contracts in progress		209,567			517,860

Total billings in excess of contract revenues	$	(14,814	)	$	(32,608	)

Summary of Revenues and Gross Profit from Foreign Project Operations

The Company derived revenues and gross profit (loss) from foreign project operations for the years ended December 31, 2021, 2020, and 2019, as follows:

	2021			2020			2019
Contract revenues	$	6,596		$	25,892		$	48,619
Costs of contract revenues		(9,281	)		(34,529	)		(66,347	)
Gross profit (loss)	$	(2,685	)	$	(8,637	)	$	(17,728	)

Business Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Discontinued Operations

The results of the business have been reported in discontinued operations as follows:

		2019
Revenue	$	25,040
Loss before income taxes from discontinued operations	$	(8,253	)
Loss on disposal of assets held for sale		(2,632	)
Income tax benefit		4,556
Loss from discontinued operations, net of income taxes	$	(6,329	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Nature of Business and Summary of Significant Accounting Policies (Estimated Useful Lives By Class of Assets) (Details)	12 Months Ended
	Dec. 31, 2021
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Heavy Operating Equipment (Dredges And Barges) [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Heavy Operating Equipment (Dredges And Barges) [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	30 years

Nature of Business and Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021 segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of operating Segments	1
Number of reportable segments	1
Number of reportable segment with goodwill	1

Earnings Per Share - (Computations for Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Income from continuing operations	$ 49,432	$ 66,103	$ 55,668
Loss on discontinued operations, net of income taxes			(6,329)
NET INCOME	$ 49,432	$ 66,103	$ 49,339
Weighted-average common shares outstanding — basic	65,587	64,743	63,597
Effect of stock options and restricted stock units	714	1,129	1,445
Weighted-average common shares outstanding — diluted	66,301	65,872	65,042
Earnings per share from continuing operations — basic	$ 0.75	$ 1.02	$ 0.88
Earnings per share from continuing operations — diluted	$ 0.75	$ 1.00	$ 0.86

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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-URI http://asc.fasb.org/extlink&oid=109227538&loc=d3e44648-109337

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings Per Share - (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Non-qualified stock options and restricted stock units	1	1	16

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 899,828	$ 790,908
Accumulated depreciation	(444,726)	(407,866)
Property and equipment — net	455,102	383,042
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	9,992	9,992
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,315	1,315
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	18,568	17,251
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 869,953	$ 762,350

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 43,016	$ 38,183	$ 37,145
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Operating equipment excluded from property and equipment held for sale		$ 2,900

Leases - (Schedule of Lease Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 24,427	$ 24,602	$ 27,259
Short-term lease costs	95,957	87,534	70,382
Total lease cost	$ 120,384	$ 112,136	$ 97,641

Leases - (Schedule of Maturity Analysis of Operating Lease Liabilities) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract]
2022	$ 18,982
2023	17,090
2024	14,320
2025	7,984
2026	4,664
Thereafter	6,181
Minimum lease payments	69,221
Imputed interest	6,506
Present value of minimum operating lease payments	$ 62,715

Leases - (Schedule of Additional Information Related to Leases) (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease Cost [Abstract]
Weighted average remaining lease term	4 years 4 months 24 days	4 years 1 month 6 days	4 years 2 months 12 days
Weighted average discount rate	5.10%	6.20%	6.70%

Leases - (Supplemental Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ (22,591)	$ (25,064)	$ (27,235)
Operating lease liabilities arising from obtaining new operating lease assets	$ 24,191	$ 22,746	$ 13,149

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Payroll and employee benefits	$ 13,533	$ 21,675
Insurance	12,821	14,754
Other	6,427	8,530
Income and other taxes	2,941	2,164
Interest	1,460	3,285
Contract reserves	444	2,491
Total accrued expenses	$ 37,626	$ 52,899

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long term debt	$ 320,971	$ 323,735
2029 Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 320,971
8.000% Senior Notes Due in 2022 [Member]
Debt Instrument [Line Items]
Senior Notes		$ 323,735

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt (Schedule of Long-Term Debt) (Parenthetical) (Details)	Dec. 31, 2021	May 31, 2021	Dec. 31, 2020
8.000% Senior Notes Due in 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.00%	8.00%	8.00%

Long-Term Debt (Narrative) (Details) - USD ($)		1 Months Ended	12 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	May 03, 2019	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Revolving credit facility			$ 0	$ 0
Letters of credit outstanding			25,127,000	36,407,000
Letter of credit remaining borrowing capacity			174,546,000	163,231,000
Availability under credit agreement suppressed			327,000	362,000
Debt instrument, face amount		$ 325,000,000
Maturity date		Jun. 01, 2029
Amortization of deferred financing fees			$ 1,382,000	$ 1,611,000	$ 2,231,000
2029 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 325,000,000
Debt instrument, interest rate, stated percentage		5.25%
Maturity date		Jun. 01, 2029
8.000% Senior Notes Due in 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 325,000,000
Debt instrument, interest rate, stated percentage		8.00%	8.00%	8.00%
Deferred financing fees		$ 1,000,000
Owned Domestic Subsidiaries Percent		100.00%
Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.10%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date			May 03, 2024
Line of credit facility, maximum borrowing capacity	$ 200,000,000
Line of credit facility optional increase capacity	$ 100,000,000
Revolving Credit Facility [Member] \| Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Interest margin applicable	0.50%
Revolving Credit Facility [Member] \| Daily LIBOR Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Revolving Credit Facility [Member] \| LIBOR Rate [Member]
Debt Instrument [Line Items]
Interest margin applicable	1.50%
Revolving Credit Facility [Member] \| Minimum [Member] \| Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Revolving Credit Facility [Member] \| Minimum [Member] \| LIBOR Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Revolving Credit Facility [Member] \| Maximum [Member] \| Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| LIBOR Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%

Long-Term Debt (Maturities of Long-Term Debt) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
Thereafter	$ 325,000
Total	$ 325,000

Fair Value Measurements (Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date) (Details) - Fuel Hedge Contracts [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)	$ 630	$ 1,739
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)	$ 630	$ 1,739

Fair Value Measurements (Narrative) (Details) gal in Millions	1 Months Ended	12 Months Ended
	May 31, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / gal gal	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Derivatives Fair Value [Line Items]
Derivative underlying hedge percent		80.00%
Derivative, Nonmonetary Notional Amount, Volume \| gal		10.2
Fair value hedge assets		$ 630,000	$ 1,739,000
Reclassification of derivative (gains) losses to earnings net of tax		6,481,000	$ (5,825,000)	$ (1,458,000)
Debt instrument, face amount	$ 325,000,000
Maturity date	Jun. 01, 2029
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Fair value of debt		$ 334,750,000
Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal		1.25
Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal		2.46
Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Derivative underlying hedge percent		80.00%

Fair Value Measurements (Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Asset derivatives	$ 630	$ 1,739
Other Current Assets [Member] \| Derivatives Designated as Hedging Instruments [Member] \| Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Asset derivatives	$ 630	$ 1,739

Fair Value Measurements (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Reclassification of derivative (gains) losses to earnings—net of tax

$ (6,481)

$ 5,825

$ 1,458

Change in fair value of derivatives—net of tax

5,653

(5,152)

2,646

Net unrealized (gain) loss on derivatives—net of tax

^[1]

(828)

673

4,104

Total other comprehensive income (loss)

$ (828)

$ 673

$ 4,104

[1]	Net of income tax (provision) benefit of $280, $217 and $(421) for the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments Gain Loss [Line Items]
Other expense	$ 994	$ 1,110	$ 317
Costs of contract revenues	580,879	562,373	557,761
Income tax benefit	(13,391)	(20,187)	(15,253)
Net income (loss)	(49,432)	(66,103)	(49,339)
Fuel Hedge Contracts [Member] \| Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] \| Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Costs of contract revenues	(8,670)	7,703	1,975
Income tax benefit	(2,189)	1,878	517
Net income (loss)	$ (6,481)	$ 5,825	$ 1,458

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes (Income Tax Provision (Benefit) from Continuing and Discontinuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax provision from continuing operations	$ 13,391	$ 20,187	$ 15,253
Income tax benefit from discontinued operations			(4,556)
Income tax provision	$ 13,391	$ 20,187	$ 10,697

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Income (Loss) from Continuing Operations before Income Tax from Domestic and Foreign Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic operations	$ 65,708	$ 94,826	$ 89,344
Foreign operations	(2,885)	(8,536)	(18,423)
Total income from continuing operations before income tax	$ 62,823	$ 86,290	$ 70,921

Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred federal tax expense (benefit)	$ 11,020	$ 17,464	$ 14,052
Current state tax expense (benefit)	1,080	128	212
Deferred state tax expense (benefit)	1,291	3,023	989
Current foreign tax expense (benefit)		(428)
Income tax provision (benefit)	$ 13,391	$ 20,187	$ 15,253

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Interest and penalties recorded	$ 0	$ 0	$ 0
Deferred tax assets valuation allowance	2,487,000	2,473,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Loss carryforwards for federal income tax purposes	$ 55,554,000	92,328,000
Operating loss carryforwards expiration year	2037
Deferred tax assets valuation allowance	$ 0	0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Loss carryforwards for federal income tax purposes	157,245,000	170,738,000
Valuation allowance for net operating loss carryforwards	$ 1,623,000	1,628,000
State and Local Jurisdiction [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2023
State and Local Jurisdiction [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2039
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Loss carryforwards for federal income tax purposes	$ 2,469,000	2,414,000
Valuation allowance for net operating loss carryforwards	$ 864,000	$ 845,000
Foreign Tax Authority [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2022
Foreign Tax Authority [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2028

Income Taxes (Income Tax Provision Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax provision at statutory U.S. federal income tax rate	$ 13,193	$ 18,121	$ 14,893
State income tax — net of federal income tax benefit	2,144	3,124	3,049
Adjustment to deferred tax depreciation	(1,414)
Change in deferred state tax rate			(1,835)
Stock based compensation	(1,318)	(1,212)	(1,266)
Nondeductible officer compensation	1,195	1,212	1,021
Research and development tax credits	(642)	(674)	(452)
Changes in unrecognized tax benefits			(56)
Changes in valuation allowance			(3)
Other	233	(384)	(98)
Income tax provision (benefit)	$ 13,391	$ 20,187	$ 15,253

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits — January 1			$ 157
Gross increases — tax positions in prior period
Gross decreases — tax positions in prior period			$ (157)

Income Taxes (Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Operating lease assets	$ 15,835	$ 16,501
Accrued liabilities	7,130	8,212
Federal NOLs	11,666	19,389
Foreign NOLs	864	845
State NOLs	6,682	7,256
Tax credit carryforwards	3,892	3,250
Valuation allowance	(2,487)	(2,473)
Total deferred tax assets	43,582	52,980
Depreciation and amortization	(96,207)	(92,547)
Operating lease liabilities	15,713	16,460
Other liabilities	(159)	(439)
Total deferred tax liabilities	(112,079)	(109,446)
Net noncurrent deferred tax liabilities	$ (68,497)	$ (56,466)

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 11, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 5,188	$ 6,754	$ 6,908
Total unrecognized compensation cost related to non-vested RSUs		3,959
Amount related to shares used for tax withholding obligations		$ 4,250	$ 4,748
Annual retainer per non-employee director, percentage paid in cash		50.00%
Annual retainer per non-employee director, percentage paid in common stock		50.00%
Shares of common stock received by employee directors		50,000	79,000	78,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights		RSUs primarily vest in equal portions over the three year vesting period.
Vesting period		3 years
Total unrecognized compensation cost, weighted-average period of recognition		1 year 9 months 18 days
Non Qualified Stock Options (NQSO) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights		The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date
Exercise period		10 years
Awards granted in period		0	0	0
Aggregate intrinsic value of stock options exercised		$ 1,351	$ 779	$ 2,534
Employees and Directors [Member] \| 2017 Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	3,300,000				1,500,000
Employees and Directors [Member] \| 2007 Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Underlying equity awards issued	1,700,000
Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer per non-employee director		155
Chairman of the Board [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional annual retainer paid to non-employee director		$ 100
Additional percentage of annual retainer paid to non-employee director in common stock		100.00%

Share-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding as of January 1, 2021 \| shares	278
Exercised \| shares	(173)
Outstanding as of December 31, 2021 \| shares	105
Vested at December 31, 2021 \| shares	105
Weighted average exercise price outstanding as of January 1, 2020 \| $ / shares	$ 7.02
Weighted average exercise price, exercised \| $ / shares	6.73
Weighted average exercise price outstanding as of December 31, 2020 \| $ / shares	7.50
Weighted average exercise price, vested at December 31, 2020 \| $ / shares	$ 7.50
Weighted average remaining contractual term, outstanding at December 31, 2020	1 year 10 months 24 days
Weighted average remaining contractual term, vested as of December 31, 2020	1 year 10 months 24 days
Aggregate intrinsic value, outstanding as of December 31, 2020 \| $	$ 860
Aggregate intrinsic value, vested at December 31, 2020 \| $	$ 860

Share-Based Compensation (Summary of Non-Vested Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding as of January 1, 2021 \| shares	1,407
Options granted \| shares	327
Options vested \| shares	(653)
Options forfeited \| shares	(34)
Options outstanding as of December 31, 2021 \| shares	1,047
Options expected to vest at December 31, 2021 \| shares	846
Weighted-average grant-date fair value as of January 1, 2020 \| $ / shares	$ 8.00
Weighted-average grant-date fair value, granted \| $ / shares	14.66
Weighted-average grant-date fair value, vested \| $ / shares	7.00
Weighted-average grant-date fair value, forfeited \| $ / shares	7.69
Weighted-average grant-date fair value as of December 31, 2020 \| $ / shares	10.57
Weighted-average grant-date fair value, expected to vest at December 31, 2020 \| $ / shares	$ 10.55

Revenue (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Line Items]
Revenue, remaining performance obligation	$ 551,588
Percentage of performance obligation to be recognized as revenue	88.00%
Performance obligation, expected to be recognized as revenue year	2022
Remaining performance obligation, expected timing of satisfaction, year	2023
Amortization on pre-contract and pre-construction costs	$ 17,839	$ 15,541
Contract revenues	726,149	733,601	$ 711,518
Long-lived assets, net book value	0	5,225
Dredging [Member] \| Use of Equipment [Member] \| Federal Government [Member]
Revenue From Contract With Customer [Line Items]
Contract revenues	$ 716	$ 616
Dredging [Member] \| Sales [Member] \| Geographic Concentration Risk [Member] \| Middle East [Member] \| Maximum [Member]
Revenue From Contract With Customer [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Dredging [Member] \| Sales [Member] \| Federal Government Agencies [Member] \| Customer Concentration Risk [Member]
Revenue From Contract With Customer [Line Items]
Concentration risk percentage	78.40%	79.50%	81.70%
Dredging [Member] \| Accounts Receivable [Member] \| Geographic Concentration Risk [Member] \| Middle East [Member]
Revenue From Contract With Customer [Line Items]
Concentration risk percentage	9.00%	12.00%
Dredging [Member] \| Accounts Receivable [Member] \| Federal Government Agencies [Member] \| Customer Concentration Risk [Member]
Revenue From Contract With Customer [Line Items]
Concentration risk percentage	68.50%	42.60%
Other Current and Noncurrent Assets [Member]
Revenue From Contract With Customer [Line Items]
Costs to fulfill contracts with customers recognized as an asset	$ 5,652	$ 10,501

Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenues	$ 726,149	$ 733,601	$ 711,518
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenues	726,149	733,601	711,518
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Capital-U.S. [Member]
Disaggregation Of Revenue [Line Items]
Revenues	397,034	336,163	299,706
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Capital-Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenues	6,596	25,892	48,619
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Coastal Protection [Member]
Disaggregation Of Revenue [Line Items]
Revenues	169,678	201,361	182,369
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Maintenance [Member]
Disaggregation Of Revenue [Line Items]
Revenues	132,551	148,767	104,753
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Rivers & Lakes [Member]
Disaggregation Of Revenue [Line Items]
Revenues	$ 20,290	$ 21,418	$ 76,071

Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenues	$ 726,149	$ 733,601	$ 711,518
Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenues	6,596	25,892	48,619
Type of Customer [Member] \| Operating Segment [Member]
Disaggregation Of Revenue [Line Items]
Revenues	726,149	733,601	711,518
Type of Customer [Member] \| Operating Segment [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Revenues	568,980	582,949	581,157
Type of Customer [Member] \| Operating Segment [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Revenues	118,712	85,737	71,398
Type of Customer [Member] \| Operating Segment [Member] \| Private [Member]
Disaggregation Of Revenue [Line Items]
Revenues	31,861	39,023	10,344
Type of Customer [Member] \| Operating Segment [Member] \| Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenues	$ 6,596	$ 25,892	$ 48,619

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Completed contracts	$ 10,612	$ 12,347
Contracts in progress	65,415	21,239
Retainage	7,490	5,968
Accounts receivable, gross	83,517	39,554
Allowance for doubtful accounts	(564)	(564)
Total accounts receivable—net	$ 82,953	$ 38,990

Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings in excess of billings for contracts in progress	$ 30,057	$ 31,395
Costs and earnings in excess of billings for completed contracts	10,894	2,823
Total contract revenues in excess of billings	40,951	34,218
Current portion of contract revenues in excess of billings	39,844	32,106
Long-term contract revenues in excess of billings	1,107	2,112
Total billings in excess of contract revenues	(14,814)	(32,608)
Costs And Earnings In Excess Of Billings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	270,998	199,964
Amounts billed	(240,941)	(168,569)
Billings In Excess Of Costs And Earnings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	209,567	517,860
Amounts billed	$ (224,381)	$ (550,468)

Revenue (Summary of Gross Profit from Foreign Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
CONTRACT REVENUES	$ 726,149	$ 733,601	$ 711,518
Costs of contract revenues	(580,879)	(562,373)	(557,761)
GROSS PROFIT	145,270	171,228	153,757
Foreign [Member]
Disaggregation Of Revenue [Line Items]
CONTRACT REVENUES	6,596	25,892	48,619
Costs of contract revenues	(9,281)	(34,529)	(66,347)
GROSS PROFIT	$ (2,685)	$ (8,637)	$ (17,728)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Retirement Plans (Narrative) (Details) $ in Thousands	12 Months Ended
Retirement Plans (Narrative) (Details) $ in Thousands	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Number of sponsored 401(k) plans \| item	2
Expense for matching and discretionary contributions	$ 4,659	$ 5,557	$ 5,168
Contributes to various multiemployer pension plans	$ 4,632	$ 4,929	$ 4,517
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Multiemployer plans collective-bargaining arrangement percentage of contributions	5.00%

Commitments and Contingencies (Narrative) (Details)					1 Months Ended	12 Months Ended
Commitments and Contingencies (Narrative) (Details)	Jun. 15, 2021 USD ($)	Apr. 22, 2021 USD ($) bbl	Jan. 14, 2015 USD ($)	Apr. 23, 2014 USD ($)	Jul. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Commitments And Contingencies [Line Items]
Outstanding performance bonds						$ 1,164,822,000
Revenue value remaining from outstanding performance bonds						551,588,000
Proceeds from Legal Settlements			$ 5,309,000
Fine for violation	$ 1,000,000
Potential liability for criminal matters		$ 2,000,000
Civil penalty					$ 500,000
Crude Oil [Member]
Commitments And Contingencies [Line Items]
Quantity of oil spill \| bbl		160
Indemnification Commitment [Member]
Commitments And Contingencies [Line Items]
Aggregate demolition surety performance bond				$ 21,934,000
Minimum [Member]
Commitments And Contingencies [Line Items]
Bids bond range						$ 1,000,000
Warranty periods						1 year
Maximum [Member]
Commitments And Contingencies [Line Items]
Bids bond range						$ 10,000,000
Warranty periods						3 years

Business Dispositions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Proceeds from sale of historical environmental and infrastructure business	$ 857	$ 17,500

Business Dispositions - (Schedule of Discontinued Operations) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Discontinued Operation Income Loss From Discontinued Operation Disclosures [Abstract]
Revenue	$ 25,040
Loss before income taxes from discontinued operations	(8,253)
Loss on disposal of assets held for sale	(2,632)
Income tax benefit	4,556
Loss from discontinued operations, net of income taxes	$ (6,329)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	$ 3,037	$ 4,059	$ 4,986
Additions	14		364
Deductions		(1,022)	(1,291)
Ending Balance	3,051	3,037	4,059
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	564	564	200
Additions			364
Ending Balance	564	564	564
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	2,473	3,495	4,786
Additions	14
Deductions		(1,022)	(1,291)
Ending Balance	$ 2,487	$ 2,473	$ 3,495