0000950170-23-003211 | 10-K | XBRL Viewer | Great Lakes Dredge Dock Corp

Income Taxes

12 Months Ended

Dec. 31, 2022

8. INCOME TAXES

The Company’s income tax provision (benefit) for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022			2021		2020
Income tax provision (benefit)	$	(9,360	)	$	13,391	$	20,187

The Company’s income (loss) before income tax from domestic and foreign operations for the years ended December 31, 2022, 2021 and 2020 is as follows:


	2022			2021			2020
Domestic operations	$	(43,179	)		65,708		$	94,826
Foreign operations		(236	)		(2,885	)		(8,536	)
Total income (loss) before income	$	(43,415	)	$	62,823		$	86,290

The provision (benefit) for income taxes as of December 31, 2022, 2021 and 2020 is as follows:


	2022			2021		2020
Federal:
Current	$	—		$	—	$	—
Deferred		(9,754	)		11,020		17,464
State:
Current		(90	)		1,080		128
Deferred		484			1,291		3,023
Foreign:
Current		—			—		(428	)
Deferred		—			—		—
Total		(9,360	)	$	13,391	$	20,187

The Company’s income tax provision (benefit) reconciles to the provision (benefit) at the statutory U.S. federal income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 , as follows:


	2022			2021			2020
Tax provision (benefit) at statutory U.S. federal income tax rate	$	(9,117	)	$	13,193		$	18,121
State income tax — net of federal income tax benefit		(3,952	)		2,144			3,124
Adjustment to deferred tax depreciation		—			(1,414	)		—
Stock based compensation		(414	)		(1,318	)		(1,212	)
Nondeductible officer compensation		244			1,195			1,212
Research and development tax credits		(518	)		(642	)		(674	)
Changes in valuation allowance		4,365			—			—
Other		32			233			(384	)
Income tax provision (benefit)	$	(9,360	)	$	13,391		$	20,187

At December 31, 2022 and 2021, the Company had loss carryforwards for federal income tax purposes of $54,376 and $55,554 respectively. Of the loss carryforwards at December 31, 2022 $43,334 expires in 2037 and the remaining $11,042 may be carried forward indefinitely. The Company also has indefinite life carryforwards as a result of interest limitations. Starting in 2022, the Company has research costs attributable to research and development that are currently expensed but are required to be capitalized for U.S. tax purposes and amortized primarily over 5 or 15 years.

At December 31, 2022 and 2021, the Company had gross net operating loss carryforwards for state income tax purposes totaling $188,884 and $157,245, respectively, which expire between 2027 and 2042. The Company has established a valuation allowance that was $5,988 and $1,623 as of December 31, 2022 and 2021, 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 $69 and $2,469 as of December 31, 2022 and 2021, respectively, which expire between 2023 and 2028. At December 31, 2022 and 2021, a full valuation allowance has been established for the deferred tax asset of $24 and $864 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.

The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2022, 2021 and 2020 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 2019 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 2018. 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, 2022 and 2021 are as follows:


	2022			2021
Deferred tax assets:
Operating lease assets	$	23,200		$	15,835
Accrued liabilities		5,381			7,130
Federal NOLs and interest limitations		15,042			11,666
Foreign NOLs		24			864
State NOLs		10,291			6,682
Research costs		3,175			—
Tax credit carryforwards		4,411			3,892
Valuation allowance		(6,012	)		(2,487	)
Total deferred tax assets		55,512			43,582

Deferred tax liabilities:
Depreciation and amortization		(91,923	)		(96,207	)
Operating lease liabilities		(22,657	)		(15,713	)
Other liabilities		(47	)		(159	)
Total deferred tax liabilities		(114,627	)		(112,079	)
Net noncurrent deferred tax liabilities	$	(59,115	)	$	(68,497	)

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, 2022 and 2021 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, 2022 and 2021 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

Property and equipment at December 31, 2022 and 2021 are as follows:


		2022			2021
Land	$	9,348		$	9,992
Buildings and improvements		1,314			1,315
Furniture and fixtures		19,986			18,568
Operating equipment		991,574			869,953

Total property and equipment		1,022,222			899,828

Accumulated depreciation		(478,312	)		(444,726	)

Property and equipment — net	$	543,910		$	455,102

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

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 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 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 at
	Fair Value
	Hierarchy	December 31, 2022				December 31, 2021
	Levels	Assets		Liabilities		Assets		Liabilities

Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	—	$	638	$	630	$	—
Foreign currency exchange hedge contracts	2		831		6		—		—
Total derivatives		$	831	$	644	$	630	$	—

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, 2022, 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, 2022, there were 7.3 million gallons remaining on these contracts representing forecasted domestic fuel purchases through December 2022. Under these swap agreements, the Company will pay fixed prices ranging from $2.29 to $3.95 per gallon.

At December 31, 2022, the fair value liability of the fuel hedge contracts were estimated to be $638 and is recorded in accrued liabilities. At December 31, 2021, the fair value asset of the fuel hedge contracts were estimated to be $630 and is 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, 2022 were $10,629. The remaining gains and losses included in the accumulated other comprehensive income (loss) at December 31, 2022 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.

Foreign currency exchange hedge contracts

The Company is exposed to certain market risks, including foreign currency exchange rate risks related to the purchase of new vessel build materials in Europe. The Company enters into foreign currency exchange forward contracts to hedge the risk that fluctuations in the Euro in relation to the Dollar could have an adverse impact on cash flows associated with its equipment builds.

As of December 31, 2022, the Company was party to various foreign exchange forward contract arrangements to hedge the purchase of materials through November 2024. As of December 31, 2022, there were 28.9 million Euro of payments remaining on these hedge contracts. Under these hedge contracts, the Company will pay fixed prices ranging from $0.99 to $1.13 per Euro.

At December 31, 2022, the fair value asset of foreign currency exchange hedge contracts were estimated to be $831 and is recorded in other current assets. At December 31, 2022, the fair value liability of foreign currency exchange hedge contracts were estimated to be $6 and is recorded in accrued liabilities. There were no foreign currency exchange hedge contracts as of December 31, 2021. For foreign currency exchange hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 2022 were $155. The

remaining gains and losses included in accumulated other comprehensive income (loss) at December 31, 2022 will be reclassified into earnings over the next twenty-three months, corresponding to the period during which the hedged currency is expected to be utilized. Changes in the fair value of foreign currency exchange hedge contracts not considered highly effective are recorded as other expenses in the Statement of Operations. The fair values of foreign currency exchange hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines the fair value of these foreign currency exchange hedges using Level 2 inputs.

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:


		2022			2021			2020
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative (gains) losses to earnings—net of tax	$	(10,629	)	$	(6,481	)	$	5,825
Change in fair value of derivatives—net of tax		9,681			5,653			(5,152	)
Net change in cash flow derivative fuel hedges—net of tax	$	(948	)	$	(828	)	$	673

Foreign Currency Exchange Hedge Contracts
Reclassification of derivative (gains) losses to earnings—net of tax	$	116		$	—		$	—
Change in fair value of derivatives—net of tax		501			—			—
Net change in cash flow derivative foreign currency hedges—net of tax		617			—			—
Total net change in cash flow derivative hedges—net of tax	$	(331	)	$	(828	)	$	673

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


	Statements operations location		2022			2021			2020
Derivatives:
	Costs of contract revenues	$	(14,219	)	$	(8,670	)	$	7,703
	Income tax (provision) benefit		(3,590	)		(2,189	)		1,878
		$	(10,629	)	$	(6,481	)	$	5,825

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, 2022 (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 $252,655 at December 31, 2022, 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

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

3. PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2022 and 2021 are as follows:


		2022			2021
Land	$	9,348		$	9,992
Buildings and improvements		1,314			1,315
Furniture and fixtures		19,986			18,568
Operating equipment		991,574			869,953

Total property and equipment		1,022,222			899,828

Accumulated depreciation		(478,312	)		(444,726	)

Property and equipment — net	$	543,910		$	455,102

Operating equipment of $500 was classified as held for sale, excluded from property and equipment, as of December 31, 2022. Gain or loss on sale of assets, net for the year ended December 31, 2022 includes $8,150 of loss related to the retirement of an asset which is classified as held for sale.

Depreciation expense was $46,273, $43,016 and $38,183, for the years ended December 31, 2022, 2021 and 2020, respectively.

Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings in excess of billings for contracts in progress	$ 52,057	$ 30,057
Costs and earnings in excess of billings for completed contracts	14,972	10,894
Total contract revenues in excess of billings	67,029	40,951
Current portion of contract revenues in excess of billings	65,922	39,844
Long-term contract revenues in excess of billings	1,107	1,107
Total billings in excess of contract revenues	(9,914)	(14,814)
Costs And Earnings In Excess Of Billings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	262,125	270,998
Amounts billed	(210,068)	(240,941)
Billings In Excess Of Costs And Earnings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	85,099	209,567
Amounts billed	$ (95,013)	$ (224,381)

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

5. ACCRUED EXPENSES

Accrued expenses at December 31, 2022 and 2021 were as follows:


		2022		2021
Insurance	$	17,808	$	12,821
Other		5,107		6,427
Payroll and employee benefits		2,062		13,533
Interest		1,469		1,460
Income and other taxes		1,419		2,941
Contract reserves		966		444
Fuel hedge contracts		638		—
Total accrued expenses	$	29,469	$	37,626

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 11, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 4,288	$ 5,188	$ 6,754
Total unrecognized compensation cost related to non-vested RSUs		7,844
Amount related to shares used for tax withholding obligations		$ 2,185	$ 4,250
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		106,000	50,000	79,000
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 10 months 24 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		$ 212	$ 1,351	$ 779
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%

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of 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, 2022, 2021 and 2020, respectively, lease costs are as follows:



	2022		2021		2020
Operating lease costs	$	24,224	$	24,427	$	24,602
Short-term lease costs		94,842		95,957		87,534
Total lease cost	$	119,066	$	120,384	$	112,136

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, 2022 is as follows:



2023	$	30,412
2024		27,365
2025		18,575
2026		8,378
2027		6,509
Thereafter		9,356
Minimum lease payments		100,595
Imputed interest		8,712
Present value of minimum operating lease payments	$	91,883

Schedule of Additional Information Related to Leases

Additional information related to the Company’s leases as of December 31, 2022, 2021 and 2020 respectively, is as follows:


		2022		2021		2020
Weighted average remaining lease term	4.2 years			4.4		4.1
Weighted average discount rate		4.7	%	5.1	%	6.2	%

Supplemental Information Related to Leases

Supplemental information related to leases during the years ended December 31, 2022, 2021 and 2020 respectively, is as follows:



		2022			2021			2020
Operating cash flows from operating leases	$	(22,775	)	$	(22,591	)	$	(25,064	)
Operating lease liabilities arising from obtaining new operating lease assets	$	57,618		$	24,191		$	22,746

Fair Value Measurements (Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date) (Details) - Level 2 [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	$ 831	$ 630
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Derivatives liabilities	$ 644
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Fuel Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets		$ 630
Derivatives liabilities	$ 638
Foreign Currency Exchange Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	831
Derivatives liabilities	$ 6

Schedule II-Valuation and Qualify Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, 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, 2022, 2021 and 2020
(In thousands)

	Beginning Balance		Additions		Deductions			Ending balance
Description
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

Year ended December 31, 2022
Allowances deducted from assets to which they apply:
Allowances for doubtful accounts	$	564	$	—	$	—		$	564
Valuation allowance for deferred tax assets		2,487		3,525		—			6,012
Total	$	3,051	$	3,525	$	—		$	6,576

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net unrealized loss on derivatives, tax	$ 112	$ 280	$ 217

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

12 Months Ended

Dec. 31, 2022

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

Long-Term Debt (Maturities of Long-Term Debt) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Thereafter	$ 325,000
Total	$ 325,000

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	$ 3,051	$ 3,037	$ 4,059
Additions	3,525	14
Deductions			(1,022)
Ending Balance	6,576	3,051	3,037
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	564	564	564
Ending Balance	564	564	564
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	2,487	2,473	3,495
Additions	3,525	14
Deductions			(1,022)
Ending Balance	$ 6,012	$ 2,487	$ 2,473

Nature of Business and Summary of Significant Accounting Policies (Estimated Useful Lives By Class of Assets) (Details)	12 Months Ended
	Dec. 31, 2022
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

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,022,222	$ 899,828
Accumulated depreciation	(478,312)	(444,726)
Property and equipment — net	543,910	455,102
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	9,348	9,992
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,314	1,315
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	19,986	18,568
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 991,574	$ 869,953

Leases - (Schedule of Lease Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 24,224	$ 24,427	$ 24,602
Short-term lease costs	94,842	95,957	87,534
Total lease cost	$ 119,066	$ 120,384	$ 112,136

Revenue

12 Months Ended

Dec. 31, 2022

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, 2022, the Company had $377,140 of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include

approximately $50,000 of performance obligations related to offshore wind contracts. The Company expects to perform on its offshore wind contracts using the inclined fall-pipe vessel for subsea rock installation which is expected to be delivered and operational in the first half of 2025. Approximately 100% of the Company’s dredging backlog will be completed in 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, 2022, 2021 and 2020:


Revenues	2022		2021		2020
Dredging:
Capital—U.S.	$	342,461	$	397,034	$	336,163
Capital—foreign		149		6,596		25,892
Coastal protection		192,567		169,678		201,361
Maintenance		98,077		132,551		148,767
Rivers & lakes		15,527		20,290		21,418
Total revenues	$	648,781	$	726,149	$	733,601

The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020:


Revenues	2022		2021		2020
Dredging:
Federal government	$	431,705	$	568,980	$	582,949
State and local government		207,033		118,712		85,737
Private		9,894		31,861		39,023
Foreign		149		6,596		25,892
Total revenues	$	648,781	$	726,149	$	733,601

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, 2022 and December 31, 2021 are as follows:


		2022			2021
Completed contracts	$	4,682		$	10,612
Contracts in progress		32,546			65,415
Retainage		8,226			7,490
		45,454			83,517
Allowance for doubtful accounts		(564	)		(564	)

Total accounts receivable—net	$	44,890		$	82,953

The components of contracts in progress at December 31, 2022 and December 31, 2021 are as follows:


		2022			2021
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	262,125		$	270,998
Amounts billed		(210,068	)		(240,941	)
Costs and earnings in excess of billings for contracts in progress		52,057			30,057
Costs and earnings in excess of billings for completed contracts		14,972			10,894
Total contract revenues in excess of billings	$	67,029		$	40,951

Current portion of contract revenues in excess of billings	$	65,922		$	39,844
Long-term contract revenues in excess of billings		1,107			1,107
Total contract revenues in excess of billings	$	67,029		$	40,951

Billings in excess of costs and earnings:
Amounts billed	$	(95,013	)	$	(224,381	)
Costs and earnings for contracts in progress		85,099			209,567

Total billings in excess of contract revenues	$	(9,914	)	$	(14,814	)

In the year ending December 31, 2022, a revision to the estimated gross profit percentage of a project was recognized due to a positive settlement of a claim from the recently completed project resulting in a cumulative net impact on the project margin, which increased gross profit by $22,276.

At December 31, 2022 and 2021, costs to fulfill contracts with customers recognized as an asset were $4,472 and $5,652, 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, 2022 and 2021 the company amortized pre-contract and pre-construction costs of $11,148 and $17,839, 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 2022, 2021 and 2020, 67%, 78% and 80%, 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, the Company recognized $716 of revenue related to the use of equipment by a customer working on a federal government contract. At December 31, 2022 and 2021, approximately 46% and 69% 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, 2022, 2021, and 2020, as follows:


	2022			2021			2020
Contract revenues	$	149		$	6,596		$	25,892
Costs of contract revenues		(341	)		(9,281	)		(34,529	)
Gross profit (loss)	$	(192	)	$	(2,685	)	$	(8,637	)

In 2022, 2021 and 2020, 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, 2022 and December, 2021, long-lived assets located outside of the U.S had no net book value. 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 2022, 2021 and 2020. At December 31, 2022 and 2021, approximately 9% and 9%, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

2. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss) 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, 2022, 2021 and 2020 are as follows:


(shares in thousands)
		2022			2021		2020
Net income (loss)	$	(34,055	)	$	49,432	$	66,103

Weighted-average common shares outstanding — basic		66,051			65,587		64,743
Effect of stock options and restricted stock units		—			714		1,129

Weighted-average common shares outstanding — diluted		66,051			66,301		65,872

Earnings per share — basic	$	(0.52	)	$	0.75	$	1.02
Earnings per share — diluted	$	(0.52	)	$	0.75	$	1.00

For the year ended December 31, 2022 the dilutive effect of 462 stock options (“NQSO”) and restricted stock units (“RSU”) were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during the period.

For the years ended December 31, 2022, 2021 and 2020, 351 thousand, 1 thousand and 1 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.

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [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 $4,288, $5,188 and $6,754, for the years ended December 31, 2022, 2021 and 2020, 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 2022, 2021 and 2020. 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 2022, 2021 and 2020 was $212, $1,351 and $779, respectively.

A summary of stock option activity under the Incentive Plan as of December 31, 2022, and changes during the year ended December 31, 2022, 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, 2022		105		$	7.50
Granted		—			—
Exercised		(29	)		7.19
Forfeited or Expired		—			—
Outstanding as of December 31, 2022		76		$	7.61		1.2	$	—

Vested at December 31, 2022		76		$	7.61		1.2	$	—

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, 2022, and changes during the year ended December 31, 2022, is presented below:


Non-vested Restricted Stock Units	Shares			Weighted-Average Grant-Date Fair Value
Outstanding as of January 1, 2022		1,044		$	10.57
Granted		487			13.85
Vested		(393	)		9.86
Forfeited		(31	)		11.15
Outstanding as of December 31, 2022		1,107		$	12.62

Expected to vest at December 31, 2022		997		$	12.67

As of December 31, 2022, there was $7,844 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 1.9 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 $2,185 and $4,250 for the years ended December 31, 2022 and 2021, 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 2022, the Chairman of the Board received an additional $100 of annual compensation, paid 100% in common stock.

In the years ended December 31, 2022, 2021 and 2020, 106 thousand, 50 thousand and 79 thousand shares, respectively, of the Company’s common stock or restricted stock units were issued to non-employee directors under the Incentive Plan.

Revenue (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Line Items]
Performance obligations exclude from dredging backlog	$ 50,000
Revenue, remaining performance obligation	$ 377,140
Percentage of performance obligation to be recognized as revenue	100.00%
Performance obligation, expected to be recognized as revenue year	2023
Amortization on pre-contract and pre-construction costs	$ 11,148	$ 17,839
Contract revenues	648,781	726,149	$ 733,601
Long-lived assets, net book value	0
Increased gross profit	$ 22,276
Dredging [Member] \| Use of Equipment [Member] \| Federal Government [Member]
Revenue From Contract With Customer [Line Items]
Contract revenues		$ 716
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	67.00%	78.00%	80.00%
Dredging [Member] \| Accounts Receivable [Member] \| Geographic Concentration Risk [Member] \| Middle East [Member]
Revenue From Contract With Customer [Line Items]
Concentration risk percentage	9.00%	9.00%
Dredging [Member] \| Accounts Receivable [Member] \| Federal Government Agencies [Member] \| Customer Concentration Risk [Member]
Revenue From Contract With Customer [Line Items]
Concentration risk percentage	46.00%	69.00%
Other Current and Noncurrent Assets [Member]
Revenue From Contract With Customer [Line Items]
Costs to fulfill contracts with customers recognized as an asset	$ 4,472	$ 5,652

Nature of Business and Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022 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
Percentage of fair value of reporting unit in excess of carrying value	10.00%

Earnings Per Share - (Narrative) (Details) - shares	12 Months Ended
Earnings Per Share - (Narrative) (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Stock options and restricted stock units excluded from weighted-average common shares outstanding	462
Stock options and restricted stock, excluded from computation of earnings per share	351,000	1,000	1,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income tax Provision (Benefit)


	2022			2021		2020
Income tax provision (benefit)	$	(9,360	)	$	13,391	$	20,187

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


	2022			2021			2020
Domestic operations	$	(43,179	)		65,708		$	94,826
Foreign operations		(236	)		(2,885	)		(8,536	)
Total income (loss) before income	$	(43,415	)	$	62,823		$	86,290

Provision (Benefit) for Income Taxes


	2022			2021		2020
Federal:
Current	$	—		$	—	$	—
Deferred		(9,754	)		11,020		17,464
State:
Current		(90	)		1,080		128
Deferred		484			1,291		3,023
Foreign:
Current		—			—		(428	)
Deferred		—			—		—
Total		(9,360	)	$	13,391	$	20,187

Income Tax Provision (benefit) Reconciliation


	2022			2021			2020
Tax provision (benefit) at statutory U.S. federal income tax rate	$	(9,117	)	$	13,193		$	18,121
State income tax — net of federal income tax benefit		(3,952	)		2,144			3,124
Adjustment to deferred tax depreciation		—			(1,414	)		—
Stock based compensation		(414	)		(1,318	)		(1,212	)
Nondeductible officer compensation		244			1,195			1,212
Research and development tax credits		(518	)		(642	)		(674	)
Changes in valuation allowance		4,365			—			—
Other		32			233			(384	)
Income tax provision (benefit)	$	(9,360	)	$	13,391		$	20,187

Deferred Tax Assets (Liabilities)


	2022			2021
Deferred tax assets:
Operating lease assets	$	23,200		$	15,835
Accrued liabilities		5,381			7,130
Federal NOLs and interest limitations		15,042			11,666
Foreign NOLs		24			864
State NOLs		10,291			6,682
Research costs		3,175			—
Tax credit carryforwards		4,411			3,892
Valuation allowance		(6,012	)		(2,487	)
Total deferred tax assets		55,512			43,582

Deferred tax liabilities:
Depreciation and amortization		(91,923	)		(96,207	)
Operating lease liabilities		(22,657	)		(15,713	)
Other liabilities		(47	)		(159	)
Total deferred tax liabilities		(114,627	)		(112,079	)
Net noncurrent deferred tax liabilities	$	(59,115	)	$	(68,497	)

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Operating loss carryforwards indefinitely	$ 11,042,000
Operating loss carryforwards, limitations on use	The Company also has indefinite life carryforwards as a result of interest limitations. Starting in 2022, the Company has research costs attributable to research and development that are currently expensed but are required to be capitalized for U.S. tax purposes and amortized primarily over 5 or 15 years.
Interest and penalties recorded	$ 0	$ 0	$ 0
Deferred tax assets valuation allowance	6,012,000	2,487,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Loss carryforwards for federal income tax purposes	54,376,000	55,554,000
Operating loss carryforwards expiration amount	$ 43,334,000
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	188,884,000	157,245,000
Valuation allowance for net operating loss carryforwards	$ 5,988,000	1,623,000
State and Local Jurisdiction [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2027
State and Local Jurisdiction [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2042
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Loss carryforwards for federal income tax purposes	$ 69,000	2,469,000
Valuation allowance for net operating loss carryforwards	$ 24,000	$ 864,000
Foreign Tax Authority [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2023
Foreign Tax Authority [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiration year	2028

Leases

12 Months Ended

Dec. 31, 2022

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



	2022		2021		2020
Operating lease costs	$	24,224	$	24,427	$	24,602
Short-term lease costs		94,842		95,957		87,534
Total lease cost	$	119,066	$	120,384	$	112,136

Lease terms and commitments

As recorded on the balance sheet, the Company’s maturity analysis of its operating lease liabilities as of December 31, 2022 is as follows:



2023	$	30,412
2024		27,365
2025		18,575
2026		8,378
2027		6,509
Thereafter		9,356
Minimum lease payments		100,595
Imputed interest		8,712
Present value of minimum operating lease payments	$	91,883

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, 2022, 2021 and 2020 respectively, is as follows:


		2022		2021		2020
Weighted average remaining lease term	4.2 years			4.4		4.1
Weighted average discount rate		4.7	%	5.1	%	6.2	%

Supplemental information related to leases during the years ended December 31, 2022, 2021 and 2020 respectively, is as follows:



		2022			2021			2020
Operating cash flows from operating leases	$	(22,775	)	$	(22,591	)	$	(25,064	)
Operating lease liabilities arising from obtaining new operating lease assets	$	57,618		$	24,191		$	22,746

Consolidated Statements of Equity - USD ($) shares in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
BALANCE - value at Dec. 31, 2019	$ 279,399,000	$ 6,000	$ 302,189,000	$ (23,091,000)	$ 295,000
BALANCE - shares at Dec. 31, 2019		64,283
Share-based compensation, value	6,754,000		6,754,000
Share-based compensation, shares		94
Vesting of restricted stock units, including impact of shares withheld for taxes, value	(4,748,000)		(4,748,000)
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	2,360,000		2,360,000
Exercise of stock options and purchases from employee stock purchase plan, shares		331
Repurchase of common stock, value	(3,873,000)		(1,798,000)	2,075,000
Repurchase of common stock, shares		(426)
Net income (loss)	66,103,000			66,103,000
Other comprehensive income (loss)-net of tax	673,000				673,000
BALANCE - value at Dec. 31, 2020	346,668,000	$ 6,000	304,757	40,937,000	968,000
BALANCE - shares at Dec. 31, 2020		65,023
Share-based compensation, value	5,188,000		5,188,000
Share-based compensation, shares		35
Vesting of restricted stock units, including impact of shares withheld for taxes, value	(3,785,000)		(3,785,000)
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	2,322,000		2,322,000
Exercise of stock options and purchases from employee stock purchase plan, shares		257
Net income (loss)	49,432,000			49,432,000
Other comprehensive income (loss)-net of tax	(828,000)				(828,000)
BALANCE - value at Dec. 31, 2021	398,997,000	$ 6,000	308,482	90,369,000	140,000
BALANCE - shares at Dec. 31, 2021		65,746
Share-based compensation, value	4,288,000		4,288,000	(34,055,000)
Share-based compensation, shares		49
Vesting of restricted stock units, including impact of shares withheld for taxes, value	(1,827,000)		(1,827,000)
Vesting of restricted stock units, including impact of shares withheld for taxes, shares		214
Exercise of stock options and purchases from employee stock purchase plan, value	$ 1,148,000		1,148,000
Exercise of stock options and purchases from employee stock purchase plan, shares	29	179
Net income (loss)	$ (34,055,000)
Other comprehensive income (loss)-net of tax	(331,000)				(331,000)
BALANCE - value at Dec. 31, 2022	$ 368,220,000	$ 6,000	$ 312,091	$ 56,314,000	$ (191,000)
BALANCE - shares at Dec. 31, 2022		66,188

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Loss related to the retirement of asset	$ 8,150
Depreciation expense	46,273	$ 43,016	$ 38,183
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Operating equipment excluded from property and equipment held for sale	$ 500

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	66,188,000	65,746,000
Common stock, shares outstanding	66,188,000	65,746,000

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

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation and Basis of Presentation

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

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 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

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

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—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—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, Plant and Equipment

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—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. Qualitative factors considered include macroeconomic, industry and market environments, overall financial performance and market indications of 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.

When performing a quantitative impairment test, the Company assesses the fair values of its reporting unit using both an income-based approach and a market-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of expected future revenue, profitability and capital expenditures related to our new build program, future market growth trends, forecasted revenues and expenses, working capital assumptions, appropriate discount rates and other variables. The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated trailing and forward Adjusted EBITDA. The Company analyzes companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighs the results of this approach less than the income approach.

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 performed both a qualitative and a quantitative goodwill impairment test. The Company performed its annual test of impairment as of July 1, 2022 and an interim test of impairment as of October 1, 2022 with no indication of impairment as of either test date. When performing the qualitative test, 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. When performing the quantitative test, the Company assessed the fair values of its reporting unit using both a market-based approach and an income-based approach. The assessment used estimates based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Likewise, changes in terminal value and discount rate assumptions, unfavorable economic environment or market conditions and other factors in the future may cause a different assessment. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. As of the test date, the fair value of the reporting unit was in excess of its carrying value by at least 10%. The Company will continue to monitor for changes in facts or circumstances that may impact our estimates. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2023 should no triggering events occur which would require a test prior to the next annual test.

Long-Lived Assets

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 2022 or 2021. 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

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

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

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.

Leases - (Supplemental Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ (22,775)	$ (22,591)	$ (25,064)
Operating lease liabilities arising from obtaining new operating lease assets	$ 57,618	$ 24,191	$ 22,746

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

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 which is complemented with a long history of performing significant international projects. In addition, the Company is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The mobility of the Company’s fleet enables the Company to move equipment in response to changes in demand for dredging services.

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


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.

Income Taxes (Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ (9,360)	$ 13,391	$ 20,187

Document and Entity Information - USD ($)

12 Months Ended

Dec. 31, 2022

Feb. 14, 2023

Jun. 30, 2022

Cover [Abstract]

Document Type

10-K

Amendment Flag

false

Document Period End Date

Dec. 31, 2022

Document Fiscal Year Focus

2022

Document Fiscal Period Focus

Trading Symbol

GLDD

Entity Registrant Name

Great Lakes Dredge & Dock Corporation

Entity Central Index Key

0001372020

Current Fiscal Year End Date

--12-31

Entity Filer Category

Large Accelerated Filer

ICFR Auditor Attestation Flag

true

Entity Shell Company

false

Entity Small Business

false

Entity Emerging Growth Company

false

Entity Address, Address Line One

9811 Katy Freeway, Suite 1200

Entity Address, City or Town

Houston

Entity Address, State or Province

Entity File Number

001-33225

Entity Tax Identification Number

20-5336063

City Area Code

346

Local Phone Number

359-1010

Entity Address, Postal Zip Code

77024

Entity Interactive Data Current

Yes

Title of 12(b) Security

Common Stock, (Par Value $0.0001)

Security Exchange Name

NASDAQ

Entity Incorporation, State or Country Code

Document Annual Report

true

Document Transition Report

false

Entity Common Stock, Shares Outstanding

66,187,623

Entity Public Float

$ 848,574,365

Entity Voluntary Filers

Entity Well-known Seasoned Issuer

Entity Current Reporting Status

Yes

Auditor Firm ID

Auditor Name

Deloitte & Touche LLP

Auditor Location

Chicago, Illinois

Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE


Part of 10-K		Documents Incorporated by Reference
Part III		Portions of the Proxy Statement to be filed with the Securities and Exchange Commission in connection with the 2023 Annual Meeting of Stockholders.

Income Taxes (Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Operating lease assets	$ 23,200	$ 15,835
Accrued liabilities	5,381	7,130
Federal NOLs and interest limitations	15,042	11,666
Foreign NOLs	24	864
State NOLs	10,291	6,682
Research costs	3,175
Tax credit carryforwards	4,411	3,892
Valuation allowance	(6,012)	(2,487)
Total deferred tax assets	55,512	43,582
Depreciation and amortization	(91,923)	(96,207)
Operating lease liabilities	(22,657)	(15,713)
Other liabilities	(47)	(159)
Total deferred tax liabilities	(114,627)	(112,079)
Net noncurrent deferred tax liabilities	$ (59,115)	$ (68,497)

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (34,055)

$ 49,432

$ 66,103

Net change in cash flow derivative hedges—net of tax

^[1]

(331)

(828)

673

Comprehensive income (loss)

$ (34,386)

$ 48,604

$ 66,776

[1]	Net of income tax (provision) benefit of $112, $280 and $217 for the years ended December 31, 2022, 2021 and 2020, 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

Long-Term Debt (Narrative) (Details) - USD ($)		1 Months Ended	12 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Jul. 29, 2022	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio per covenant	1.10%
Debt instrument covenant description			The springing financial covenant is triggered when the undrawn availability of the Amended Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days.
Revolving credit facility			$ 0	$ 0
Letters of credit outstanding			16,391,000	25,127,000
Letter of credit remaining borrowing capacity			245,713,000	174,546,000
Line of credit facility suppressed capacity			37,897,000	327,000
Debt instrument, face amount		$ 325,000,000
Maturity date		Jun. 01, 2029
Amortization of deferred financing fees			$ 1,142,000	$ 1,382,000	$ 1,611,000
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%
Owned Domestic Subsidiaries Percent		100.00%
Green Loan Advance Rates [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.05%
Minimum [Member] \| Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Minimum [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Maximum [Member] \| Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Maximum [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300,000,000
Line of credit facility optional increase capacity	$ 100,000,000
Maximum covenant percentage of undrawn availability of amended credit agreement	12.50%
Revolving Credit Facility [Member] \| Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Revolving Credit Facility [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Green Loan Option [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 35,000,000

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020 are as follows:


(shares in thousands)
		2022			2021		2020
Net income (loss)	$	(34,055	)	$	49,432	$	66,103

Weighted-average common shares outstanding — basic		66,051			65,587		64,743
Effect of stock options and restricted stock units		—			714		1,129

Weighted-average common shares outstanding — diluted		66,051			66,301		65,872

Earnings per share — basic	$	(0.52	)	$	0.75	$	1.02
Earnings per share — diluted	$	(0.52	)	$	0.75	$	1.00

Income Taxes (Income Tax Provision (benefit) Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax provision at statutory U.S. federal income tax rate	$ (9,117)	$ 13,193	$ 18,121
State income tax — net of federal income tax benefit	(3,952)	2,144	3,124
Adjustment to deferred tax depreciation		(1,414)
Stock based compensation	(414)	(1,318)	(1,212)
Nondeductible officer compensation	244	1,195	1,212
Research and development tax credits	(518)	(642)	(674)
Changes in valuation allowance	4,365
Other	32	233	(384)
Income tax provision (benefit)	$ (9,360)	$ 13,391	$ 20,187

Share-Based Compensation (Summary of Non-Vested Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding as of January 1, 2022 \| shares	1,044
Options granted \| shares	487
Options vested \| shares	(393)
Options forfeited \| shares	(31)
Options outstanding as of December 31, 2022 \| shares	1,107
Options expected to vest at December 31, 2022 \| shares	997
Weighted-average grant-date fair value as of January 1, 2022 \| $ / shares	$ 10.57
Weighted-average grant-date fair value, granted \| $ / shares	13.85
Weighted-average grant-date fair value, vested \| $ / shares	9.86
Weighted-average grant-date fair value, forfeited \| $ / shares	11.15
Weighted-average grant-date fair value as of December 31, 2022 \| $ / shares	12.62
Weighted-average grant-date fair value, expected to vest at December 31, 2022 \| $ / shares	$ 12.67

Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 648,781	$ 726,149	$ 733,601
Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	149	6,596	25,892
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	648,781	726,149	733,601
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	431,705	568,980	582,949
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	207,033	118,712	85,737
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| Private [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,894	31,861	39,023
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 149	$ 6,596	$ 25,892

- 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.

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+ Details

Share-Based Compensation (Summary of Stock Option Activity) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding as of January 1, 2022 \| shares	105
Exercised \| shares	(29)
Outstanding as of December 31, 2022 \| shares	76
Vested at December 31, 2022 \| shares	76
Weighted average exercise price outstanding as of January 1, 2022 \| $ / shares	$ 7.50
Weighted average exercise price, exercised \| $ / shares	7.19
Weighted average exercise price outstanding as of December 31, 2022 \| $ / shares	7.61
Weighted average exercise price, vested at December 31, 2022 \| $ / shares	$ 7.61
Weighted average remaining contractual term, outstanding at December 31, 2022	1 year 2 months 12 days
Weighted average remaining contractual term, vested as of December 31, 2022	1 year 2 months 12 days

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long term debt	$ 321,521	$ 320,971
2029 Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 321,521	$ 320,971

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ (34,055)	$ 49,432	$ 66,103
Weighted-average common shares outstanding — basic	66,051	65,587	64,743
Effect of stock options and restricted stock units		714	1,129
Weighted-average common shares outstanding — diluted	66,051	66,301	65,872
Earnings per share, basic	$ (0.52)	$ 0.75	$ 1.02
Earnings per share, diluted	$ (0.52)	$ 0.75	$ 1.00

- Definition

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

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

6. LONG-TERM DEBT

Long-term debt at December 31, 2022 and 2021 were as follows:


	2022		2021
Revolving credit facility	$	—	$	—
2029 Notes		321,521		320,971
Total	$	321,521	$	320,971

Credit agreement

On July 29, 2022, the Company, Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Environmental & Infrastructure Solutions, LLC, Great Lakes U.S. Fleet Management, LLC, and Drews Services LLC (collectively the “Credit Parties”) entered into a second 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, Bank of America, N.A. and Trust Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners, CIBC Bank USA and Trust Bank as Co-Syndication Agents, Bank of America, N.A., as Documentation Agent and PNC Bank National Association, as Green Loan Coordinator. The Amended Credit Agreement amends and restates the prior Amended Credit Agreement dated as of May 3, 2019 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 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 $300,000 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 a green loan option where the Company can borrow at the lower interest rates described below so long as such funds are used to fund capital investments related to renewable energy and clean transportation projects and are consistent with green loan principles. The green loan option is subject to a $35,000 sublimit.

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 springing financial covenant is triggered when the undrawn availability of the Amended Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days. 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, for other general corporate purposes, and with respect to any green loan, fund capital investments related to renewable energy and clean transportation projects. The Amended Credit Agreement matures on the earlier of July 29, 2027 or the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s unsecured senior notes, which is currently June 1, 2029, if the Company fails to refinance its unsecured senior notes prior to their scheduled maturity date but only if such scheduled maturity date is prior to the maturity date of the Amended Credit Agreement.

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 Secured Overnight Financing Rate (“SOFR”) option, at the Company’s election. As of July 29, 2022, (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 overnight bank funding rate plus 0.5% and (3) the sum of the daily simple SOFR plus 1.0%, so long as a daily simple SOFR is offered, ascertainable and not unlawful and (b) the SOFR option is the rate that applies for the applicable interest period determined by the Agent and based on the rate published by the CME Group Benchmark Administration Limited (or a successor administrator). 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 ending September 30, 2022), the Domestic Rate option will be the Domestic Rate plus an interest margin ranging between 0.25% and 0.75% and the SOFR option will be the SOFR plus an interest margin ranging between 1.25% and 1.75%, in each case, depending on the quarterly average undrawn availability on the Amended Credit Agreement. Additionally, the Company will have an option to borrow at Green Loan Advance Rates, each of which will be 0.05% lower than the corresponding applicable rate if the Company certifies that it will use such proceeds to invest in renewable energy and clean transportation projects and it complies with green loan principles.

The Company had no borrowings on the revolver, $16,391 and $25,127 of letters of credit outstanding and $245,713 and $174,546 of availability under the Amended Credit Agreement as of December 31, 2022 and 2021, respectively. The availability under the Amended Credit Agreement is suppressed by $37,897 and $327 as of December 31, 2022 and 2021, respectively, as a result of certain limitations of borrowing related to reserves and compliance with the Company's obligations set forth in the Amended Credit Agreement or the prior 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 Company’s obligations under these 2029 Notes are guaranteed by each of the Company’s existing and future 100% owned domestic subsidiaries that are co-borrowers or guarantors under the Amended Credit Agreement. 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, 2022, are as follows:


Years Ending December 31,
2023	$	—
2024		—
2025		—
2026		—
2027		—
Thereafter		325,000
Total	$	325,000

The Company incurred amortization of deferred financing fees for its long-term debt of $1,142, $1,382 and $1,611 for each of the years ended December 31, 2022, 2021 and 2020. Such amortization is recorded as a component of net interest expense.

Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 648,781	$ 726,149	$ 733,601
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	648,781	726,149	733,601
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Capital-U.S. [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	342,461	397,034	336,163
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Capital-Foreign [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	149	6,596	25,892
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Coastal Protection [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	192,567	169,678	201,361
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Maintenance [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	98,077	132,551	148,767
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Rivers & Lakes [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 15,527	$ 20,290	$ 21,418

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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 at
	Fair Value
	Hierarchy	December 31, 2022				December 31, 2021
	Levels	Assets		Liabilities		Assets		Liabilities

Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	—	$	638	$	630	$	—
Foreign currency exchange hedge contracts	2		831		6		—		—
Total derivatives		$	831	$	644	$	630	$	—

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:


		2022			2021			2020
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative (gains) losses to earnings—net of tax	$	(10,629	)	$	(6,481	)	$	5,825
Change in fair value of derivatives—net of tax		9,681			5,653			(5,152	)
Net change in cash flow derivative fuel hedges—net of tax	$	(948	)	$	(828	)	$	673

Foreign Currency Exchange Hedge Contracts
Reclassification of derivative (gains) losses to earnings—net of tax	$	116		$	—		$	—
Change in fair value of derivatives—net of tax		501			—			—
Net change in cash flow derivative foreign currency hedges—net of tax		617			—			—
Total net change in cash flow derivative hedges—net of tax	$	(331	)	$	(828	)	$	673

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:


	Statements operations location		2022			2021			2020
Derivatives:
	Costs of contract revenues	$	(14,219	)	$	(8,670	)	$	7,703
	Income tax (provision) benefit		(3,590	)		(2,189	)		1,878
		$	(10,629	)	$	(6,481	)	$	5,825

Leases - (Schedule of Maturity Analysis of Operating Lease Liabilities) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Rolling Maturity [Abstract]
2023	$ 30,412
2024	27,365
2025	18,575
2026	8,378
2027	6,509
Thereafter	9,356
Minimum lease payments	100,595
Imputed interest	8,712
Present value of minimum operating lease payments	$ 91,883

Income Taxes (Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred federal tax expense (benefit)	$ (9,754)	$ 11,020	$ 17,464
Current state tax expense (benefit)	(90)	1,080	128
Deferred state tax expense (benefit)	484	1,291	3,023
Current foreign tax expense (benefit)			(428)
Income tax provision (benefit)	$ (9,360)	$ 13,391	$ 20,187

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net income (loss)	$ (34,055)	$ 49,432	$ 66,103
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation expense	46,273	43,016	38,183
Deferred income taxes	(9,270)	12,311	20,508
(Gain) loss on sale of assets	7,792	(294)	(1,571)
Amortization of deferred financing fees	1,299	2,349	1,611
Share-based compensation expense	4,288	5,188	6,754
Changes in assets and liabilities:
Accounts receivable	38,064	(43,963)	(19,205)
Contract revenues in excess of billings	(26,078)	(7,738)	(9,546)
Inventories	(14,255)	(2,706)	(2,383)
Prepaid expenses and other current assets	(7,636)	10,873	1,466
Accounts payable and accrued expenses	(1,966)	(698)	(3,328)
Billings in excess of contract revenues	(4,900)	(17,794)	(22,658)
Other noncurrent assets and liabilities	2,097	(969)	3,013
Cash provided by operating activities	1,653	49,007	78,947
INVESTING ACTIVITIES:
Purchases of property and equipment	(143,006)	(116,658)	(47,621)
Proceeds from dispositions of property and equipment	2,100	4,459	4,450
Cash used in investing activities	(140,906)	(112,199)	(43,171)
FINANCING ACTIVITIES:
Repayments of debt		(325,000)
Proceeds from issuance of debt		325,000
Deferred financing fees	(981)	(4,395)
Taxes paid on settlement of vested share awards	(1,827)	(3,785)	(4,748)
Exercise of stock options and purchases from employee stock plans	1,148	2,321	2,360
Repurchase of common stock			(3,873)
Borrowings under revolving loans	10,000
Repayments of revolving loans	(10,000)
Cash used in financing activities	(1,660)	(5,859)	(6,261)
Net (decrease) increase in cash, cash equivalents and restricted cash	(140,913)	(69,051)	29,515
Cash, cash equivalents and restricted cash at beginning of period	147,459	216,510	186,995
Cash, cash equivalents and restricted cash at end of period	6,546	147,459	216,510
Cash and cash equivalents	6,546	145,459	216,510
Restricted cash included in other long-term assets		2,000
Supplemental Cash Flow Information
Cash paid for interest	17,742	22,919	26,430
Cash paid for income taxes	1,264	637	392
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 8,686	$ 7,010	$ 6,693

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2022 and 2021 were as follows:


	2022		2021
Revolving credit facility	$	—	$	—
2029 Notes		321,521		320,971
Total	$	321,521	$	320,971

Maturities of Long-Term Debt

The scheduled principal payments through the maturity date of the Company’s long-term debt at December 31, 2022, are as follows:


Years Ending December 31,
2023	$	—
2024		—
2025		—
2026		—
2027		—
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 (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

$ (10,629)

Net change in cash flow derivative hedges-net of tax

^[1]

(331)

$ (828)

$ 673

Total other comprehensive income (loss)

(331)

(828)

673

Fuel Hedge Contracts [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

(10,629)

(6,481)

5,825

Change in fair value of derivatives—net of tax

9,681

5,653

(5,152)

Net change in cash flow derivative hedges-net of tax

(948)

(828)

673

Foreign Currency Exchange Hedge Contracts [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

116

Change in fair value of derivatives—net of tax

501

Net change in cash flow derivative hedges-net of tax

617

Total other comprehensive income (loss)

$ (331)

$ (828)

$ 673

[1]	Net of income tax (provision) benefit of $112, $280 and $217 for the years ended December 31, 2022, 2021 and 2020, respectively.

- Definition

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

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+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020:


Revenues	2022		2021		2020
Dredging:
Capital—U.S.	$	342,461	$	397,034	$	336,163
Capital—foreign		149		6,596		25,892
Coastal protection		192,567		169,678		201,361
Maintenance		98,077		132,551		148,767
Rivers & lakes		15,527		20,290		21,418
Total revenues	$	648,781	$	726,149	$	733,601

The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2022, 2021 and 2020:


Revenues	2022		2021		2020
Dredging:
Federal government	$	431,705	$	568,980	$	582,949
State and local government		207,033		118,712		85,737
Private		9,894		31,861		39,023
Foreign		149		6,596		25,892
Total revenues	$	648,781	$	726,149	$	733,601

Schedule of Accounts Receivable

Accounts receivable at December 31, 2022 and December 31, 2021 are as follows:


		2022			2021
Completed contracts	$	4,682		$	10,612
Contracts in progress		32,546			65,415
Retainage		8,226			7,490
		45,454			83,517
Allowance for doubtful accounts		(564	)		(564	)

Total accounts receivable—net	$	44,890		$	82,953

Components of Contracts in Progress

The components of contracts in progress at December 31, 2022 and December 31, 2021 are as follows:


		2022			2021
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	262,125		$	270,998
Amounts billed		(210,068	)		(240,941	)
Costs and earnings in excess of billings for contracts in progress		52,057			30,057
Costs and earnings in excess of billings for completed contracts		14,972			10,894
Total contract revenues in excess of billings	$	67,029		$	40,951

Current portion of contract revenues in excess of billings	$	65,922		$	39,844
Long-term contract revenues in excess of billings		1,107			1,107
Total contract revenues in excess of billings	$	67,029		$	40,951

Billings in excess of costs and earnings:
Amounts billed	$	(95,013	)	$	(224,381	)
Costs and earnings for contracts in progress		85,099			209,567

Total billings in excess of contract revenues	$	(9,914	)	$	(14,814	)

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, 2022, 2021, and 2020, as follows:


	2022			2021			2020
Contract revenues	$	149		$	6,596		$	25,892
Costs of contract revenues		(341	)		(9,281	)		(34,529	)
Gross profit (loss)	$	(192	)	$	(2,685	)	$	(8,637	)

Commitments and Contingencies (Narrative) (Details)						12 Months Ended
Commitments and Contingencies (Narrative) (Details)	Jun. 14, 2022 USD ($)	Jun. 15, 2021 USD ($)	Apr. 22, 2021 USD ($) bbl	Jan. 14, 2015 USD ($)	Apr. 23, 2014 USD ($)	Dec. 31, 2022 USD ($)
Commitments And Contingencies [Line Items]
Outstanding performance bonds						$ 730,276,000
Revenue value remaining from outstanding performance bonds						308,515,000
Proceeds from Legal Settlements				$ 5,309,000
Fine for violation	$ 1,000,000	$ 1,000,000
Potential liability for criminal matters			$ 2,000,000
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

Retirement Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [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 2022, 2021 and 2020, was $2,996, $4,659 and $5,557, respectively.

The Company also contributes to various multiemployer pension plans pursuant to collective bargaining agreements. In 2022, 2021 and 2020, the Company contributed $4,915, $4,632 and $4,929 respectively to all of the multiemployer plans that provide pension benefits. 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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 6,546	$ 145,459
Accounts receivable—net	44,890	82,953
Contract revenues in excess of billings	65,922	39,844
Inventories	29,229	30,760
Prepaid expenses	1,568	2,017
Other current assets	34,686	26,399
Total current assets	182,841	327,432
PROPERTY AND EQUIPMENT—Net	543,910	455,102
OPERATING LEASE ASSETS	89,733	62,233
GOODWILL	76,576	76,576
INVENTORIES—Noncurrent	80,044	65,049
OTHER	8,676	11,278
TOTAL	981,780	997,670
LIABILITIES AND EQUITY
Accounts payable	94,077	85,566
Accrued expenses	29,469	37,626
Operating lease liabilities	26,873	16,729
Billings in excess of contract revenues	9,914	14,814
Total current liabilities	160,333	154,735
LONG-TERM DEBT	321,521	320,971
OPERATING LEASE LIABILITIES—Noncurrent	65,010	45,986
DEFERRED INCOME TAXES	59,115	68,497
OTHER	7,581	8,484
Total liabilities	613,560	598,673
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Common stock-$.0001 par value; 90,000 authorized, 66,188 and 65,746 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively.	6	6
Additional paid-in capital	312,091	308,482
Accumulated retained earnings	56,314	90,369
Accumulated other comprehensive income (loss)	(191)	140
Total equity	368,220	398,997
TOTAL	$ 981,780	$ 997,670

Revenue (Summary of Gross Profit from Foreign Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Contract revenues	$ 648,781	$ 726,149	$ 733,601
Costs of contract revenues	(617,608)	(580,879)	(562,373)
GROSS PROFIT	31,173	145,270	171,228
Foreign [Member]
Disaggregation Of Revenue [Line Items]
Contract revenues	149	6,596	25,892
Costs of contract revenues	(341)	(9,281)	(34,529)
GROSS PROFIT	$ (192)	$ (2,685)	$ (8,637)

- Definition

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

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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity under the Incentive Plan as of December 31, 2022, and changes during the year ended December 31, 2022, 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, 2022		105		$	7.50
Granted		—			—
Exercised		(29	)		7.19
Forfeited or Expired		—			—
Outstanding as of December 31, 2022		76		$	7.61		1.2	$	—

Vested at December 31, 2022		76		$	7.61		1.2	$	—

Summary of Non-Vested Restricted Stock Units

A summary of the status of the Company’s non-vested RSUs as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below:


Non-vested Restricted Stock Units	Shares			Weighted-Average Grant-Date Fair Value
Outstanding as of January 1, 2022		1,044		$	10.57
Granted		487			13.85
Vested		(393	)		9.86
Forfeited		(31	)		11.15
Outstanding as of December 31, 2022		1,107		$	12.62

Expected to vest at December 31, 2022		997		$	12.67

Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Completed contracts	$ 4,682	$ 10,612
Contracts in progress	32,546	65,415
Retainage	8,226	7,490
Accounts receivable, gross	45,454	83,517
Allowance for doubtful accounts	(564)	(564)
Total accounts receivable—net	$ 44,890	$ 82,953

Fair Value Measurements (Narrative) (Details) € in Millions, gal in Millions	1 Months Ended	12 Months Ended
	May 31, 2021 USD ($)	Dec. 31, 2022 USD ($) gal	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 EUR (€) $ / gal € / shares	Dec. 31, 2022 USD ($) $ / gal € / shares
Derivatives Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Volume \| gal		7.3
Fair value hedge liabilities						$ 638,000
Fair value hedge assets			$ 630,000
Reclassification of derivative (gains) losses to earnings net of tax		$ 10,629,000
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						$ 252,655,000
Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal					2.29	2.29
Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal					3.95	3.95
Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Derivative underlying hedge percent		80.00%
Reclassification of derivative (gains) losses to earnings net of tax		$ 10,629,000	$ 6,481,000	$ (5,825,000)
Foreign Currency Exchange Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Fair value hedge liabilities						$ 6,000
Fair value hedge assets						$ 831,000
Reclassification of derivative (gains) losses to earnings net of tax		(116,000)
Derivative notional amount \| €					€ 28.9
Reclassification of derivative (gains) losses to earnings net of cash settlements and taxes		$ 155,000
Foreign Currency Exchange Hedge Contracts [Member] \| Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| € / shares					0.99	0.99
Foreign Currency Exchange Hedge Contracts [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| € / shares					1.13	1.13

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

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 (“Argo”), Berkley Insurance Company, Chubb Surety (“Chubb”), Travelers Casualty and Surety Company of America (“Travelers”), Zurich American Insurance Company, and Liberty Mutual Insurance Company (“Liberty”), under which the Company can obtain performance, bid and payment bonds. The Company currently has outstanding bonds with Argo, Chubb, Travelers, and Liberty. 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, 2022, the Company had outstanding performance bonds with a notional amount of approximately $730,276. The revenue value remaining in backlog related to the projects totaled approximately $308,515.

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. 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. 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. 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. On April 11, 2022, the Supreme Court of Delaware issued its decision denying that appeal and affirming the Chancery Court judgment. 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 (the "CWA") 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 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 which was primarily covered by its insurance policies. On June 14, 2022, the Company was sentenced in the criminal matter, and paid a fine of $1,000. The Company had previously deposited $2,000 into the registry of the court to pay any ordered restitution; however, the Company was not ordered to pay any restitution and the deposited funds, less the amount of the fine and administrative costs, were returned to the Company. The CWA provides that, upon an entity’s conviction of certain offenses, the entity is automatically disqualified from eligibility to receive certain federal contracts, if it will perform any part of the awarded contract at the facility giving rise to the conviction (called the “violating facility”). Accordingly, the Court’s entry of the Company’s conviction under the CWA resulted in the automatic disqualification of the Company’s eligibility to be awarded contracts at the violating facility, which the federal suspension and debarment officer (the “SDO”) determined to be the Company’s field office for the Cheniere Ronquille project, located at 28465 Hwy 23, Port Sulphur, Louisiana. The disqualification was imposed on June 23, 2022, and only applied to the Port Sulphur facility and not the Company as a whole. On the same day, June 23, 2022, the SDO issued a decision reinstating the Company’s Port Sulphur facility based on the SDO’s determination that the Company had addressed the causes of the CWA violation. This matter is now fully resolved and will not have any future impact on the Company’s business, financial condition or results of operations.

Lease obligations

The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. 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.

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Insurance	$ 17,808	$ 12,821
Other	5,107	6,427
Payroll and employee benefits	2,062	13,533
Interest	1,469	1,460
Income and other taxes	1,419	2,941
Contract reserves	966	444
Fuel hedge contracts	638
Total accrued expenses	$ 29,469	$ 37,626

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses at December 31, 2022 and 2021 were as follows:


		2022		2021
Insurance	$	17,808	$	12,821
Other		5,107		6,427
Payroll and employee benefits		2,062		13,533
Interest		1,469		1,460
Income and other taxes		1,419		2,941
Contract reserves		966		444
Fuel hedge contracts		638		—
Total accrued expenses	$	29,469	$	37,626

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
CONTRACT REVENUES	$ 648,781	$ 726,149	$ 733,601
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
COSTS OF CONTRACT REVENUES	$ 617,608	$ 580,879	$ 562,373
Cost, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
GROSS PROFIT	$ 31,173	$ 145,270	$ 171,228
OPERATING EXPENSES:
GENERAL AND ADMINISTRATIVE EXPENSES	51,117	62,134	62,757
PROCEEDS FROM LOSS OF USE CLAIM			(1,723)
(GAIN) LOSS ON SALE OF ASSETS—Net	7,792	(294)	(1,571)
Total operating income (loss)	(27,736)	83,430	111,765
OTHER EXPENSE:
Interest expense—net	(14,108)	(21,601)	(26,585)
Other income (loss)	(1,571)	994	1,110
Total other expense	(15,679)	(20,607)	(25,475)
INCOME (LOSS) BEFORE INCOME TAXES	(43,415)	62,823	86,290
INCOME TAX (PROVISION) BENEFIT	9,360	(13,391)	(20,187)
NET INCOME (LOSS)	$ (34,055)	$ 49,432	$ 66,103
Basic earnings (loss) per share	$ (0.52)	$ 0.75	$ 1.02
Basic weighted average shares	66,051	65,587	64,743
Diluted earnings (loss) per share	$ (0.52)	$ 0.75	$ 1.00
Diluted weighted average shares	66,051	66,301	65,872

Retirement Plans (Narrative) (Details) $ in Thousands	12 Months Ended
Retirement Plans (Narrative) (Details) $ in Thousands	Dec. 31, 2022 USD ($) Item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Number of sponsored 401(k) plans \| Item	2
Expense for matching and discretionary contributions	$ 2,996	$ 4,659	$ 5,557
Contributes to various multiemployer pension plans	$ 4,915	$ 4,632	$ 4,929
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Multiemployer plans collective-bargaining arrangement percentage of contributions	5.00%

Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Other expense	$ (1,571)	$ 994	$ 1,110
Costs of contract revenues	617,608	580,879	562,373
Income tax (provision) benefit	9,360	(13,391)	(20,187)
Net income (loss)	34,055	(49,432)	(66,103)
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	(14,219)	(8,670)	7,703
Income tax (provision) benefit	(3,590)	(2,189)	1,878
Net income (loss)	$ (10,629)	$ (6,481)	$ 5,825

- 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

Leases - (Schedule of Additional Information Related to Leases) (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease, Cost [Abstract]
Weighted average remaining lease term	4 years 2 months 12 days	4 years 4 months 24 days	4 years 1 month 6 days
Weighted average discount rate	4.70%	5.10%	6.20%

Income Taxes (Income (Loss) before Income Tax from Domestic and Foreign Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic operations	$ (43,179)	$ 65,708	$ 94,826
Foreign operations	(236)	(2,885)	(8,536)
Total income (loss) before income	$ (43,415)	$ 62,823	$ 86,290