0000950170-23-016655 | 10-Q | XBRL Viewer | Great Lakes Dredge Dock Corp

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address, Address Line One	9811 Katy Freeway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Common Stock, Shares Outstanding		66,416,399
Entity Current Reporting Status	Yes
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	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 32,519	$ 6,546
Accounts receivable—net	32,652	44,890
Contract revenues in excess of billings	81,302	65,922
Inventories	28,682	29,229
Prepaid expenses and other current assets	33,435	36,254
Total current assets	208,590	182,841
PROPERTY AND EQUIPMENT—Net	561,757	543,910
OPERATING LEASE ASSETS	85,527	89,733
GOODWILL	76,576	76,576
INVENTORIES—Noncurrent	84,321	80,044
OTHER	8,224	8,676
TOTAL	1,024,995	981,780
LIABILITIES AND EQUITY
Accounts payable	88,115	94,077
Accrued expenses	36,548	29,469
Operating lease liabilities	26,047	26,873
Billings in excess of contract revenues	12,444	9,914
Total current liabilities	163,154	160,333
LONG-TERM DEBT	321,658	321,521
REVOLVING CREDIT FACILITY	50,000
OPERATING LEASE LIABILITIES—Noncurrent	60,813	65,010
DEFERRED INCOME TAXES	57,847	59,115
OTHER	7,501	7,581
Total liabilities	660,973	613,560
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY:
Common stock--$.0001 par value: 90,000 authorized, 66,416 and 66,188 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively.	6	6
Additional paid-in capital	312,533	312,091
Retained earnings	53,083	56,314
Accumulated other comprehensive loss	(1,600)	(191)
Total equity	364,022	368,220
TOTAL	$ 1,024,995	$ 981,780

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	66,416,000	66,188,000
Common stock, shares outstanding	66,416,000	66,188,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Contract revenues	$ 158,044	$ 194,349
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember
Costs of contract revenues	$ 145,909	$ 161,294
Cost, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember
Gross profit	$ 12,135	$ 33,055
General and administrative expenses	13,017	14,604
Gain on sale of assets - net	(18)	(321)
Operating income (loss)	(864)	18,772
Interest expense—net	(3,385)	(4,025)
Other income (expense)	227	(405)
Income (loss) before income taxes	(4,022)	14,342
Income tax benefit (provision)	791	(3,285)
Net income (loss)	$ (3,231)	$ 11,057
Basic earnings (loss) per share	$ (0.05)	$ 0.17
Basic weighted average shares	66,264	65,847
Diluted earnings (loss) per share	$ (0.05)	$ 0.17
Diluted weighted average shares	66,264	66,436

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (3,231)

$ 11,057

Net change in cash flow derivative hedges—net of tax

^[1]

(1,409)

6,235

Comprehensive income (loss)

$ (4,640)

$ 17,292

[1]	Net of income tax (provision) benefit of $476 and $(2,106) for the three months ended March 31, 2023 and 2022, 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

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on derivatives, tax	$ 476	$ (2,106)

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
BALANCE - value at Dec. 31, 2021	$ 398,997	$ 6	$ 308,482	$ 90,369	$ 140
BALANCE - shares at Dec. 31, 2021		65,746
Share-based compensation, value	552		552
Share-based compensation, shares		9
Vesting of restricted stock units and impact of shares withheld for taxes, value	(1,827)		(1,827)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		212
Exercise of stock options and purchases from employee stock purchase plan, value	390		390
Exercise of stock options and purchases from employee stock purchase plan, shares		79
Net income (loss)	11,057			11,057
Other comprehensive loss-net of tax	6,235				6,235
BALANCE - value at Mar. 31, 2022	415,404	$ 6	307,597	101,426	6,375
BALANCE - shares at Mar. 31, 2022		66,046
BALANCE - value at Dec. 31, 2022	368,220	$ 6	312,091	56,314	(191)
BALANCE - shares at Dec. 31, 2022		66,188
Share-based compensation, value	215		215
Share-based compensation, shares		20
Vesting of restricted stock units and impact of shares withheld for taxes, value	(335)		(335)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		93
Exercise of stock options and purchases from employee stock purchase plan, value	562		562
Exercise of stock options and purchases from employee stock purchase plan, shares		115
Net income (loss)	(3,231)			(3,231)
Other comprehensive loss-net of tax	(1,409)				(1,409)
BALANCE - value at Mar. 31, 2023	$ 364,022	$ 6	$ 312,533	$ 53,083	$ (1,600)
BALANCE - shares at Mar. 31, 2023		66,416

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ (3,231)	$ 11,057
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation and amortization	10,850	11,316
Deferred income taxes	(791)	3,285
Gain on sale of assets	(18)	(321)
Amortization of deferred financing fees	241	317
Share-based compensation expense	237	552
Changes in assets and liabilities:
Accounts receivable	13,344	45,791
Contract revenues in excess of billings	(15,379)	(34,691)
Inventories	(3,766)	(5,703)
Prepaid expenses and other current assets	2,981	(6,612)
Accounts payable and accrued expenses	4,000	12,247
Billings in excess of contract revenues	2,530	(11,126)
Other noncurrent assets and liabilities	(1,678)	205
Cash provided by operating activities	9,320	26,317
INVESTING ACTIVITIES:
Purchases of property and equipment	(33,629)	(28,866)
Proceeds from dispositions of property and equipment	55	1,110
Cash used in investing activities	(33,574)	(27,756)
FINANCING ACTIVITIES:
Taxes paid on settlement of vested share awards	(335)	(1,827)
Exercise of options and purchases from employee stock plans	562	390
Borrowing under revolving loans	75,000
Repayments of revolving loans	(25,000)
Cash provided by (used in) financing activities	50,227	(1,437)
Net increase (decrease) in cash, cash equivalents and restricted cash	25,973	(2,876)
Cash, cash equivalents and restricted cash at beginning of period	6,546	147,459
Cash, cash equivalents and restricted cash at end of period	32,519	144,583
Cash and cash equivalents	32,519	142,583
Restricted cash included in other long-term assets		2,000
Supplemental Cash Flow Information
Cash paid for interest	536	100
Cash paid (received) for income taxes	(45)	58
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 3,755	$ 10,319

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of presentation

The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Great Lakes Dredge & Dock Corporation and Subsidiaries (the “Company” or “Great Lakes”) and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company’s financial position as of March 31, 2023 and December 31, 2022, and its results of operations for the three months ended March 31, 2023 and 2022 and cash flows for the three months ended March 31, 2023 and 2022 have been included.

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 is generally hired on a project-by-project basis. Costs of contract revenues vary significantly depending on the type and location of work performed and assets utilized.

The Company has one operating segment which is also the Company’s reportable segment and reporting unit of which the Company tests goodwill for impairment. The Company performed its most recent test of impairment as of October 1, 2022 with no indication of impairment as of the test date. As of the test date, the fair value of the reporting unit was in excess of its carrying value by at least 10%. 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. 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.

The condensed consolidated results of operations and comprehensive income (loss) for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year.

Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 are as follows:


	Three Months Ended
	March 31,
	2023			2022

Net income (loss)	$	(3,231	)	$	11,057

Weighted-average common shares outstanding — basic		66,264			65,847
Effect of stock options and restricted stock units		—			589

Weighted-average common shares outstanding — diluted		66,264			66,436

Earnings (loss) per share — basic	$	(0.05	)	$	0.17
Earnings (loss) per share — diluted	$	(0.05	)	$	0.17

For the three months ended March 31, 2023, the dilutive effect of 246 restricted stock units were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during the period.

Accrued Expenses

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

3. Accrued expenses

Accrued expenses at March 31, 2023 and December 31, 2022 were as follows:


	March 31,		December 31,
	2023		2022

Insurance	$	13,920	$	17,808
Interest		6,131		1,469
Payroll and employee benefits		5,003		2,062
Other		4,262		5,107
Fuel hedge contracts		2,693		638
Income and other taxes		1,889		1,419
Contract reserves		2,650		966
Total accrued expenses	$	36,548	$	29,469

Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

4. Long-term debt

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 Truist Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners, CIBC Bank USA and Truist 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 $50,000 and no borrowings on the revolver as of March 31, 2023 and December 31, 2022, respectively. There were $16,391 of letters of credit outstanding as of both March 31, 2023 and December 31, 2022. There were $195,712 and $245,713 of availability under the Amended Credit Agreement as of March 31, 2023 and December 31, 2022, respectively. As a result of certain limitations set forth in the Amended Credit Agreement, the availability under the Amended Credit Agreement is suppressed by $37,897 as of both March 31, 2023 and December 31, 2022.

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.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. 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 commodity price risk or foreign currency 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 Levels
		March 31, 2023				December 31, 2022
		Assets		Liabilities		Assets		Liabilities
Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	—	$	2,693	$	—	$	638
Foreign currency exchange hedge contracts	2		995		—		831		6
Total derivatives		$	995	$	2,693	$	831	$	644

Fuel hedge contracts

The Company is exposed to certain market risks, primarily commodity price risk as it relates to 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 could 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 March 31, 2023, 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 October 2023. As of March 31, 2023, there were 5.4 million gallons remaining on these contracts representing forecasted domestic fuel purchases through October 2023. Under these swap agreements, the Company will pay fixed prices ranging from $2.71 to $3.95 per gallon.

At March 31, 2023 and December 31, 2022, the fair value liability of the fuel hedge contracts were estimated to be $2,693 and $638, respectively, and are recorded in accrued expenses. For fuel 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 three months ended March 31, 2023 were $370. The remaining gains and losses included in accumulated other comprehensive loss at March 31, 2023 will be reclassified into earnings over the next seven 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 cost of contract revenues in the Statement of Operations. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value 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 U.S. Dollar could have an adverse impact on cash flows associated with its equipment builds.

As of March 31, 2023, the Company was party to various foreign exchange forward contract arrangements to hedge the purchase of materials through November 2024. As of March 31, 2023, there were 26.0 million Euro of payments remaining on these hedge contracts. Under these hedge contracts, the Company will pay fixed prices ranging from $1.00 to $1.13 per Euro.

As of March 31, 2023 and December 31, 2022, the fair value asset of foreign currency exchange hedge contracts were estimated to be $995 and $831, respectively, and are recorded in other current assets. At December 31, 2022, the fair value liability of foreign currency exchange hedge contracts was estimated to be $6 and is recorded in accrued expenses. For foreign currency exchange 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 three months ended March 31, 2023 were $42. The remaining gains and losses included in accumulated other comprehensive loss at March 31, 2023 will be reclassified into earnings over the next twenty 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.

Accumulated other comprehensive income (loss)

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


	Three Months Ended
	March 31,
	2023			2022
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	370		$	(2,481	)
Change in fair value of derivatives—net of tax		(1,906	)		8,716
Net change in cash flow derivative fuel hedges—net of tax	$	(1,536	)	$	6,235
Foreign Currency Exchange Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	(42	)	$	—
Change in fair value of derivatives—net of tax		169			—
Net change in cash flow derivative foreign currency hedges—net of tax	$	127		$	—
Total net change in cash flow derivative hedges - net of tax	$	(1,409	)	$	6,235

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


		Three Months Ended
		March 31,
	Statement of Operations Location	2023			2022
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	495		$	(3,319	)
Foreign currency exchange hedge contracts	Other expense (income)		(52	)		—
	Income tax benefit (provision)		112			(838	)
		$	331		$	(2,481	)

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 revolving credit agreement approximates fair value. In May 2021, the Company sold $325,000 of the 2029 Notes, which were outstanding at March 31, 2023 (see Note 4, Long-term debt). The fair value of the 2029 Notes was $245,622 at March 31, 2023, 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

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

6. 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 the Company’s 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 and/or the applicable committee or committees thereof, as may be required.

During the three months ended March 31, 2023, the Company granted 945 thousand restricted stock units to certain employees. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants or restricted stock units. Compensation cost charged to expense related to share-based compensation arrangements was $237 and $552 for the three months ended March 31, 2023 and 2022, respectively.

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

7. Revenue

At March 31, 2023, the Company had $327,147 of remaining performance obligations, which the Company refers to as total dredging backlog. Total backlog does not include approximately $50,000 of performance obligations related to offshore wind contracts. Approximately 77% of the Company’s dredging backlog is expected to be completed in 2023 with the remaining balance expected to be completed in 2024.

Revenue by category

The following series of tables presents our revenue disaggregated by several categories.

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 Company’s contract revenues by type of work, for the periods indicated, were as follows:


	Three Months Ended
	March 31,
Revenues	2023		2022
Dredging:
Capital—U.S.	$	32,475	$	101,010
Coastal protection		51,305		71,917
Maintenance		71,928		19,812
Rivers & lakes		2,336		1,610
Total revenues	$	158,044	$	194,349

The Company’s contract revenues by type of customer, for the periods indicated, were as follows:


	Three Months Ended
	March 31,
Revenues	2023		2022
Dredging:
Federal government	$	142,162	$	167,574
State and local government		15,882		24,601
Private		-		2,174
Total revenues	$	158,044	$	194,349

Accounts receivable at March 31, 2023 and December 31, 2022 are as follows:


	March 31,			December 31,
	2023			2022
Completed contracts	$	4,983		$	4,682
Contracts in progress		18,146			32,546
Retainage		10,087			8,226
		33,216			45,454
Allowance for credit losses		(564	)		(564	)

Total accounts receivable—net	$	32,652		$	44,890

The components of contracts in progress at March 31, 2023 and December 31, 2022 are as follows:


	March 31,			December 31,
	2023			2022
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	343,316		$	262,125
Amounts billed		(276,822	)		(210,068	)
Costs and earnings in excess of billings for contracts in progress		66,494			52,057
Costs and earnings in excess of billings for completed contracts		14,808			14,972
Total contract revenues in excess of billings	$	81,302		$	67,029

Current portion of contract revenues in excess of billings	$	81,302		$	65,922
Long-term contract revenues in excess of billings		-			1,107
Total contract revenues in excess of billings	$	81,302		$	67,029

Billings in excess of costs and earnings:
Amounts billed	$	(112,333	)	$	(95,013	)
Costs and earnings for contracts in progress		99,889			85,099
Total billings in excess of contract revenues	$	(12,444	)	$	(9,914	)

In the first quarter of 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 $11,724.

At March 31, 2023 and December 31, 2022, costs to fulfill a contract with a customer recognized as an asset were $3,971 and $4,472, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three months ended March 31, 2023 and 2022, the Company amortized $3,666 and $2,402, respectively, of pre-construction costs.

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 13
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and contingencies

Commercial commitments

Performance and bid bonds are customarily required for dredging and marine construction projects. The Company has bonding agreements with Argonaut Insurance Company, Berkley Insurance Company, Chubb Surety and Liberty Mutual Insurance Company, under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty, Surety Company of America and Zurich American Insurance Company. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At March 31, 2023, the Company had outstanding performance bonds with a notional amount of approximately $686,345. The revenue value remaining in dredging backlog totaled approximately $253,936.

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. The Company has been involved in litigation relating to this sale, and on April 11, 2022 the Supreme Court of Delaware affirmed an earlier decision by Delaware Court of Chancery granting the Company a $21,934 judgment relating to the buyer's default of its obligations to indemnify the Company for losses resulting from failure to perform in accordance with terms of a surety performance bond. Following this judgment, the Company continued to aggressively pursue collection from the buyer on outstanding amounts owed under the sale and the indemnification. On April 24, 2023, the Company settled the remaining litigation related to the sale and subsequent buyer's default of its obligations to indemnify the Company for losses resulting from failure to perform in accordance with terms of a surety performance bond. The settlement calls for a one-time payment to the Company from entities affiliated with the buyer in the amount of $1,250, a disbursement to the Company from a litigation escrow account in the amount of $680 and a release of funds retained by New York City to the Company in connection with a pre-purchase construction project which is expected to be $800 after the payment of related expenses. The Company expects to record the proceeds and release any balance sheet exposure as the monies are received in 2023.

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.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computations for Basic and Diluted Earnings Per Share

The computations for basic and diluted earnings per share are as follows:


	Three Months Ended
	March 31,
	2023			2022

Net income (loss)	$	(3,231	)	$	11,057

Weighted-average common shares outstanding — basic		66,264			65,847
Effect of stock options and restricted stock units		—			589

Weighted-average common shares outstanding — diluted		66,264			66,436

Earnings (loss) per share — basic	$	(0.05	)	$	0.17
Earnings (loss) per share — diluted	$	(0.05	)	$	0.17

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses at March 31, 2023 and December 31, 2022 were as follows:


	March 31,		December 31,
	2023		2022

Insurance	$	13,920	$	17,808
Interest		6,131		1,469
Payroll and employee benefits		5,003		2,062
Other		4,262		5,107
Fuel hedge contracts		2,693		638
Income and other taxes		1,889		1,419
Contract reserves		2,650		966
Total accrued expenses	$	36,548	$	29,469

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 Levels
		March 31, 2023				December 31, 2022
		Assets		Liabilities		Assets		Liabilities
Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	—	$	2,693	$	—	$	638
Foreign currency exchange hedge contracts	2		995		—		831		6
Total derivatives		$	995	$	2,693	$	831	$	644

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:


	Three Months Ended
	March 31,
	2023			2022
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	370		$	(2,481	)
Change in fair value of derivatives—net of tax		(1,906	)		8,716
Net change in cash flow derivative fuel hedges—net of tax	$	(1,536	)	$	6,235
Foreign Currency Exchange Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	(42	)	$	—
Change in fair value of derivatives—net of tax		169			—
Net change in cash flow derivative foreign currency hedges—net of tax	$	127		$	—
Total net change in cash flow derivative hedges - net of tax	$	(1,409	)	$	6,235

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

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


		Three Months Ended
		March 31,
	Statement of Operations Location	2023			2022
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	495		$	(3,319	)
Foreign currency exchange hedge contracts	Other expense (income)		(52	)		—
	Income tax benefit (provision)		112			(838	)
		$	331		$	(2,481	)

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Contract Revenues by Type of Work and Customer

The Company’s contract revenues by type of work, for the periods indicated, were as follows:


	Three Months Ended
	March 31,
Revenues	2023		2022
Dredging:
Capital—U.S.	$	32,475	$	101,010
Coastal protection		51,305		71,917
Maintenance		71,928		19,812
Rivers & lakes		2,336		1,610
Total revenues	$	158,044	$	194,349

The Company’s contract revenues by type of customer, for the periods indicated, were as follows:


	Three Months Ended
	March 31,
Revenues	2023		2022
Dredging:
Federal government	$	142,162	$	167,574
State and local government		15,882		24,601
Private		-		2,174
Total revenues	$	158,044	$	194,349

Schedule of Accounts Receivable

Accounts receivable at March 31, 2023 and December 31, 2022 are as follows:


	March 31,			December 31,
	2023			2022
Completed contracts	$	4,983		$	4,682
Contracts in progress		18,146			32,546
Retainage		10,087			8,226
		33,216			45,454
Allowance for credit losses		(564	)		(564	)

Total accounts receivable—net	$	32,652		$	44,890

Components of Contracts in Progress

The components of contracts in progress at March 31, 2023 and December 31, 2022 are as follows:


	March 31,			December 31,
	2023			2022
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	343,316		$	262,125
Amounts billed		(276,822	)		(210,068	)
Costs and earnings in excess of billings for contracts in progress		66,494			52,057
Costs and earnings in excess of billings for completed contracts		14,808			14,972
Total contract revenues in excess of billings	$	81,302		$	67,029

Current portion of contract revenues in excess of billings	$	81,302		$	65,922
Long-term contract revenues in excess of billings		-			1,107
Total contract revenues in excess of billings	$	81,302		$	67,029

Billings in excess of costs and earnings:
Amounts billed	$	(112,333	)	$	(95,013	)
Costs and earnings for contracts in progress		99,889			85,099
Total billings in excess of contract revenues	$	(12,444	)	$	(9,914	)

Basis of Presentation (Narrative) (Details) - Segment		3 Months Ended
Basis of Presentation (Narrative) (Details) - Segment	Oct. 01, 2022	Mar. 31, 2023
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 - (Computations for Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ (3,231)	$ 11,057
Weighted-average common shares outstanding — basic	66,264	65,847
Effect of stock options and restricted stock units		589
Weighted-average common shares outstanding — diluted	66,264	66,436
Earnings (loss) per share - basic	$ (0.05)	$ 0.17
Earnings (loss) per share - diluted	$ (0.05)	$ 0.17

- 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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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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- Definition

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

+ References

+ Details

Earnings Per Share - (Narrative) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 shares
Earnings Per Share [Abstract]
Stock options and restricted stock units excluded from weighted-average common shares outstanding	246

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Insurance	$ 13,920	$ 17,808
Interest	6,131	1,469
Payroll and employee benefits	5,003	2,062
Other	4,262	5,107
Fuel hedge contracts	2,693	638
Income and other taxes	1,889	1,419
Contract reserves	2,650	966
Total accrued expenses	$ 36,548	$ 29,469

Long-Term Debt (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Jul. 29, 2022	May 31, 2021	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Revolving credit facility			$ 50,000,000	$ 0
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.
Letters of credit outstanding			$ 16,391,000	16,391,000
Letter of credit remaining borrowing capacity			195,712,000	245,713,000
Line of credit facility suppressed capacity			$ 37,897,000	$ 37,897,000
Debt instrument, face amount		$ 325,000,000
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

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	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	$ 995	$ 831
Derivative liabilities	2,693	644
Fuel Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities	2,693	638
Foreign Currency Exchange Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	$ 995	831
Derivative liabilities		$ 6

Fair Value Measurements (Narrative) (Details) € in Millions, gal in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) gal	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€) $ / gal € / shares	Mar. 31, 2023 USD ($) $ / gal € / shares	Dec. 31, 2022 USD ($)	May 31, 2021 USD ($)
Derivatives Fair Value [Line Items]
Derivative underlying hedge percent	80.00%
Derivative, nonmonetary notional amount, volume \| gal	5.4
Fair value hedge liabilities				$ 2,693,000	$ 638,000
Reclassification of derivative (gains) losses to earnings net of tax	$ 370,000
Debt instrument, face amount						$ 325,000,000
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Fair value of debt				$ 245,622,000
Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal			2.71	2.71
Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal			3.95	3.95
Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Reclassification of derivative (gains) losses to earnings net of tax	370,000	$ (2,481,000)
Foreign Currency Exchange Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Fair value hedge assets				$ 995,000	831,000
Fair value hedge liabilities					$ 6,000
Reclassification of derivative (gains) losses to earnings net of tax	(42,000)
Derivative notional amount \| €			€ 26.0
Reclassification of derivative (gains) losses to earnings net of cash settlements and taxes	$ 42,000
Foreign Currency Exchange Hedge Contracts [Member] \| Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| € / shares			1.00	1.00
Foreign Currency Exchange Hedge Contracts [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| € / shares			1.13	1.13

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

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

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

$ 370

Net change in cash flow derivative hedges—net of tax

^[1]

(1,409)

$ 6,235

Total other comprehensive income (loss)

(1,409)

6,235

Fuel Hedge Contracts [Member]

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

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

370

(2,481)

Change in fair value of derivatives—net of tax

(1,906)

8,716

Net change in cash flow derivative hedges—net of tax

(1,536)

$ 6,235

Foreign Currency Exchange Hedge Contracts [Member]

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

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

(42)

Change in fair value of derivatives—net of tax

169

Net change in cash flow derivative hedges—net of tax

$ 127

[1]	Net of income tax (provision) benefit of $476 and $(2,106) for the three months ended March 31, 2023 and 2022, respectively.

- Definition

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

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-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Paragraph 1
-Subparagraph (SX 210.9-04(23))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Loss (Income) to Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Costs of contract revenues	$ 145,909	$ 161,294
Other expense (income)	227	(405)
Income tax benefit (provision)	791	(3,285)
Net income (loss)	(3,231)	11,057
Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] \| Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Income tax benefit (provision)	112	(838)
Net income (loss)	(331)	2,481
Fuel Hedge Contracts [Member] \| Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] \| Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Costs of contract revenues	495	$ (3,319)
Foreign Currency Exchange Hedge Contracts [Member] \| Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] \| Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Other expense (income)	$ 52

- 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

Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
	May 11, 2017	Mar. 31, 2023	Mar. 31, 2022	May 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units		945
Share-based compensation expense		$ 237	$ 552
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			1,500
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

Revenue (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue From Contract With Customer [Line Items]
Revenue, remaining performance obligation	$ 327,147
Performance obligations exclude from dredging backlog	$ 50,000
Percentage of performance obligation to be recognized as revenue	77.00%
Performance obligation, expected to be recognized as revenue year	2023
Remaining performance obligation, expected timing of satisfaction, year	2024
Increased gross profit		$ 11,724
Amortization on pre-construction costs	$ 3,666	$ 2,402
Other Current and Noncurrent Assets [Member]
Revenue From Contract With Customer [Line Items]
Costs to fulfill a contract with customer recognized as an asset	$ 3,971		$ 4,472

Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenues	$ 158,044	$ 194,349
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenues	158,044	194,349
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Capital-U.S. [Member]
Disaggregation Of Revenue [Line Items]
Revenues	32,475	101,010
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Coastal Protection [Member]
Disaggregation Of Revenue [Line Items]
Revenues	51,305	71,917
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Maintenance [Member]
Disaggregation Of Revenue [Line Items]
Revenues	71,928	19,812
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Rivers & Lakes [Member]
Disaggregation Of Revenue [Line Items]
Revenues	$ 2,336	$ 1,610

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 30
-Subparagraph (a)
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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 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenues	$ 158,044	$ 194,349
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenues	158,044	194,349
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| Federal Government [Member]
Disaggregation Of Revenue [Line Items]
Revenues	142,162	167,574
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| State and Local Government [Member]
Disaggregation Of Revenue [Line Items]
Revenues	$ 15,882	24,601
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| Private [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 2,174

- Definition

+ References

+ Details

Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Completed contracts	$ 4,983	$ 4,682
Contracts in progress	18,146	32,546
Retainage	10,087	8,226
Accounts receivable, gross	33,216	45,454
Allowance for credit losses	(564)	(564)
Total accounts receivable—net	$ 32,652	$ 44,890

Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings in excess of billings for contracts in progress	$ 66,494	$ 52,057
Costs and earnings in excess of billings for completed contracts	14,808	14,972
Total contract revenues in excess of billings	81,302	67,029
Current portion of contract revenues in excess of billings	81,302	65,922
Long-term contract revenues in excess of billings		1,107
Total billings in excess of contract revenues	(12,444)	(9,914)
Costs And Earnings In Excess Of Billings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	343,316	262,125
Amounts billed	(276,822)	(210,068)
Billings In Excess Of Costs And Earnings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	99,889	85,099
Amounts billed	$ (112,333)	$ (95,013)

Commitments and Contingencies (Narrative) (Details) - USD ($)			3 Months Ended
	Apr. 24, 2023	Apr. 11, 2022	Mar. 31, 2023
Commitments And Contingencies [Line Items]
Outstanding performance bonds			$ 686,345,000
Revenue value remaining from outstanding performance bonds			253,936,000
Subsequent Event [Member]
Commitments And Contingencies [Line Items]
One-time payment amount	$ 1,250,000
Disbursement amount from litigation escrow account	680,000
Expected funds to be released in connection with pre-purchase construction project	$ 800,000
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