0000950170-24-121429 | 10-Q | XBRL Viewer | Great Lakes Dredge Dock Corp

Long-Term Debt	9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	5. Long-term debt Second lien credit agreement On April 24, 2024, 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 $150.0 million second lien credit agreement (as amended, supplemented or otherwise modified from time to time, the “Second Lien Credit Agreement”) with Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender, and Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger (“GCS”). The material terms of the Second Lien Credit Agreement are summarized below. The Second Lien Credit Agreement provides for (i) a senior secured second-lien term loan facility in an aggregate principal amount of $100.0 million, which was funded in full on the initial closing date (the “Closing Date”) and (ii) a senior secured second-lien delayed draw term loan facility in the aggregate principal amount up to $50.0 million, which is available to the Company for a period of 12 months following the Closing Date, subject to the terms and conditions as set forth therein. Net proceeds to the Company, after payment of original discount on the initial loans, a closing fee on the delayed draw facility and other debt issuance costs, including those associated with the ABL Amendment described below, were approximately $88.7 million. The Second Lien Credit Agreement contains customary representations, mandatory prepayments and affirmative and negative covenants, including a minimum liquidity covenant that requires the Credit Parties to maintain consolidated liquidity of (a) $12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00. For the first 18 months following the Closing Date, the Company may prepay all or a part of the loans under the Second Lien Credit Agreement by paying the principal amount of the loans to be prepaid plus a customary “make-whole” premium, subject to a make-whole carveout of up to $25.0 million (less the amount of any undrawn delayed draw term loan commitments at such time) at 103% with proceeds from a qualifying Maritime Administration (“MARAD”) financing. Thereafter, the Company may prepay all or a part of the loans under the Second Lien Credit Agreement by paying, (i) in months 19-30 following the Closing Date, 103% of the principal amount of the loans to be prepaid, plus accrued and unpaid interest and (ii) in months 31 to 42 after the Closing Date, 101% of the principal amount of loans to be prepaid, plus accrued and unpaid interest. The Second Lien 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 Second Lien Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each borrower (other than the Company) and subsidiary guarantor under the ABL Credit Agreement (as defined below), each existing or future issuer or guarantor under the indenture governing the Company’s 5.25% Senior Notes due 2029, and each other existing and subsequently acquired or formed material direct or indirect wholly-owned domestic subsidiary of the Company. The loans under the Second Lien Credit Agreement funded on the Closing Date were used to repay amounts outstanding under the ABL Credit Agreement, to pay fees and expenses associated with the transactions and for general corporate purposes, including to fund upcoming new build payments. The delayed draw portion of the term loans, if funded, will be used to fund future new build payments, ongoing working capital and for other general corporate purposes. The Second Lien Credit Agreement matures on the earlier of April 24, 2029 and the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s 5.25% Senior Notes due 2029. The obligations under the Second Lien Credit Agreement are secured on a second-priority basis by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid second 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). Pursuant to the terms of that certain Intercreditor Agreement dated as of April 24, 2024, (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), by and between PNC Bank, National Association, as first lien agent, and GCS, as second lien agent, the obligations under the Second Lien Credit Agreement are subordinated to the first-priority liens securing the obligations under the ABL Credit Agreement. Interest on the term loan facility under the Second Lien Credit Agreement is equal to either a base rate option (“Base Rate Loan”) or a Secured Overnight Financing Rate (“SOFR”) option (“Term SOFR Loan”) at the Company’s election. In the case of a Base Rate Loan, interest on the unpaid principal amount shall equal (i) the greatest of (a) the “Prime Rate” in the United States as quoted from time to time by The Wall Street Journal or the highest per annum rate of interest published by the Federal Reserve Board, (b) the federal funds effective rate (but not less than zero) plus 0.50% and (c) Term SOFR for a one-month interest period on such day, plus 1.00%, plus (ii) 6.75%. In the case of a Term SOFR Loan, interest on the unpaid principal amount shall equal the Term SOFR Reference Rate on the day that is two business days prior to the first day of such applicable interest period, plus 7.75%. In addition, the Company is required to pay a quarterly fee of 1.00% per annum on the undrawn commitments in respect of the delayed draw term loan facility. The Company had $100.0 million and zero borrowings on the Second Lien Credit Agreement as of September 30, 2024 and December 31, 2023, respectively. The weighted average interest rate on the Second Lien Credit Agreement borrowings during the quarter ended September 30, 2024 is 13.02%. Credit agreement On April 24, 2024, the Credit Parties, PNC Bank, National Association (“PNC”), as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement described below (the “ABL Amendment”). The ABL Amendment (w) eliminates the Company’s ability to increase the commitments under the senior secured revolving credit facility (x) modifies the pricing of loans and undrawn commitments as summarized below, (y) adds a minimum liquidity covenant, for so long as the Second Lien Credit Agreement has not been prepaid and terminated, that requires the Credit Parties to maintain consolidated liquidity of (a) $12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00 and (z) makes certain other customary changes in connection with the Credit Parties’ entry into the Second Lien Credit Agreement. The Company has availability of up to $200.0 million for the issuance of letters of credit under the ABL Amendment. The ABL Amendment modifies the Applicable Margin for Advances as follows: (i) following the ABL Amendment closing date through and including the date immediately prior to the date on which the Borrowing Base Certificate is required to be delivered for most recently completed fiscal quarter (commencing with the fiscal quarter ending on September 30, 2024) (the “Adjustment Date”), (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%, (ii) beginning as of the Adjustment Date, to the extent the quarterly average undrawn availability for the prior fiscal quarter is (x) greater than 66.7% of the Maximum Revolving Advance Amount, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.25% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.25%; (y) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 66.7% of the Maximum Revolving Advance Amount but greater than 33.3%, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%; and (z) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 33.3% of the Maximum Revolving Advance Amount, (a) Applicable Margin for Domestic Rate Loans Advances is 1.75% and (b) the Applicable Margin for Term SOFR Rate Loans Advances is 2.75%. Additionally, the Company has 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. On July 29, 2022, 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 “ABL 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 ABL Credit Agreement amends and restates the prior ABL 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 ABL Credit Agreement, including the amount available under the revolving credit facility. The terms of the ABL Credit Agreement are summarized below. The ABL Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $300.0 million. The maximum borrowing capacity under the ABL 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 ABL 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 $35.0 million sublimit. The ABL 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 ABL Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days. The ABL 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 ABL Credit Agreement are 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 ABL Credit Agreement will be used to pay fees and expenses related to the ABL Credit Agreement, finance acquisitions permitted under the ABL 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 ABL 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 ABL Credit Agreement. The obligations under the ABL 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). The Company had zero and $90.0 million borrowings on the revolver as of September 30, 2024 and December 31, 2023, respectively. There were $43.4 million and $49.8 million letters of credit outstanding as of September 30, 2024 and December 31, 2023, respectively. The Company had $256.3 million and $122.3 million of availability under the ABL Amendment as of September 30, 2024 and December 31, 2023, respectively. Availability was suppressed by $0.3 and $37.9 million as of September 30, 2024 and December 31, 2023, respectively, as a result of certain limitations of borrowing related to reserves and compliance with the Company’s obligations set forth in the ABL Credit Agreement. Capitalized terms used but not defined herein in Note 5, Long-term debt, shall have the meanings ascribed to such terms in the Second Lien Credit Agreement and the ABL Amendment, as applicable. Senior Notes and subsidiary guarantors In May 2021, the Company sold $325.0 million 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 $325.0 million aggregate principal amount of its outstanding 8.00% 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 ABL Amendment. 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. The weighted average interest rates on the Company’s outstanding borrowings, after adjusting for the effects of interest rate swaps, were 6.81%, and 5.57% as of September 30, 2024 and December 31, 2023, respectively.

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Long-term debt

Second lien credit agreement

On April 24, 2024, 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 $150.0 million second lien credit agreement (as amended, supplemented or otherwise modified from time to time, the “Second Lien Credit Agreement”) with Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender, and Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger (“GCS”). The material terms of the Second Lien Credit Agreement are summarized below.

The Second Lien Credit Agreement provides for (i) a senior secured second-lien term loan facility in an aggregate principal amount of $100.0 million, which was funded in full on the initial closing date (the “Closing Date”) and (ii) a senior secured second-lien delayed draw term loan facility in the aggregate principal amount up to $50.0 million, which is available to the Company for a period of 12 months following the Closing Date, subject to the terms and conditions as set forth therein. Net proceeds to the Company, after payment of original discount on the initial loans, a closing fee on the delayed draw facility and other debt issuance costs, including those associated with the ABL Amendment described below, were approximately $88.7 million.

The Second Lien Credit Agreement contains customary representations, mandatory prepayments and affirmative and negative covenants, including a minimum liquidity covenant that requires the Credit Parties to maintain consolidated liquidity of (a) $12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00. For the first 18 months following the Closing Date, the Company may prepay all or a part of the loans under the Second Lien Credit Agreement by paying the principal amount of the loans to be prepaid plus a customary “make-whole” premium, subject to a make-whole carveout of up to $25.0 million (less the amount of any undrawn delayed draw term loan commitments at such time) at 103% with proceeds from a qualifying Maritime Administration (“MARAD”) financing. Thereafter, the Company may prepay all or a part of the loans under the Second Lien Credit Agreement by paying, (i) in months 19-30 following the Closing Date, 103% of the principal amount of the loans to be prepaid, plus accrued and unpaid interest and (ii) in months 31 to 42 after the Closing Date, 101% of the principal amount of loans to be prepaid, plus accrued and unpaid interest.

The Second Lien 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 Second Lien Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each borrower (other than the Company) and subsidiary guarantor under the ABL Credit Agreement (as defined below), each existing or future issuer or guarantor under the indenture governing the Company’s 5.25% Senior Notes due 2029, and each other existing and subsequently acquired or formed material direct or indirect wholly-owned domestic subsidiary of the Company.

The loans under the Second Lien Credit Agreement funded on the Closing Date were used to repay amounts outstanding under the ABL Credit Agreement, to pay fees and expenses associated with the transactions and for general corporate purposes, including to fund upcoming new build payments. The delayed draw portion of the term loans, if funded, will be used to fund future new build payments, ongoing working capital and for other general corporate purposes. The Second Lien Credit Agreement matures on the

earlier of April 24, 2029 and the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s 5.25% Senior Notes due 2029.

The obligations under the Second Lien Credit Agreement are secured on a second-priority basis by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid second 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). Pursuant to the terms of that certain Intercreditor Agreement dated as of April 24, 2024, (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), by and between PNC Bank, National Association, as first lien agent, and GCS, as second lien agent, the obligations under the Second Lien Credit Agreement are subordinated to the first-priority liens securing the obligations under the ABL Credit Agreement.

Interest on the term loan facility under the Second Lien Credit Agreement is equal to either a base rate option (“Base Rate Loan”) or a Secured Overnight Financing Rate (“SOFR”) option (“Term SOFR Loan”) at the Company’s election. In the case of a Base Rate Loan, interest on the unpaid principal amount shall equal (i) the greatest of (a) the “Prime Rate” in the United States as quoted from time to time by The Wall Street Journal or the highest per annum rate of interest published by the Federal Reserve Board, (b) the federal funds effective rate (but not less than zero) plus 0.50% and (c) Term SOFR for a one-month interest period on such day, plus 1.00%, plus (ii) 6.75%. In the case of a Term SOFR Loan, interest on the unpaid principal amount shall equal the Term SOFR Reference Rate on the day that is two business days prior to the first day of such applicable interest period, plus 7.75%. In addition, the Company is required to pay a quarterly fee of 1.00% per annum on the undrawn commitments in respect of the delayed draw term loan facility.

The Company had $100.0 million and zero borrowings on the Second Lien Credit Agreement as of September 30, 2024 and December 31, 2023, respectively. The weighted average interest rate on the Second Lien Credit Agreement borrowings during the quarter ended September 30, 2024 is 13.02%.

Credit agreement

On April 24, 2024, the Credit Parties, PNC Bank, National Association (“PNC”), as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement described below (the “ABL Amendment”). The ABL Amendment (w) eliminates the Company’s ability to increase the commitments under the senior secured revolving credit facility (x) modifies the pricing of loans and undrawn commitments as summarized below, (y) adds a minimum liquidity covenant, for so long as the Second Lien Credit Agreement has not been prepaid and terminated, that requires the Credit Parties to maintain consolidated liquidity of (a) $12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00 and (z) makes certain other customary changes in connection with the Credit Parties’ entry into the Second Lien Credit Agreement. The Company has availability of up to $200.0 million for the issuance of letters of credit under the ABL Amendment.

The ABL Amendment modifies the Applicable Margin for Advances as follows: (i) following the ABL Amendment closing date through and including the date immediately prior to the date on which the Borrowing Base Certificate is required to be delivered for most recently completed fiscal quarter (commencing with the fiscal quarter ending on September 30, 2024) (the “Adjustment Date”), (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%, (ii) beginning as of the Adjustment Date, to the extent the quarterly average undrawn availability for the prior fiscal quarter is (x) greater than 66.7% of the Maximum Revolving Advance Amount, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.25% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.25%; (y) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 66.7% of the Maximum Revolving Advance Amount but greater than 33.3%, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%; and (z) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 33.3% of the Maximum Revolving Advance Amount, (a) Applicable Margin for Domestic Rate Loans Advances is 1.75% and (b) the Applicable Margin for Term SOFR Rate Loans Advances is 2.75%. Additionally, the Company has 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.

On July 29, 2022, 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 “ABL 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 ABL Credit Agreement amends and restates the prior ABL 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 ABL Credit Agreement, including the amount available under the revolving credit facility. The terms of the ABL Credit Agreement are summarized below.

The ABL Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $300.0 million. The maximum borrowing capacity under the ABL 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 ABL 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 $35.0 million sublimit.

The ABL 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 ABL Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days. The ABL 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 ABL Credit Agreement are 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 ABL Credit Agreement will be used to pay fees and expenses related to the ABL Credit Agreement, finance acquisitions permitted under the ABL 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 ABL 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 ABL Credit Agreement.

The obligations under the ABL 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).

The Company had zero and $90.0 million borrowings on the revolver as of September 30, 2024 and December 31, 2023, respectively. There were $43.4 million and $49.8 million letters of credit outstanding as of September 30, 2024 and December 31, 2023, respectively. The Company had $256.3 million and $122.3 million of availability under the ABL Amendment as of September 30, 2024 and December 31, 2023, respectively. Availability was suppressed by $0.3 and $37.9 million as of September 30, 2024 and December 31, 2023, respectively, as a result of certain limitations of borrowing related to reserves and compliance with the Company’s obligations set forth in the ABL Credit Agreement.

Capitalized terms used but not defined herein in Note 5, Long-term debt, shall have the meanings ascribed to such terms in the Second Lien Credit Agreement and the ABL Amendment, as applicable.

Senior Notes and subsidiary guarantors

In May 2021, the Company sold $325.0 million 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 $325.0 million aggregate principal amount of its outstanding 8.00% 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 ABL Amendment. 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.

The weighted average interest rates on the Company’s outstanding borrowings, after adjusting for the effects of interest rate swaps, were 6.81%, and 5.57% as of September 30, 2024 and December 31, 2023, respectively.

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

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, are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Revenues	2024		2023		2024		2023
Dredging:
Capital—U.S.	$	108,682	$	54,602	$	249,329	$	125,234
Coastal protection		43,913		23,567		178,034		131,362
Maintenance		37,867		33,816		130,742		141,553
Rivers & lakes		711		5,200		1,814		9,747
Total revenues	$	191,173	$	117,185	$	559,919	$	407,896

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Revenues	2024		2023		2024		2023
Dredging:
Federal government	$	85,876	$	78,681	$	339,352	$	328,211
State and local government		39,330		33,316		108,493		74,497
Private		65,967		5,188		112,074		5,188
Total revenues	$	191,173	$	117,185	$	559,919	$	407,896

Schedule of Accounts Receivable

Accounts receivable at September 30, 2024 and December 31, 2023 are as follows:


	September 30,			December 31,
	2024			2023
Completed contracts	$	741		$	2,920
Contracts in progress		34,244			40,743
Retainage		7,885			11,511
		42,870			55,174
Allowance for credit losses		(364	)		(364	)

Total accounts receivable—net	$	42,506		$	54,810

Components of Contracts in Progress

The components of contracts in progress at September 30, 2024 and December 31, 2023 are as follows:


	September 30,			December 31,
	2024			2023
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	306,386		$	206,330
Amounts billed		(231,134	)		(196,520	)
Costs and earnings in excess of billings for contracts in progress		75,252			9,810
Costs and earnings in excess of billings for completed contracts		16,547			58,925
Total contract revenues in excess of billings	$	91,799		$	68,735

Current portion of contract revenues in excess of billings	$	91,799		$	68,735
Long-term contract revenues in excess of billings		—			—
Total contract revenues in excess of billings	$	91,799		$	68,735

Billings in excess of costs and earnings:
Amounts billed	$	(94,545	)	$	(258,948	)
Costs and earnings for contracts in progress		78,932			229,388
Total billings in excess of contract revenues	$	(15,613	)	$	(29,560	)

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on derivatives, tax	$ 900	$ (728)	$ 447	$ (583)

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

Property and equipment at September 30, 2024 and December 31, 2023 were as follows:


	September 30,			December 31,
	2024			2023

Land	$	9,348		$	9,348
Buildings and improvements		1,314			1,314
Furniture and fixtures		20,644			20,090
Operating equipment		920,618			803,954
Construction in progress		235,942			264,674
Total property and equipment		1,187,866			1,099,380
Accumulated depreciation		(506,314	)		(484,772	)
Property and equipment—net	$	681,552		$	614,608

Fair Value Measurements (Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]
Costs of contract revenues	$ 154,940	$ 108,155	$ 448,272	$ 368,832
Other income (expense)	200	(78)	753	2,173
Interest expense—net	(4,888)	(2,762)	(12,977)	(9,322)
Income tax (provision) benefit	(3,154)	1,809	(12,985)	1,804
Net income (loss)	8,852	(6,154)	37,549	(7,652)
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 (provision) benefit	180	(167)	275
Net income (loss)	532	(495)	812	988
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	861	(649)	1,180	1,425
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 income (expense)		$ (13)	56	$ (437)
Interest Rate Swaps [Member] \| Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] \| Reclassification Out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments Gain Loss [Line Items]
Interest expense—net	$ (149)		$ (149)

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

At September 30, 2024, the Company had $1.21 billion of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $465.0 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at September 30, 2024. Additionally, it does not include $44.9 million of performance obligations or $12.7 million of options pending award related to offshore wind contracts. Approximately 18% of the Company’s dredging backlog at September 30, 2024 is expected to be completed during the remainder of 2024, with the remaining balance expected to be completed between 2025 and 2026.

Revenue by category

The following series of tables presents the Company's 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, are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Revenues	2024		2023		2024		2023
Dredging:
Capital—U.S.	$	108,682	$	54,602	$	249,329	$	125,234
Coastal protection		43,913		23,567		178,034		131,362
Maintenance		37,867		33,816		130,742		141,553
Rivers & lakes		711		5,200		1,814		9,747
Total revenues	$	191,173	$	117,185	$	559,919	$	407,896

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Revenues	2024		2023		2024		2023
Dredging:
Federal government	$	85,876	$	78,681	$	339,352	$	328,211
State and local government		39,330		33,316		108,493		74,497
Private		65,967		5,188		112,074		5,188
Total revenues	$	191,173	$	117,185	$	559,919	$	407,896

Accounts receivable at September 30, 2024 and December 31, 2023 are as follows:


	September 30,			December 31,
	2024			2023
Completed contracts	$	741		$	2,920
Contracts in progress		34,244			40,743
Retainage		7,885			11,511
		42,870			55,174
Allowance for credit losses		(364	)		(364	)

Total accounts receivable—net	$	42,506		$	54,810

The components of contracts in progress at September 30, 2024 and December 31, 2023 are as follows:


	September 30,			December 31,
	2024			2023
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	306,386		$	206,330
Amounts billed		(231,134	)		(196,520	)
Costs and earnings in excess of billings for contracts in progress		75,252			9,810
Costs and earnings in excess of billings for completed contracts		16,547			58,925
Total contract revenues in excess of billings	$	91,799		$	68,735

Current portion of contract revenues in excess of billings	$	91,799		$	68,735
Long-term contract revenues in excess of billings		—			—
Total contract revenues in excess of billings	$	91,799		$	68,735

Billings in excess of costs and earnings:
Amounts billed	$	(94,545	)	$	(258,948	)
Costs and earnings for contracts in progress		78,932			229,388
Total billings in excess of contract revenues	$	(15,613	)	$	(29,560	)

At September 30, 2024 and December 31, 2023, costs to fulfill a contract with a customer recognized as an asset were $22.1 million and $22.2 million, respectively, and are recorded in other current assets and other noncurrent assets in the condensed consolidated balance sheets. These costs relate to pre-contract and pre-construction activities. During the three and nine months ended September 30, 2024, the Company amortized $4.4 million and $12.8 million, respectively, of pre-construction costs. During the three and nine months ended September 30, 2023, the Company amortized $1.6 million and $6.6 million, 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Commitments and Contingencies (Narrative) (Details)	Sep. 30, 2024 USD ($)
Commitments And Contingencies [Line Items]
Outstanding performance bonds	$ 1,320,000
Revenue value remaining from outstanding performance bonds	875,800,000
Minimum [Member]
Commitments And Contingencies [Line Items]
Bids bond range	1,000,000
Maximum [Member]
Commitments And Contingencies [Line Items]
Bids bond range	$ 10,000,000

Accrued Expenses

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses

Accrued expenses at September 30, 2024 and December 31, 2023 were as follows:


	September 30,		December 31,
	2024		2023

Payroll and employee benefits	$	15,268	$	11,986
Insurance		14,397		12,521
Interest		5,962		2,388
Fuel hedge contracts		3,467		2,918
Income and other taxes		2,082		1,900
Finance lease liabilities		1,793		1,047
Contract reserves		-		3,964
Other		1,093		637
Total accrued expenses	$	44,062	$	37,361

Long-Term Debt (Narrative) (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Apr. 24, 2024	Jul. 29, 2022	May 31, 2021	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit facility, net proceeds after debt issue costs					$ 31,000,000	$ 120,000,000
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%
Debt instruments weighted average interest rate							5.57%
Senior Notes [Member] \| 2029 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.25%
Green Loan Option [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 35,000,000
Green Loan Option [Member] \| Green Loan Advance Rates [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.05%
Second Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	$ 150,000,000
Line of credit, remaining borrowing capacity, period	12 months
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Maximum fixed charge coverage ratio per covenant	110.00%
Loan prepayment period	18 months
Percentage of prepayment of principal loan amount	103.00%
Minimum fixed charge coverage ratio per covenant	110.00%
Maturity date	Apr. 24, 2029
Borrowings on second lien credit agreement				$ 100,000,000	$ 100,000,000		$ 0
Debt instruments weighted average interest rate				13.02%	13.02%
Second Lien Credit Agreement [Member] \| Prepayment After 19 To 30 Months From Closing Date [Member]
Debt Instrument [Line Items]
Percentage of prepayment of principal loan amount	103.00%
Second Lien Credit Agreement [Member] \| Prepayment After 31 To 42 Months From Closing Date [Member]
Debt Instrument [Line Items]
Percentage of prepayment of principal loan amount	101.00%
Second Lien Credit Agreement [Member] \| Senior Notes [Member] \| 2029 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.25%
Second Lien Credit Agreement [Member] \| Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.75%
Second Lien Credit Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Amount of liquidity	12,500,000
Make-whole carveout amount	$ 25,000,000
Second Lien Credit Agreement [Member] \| Maximum [Member] \| Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.75%
Second Lien Credit Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Amount of liquidity	$ 50,000,000
Second Lien Credit Agreement [Member] \| Minimum [Member] \| Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Second Lien Credit Agreement [Member] \| Minimum [Member] \| Federal Funds Effective Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Delayed Draw Term Loan Facility [Member]
Debt Instrument [Line Items]
Percentage of quarterly fee on undrawn commitments	1.00%
ABL Amendment [Member]
Debt Instrument [Line Items]
Revolving credit facility				$ 0	$ 0		90,000,000
Line of credit facility, maximum borrowing capacity	$ 200,000,000	$ 300,000,000
Letters of credit outstanding				43,400,000	43,400,000		49,800,000
Letter of credit remaining borrowing capacity				256,300,000	256,300,000		122,300,000
Maximum fixed charge coverage ratio per covenant	110.00%
Line of credit facility suppressed capacity				$ 300,000	$ 300,000		$ 37,900,000
Line of credit facility, net proceeds after debt issue costs	$ 88,700,000
Minimum fixed charge coverage ratio per covenant	110.00%	110.00%
Maximum covenant percentage of undrawn availability of amended credit agreement		12.50%
Debt instrument covenant description					The springing financial covenant is triggered when the undrawn availability of the ABL Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days.
ABL Amendment [Member] \| Domestic Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
ABL Amendment [Member] \| Domestic Rate [Member] \| Margin Advances Facility One [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.25%
ABL Amendment [Member] \| Domestic Rate [Member] \| Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.50%
ABL Amendment [Member] \| Domestic Rate [Member] \| Margin Advances Facility Three [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.75%
ABL Amendment [Member] \| Term SOFR Loan [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
ABL Amendment [Member] \| Term SOFR Loan [Member] \| Margin Advances Facility One [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.25%
ABL Amendment [Member] \| Term SOFR Loan [Member] \| Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.50%
ABL Amendment [Member] \| Term SOFR Loan [Member] \| Margin Advances Facility Three [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.75%
ABL Amendment [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Amount of liquidity	$ 12,500,000
ABL Amendment [Member] \| Maximum [Member] \| Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				66.70%
ABL Amendment [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Amount of liquidity	$ 50,000,000
ABL Amendment [Member] \| Minimum [Member] \| Margin Advances Facility One [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				66.70%
ABL Amendment [Member] \| Minimum [Member] \| Margin Advances Facility Two [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				33.30%
ABL Amendment [Member] \| Minimum [Member] \| Margin Advances Facility Three [Member]
Debt Instrument [Line Items]
Maximum revolving advance amount percentage of undrawn availability of credit agreement				33.30%

Earnings (loss) per share - (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Anti-dilutive Due to Period Loss [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock, excluded from computation of earnings per share		652,000		427,000
Anti-dilutive Due to Treasury Stock Method [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock, excluded from computation of earnings per share	56,000	0	59,000	0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,852	$ (6,154)	$ 37,549	$ (7,652)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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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
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Reference 9: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions		3 Months Ended		9 Months Ended
	May 11, 2017	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units				824
Share-based compensation expense		$ 3.5	$ 1.8	$ 6.1	$ 4.2
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,187,866	$ 1,099,380
Accumulated depreciation	(506,314)	(484,772)
Property and equipment-net	681,552	614,608
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	9,348	9,348
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,314	1,314
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	20,644	20,090
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	920,618	803,954
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 235,942	$ 264,674

Earnings (loss) per share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (loss) per share

Basic earnings (loss) 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 (loss) per share is computed similar to basic earnings (loss) 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 (loss) per share are as follows:


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2024		2023			2024		2023

Net income (loss)	$	8,852	$	(6,154	)	$	37,549	$	(7,652	)

Weighted-average common shares outstanding — basic		67,217		66,532			67,021		66,419
Effect of stock options and restricted stock units		613		—			666		—

Weighted-average common shares outstanding — diluted		67,830		66,532			67,687		66,419

Earnings (loss) per share — basic	$	0.13	$	(0.09	)	$	0.56	$	(0.12	)
Earnings (loss) per share — diluted	$	0.13	$	(0.09	)	$	0.55	$	(0.12	)

For the three and nine months ended September 30, 2023, respectively, 652 and 427 stock options (“NQSOs”) and restricted stock units (“RSUs”) were excluded from the diluted weighted average common shares outstanding because the Company incurred a loss during these periods.

For the three and nine months ended September 30, 2024, respectively, there were 56 and 59 stock options and restricted stock units 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. For the three and nine months ended September 30, 2023, respectively, there were no NQSOs and RSUs 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.

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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	$ 2	$ 358
Derivatives liabilities	4,024	2,918
Fuel Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives liabilities	3,467	2,918
Foreign Currency Exchange Hedge Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets	2	$ 358
Derivatives liabilities	21
Interest Rate Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives liabilities	$ 536

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses at September 30, 2024 and December 31, 2023 were as follows:


	September 30,		December 31,
	2024		2023

Payroll and employee benefits	$	15,268	$	11,986
Insurance		14,397		12,521
Interest		5,962		2,388
Fuel hedge contracts		3,467		2,918
Income and other taxes		2,082		1,900
Finance lease liabilities		1,793		1,047
Contract reserves		-		3,964
Other		1,093		637
Total accrued expenses	$	44,062	$	37,361

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	67,272,000	66,623,000
Common stock, shares outstanding	67,272,000	66,623,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Contract revenues	$ 191,173	$ 117,185	$ 559,919	$ 407,896
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Costs of contract revenues	$ 154,940	$ 108,155	$ 448,272	$ 368,832
Cost, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Gross profit	$ 36,233	$ 9,030	$ 111,647	$ 39,064
General and administrative expenses	19,815	14,188	52,087	41,667
Other gains	(276)	(35)	(3,198)	(296)
Operating income (loss)	16,694	(5,123)	62,758	(2,307)
Interest expense—net	(4,888)	(2,762)	(12,977)	(9,322)
Other income (expense)	200	(78)	753	2,173
Income (loss) before income taxes	12,006	(7,963)	50,534	(9,456)
Income tax (provision) benefit	(3,154)	1,809	(12,985)	1,804
Net income (loss)	$ 8,852	$ (6,154)	$ 37,549	$ (7,652)
Basic earnings (loss) per share	$ 0.13	$ (0.09)	$ 0.56	$ (0.12)
Basic weighted average shares	67,217	66,532	67,021	66,419
Diluted weighted average shares	67,830	66,532		66,419

Fair Value Measurements (Narrative) (Details) € in Millions, gal in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) gal	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€) Swap $ / gal € / shares	Sep. 30, 2024 USD ($) Swap $ / gal € / shares	Dec. 31, 2023 USD ($)
Fair Value, Inputs, Level 1 [Member]
Derivatives Fair Value [Line Items]
Fair value of debt						$ 302,100
Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Derivative underlying hedge percent			80.00%
Derivative, nonmonetary notional amount, volume \| gal			9.1
Reclassification of derivative gain (losses) to earnings net of tax	$ (644,000)	$ 297,000	$ (882,000)	$ (1,507,000)
Fair value hedge liabilities						$ 3,500	$ 2,900
Fuel Hedge Contracts [Member] \| Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal					2.35	2.35
Fuel Hedge Contracts [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| $ / gal					2.9	2.9
Foreign Currency Exchange Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Fair value hedge assets						$ 21,000	$ 358,000
Reclassification of derivative gain (losses) to earnings net of tax		$ 198,000	(42,000)	$ 519,000
Derivative notional amount \| €					€ 2.9
Foreign Currency Exchange Hedge Contracts [Member] \| Minimum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| € / shares					1.11	1.11
Foreign Currency Exchange Hedge Contracts [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Fixed price range \| € / shares					1.13	1.13
Interest Rate Swaps [Member]
Derivatives Fair Value [Line Items]
Reclassification of derivative gain (losses) to earnings net of tax	$ 112,000		$ 112,000
Derivative notional amount						$ 75,000,000
Fair value hedge liabilities						$ 536,000
Derivative, maturity date			Aug. 24, 2026
Number of interest rate swaps \| Swap					2	2

Revenue (Summary of Type of Work, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 191,173	$ 117,185	$ 559,919	$ 407,896
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	191,173	117,185	559,919	407,896
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	108,682	54,602	249,329	125,234
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	43,913	23,567	178,034	131,362
Type of Work [Member] \| Operating Segment [Member] \| Dredging [Member] \| Maintenance [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	37,867	33,816	130,742	141,553
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	$ 711	$ 5,200	$ 1,814	$ 9,747

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	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		67,272,067
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

Loss per share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computations for Basic and Diluted Loss Per Share

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


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2024		2023			2024		2023

Net income (loss)	$	8,852	$	(6,154	)	$	37,549	$	(7,652	)

Weighted-average common shares outstanding — basic		67,217		66,532			67,021		66,419
Effect of stock options and restricted stock units		613		—			666		—

Weighted-average common shares outstanding — diluted		67,830		66,532			67,687		66,419

Earnings (loss) per share — basic	$	0.13	$	(0.09	)	$	0.56	$	(0.12	)
Earnings (loss) per share — diluted	$	0.13	$	(0.09	)	$	0.55	$	(0.12	)

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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, foreign currency risk or interest rate 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
		September 30, 2024				December 31, 2023
		Assets		Liabilities		Assets		Liabilities
Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	—	$	3,467	$	—	$	2,918
Foreign currency exchange hedge contracts	2		2		21		358		—
Interest rate swaps	2		—		536		—		—
Total derivatives		$	2	$	4,024	$	358	$	2,918

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 dredging backlog.

As of September 30, 2024, 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 February 2026. As of September 30, 2024, there were 9.1 million gallons remaining on these contracts representing forecasted domestic fuel purchases through February 2026. Under these swap agreements, the Company will pay fixed prices ranging from $2.35 to $2.90 per gallon.

At September 30, 2024 and December 31, 2023, the fair value liabilities of the fuel hedge contracts were estimated to be $3.5 million and $2.9 million, respectively, and are recorded in accrued expenses in the condensed consolidated balance sheets. 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 nine months ended September 30, 2024 were $882. The remaining gains and losses included in accumulated other comprehensive loss at September 30, 2024 will be reclassified into earnings over the next seventeen 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 condensed consolidated statements 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 sometimes enters into foreign currency exchange forward contracts to hedge the risk that fluctuations in the Euro in relation to the US Dollar could have an adverse impact on cash flows associated with its equipment builds.

As of September 30, 2024, the Company was party to various foreign exchange forward contract arrangements to hedge the purchase of materials through November 2024. As of September 30, 2024, there were 2.9 million Euro of payments remaining on these hedge contracts. Under these hedge contracts, the Company will pay fixed prices ranging from $1.11 to $1.13 per Euro.

As of September 30, 2024, the fair value liability of foreign currency exchange hedge contracts was $21 and is recorded in accrued expenses in the condensed consolidated balance sheets. As of December 31, 2023, the fair value asset of foreign currency exchange hedge contracts was $358 and is recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. 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 nine months ended September 30, 2024 were $42. The remaining gains and losses included in accumulated other comprehensive loss at September 30, 2024 will be reclassified into earnings over the next two 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 condensed consolidated statements 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.

Interest rate swaps

The Company is exposed to certain market risks, including interest rate risks related to the floating interest rates on its variable rate debt. The Company has entered into interest rate swaps to convert a portion of its variable rate debt into fixed-rate debt and hedge the risk that fluctuations in interest rates could have an adverse impact on net interest expense.

As of September 30, 2024, the Company was party to two interest rate swaps with a total notional value of $75 million effective August 5, 2024 and a maturity date of August 24, 2026. Under these interest rate swaps, the Company will pay a weighted average fixed rate of 3.873% on the notional amount and receive payments from the counterparty based on the 30-day SOFR rate, effectively modifying the Company’s exposure to interest rate risk by converting a portion of its floating-rate debt to a weighted average fixed interest rate of 11.623%.

As of September 30, 2024 the fair value liability of the Company’s interest rate swaps was $536 and is recorded in accrued expenses in the condensed consolidated balance sheets. For interest rate swaps 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 nine months ended September 30, 2024 were $112. The remaining gains and losses included in accumulated other comprehensive loss at September 30, 2024 will be reclassified into earnings over the next twenty three months, corresponding to the period during which the interest rate swap is expected to be utilized. Changes in the fair value of interest rate swaps not considered highly effective are recorded as interest expense in the condensed consolidated statements of operations. The fair values of interest rate swaps are corroborated using inputs that are readily observable in public markets; therefore, the Company determines the fair value of these interest rate swaps 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						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	644		$	(297	)	$	882		$	1,507
Change in fair value of derivatives—net of tax		(2,993	)		3,271			(1,293	)		1,113
Net change in cash flow derivative fuel hedges—net of tax	$	(2,349	)	$	2,974		$	(411	)	$	2,620

Foreign Currency Exchange Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	—		$	(198	)	$	42		$	(519	)
Change in fair value of derivatives—net of tax		89			(621	)		(553	)		(377	)
Net change in cash flow derivative foreign currency hedges—net of tax	$	89		$	(819	)	$	(511	)	$	(896	)

Interest Rate Swaps
Reclassification of derivative gains to earnings—net of tax	$	(112	)	$	—		$	(112	)	$	—
Change in fair value of derivatives—net of tax		(289	)		—			(289	)		—
Net change in cash flow derivative foreign currency hedges—net of tax	$	(401	)	$	—		$	(401	)	$	—
Total net change in cash flow derivative hedges - net of tax	$	(2,661	)	$	2,155		$	(1,323	)	$	1,724

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


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
	Statement of Operations Location	2024			2023			2024			2023
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	861		$	(649	)	$	1,180		$	1,425
Foreign currency exchange hedge contracts	Other income (expense)		—			(13	)		56			(437	)
Interest rate swaps	Interest expense—net		(149	)		—			(149	)		—
	Income tax (provision) benefit		180			(167	)		275			—
		$	532		$	(495	)	$	812		$	988

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 values of the ABL Amendment and Second Lien Credit Agreement approximate fair value at September 30, 2024. In May 2021, the Company sold $325.0 million of the 2029 Notes, which were outstanding at September 30, 2024 (see Note 5, Long-term debt). The fair value of the 2029 Notes was $302.1 million at September 30, 2024, 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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
		September 30, 2024				December 31, 2023
		Assets		Liabilities		Assets		Liabilities
Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	—	$	3,467	$	—	$	2,918
Foreign currency exchange hedge contracts	2		2		21		358		—
Interest rate swaps	2		—		536		—		—
Total derivatives		$	2	$	4,024	$	358	$	2,918

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						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	644		$	(297	)	$	882		$	1,507
Change in fair value of derivatives—net of tax		(2,993	)		3,271			(1,293	)		1,113
Net change in cash flow derivative fuel hedges—net of tax	$	(2,349	)	$	2,974		$	(411	)	$	2,620

Foreign Currency Exchange Hedge Contracts
Reclassification of derivative losses (gains) to earnings—net of tax	$	—		$	(198	)	$	42		$	(519	)
Change in fair value of derivatives—net of tax		89			(621	)		(553	)		(377	)
Net change in cash flow derivative foreign currency hedges—net of tax	$	89		$	(819	)	$	(511	)	$	(896	)

Interest Rate Swaps
Reclassification of derivative gains to earnings—net of tax	$	(112	)	$	—		$	(112	)	$	—
Change in fair value of derivatives—net of tax		(289	)		—			(289	)		—
Net change in cash flow derivative foreign currency hedges—net of tax	$	(401	)	$	—		$	(401	)	$	—
Total net change in cash flow derivative hedges - net of tax	$	(2,661	)	$	2,155		$	(1,323	)	$	1,724

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:


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
	Statement of Operations Location	2024			2023			2024			2023
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	861		$	(649	)	$	1,180		$	1,425
Foreign currency exchange hedge contracts	Other income (expense)		—			(13	)		56			(437	)
Interest rate swaps	Interest expense—net		(149	)		—			(149	)		—
	Income tax (provision) benefit		180			(167	)		275			—
		$	532		$	(495	)	$	812		$	988

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]
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	3,729	$ 1	3,728
Share-based compensation, shares		45
Vesting of restricted stock units and impact of shares withheld for taxes, value	(603)		(603)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		156
Exercise of options and purchases from employee stock plan, value	551		551
Exercise of options and purchases from employee stock plan, shares		223
Net Income (Loss)	(7,652)			(7,652)
Other comprehensive income (loss) net of tax	1,724				1,724
BALANCE - value at Sep. 30, 2023	365,969	$ 7	315,767	48,662	1,533
BALANCE - shares at Sep. 30, 2023		66,612
BALANCE - value at Jun. 30, 2023	368,522	$ 7	314,321	54,816	(622)
BALANCE - shares at Jun. 30, 2023		66,492
Share-based compensation, value	1,518		1,518
Share-based compensation, shares		12
Vesting of restricted stock units and impact of shares withheld for taxes, value	(61)		(61)
Exercise of options and purchases from employee stock plan, value	(11)		(11)
Exercise of options and purchases from employee stock plan, shares		108
Net Income (Loss)	(6,154)			(6,154)
Other comprehensive income (loss) net of tax	2,155				2,155
BALANCE - value at Sep. 30, 2023	365,969	$ 7	315,767	48,662	1,533
BALANCE - shares at Sep. 30, 2023		66,612
BALANCE - value at Dec. 31, 2023	385,548	$ 6	317,337	70,220	(2,015)
BALANCE - shares at Dec. 31, 2023		66,623
Share-based compensation, value	3,339	$ 1	3,338
Share-based compensation, shares		29
Vesting of restricted stock units and impact of shares withheld for taxes, value	(1,332)		(1,332)
Vesting of restricted stock units and impact of shares withheld for taxes, shares		411
Exercise of options and purchases from employee stock plan, value	1,628		1,628
Exercise of options and purchases from employee stock plan, shares		209
Net Income (Loss)	37,549			37,549
Other comprehensive income (loss) net of tax	(1,323)				(1,323)
BALANCE - value at Sep. 30, 2024	425,409	$ 7	320,971	107,769	(3,338)
BALANCE - shares at Sep. 30, 2024		67,272
BALANCE - value at Jun. 30, 2024	418,023	$ 7	319,776	98,917	(677)
BALANCE - shares at Jun. 30, 2024		67,189
Share-based compensation, value	942		942
Share-based compensation, shares		8
Vesting of restricted stock units and impact of shares withheld for taxes, value	(362)		(362)
Exercise of options and purchases from employee stock plan, value	615		615
Exercise of options and purchases from employee stock plan, shares		75
Net Income (Loss)	8,852			8,852
Other comprehensive income (loss) net of tax	(2,661)				(2,661)
BALANCE - value at Sep. 30, 2024	$ 425,409	$ 7	$ 320,971	$ 107,769	$ (3,338)
BALANCE - shares at Sep. 30, 2024		67,272

Revenue (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue From Contract With Customer [Line Items]
Revenue, remaining performance obligation	$ 1,210		$ 1,210
Performance obligations exclude from dredging backlog	44,900		44,900
Performance obligations domestic low bids pending formal award and additional phases	$ 465,000		$ 465,000
Percentage of performance obligation to be recognized as revenue			18.00%
Performance obligation, expected to be recognized as revenue year			2024
Remaining performance obligation, expected timing of satisfaction, year	2025 2026		2025 2026
Amortization on pre-construction costs	$ 4,400	$ 1,600	$ 12,800	$ 6,600
Options pending award related to offshore wind contracts	12,700		12,700
Other Current and Noncurrent Assets [Member]
Revenue From Contract With Customer [Line Items]
Costs to fulfill a contract with customer recognized as an asset	$ 22,100		$ 22,100		$ 22,200

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Derivatives Fair Value [Line Items]

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total

^[1]

$ (2,661)

$ 2,155

$ (1,323)

$ 1,724

Fuel Hedge Contracts [Member]

Derivatives Fair Value [Line Items]

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

644

(297)

882

1,507

Change in fair value of derivatives—net of tax

(2,993)

3,271

(1,293)

1,113

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total

(2,349)

2,974

(411)

2,620

Foreign Currency Exchange Hedge Contracts [Member]

Derivatives Fair Value [Line Items]

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

(198)

(519)

Change in fair value of derivatives—net of tax

(621)

(553)

(377)

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total

$ (819)

(511)

$ (896)

Interest Rate Swaps [Member]

Derivatives Fair Value [Line Items]

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

(112)

Change in fair value of derivatives—net of tax

(289)

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total

$ (401)

[1]	Net of income tax benefit (provision) of $900 and $(728) for the three months ended September 30, 2024 and 2023, respectively. Net of income tax benefit (provision) of $447 and $(583) for the nine months ended September 30, 2024 and 2023, respectively.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 12,037	$ 22,841
Accounts receivable—net	42,506	54,810
Contract revenues in excess of billings	91,799	68,735
Inventories	34,961	33,912
Prepaid expenses	1,441	1,486
Other current assets	31,988	44,544
Total current assets	214,732	226,328
PROPERTY AND EQUIPMENT—Net	681,552	614,608
OPERATING LEASE ASSETS	66,522	88,398
GOODWILL	76,576	76,576
INVENTORIES—Noncurrent	84,016	86,325
OTHER	21,941	18,605
TOTAL	1,145,339	1,110,840
LIABILITIES AND EQUITY
Accounts payable	94,612	83,835
Accrued expenses	44,062	37,361
Operating lease liabilities	23,435	28,687
Billings in excess of contract revenues	15,613	29,560
Total current liabilities	177,722	179,443
LONG-TERM DEBT	412,531	412,070
OPERATING LEASE LIABILITIES—Noncurrent	44,406	61,444
DEFERRED INCOME TAXES	73,501	62,232
OTHER	11,770	10,103
Total liabilities	719,930	725,292
COMMITMENTS AND CONTINGENCIES (Note 9)
EQUITY:
Common stock-$.0001 par value; 90,000 authorized, 67,272 and 66,623 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively.	7	6
Additional paid-in capital	320,971	317,337
Retained earnings	107,769	70,220
Accumulated other comprehensive loss	(3,338)	(2,015)
Total equity	425,409	385,548
TOTAL	$ 1,145,339	$ 1,110,840

Revenue (Summary of Type of Customer, Contract Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 191,173	$ 117,185	$ 559,919	$ 407,896
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	191,173	117,185	559,919	407,896
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	85,876	78,681	339,352	328,211
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	39,330	33,316	108,493	74,497
Type of Customer [Member] \| Operating Segment [Member] \| Dredging [Member] \| Private [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 65,967	$ 5,188	$ 112,074	$ 5,188

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Property and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment

Property and equipment at September 30, 2024 and December 31, 2023 were as follows:


	September 30,			December 31,
	2024			2023

Land	$	9,348		$	9,348
Buildings and improvements		1,314			1,314
Furniture and fixtures		20,644			20,090
Operating equipment		920,618			803,954
Construction in progress		235,942			264,674
Total property and equipment		1,187,866			1,099,380
Accumulated depreciation		(506,314	)		(484,772	)
Property and equipment—net	$	681,552		$	614,608

Earnings (loss) per share - (Computations for Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 8,852	$ (6,154)	$ 37,549	$ (7,652)
Weighted-average common shares outstanding — basic	67,217	66,532	67,021	66,419
Effect of stock options and restricted stock units	613
Weighted-average common shares outstanding — diluted	67,830	66,532		66,419
Earnings (loss) per share - basic	$ 0.13	$ (0.09)	$ 0.56	$ (0.12)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Completed contracts	$ 741	$ 2,920
Contracts in progress	34,244	40,743
Retainage	7,885	11,511
Accounts receivable, gross	42,870	55,174
Allowance for credit losses	(364)	(364)
Total accounts receivable—net	$ 42,506	$ 54,810

Revenue (Components of Contracts in Progress) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings in excess of billings for contracts in progress	$ 75,252	$ 9,810
Costs and earnings in excess of billings for completed contracts	16,547	58,925
Total contract revenues in excess of billings	91,799	68,735
Current portion of contract revenues in excess of billings	91,799	68,735
Total billings in excess of contract revenues	(15,613)	(29,560)
Costs And Earnings In Excess Of Billings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	306,386	206,330
Amounts billed	(231,134)	(196,520)
Billings In Excess Of Costs And Earnings [Member]
Accounts Notes And Loans Receivable [Line Items]
Costs and earnings for contracts in progress	78,932	229,388
Amounts billed	$ (94,545)	$ (258,948)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income (loss)	$ 37,549	$ (7,652)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation and amortization	32,217	32,320
Deferred income taxes	11,716	(1,804)
Gain on sale of assets	(3,097)	(296)
Amortization of capitalized contract costs	12,841	6,582
Amortization of deferred financing fees	1,723	724
Share-based compensation expense	6,096	4,209
Changes in assets and liabilities:
Accounts receivable	12,304	15,654
Contract revenues in excess of billings	(23,064)	16,632
Inventories	1,260	(10,352)
Prepaid expenses and other current assets	(1,289)	(10,195)
Accounts payable and accrued expenses	12,255	(11,005)
Billings in excess of contract revenues	(13,947)	19,478
Other noncurrent assets and liabilities	(2,983)	(4,718)
Cash provided by operating activities	83,581	49,577
INVESTING ACTIVITIES:
Purchases of property and equipment	(102,532)	(98,193)
Proceeds from dispositions of property and equipment	9,329	1,215
Cash used in investing activities	(93,203)	(96,978)
FINANCING ACTIVITIES:
Deferred financing fees	(10,897)
Taxes paid on settlement of vested share awards	(1,332)	(603)
Exercise of options and purchases from employee stock plans	1,628	551
Borrowing under revolving loans	31,000	120,000
Borrowing under Second Lien Credit Agreement	100,000
Repayments of revolving loans	(121,000)	(65,000)
Payments on finance lease obligations	(1,501)
Cash (used in) provided by financing activities	(2,102)	54,948
Net (decrease) increase in cash, cash equivalents and restricted cash	(11,724)	7,547
Cash, cash equivalents and restricted cash at beginning of period	23,761	6,546
Cash, cash equivalents and restricted cash at end of period	12,037	14,093
Supplemental Cash Flow Information
Cash paid for interest	17,452	10,742
Cash paid for income taxes	1,491	281
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 3,320	$ 5,191

Basis of Presentation (Narrative) (Details)	9 Months Ended
Basis of Presentation (Narrative) (Details)	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating Segments	1
Number of reportable segments	1
Number of reportable segment with goodwill	1
Quantitative threshold		5.00%
Percentage of income taxes paid (net of refunds received)		5.00%
Net cash flow effect \| $	$ 0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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, ACE Holdings, Liberty Mutual Insurance Company, Philadelphia Indemnity Insurance Company, Ascot Insurance Companies and AXIS Insurance Company under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty and Surety Company of America, Berkley Insurance Company and Zurich American Insurance Company. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1.0 million to $10.0 million. At September 30, 2024, the Company had outstanding performance bonds with a notional amount of approximately $1.32 billion. The revenue value remaining in dredging backlog related to the outstanding performance bonds totaled approximately $875.8 million.

Certain foreign projects performed by the Company have warranty periods, typically spanning between 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, 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 its proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition.

Lease obligations

The Company leases certain operating equipment and office facilities under long-term operating and financing 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 ABL Amendment, 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 ABL Amendment. 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	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Payroll and employee benefits	$ 15,268	$ 11,986
Insurance	14,397	12,521
Interest	5,962	2,388
Fuel hedge contracts	3,467	2,918
Income and other taxes	2,082	1,900
Finance lease liabilities	1,793	1,047
Contract reserves		3,964
Other	1,093	637
Total accrued expenses	$ 44,062	$ 37,361

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Statement of Comprehensive Income [Abstract]

Net Income (Loss)

$ 8,852

$ (6,154)

$ 37,549

$ (7,652)

Net change in cash flow derivative hedges—net of tax

^[1]

(2,661)

2,155

(1,323)

1,724

Comprehensive income (loss)

$ 6,191

$ (3,999)

$ 36,226

$ (5,928)

[1]	Net of income tax benefit (provision) of $900 and $(728) for the three months ended September 30, 2024 and 2023, respectively. Net of income tax benefit (provision) of $447 and $(583) for the nine months ended September 30, 2024 and 2023, respectively.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Insider Trading Arrangements - shares	3 Months Ended
Insider Trading Arrangements - shares	Sep. 30, 2024	Aug. 25, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Securities Trading Plans of Executive Officers and Directors Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables pre-arranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Securities Trading and Disclosure of Confidential Information policy permits our officers and directors to enter into trading plans designed to comply with Rule 10b5-1. On August 26, 2024, Lasse Petterson, Director and President and Chief Executive Officer, terminated a Rule 10b5-1 trading arrangement previously adopted on May 16, 2024. Such 10b5-1 trading arrangement was intended to satisfy the affirmative defense of Rule 10b5-1 (c) and provided for the sale of up to 500,000 shares of our common stock. 250,000 shares were sold under this 10b5-1 trading arrangement prior to its termination. During the quarterly period ended September 30, 2024, none of our other officers (as defined in Rule 16a-1(f) under the Exchange Act) or directors adopted or terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Lasse Petterson [Member]
Trading Arrangements, by Individual
Name	Lasse Petterson
Title	Director and President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 16, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 26, 2024
Aggregate Available	500,000	250,000

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

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

During the nine months ended September 30, 2024, the Company granted 824 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 $3.5 million and $1.8 million for the three months ended September 30, 2024 and 2023, respectively. Compensation cost charged to expense related to share-based compensation arrangements was $6.1 million and $4.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Basis of Presentation

9 Months Ended

Sep. 30, 2024

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, 2023. 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 September 30, 2024 and December 31, 2023, and its results of operations for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 30, 2024 and 2023 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. 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 that the fair value of the reporting unit is below its carrying value. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. The Company also may elect to forego the qualitative and move directly to the quantitative impairment test. The Company performed its annual test of impairment as of July 1, 2024. The Company assessed qualitative factors for any indications of potential impairment of the reporting unit. Upon completing this assessment, it was determined that the fair value of the reporting unit is more likely than not greater than its carrying value as of the assessment date and, as a result, a quantitative test was not performed. The Company will continue to monitor for changes in facts or circumstances that may impact its estimates. The Company will perform its next scheduled annual impairment test of goodwill in the third quarter of 2025 should no triggering events occur which would require a test prior to the next annual test.

The condensed consolidated statements 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.

Recently Issued Accounting Pronouncements—In December 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740)” (“ASU 2023-09”). The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of, on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, and should be applied prospectively. Management is currently evaluating the impact of this guidance.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280)” (“ASU 2023-07”). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. ASU 2023-07 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. ASU 2023-07 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 also do not

change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. ASU 2023-07 will not have an impact on our consolidated balance sheets, statements of operations or cash flows, but will affect our financial statement disclosures as discussed above.

Reclassifications—Certain reclassifications have been made to prior period condensed consolidated statements of cash flows to conform to current period presentation. These reclassifications have no effect on net cash flows.