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Discontinued operations | 12 Months Ended
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Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | Discontinued operations As part of its ongoing strategic evaluation of operations, the Company sold its pipeline related assets and piling related assets and liabilities and discontinued the operations of these businesses. Prior to this decision, the Company had two reportable business segments consisting of Heavy Construction and Mining and Commercial and Industrial Construction. The Commercial and Industrial Construction segment was comprised of pipeline and piling operations. The operations of the discontinued Commercial and Industrial Construction segment are summarized in this note. a) Pipeline On November 22, 2012, the Company reached an agreement with an independent third party to sell its pipeline related assets for total consideration of $16,250. The selling costs were $781 rendering net proceeds of $15,469. The Company does not have any significant continuing involvement in the operations of pipeline. For all periods presented, the results of its pipeline operations and cash flows have been reported as discontinued operations. The results of pipeline discontinued operations are summarized as follows:
Year ended December 31, | 2013 |  |  | 2012 |
Revenue | $ | — |  |  | $ | 84,399 |
Project costs | 1,321 |  |  | 93,442 |
Depreciation | — |  |  | 556 |
Gross loss | $ | (1,321 | ) |  | $ | (9,599 | )
General and administrative expenses | 312 |  |  | 1,277 |
Loss (gain) on disposal of property, plant and equipment | 63 |  |  | (438 | )
Recovery of previously expensed tools, supplies and equipment parts | — |  |  | (1,095 | )
Gain on sale of inventory | (46 | ) |  | (668 | )
Operating loss | $ | (1,650 | ) |  | $ | (8,675 | )
Interest expense | — |  |  | 962 |
Loss before income taxes | $ | (1,650 | ) |  | $ | (9,637 | )
Deferred income tax benefit | (510 | ) |  | (2,003 | )
Net loss from discontinued operations | $ | (1,140 | ) |  | $ | (7,634 | )
Cash (used in) provided by the pipeline discontinued operations is summarized as follows:
Year ended December 31, | 2013 |  |  | 2012 |
Operating activities | $ | (1,587 | ) |  | $ | (8,267 | )
Investing activities | — |  |  | 11,197 |
| $ | (1,587 | ) |  | $ | 2,930 |
b) Piling On July 12, 2013, the Company sold its piling related assets and liabilities, excluding accounts receivable and unbilled revenue on a certain customer contract, and exited the piling, foundation, pipeline anchor and tank services businesses, for proceeds of $227,500. The selling and disposal costs were $8,102 rendering net proceeds of $219,392. The terms of the agreement entitle the Company to additional proceeds of up to $92,500 over the next three years, contingent on the Purchaser achieving certain "net income before interest expense, income taxes, depreciation and amortization" (EBITDA) thresholds from the assets and liabilities sold. These contingent proceeds will be recognized as the piling business EBITDA targets are achieved. The assets and liabilities being sold were classified as held for sale on the Consolidated Balance Sheets prior to the close of the sale. For all periods presented, the results of piling operations and cash flows are included in discontinued operations. The Company does not have any significant continuing involvement in piling operations. The following table summarizes the transaction:
Proceeds | $ | 227,500 |
Working capital adjustment | (5,863 | )
Capital lease liability | 5,869 |
Selling and disposal costs | 8,102 |
Net proceeds | $ | 219,392 |
Non-cash working capital | 33,699 |
Property, plant and equipment, net | 56,377 |
Intangibles | 4,219 |
Goodwill | 32,901 |
Capital lease obligation | (5,869 | )
Net gain | $ | 98,065 |
The results of piling discontinued operations are summarized as follows:
Year ended December 31, | 2013 |  |  | 2012 |
Revenue | $ | 98,735 |  |  | $ | 242,106 |
Project costs | 79,472 |  |  | 178,970 |
Equipment operating lease expense | 1,242 |  |  | 2,315 |
Depreciation | 706 |  |  | 3,706 |
Gross profit | $ | 17,315 |  |  | $ | 57,115 |
General and administrative expenses | 6,857 |  |  | 12,518 |
Amortization of intangible assets | 351 |  |  | 1,410 |
Gain on disposal of piling assets and liabilities | (98,065 | ) |  | — |
Operating income | $ | 108,172 |  |  | $ | 43,187 |
Interest expense | 4,758 |  |  | 7,557 |
Income before income taxes | $ | 103,414 |  |  | $ | 35,630 |
Current income tax expense | 164 |  |  | — |
Deferred income tax expense | 14,879 |  |  | 9,173 |
Net income from discontinued operations | $ | 88,371 |  |  | $ | 26,457 |
Cash provided by (used in) the piling discontinued operations is summarized as follows:
Year ended December 31, | 2013 |  |  | 2012 |
Operating activities | $ | 47,326 |  |  | $ | 6,373 |
Investing activities | 182,836 |  |  | (5,270 | )
Financing activities | (271 | ) |  | (720 | )
| $ | 229,891 |  |  | $ | 383 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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