Company Quick10K Filing
Quick10K
Aegion
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$16.00 31 $501
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Regulation FD, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-06-24 Officers, Regulation FD, Exhibits
8-K 2019-06-12 Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-04-24 Shareholder Vote
8-K 2019-02-27 Earnings, Exhibits
8-K 2018-12-12 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2018-12-10 Other Events, Exhibits
8-K 2018-10-31 Regulation FD, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-26 Exit Costs, Impairments, Exhibits
8-K 2018-09-07 Exit Costs, Regulation FD, Exhibits
8-K 2018-08-08 Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-08-02 Regulation FD, Exhibits
8-K 2018-06-11 Regulation FD, Exhibits
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-04-27 Officers, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-04-16 Officers, Regulation FD, Exhibits
8-K 2018-03-13 Regulation FD, Exhibits
8-K 2018-02-28 Earnings, Exhibits
C Citigroup 156,390
ENBL Enable Midstream Partners 5,970
TRCO Tribune Media 4,090
SBH Sally Beauty Holdings 2,000
GES Guess? 1,510
VKTX Viking Therapeutics 622
LJPC La Jolla Pharmaceutical 187
ITI Iteris 160
INAP Internap 98
RSLS Reshape Lifesciences 0
AEGN 2019-06-30
Part I—Financial Information
Item 1. Financial Statements
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii—Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures.
Item 6. Exhibits
EX-10.1 ex_151318.htm
EX-31.1 ex_146875.htm
EX-31.2 ex_146876.htm
EX-32.1 ex_146877.htm
EX-32.2 ex_146878.htm
EX-95 ex_146879.htm

Aegion Earnings 2019-06-30

AEGN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

aegn20190630_10q.htm
0.32no70.550000353020falseAegion Corpfalse--12-31Q22019falsefalsetruefalseIncludes $12.9 million of assets and $11.3 million of liabilities classified as held for sale related to Corrpower, United Mexico and Aegion South Africa. See Note 5. For the quarter ended June 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. For the quarter ended June 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo systems in North America and right-sizing the CIPP operations in Australia and Denmark.Total pre-tax restructuring charges include cash charges of $8.5 million and non-cash charges of $0.9 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods.Amounts presented net of tax of $6 and $3 for the quarters ended June 30, 2019 and 2018, respectively, and $1 and $1 for the six months ended June 30, 2019 and 2018, respectively.Operating income in the second quarter of 2019 and 2018 includes $1.4 million and $2.5 million, respectively, of 2017 Restructuring charges and $0.4 million and $0.2 million, respectively, of costs primarily related to the planned divestiture of certain international operations (see note 4). Operating income in the first six months of 2019 and 2018 includes $3.4 million and $5.7 million, respectively, of 2017 Restructuring charges and $0.5 million and $0.2 million, respectively, of divestiture costs. Additionally, operating income in the second quarter and first six months of 2019 includes $9.0 million of impairment charges to assets held for sale (see Note 5).Other expense in the second quarter and first six months of 2019 includes $0.9 million and $1.1 million, respectively, of 2017 Restructuring charges (see Note 4). Total pre-tax restructuring charges for the quarter ended June 30, 2019, include cash charges of $5.4 million and non-cash charges of $1.1 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. Refers to cash utilized to settle charges during the first six months of 2018.For the six months ended June 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. For the six months ended June 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo systems in North America and right-sizing the CIPP operations in Australia and Denmark.Total pre-tax restructuring charges for the quarter ended June 30, 2018, include cash charges of $2.3 million and non-cash charges of $0.6 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods.Includes Insituform Australia, Insituform Netherlands, Insituform Spain, Environmental Techniques, Corrpower, Aegion South Africa and United Mexico.Operating loss in the second quarter of 2019 and 2018 includes $0.9 and less than $0.1 million, respectively, of 2017 Restructuring charges, and $0.4 million and $0.5 million, respectively of costs primarily related to the planned divestiture of certain international operations (see Note 4). Operating loss in the first six months of 2019 and 2018 includes $1.3 million and $0.6 million, respectively, of 2017 Restructuring charges and $0.4 million and $0.8 million, respectively of divestiture costs. Refers to cash utilized to settle charges during the first six months of 2019.Includes Insituform Australia.During the second quarter of 2019, the Company classified certain assets of its CIPP contracting operation in Europe as held for sale. See Note 5.Amounts exclude operating lease assets of $0.8 million, accrued expenses of $0.9 million, and other liabilities of $0.4 million that were classified as held for sale at June 30, 2019 (see Note 5).Revenues and gross profit are attributed to the country of origin.Amounts presented net of tax of $91 and $245 for the quarters ended June 30, 2019 and 2018, respectively, and $150 and $422 for the six months ended June 30, 2019 and 2018, respectively.Total pre-tax restructuring charges include cash charges of $5.2 million and non-cash charges of $3.0 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods.Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third quarter of 2018.Amounts exclude contract assets of $8.3 million and contract liabilities of $2.1 million that were classified as held for sale at June 30, 2019 (see Note 5).Amounts exclude contract assets of $1.8 million and contract liabilities of less than $0.1 million that were classified as held for sale at December 31, 2018 (see Note 5). Operating income (loss) in the second quarter of 2019 and 2018 includes $3.3 million and $0.3 million, respectively, of 2017 Restructuring charges and less than $0.1 million and $0.1 million, respectively, of costs primarily related to the planned divestiture of certain international operations (see Note 4). Operating income (loss) in the first six months of 2019 and 2018 includes $3.5 million and $1.8 million, respectively, of 2017 restructuring charges, and less than $0.1 million and $0.2 million, respectively, of costs primarily related to the planned divestiture of certain international operations. Additionally, operating income in the second quarter and first six months of 2019 includes $2.9 million of impairment charges to assets held for sale (see Note 5). 9124515042213619,0439,6950.100.102,000,0002,000,000000101125,000,000125,000,00030,941,39431,922,40930,941,39431,922,4094.384.594.404.453.33.37.87.800003530202019-01-012019-06-30xbrli:shares00003530202019-07-26iso4217:USD00003530202019-04-012019-06-3000003530202018-04-012018-06-3000003530202018-01-012018-06-30iso4217:USDxbrli:shares00003530202019-06-3000003530202018-12-310000353020us-gaap:CommonStockMember2019-03-310000353020us-gaap:CommonStockMember2018-03-310000353020us-gaap:CommonStockMember2018-12-310000353020us-gaap:CommonStockMember2017-12-310000353020us-gaap:CommonStockMember2019-04-012019-06-300000353020us-gaap:CommonStockMember2018-04-012018-06-300000353020us-gaap:CommonStockMember2019-01-012019-06-300000353020us-gaap:CommonStockMember2018-01-012018-06-300000353020us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2019-04-012019-06-300000353020us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2018-04-012018-06-300000353020us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2019-01-012019-06-300000353020us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2018-01-012018-06-300000353020us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2019-04-012019-06-300000353020us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2018-04-012018-06-300000353020us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2019-01-012019-06-300000353020us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2018-01-012018-06-300000353020us-gaap:CommonStockMember2019-06-300000353020us-gaap:CommonStockMember2018-06-300000353020us-gaap:AdditionalPaidInCapitalMember2019-03-310000353020us-gaap:AdditionalPaidInCapitalMember2018-03-310000353020us-gaap:AdditionalPaidInCapitalMember2018-12-310000353020us-gaap:AdditionalPaidInCapitalMember2017-12-310000353020us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300000353020us-gaap:AdditionalPaidInCapitalMember2018-04-012018-06-300000353020us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300000353020us-gaap:AdditionalPaidInCapitalMember2018-01-012018-06-300000353020us-gaap:AdditionalPaidInCapitalMember2019-06-300000353020us-gaap:AdditionalPaidInCapitalMember2018-06-300000353020us-gaap:RetainedEarningsMember2019-03-310000353020us-gaap:RetainedEarningsMember2018-03-310000353020us-gaap:RetainedEarningsMember2018-12-310000353020us-gaap:RetainedEarningsMember2017-12-310000353020us-gaap:RetainedEarningsMember2019-04-012019-06-300000353020us-gaap:RetainedEarningsMember2018-04-012018-06-300000353020us-gaap:RetainedEarningsMember2019-01-012019-06-300000353020us-gaap:RetainedEarningsMember2018-01-012018-06-300000353020us-gaap:RetainedEarningsMember2019-06-300000353020us-gaap:RetainedEarningsMember2018-06-300000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-03-310000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-04-012018-06-300000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-06-300000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000353020us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-06-300000353020us-gaap:NoncontrollingInterestMember2019-03-310000353020us-gaap:NoncontrollingInterestMember2018-03-310000353020us-gaap:NoncontrollingInterestMember2018-12-310000353020us-gaap:NoncontrollingInterestMember2017-12-310000353020us-gaap:NoncontrollingInterestMember2019-04-012019-06-300000353020us-gaap:NoncontrollingInterestMember2018-04-012018-06-300000353020us-gaap:NoncontrollingInterestMember2019-01-012019-06-300000353020us-gaap:NoncontrollingInterestMember2018-01-012018-06-300000353020us-gaap:NoncontrollingInterestMember2019-06-300000353020us-gaap:NoncontrollingInterestMember2018-06-3000003530202019-03-3100003530202018-03-3100003530202017-12-310000353020us-gaap:RestrictedStockUnitsRSUMember2019-04-012019-06-300000353020us-gaap:RestrictedStockUnitsRSUMember2018-04-012018-06-300000353020us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-06-300000353020us-gaap:RestrictedStockUnitsRSUMember2018-01-012018-06-300000353020us-gaap:PerformanceSharesMember2019-04-012019-06-300000353020us-gaap:PerformanceSharesMember2018-04-012018-06-300000353020us-gaap:PerformanceSharesMember2019-01-012019-06-300000353020us-gaap:PerformanceSharesMember2018-01-012018-06-3000003530202018-06-300000353020aegn:HebnaMember2018-05-042018-05-040000353020aegn:HebnaMember2018-04-012018-06-300000353020aegn:HebnaMember2018-07-012018-09-30xbrli:pure0000353020aegn:CompanyJointVentureMembercountry:OM2018-05-040000353020aegn:AegionInternationalMembercountry:OM2018-05-04thunderdome:item0000353020aegn:RestrictedAndDeferredStockUnitsMember2019-04-012019-06-300000353020aegn:RestrictedAndDeferredStockUnitsMember2019-01-012019-06-300000353020us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2019-06-300000353020us-gaap:AccountingStandardsUpdate201409Memberus-gaap:RetainedEarningsMember2018-01-010000353020aegn:ProductAndServicesMember2019-04-012019-06-300000353020aegn:ProductAndServicesMember2018-04-012018-06-300000353020aegn:ProductAndServicesMember2019-01-012019-06-300000353020aegn:ProductAndServicesMember2018-01-012018-06-300000353020us-gaap:ProductMember2019-04-012019-06-300000353020us-gaap:ProductMember2018-04-012018-06-300000353020us-gaap:ProductMember2019-01-012019-06-300000353020us-gaap:ProductMember2018-01-012018-06-300000353020aegn:ConstructionEngineeringAndInstallationServicesMember2019-06-30utr:Y0000353020aegn:InfrastructureSolutionsMembercountry:US2019-04-012019-06-300000353020aegn:CorrosionProtectionMembercountry:US2019-04-012019-06-300000353020aegn:EnergyServicesMembercountry:US2019-04-012019-06-300000353020country:US2019-04-012019-06-300000353020aegn:InfrastructureSolutionsMembercountry:US2018-04-012018-06-300000353020aegn:CorrosionProtectionMembercountry:US2018-04-012018-06-300000353020aegn:EnergyServicesMembercountry:US2018-04-012018-06-300000353020country:US2018-04-012018-06-300000353020aegn:InfrastructureSolutionsMembercountry:CA2019-04-012019-06-300000353020aegn:CorrosionProtectionMembercountry:CA2019-04-012019-06-300000353020aegn:EnergyServicesMembercountry:CA2019-04-012019-06-300000353020country:CA2019-04-012019-06-300000353020aegn:InfrastructureSolutionsMembercountry:CA2018-04-012018-06-300000353020aegn:CorrosionProtectionMembercountry:CA2018-04-012018-06-300000353020aegn:EnergyServicesMembercountry:CA2018-04-012018-06-300000353020country:CA2018-04-012018-06-300000353020aegn:InfrastructureSolutionsMembersrt:EuropeMember2019-04-012019-06-300000353020aegn:CorrosionProtectionMembersrt:EuropeMember2019-04-012019-06-300000353020aegn:EnergyServicesMembersrt:EuropeMember2019-04-012019-06-300000353020srt:EuropeMember2019-04-012019-06-300000353020aegn:InfrastructureSolutionsMembersrt:EuropeMember2018-04-012018-06-300000353020aegn:CorrosionProtectionMembersrt:EuropeMember2018-04-012018-06-300000353020aegn:EnergyServicesMembersrt:EuropeMember2018-04-012018-06-300000353020srt:EuropeMember2018-04-012018-06-300000353020aegn:InfrastructureSolutionsMemberaegn:OtherForeignCountriesMember2019-04-012019-06-300000353020aegn:CorrosionProtectionMemberaegn:OtherForeignCountriesMember2019-04-012019-06-300000353020aegn:EnergyServicesMemberaegn:OtherForeignCountriesMember2019-04-012019-06-300000353020aegn:OtherForeignCountriesMember2019-04-012019-06-300000353020aegn:InfrastructureSolutionsMemberaegn:OtherForeignCountriesMember2018-04-012018-06-300000353020aegn:CorrosionProtectionMemberaegn:OtherForeignCountriesMember2018-04-012018-06-300000353020aegn:EnergyServicesMemberaegn:OtherForeignCountriesMember2018-04-012018-06-300000353020aegn:OtherForeignCountriesMember2018-04-012018-06-300000353020aegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020aegn:CorrosionProtectionMember2019-04-012019-06-300000353020aegn:EnergyServicesMember2019-04-012019-06-300000353020aegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020aegn:CorrosionProtectionMember2018-04-012018-06-300000353020aegn:EnergyServicesMember2018-04-012018-06-300000353020aegn:InfrastructureSolutionsMembercountry:US2019-01-012019-06-300000353020aegn:CorrosionProtectionMembercountry:US2019-01-012019-06-300000353020aegn:EnergyServicesMembercountry:US2019-01-012019-06-300000353020country:US2019-01-012019-06-300000353020aegn:InfrastructureSolutionsMembercountry:US2018-01-012018-06-300000353020aegn:CorrosionProtectionMembercountry:US2018-01-012018-06-300000353020aegn:EnergyServicesMembercountry:US2018-01-012018-06-300000353020country:US2018-01-012018-06-300000353020aegn:InfrastructureSolutionsMembercountry:CA2019-01-012019-06-300000353020aegn:CorrosionProtectionMembercountry:CA2019-01-012019-06-300000353020aegn:EnergyServicesMembercountry:CA2019-01-012019-06-300000353020country:CA2019-01-012019-06-300000353020aegn:InfrastructureSolutionsMembercountry:CA2018-01-012018-06-300000353020aegn:CorrosionProtectionMembercountry:CA2018-01-012018-06-300000353020aegn:EnergyServicesMembercountry:CA2018-01-012018-06-300000353020country:CA2018-01-012018-06-300000353020aegn:InfrastructureSolutionsMembersrt:EuropeMember2019-01-012019-06-300000353020aegn:CorrosionProtectionMembersrt:EuropeMember2019-01-012019-06-300000353020aegn:EnergyServicesMembersrt:EuropeMember2019-01-012019-06-300000353020srt:EuropeMember2019-01-012019-06-300000353020aegn:InfrastructureSolutionsMembersrt:EuropeMember2018-01-012018-06-300000353020aegn:CorrosionProtectionMembersrt:EuropeMember2018-01-012018-06-300000353020aegn:EnergyServicesMembersrt:EuropeMember2018-01-012018-06-300000353020srt:EuropeMember2018-01-012018-06-300000353020aegn:InfrastructureSolutionsMemberaegn:OtherForeignCountriesMember2019-01-012019-06-300000353020aegn:CorrosionProtectionMemberaegn:OtherForeignCountriesMember2019-01-012019-06-300000353020aegn:EnergyServicesMemberaegn:OtherForeignCountriesMember2019-01-012019-06-300000353020aegn:OtherForeignCountriesMember2019-01-012019-06-300000353020aegn:InfrastructureSolutionsMemberaegn:OtherForeignCountriesMember2018-01-012018-06-300000353020aegn:CorrosionProtectionMemberaegn:OtherForeignCountriesMember2018-01-012018-06-300000353020aegn:EnergyServicesMemberaegn:OtherForeignCountriesMember2018-01-012018-06-300000353020aegn:OtherForeignCountriesMember2018-01-012018-06-300000353020aegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020aegn:CorrosionProtectionMember2019-01-012019-06-300000353020aegn:EnergyServicesMember2019-01-012019-06-300000353020aegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020aegn:CorrosionProtectionMember2018-01-012018-06-300000353020aegn:EnergyServicesMember2018-01-012018-06-300000353020us-gaap:FixedPriceContractMemberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:FixedPriceContractMemberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:FixedPriceContractMemberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:FixedPriceContractMember2019-04-012019-06-300000353020us-gaap:FixedPriceContractMemberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:FixedPriceContractMemberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:FixedPriceContractMemberaegn:EnergyServicesMember2018-04-012018-06-300000353020us-gaap:FixedPriceContractMember2018-04-012018-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:TimeAndMaterialsContractMember2019-04-012019-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:EnergyServicesMember2018-04-012018-06-300000353020us-gaap:TimeAndMaterialsContractMember2018-04-012018-06-300000353020aegn:ProductSalesMemberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020aegn:ProductSalesMemberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020aegn:ProductSalesMemberaegn:EnergyServicesMember2019-04-012019-06-300000353020aegn:ProductSalesMember2019-04-012019-06-300000353020aegn:ProductSalesMemberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020aegn:ProductSalesMemberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020aegn:ProductSalesMemberaegn:EnergyServicesMember2018-04-012018-06-300000353020aegn:ProductSalesMember2018-04-012018-06-300000353020aegn:LicenseFeesMemberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020aegn:LicenseFeesMemberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020aegn:LicenseFeesMemberaegn:EnergyServicesMember2019-04-012019-06-300000353020aegn:LicenseFeesMember2019-04-012019-06-300000353020aegn:LicenseFeesMemberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020aegn:LicenseFeesMemberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020aegn:LicenseFeesMemberaegn:EnergyServicesMember2018-04-012018-06-300000353020aegn:LicenseFeesMember2018-04-012018-06-300000353020us-gaap:FixedPriceContractMemberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:FixedPriceContractMemberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:FixedPriceContractMemberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:FixedPriceContractMember2019-01-012019-06-300000353020us-gaap:FixedPriceContractMemberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:FixedPriceContractMemberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:FixedPriceContractMemberaegn:EnergyServicesMember2018-01-012018-06-300000353020us-gaap:FixedPriceContractMember2018-01-012018-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:TimeAndMaterialsContractMember2019-01-012019-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:TimeAndMaterialsContractMemberaegn:EnergyServicesMember2018-01-012018-06-300000353020us-gaap:TimeAndMaterialsContractMember2018-01-012018-06-300000353020aegn:ProductSalesMemberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020aegn:ProductSalesMemberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020aegn:ProductSalesMemberaegn:EnergyServicesMember2019-01-012019-06-300000353020aegn:ProductSalesMember2019-01-012019-06-300000353020aegn:ProductSalesMemberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020aegn:ProductSalesMemberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020aegn:ProductSalesMemberaegn:EnergyServicesMember2018-01-012018-06-300000353020aegn:ProductSalesMember2018-01-012018-06-300000353020aegn:LicenseFeesMemberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020aegn:LicenseFeesMemberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020aegn:LicenseFeesMemberaegn:EnergyServicesMember2019-01-012019-06-300000353020aegn:LicenseFeesMember2019-01-012019-06-300000353020aegn:LicenseFeesMemberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020aegn:LicenseFeesMemberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020aegn:LicenseFeesMemberaegn:EnergyServicesMember2018-01-012018-06-300000353020aegn:LicenseFeesMember2018-01-012018-06-300000353020aegn:Restructuring2017Member2017-07-292019-06-300000353020aegn:Restructuring2017Member2017-01-012017-12-310000353020srt:MinimumMemberaegn:Restructuring2017Member2019-06-300000353020srt:MaximumMemberaegn:Restructuring2017Member2019-06-300000353020aegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020aegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020aegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:ContractTerminationMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020aegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020aegn:CostOfRevenuesMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020aegn:CostOfRevenuesMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020aegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020aegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OtherExpenseMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OtherExpenseMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020aegn:CostOfRevenuesMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:CostOfRevenuesMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020aegn:CostOfRevenuesMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingExpenseMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020aegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberaegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020aegn:RestructuringAndRelatedChargesMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OtherExpenseMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OtherExpenseMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OtherExpenseMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2018-12-310000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2019-06-300000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2018-12-310000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2019-06-300000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2018-12-310000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2019-06-300000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2018-12-310000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2019-06-300000353020aegn:Restructuring2017Member2018-12-310000353020aegn:Restructuring2017Member2019-06-300000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2017-12-310000353020us-gaap:EmployeeSeveranceMemberaegn:Restructuring2017Member2018-06-300000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2017-12-310000353020us-gaap:ContractTerminationMemberaegn:Restructuring2017Member2018-06-300000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2017-12-310000353020us-gaap:EmployeeRelocationMemberaegn:Restructuring2017Member2018-06-300000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2017-12-310000353020us-gaap:OtherRestructuringMemberaegn:Restructuring2017Member2018-06-300000353020aegn:Restructuring2017Member2017-12-310000353020aegn:Restructuring2017Member2018-06-300000353020aegn:InfrastructureSolutionsMemberaegn:InsituformAustraliaMember2019-04-012019-06-300000353020aegn:InfrastructureSolutionsMemberaegn:InsituformNetherlandsMember2019-04-012019-06-300000353020aegn:CorrosionProtectionMemberaegn:CorrpowerMember2019-04-012019-06-300000353020aegn:CorrosionProtectionMemberaegn:UnitedMexicoMember2019-04-012019-06-300000353020us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2019-06-300000353020us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2018-12-310000353020us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2019-01-012019-06-300000353020us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2018-01-012018-12-310000353020us-gaap:AccountingStandardsUpdate201602Member2019-01-010000353020srt:MinimumMember2019-01-012019-06-300000353020srt:MaximumMember2019-01-012019-06-300000353020us-gaap:DiscontinuedOperationsHeldforsaleMember2019-06-300000353020aegn:InfrastructureSolutionsMember2018-12-310000353020aegn:CorrosionProtectionMember2018-12-310000353020aegn:EnergyServicesMember2018-12-310000353020aegn:InfrastructureSolutionsMember2019-06-300000353020aegn:CorrosionProtectionMember2019-06-300000353020aegn:EnergyServicesMember2019-06-300000353020us-gaap:LicensingAgreementsMember2019-01-012019-06-300000353020us-gaap:LicensingAgreementsMember2019-06-300000353020us-gaap:LicensingAgreementsMember2018-12-310000353020us-gaap:LeaseAgreementsMember2019-01-012019-06-300000353020us-gaap:LeaseAgreementsMember2019-06-300000353020us-gaap:LeaseAgreementsMember2018-12-310000353020us-gaap:TrademarksMember2019-01-012019-06-300000353020us-gaap:TrademarksMember2019-06-300000353020us-gaap:TrademarksMember2018-12-310000353020us-gaap:NoncompeteAgreementsMember2019-01-012019-06-300000353020us-gaap:NoncompeteAgreementsMember2019-06-300000353020us-gaap:NoncompeteAgreementsMember2018-12-310000353020us-gaap:CustomerRelationshipsMember2019-01-012019-06-300000353020us-gaap:CustomerRelationshipsMember2019-06-300000353020us-gaap:CustomerRelationshipsMember2018-12-310000353020us-gaap:PatentsMember2019-01-012019-06-300000353020us-gaap:PatentsMember2019-06-300000353020us-gaap:PatentsMember2018-12-310000353020us-gaap:MediumTermNotesMember2019-06-300000353020us-gaap:MediumTermNotesMember2018-12-310000353020us-gaap:LineOfCreditMember2019-06-300000353020us-gaap:LineOfCreditMember2018-12-310000353020us-gaap:NotesPayableOtherPayablesMember2019-06-300000353020us-gaap:NotesPayableOtherPayablesMember2018-12-310000353020aegn:A2015CreditFacilityMember2015-10-310000353020us-gaap:RevolvingCreditFacilityMemberaegn:A2015CreditFacilityMember2018-12-310000353020us-gaap:RevolvingCreditFacilityMemberaegn:A2015CreditFacilityMember2018-12-012018-12-310000353020aegn:A2015CreditFacilityMemberaegn:TermLoanMember2018-12-310000353020aegn:A2015CreditFacilityMemberaegn:TermLoanMember2018-12-012018-12-310000353020aegn:A2015CreditFacilityMember2018-01-012018-06-300000353020aegn:A2015CreditFacilityMembersrt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-06-300000353020aegn:A2015CreditFacilityMembersrt:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-06-300000353020aegn:A2015CreditFacilityMemberus-gaap:InterestRateSwapMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-06-300000353020aegn:A2015CreditFacilityMemberaegn:TermLoanMember2019-06-300000353020aegn:A2015CreditFacilityMember2019-06-300000353020aegn:WorkingPerformanceObligationMemberaegn:A2015CreditFacilityMember2019-06-300000353020aegn:InsuranceCarriesCollateralMemberaegn:A2015CreditFacilityMember2019-06-300000353020aegn:A2015CreditFacilityMember2018-12-310000353020aegn:A2015InterestRateSwapMember2015-10-310000353020aegn:A2018InterestRateSwapMember2018-03-120000353020aegn:AmendedCreditFacilityMember2018-12-310000353020aegn:InConnectionWithEquityCompensationProgramsMember2019-06-300000353020aegn:ThroughTheOpenMarketRepurchaseProgramMember2019-01-012019-06-300000353020aegn:InConnectionWithEquityCompensationProgramsMember2019-01-012019-06-300000353020us-gaap:EmployeeStockOptionMember2019-01-012019-06-300000353020aegn:ThroughTheOpenMarketRepurchaseProgramMember2018-01-012018-06-300000353020aegn:InConnectionWithEquityCompensationProgramsMember2018-01-012018-06-300000353020us-gaap:EmployeeStockOptionMember2018-01-012018-06-300000353020aegn:A2016EmployeePlanMember2018-04-300000353020aegn:A2016EmployeePlanMember2019-06-300000353020aegn:A2016DirectorPlanMember2019-04-300000353020aegn:A2016DirectorPlanMember2019-06-300000353020aegn:DeferredStockUnitsMember2018-12-310000353020aegn:DeferredStockUnitsMember2019-01-012019-06-300000353020aegn:DeferredStockUnitsMember2019-06-300000353020aegn:DeferredStockUnitsMember2019-04-012019-06-300000353020aegn:DeferredStockUnitsMember2018-04-012018-06-300000353020aegn:DeferredStockUnitsMember2018-01-012018-06-300000353020us-gaap:EmployeeStockOptionMembersrt:MinimumMember2019-01-012019-06-300000353020us-gaap:EmployeeStockOptionMembersrt:MaximumMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:EnergyServicesMember2019-04-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:EnergyServicesMember2018-04-012018-06-300000353020us-gaap:OperatingSegmentsMemberaegn:EnergyServicesMember2019-01-012019-06-300000353020us-gaap:OperatingSegmentsMemberaegn:EnergyServicesMember2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMember2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMember2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMember2018-01-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-04-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-04-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:InfrastructureSolutionsMember2018-01-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:InfrastructureSolutionsMember2019-01-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-04-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2019-01-012019-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Memberaegn:CorrosionProtectionMember2018-01-012018-06-300000353020us-gaap:OperatingIncomeLossMemberaegn:CorrosionProtectionMember2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Member2018-04-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:CorporateNonSegmentMemberus-gaap:OperatingIncomeLossMemberaegn:DivestitureOfInternationalOperationsMemberaegn:Restructuring2017Member2018-01-012018-06-300000353020us-gaap:OtherNonoperatingIncomeExpenseMemberaegn:Restructuring2017Member2019-04-012019-06-300000353020us-gaap:OtherNonoperatingIncomeExpenseMemberaegn:Restructuring2017Member2019-01-012019-06-300000353020us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-06-300000353020us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2018-12-3100003530202018-03-120000353020aegn:A2018CreditFacilityMember2018-03-12iso4217:GBP0000353020aegn:USDBritishPoundMemberus-gaap:ShortMember2019-06-300000353020aegn:USDBritishPoundMemberus-gaap:ShortMember2019-01-012019-06-30utr:Rate0000353020aegn:EUROBritishPoundMemberus-gaap:ShortMember2019-06-300000353020aegn:EUROBritishPoundMemberus-gaap:ShortMember2019-01-012019-06-300000353020us-gaap:InterestRateSwapMember2019-06-300000353020us-gaap:InterestRateSwapMember2019-01-012019-06-300000353020us-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-06-300000353020us-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2018-12-310000353020us-gaap:DesignatedAsHedgingInstrumentMember2019-06-300000353020us-gaap:DesignatedAsHedgingInstrumentMember2018-12-310000353020us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-06-300000353020us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2018-12-310000353020us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2019-06-300000353020us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2018-12-310000353020us-gaap:NondesignatedMember2019-06-300000353020us-gaap:NondesignatedMember2018-12-310000353020aegn:AccruedExpenseMemberus-gaap:NondesignatedMember2019-06-300000353020aegn:AccruedExpenseMemberus-gaap:NondesignatedMember2018-12-310000353020us-gaap:NotesPayableOtherPayablesMembersrt:MinimumMember2019-06-300000353020us-gaap:NotesPayableOtherPayablesMembersrt:MinimumMember2018-12-310000353020us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMember2019-06-300000353020us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMember2018-12-3100003530202019-07-012019-06-30
 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the quarterly period ended June 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the transition period from                                                              to                                                                     

 

Commission File Number: 001-35328

 

Aegion Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

45-3117900

(State or other jurisdiction of incorporation or organization) 

(I.R.S. Employer Identification No.)

 

 

17988 Edison Avenue, Chesterfield, Missouri

63005-1195

(Address of principal executive offices) 

(Zip Code)

 

 

(636) 530-8000

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer ☐

 

 

 

Non-accelerated filer ☐

 

Smaller reporting company ☐

 

 

 

 

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ☐ No ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading

Symbol(s)

Name of each exchange on which registered

Class A Common Shares, $0.01 par value

AEGN

The Nasdaq Global Select Market

 

There were 30,894,387 shares of Class A common stock, $0.01 par value per share, outstanding at July 26, 2019.

 

 

Table of Contents

 

 

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements (Unaudited):

 

 

 

Consolidated Statements of Operations for the Quarters and Six Months Ended June 30, 2019 and 2018

3

 

 

Consolidated Statements of Comprehensive Income for the Quarters and Six Months Ended June 30, 2019 and 2018

4

 

 

Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

5

 

 

Consolidated Statements of Equity for the Quarters and Six Months Ended June 30, 2019 and 2018

6

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018

7

 

 

Notes to Consolidated Financial Statements

8

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

47

 

 

Item 4. Controls and Procedures

48

 

 

PART II—OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

49

 

 

Item 1A. Risk Factors

49

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

49

 

 

Item 4. Mine Safety Disclosures

49

 

 

Item 6. Exhibits

49

 

 

SIGNATURE

50

 

 

INDEX TO EXHIBITS

51

 

 

2

Table of Contents

 

 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

 

   

Quarters Ended June 30,

   

Six Months Ended June 30,

 
   

2019

   

2018

   

2019

   

2018

 

Revenues

  $ 318,740     $ 335,030     $ 595,644     $ 659,891  

Cost of revenues

    251,303       263,977       479,912       527,334  

Gross profit

    67,437       71,053       115,732       132,557  

Operating expenses

    51,254       54,222       99,124       110,364  
Impairment of assets held for sale     11,946             11,946        

Acquisition and divestiture expenses

    804       832       917       1,224  

Restructuring and related charges

    2,974       1,540       4,060       3,329  

Operating income (loss)

    459       14,459       (315 )     17,640  

Other income (expense):

                               

Interest expense

    (3,566 )     (3,923 )     (7,156 )     (9,366 )

Interest income

    261       62       546       109  

Other

    (1,015 )     (506 )     (1,689 )     (768 )

Total other expense

    (4,320 )     (4,367 )     (8,299 )     (10,025 )

Income (loss) before taxes on income

    (3,861 )     10,092       (8,614 )     7,615  

Taxes on income (loss)

    4,286       2,894       3,524       1,893  

Net income (loss)

    (8,147 )     7,198       (12,138 )     5,722  

Non-controlling interests (income) loss

    (219 )     723       (229 )     130  

Net income (loss) attributable to Aegion Corporation

  $ (8,366 )   $ 7,921     $ (12,367 )   $ 5,852  
                                 

Earnings (loss) per share attributable to Aegion Corporation:

                               

Basic

  $ (0.27 )   $ 0.24     $ (0.39 )   $ 0.18  

Diluted

  $ (0.27 )   $ 0.24     $ (0.39 )   $ 0.18  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

3

Table of Contents

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)

 

 

   

Quarters Ended June 30,

   

Six Months Ended June 30,

 
   

2019

   

2018

   

2019

   

2018

 

Net income (loss)

  $ (8,147 )   $ 7,198     $ (12,138 )   $ 5,722  

Other comprehensive income (loss):

                               

Currency translation adjustments

    1,204       (6,510 )     3,066       (4,282 )

Deferred gain (loss) on hedging activity, net of tax (1)

    (3,553 )     684       (5,699 )     1,178  

Pension activity, net of tax (2)

    24       12       3       5  

Total comprehensive income (loss)

    (10,472 )     1,384       (14,768 )     2,623  

Comprehensive (income) loss attributable to non-controlling interests

    (326 )     1,023       (249 )     377  

Comprehensive income (loss) attributable to Aegion Corporation

  $ (10,798 )   $ 2,407     $ (15,017 )   $ 3,000  

 


 

(1) 

Amounts presented net of tax of $91 and $245 for the quarters ended June 30, 2019 and 2018, respectively, and $150 and $422 for the six months ended June 30, 2019 and 2018, respectively.

 

 

(2) 

Amounts presented net of tax of $6 and $3 for the quarters ended June 30, 2019 and 2018, respectively, and $1 and $1 for the six months ended June 30, 2019 and 2018, respectively.

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

4

Table of Contents

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share amounts)

 

 

   

June 30, 2019

   

December 31, 2018

 

Assets

               

Current assets

               

Cash and cash equivalents

  $ 51,338     $ 83,527  

Restricted cash

    759       1,359  

Receivables, net of allowances of $9,043 and $9,695, respectively

    198,757       204,541  

Retainage

    31,441       33,572  

Contract assets

    56,661       62,467  

Inventories

    57,424       56,437  

Prepaid expenses and other current assets

    24,571       32,172  

Assets held for sale

    32,161       7,792  

Total current assets

    453,112       481,867  

Property, plant & equipment, less accumulated depreciation

    105,018       107,059  

Other assets

               

Goodwill

    256,773       260,633  

Intangible assets, less accumulated amortization

    111,695       119,696  

Operating lease assets

    69,057        

Deferred income tax assets

    1,087       1,561  

Other assets

    18,726       21,601  

Total other assets

    457,338       403,491  

Total Assets

  $ 1,015,468     $ 992,417  
                 

Liabilities and Equity

               

Current liabilities

               

Accounts payable

  $ 56,535     $ 64,562  

Accrued expenses

    99,556       88,020  

Contract liabilities

    25,387       32,339  

Current maturities of long-term debt

    32,810       29,469  

Liabilities held for sale

    17,392       5,260  

Total current liabilities

    231,680       219,650  

Long-term debt, less current maturities

    271,832       282,003  

Operating lease liabilities

    53,739        

Deferred income tax liabilities

    9,281       8,361  

Other non-current liabilities

    14,913       12,216  

Total liabilities

    581,445       522,230  
                 

(See Commitments and Contingencies: Note 11)

               
                 

Equity

               

Preferred stock, undesignated, $.10 par – shares authorized 2,000,000; none outstanding

           

Common stock, $.01 par – shares authorized 125,000,000; shares issued and outstanding 30,941,394 and 31,922,409, respectively

    309       319  

Additional paid-in capital

    102,841       122,818  

Retained earnings

    367,523       379,890  

Accumulated other comprehensive loss

    (42,940 )     (40,290 )

Total stockholders’ equity

    427,733       462,737  

Non-controlling interests

    6,290       7,450  

Total equity

    434,023       470,187  

Total Liabilities and Equity

  $ 1,015,468     $ 992,417  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

5

Table of Contents

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(in thousands, except number of shares)

 

 

 

 

 

Quarters Ended June 30,

 

Six Months Ended June 30,

   

2019

   

2018

   

2019

   

2018

 

Common Stock - Shares

                               

Balance, beginning of period

    31,491,872       32,467,823       31,922,409       32,462,542  

Issuance of common stock upon stock option exercises

                52,783        

Issuance of shares pursuant to restricted stock units

    33,699       20,036       205,274       295,420  

Issuance of shares pursuant to performance units

    502             111,158       296,909  

Issuance of shares pursuant to deferred stock units

    68,048       16,371       77,486       20,939  

Shares repurchased and retired

    (652,727 )     (200,592 )     (1,427,716 )     (772,172 )

Balance, end of period

    30,941,394       32,303,638       30,941,394       32,303,638  
                                 

Common Stock - Amount

                               

Balance, beginning of period

  $ 315     $ 325     $ 319     $ 325  

Issuance of common stock upon stock option exercises

                1        

Issuance of shares pursuant to restricted stock units

                2       3  

Issuance of shares pursuant to performance units

                1       3  

Issuance of shares pursuant to deferred stock units

    1             1        

Shares repurchased and retired

    (7 )     (2 )     (15 )     (8 )

Balance, end of period

  $ 309     $ 323     $ 309     $ 323  
                                 

Additional Paid-In Capital

                               

Balance, beginning of period

  $ 111,597     $ 129,237     $ 122,818     $ 140,749  

Issuance of common stock upon stock option exercises

                955        

Shares repurchased and retired

    (10,973 )     (4,931 )     (25,156 )     (18,601 )

Equity-based compensation expense

    2,217       2,936       4,224       5,094  

Balance, end of period

  $ 102,841     $ 127,242     $ 102,841     $ 127,242  
                                 

Retained Earnings

                               

Balance, beginning of period

  $ 375,889     $ 384,207     $ 379,890     $ 386,008  

Cumulative effect adjustment (see Revenues: Note 3)

                      268  

Net income (loss) attributable to Aegion Corporation

    (8,366 )     7,921       (12,367 )     5,852  

Balance, end of period

  $ 367,523     $ 392,128     $ 367,523     $ 392,128  
                                 

Accumulated Other Comprehensive Loss

                               

Balance, beginning of period

  $ (40,508 )   $ (30,174 )   $ (40,290 )   $ (32,836 )
Currency translation adjustment and derivative transactions, net     (2,432 )     (5,514 )     (2,650 )     (2,852 )

Balance, end of period

  $ (42,940 )   $ (35,688 )   $ (42,940 )   $ (35,688 )
                                 

Non-Controlling Interests

                               

Balance, beginning of period

  $ 7,277     $ 11,456     $ 7,450     $ 10,810  

Net income (loss)

    219       (723 )     229       (130 )

Distributions to non-controlling interests

    (1,313 )           (1,409 )      

Currency translation adjustment, net

    107       (300 )     20       (247 )

Balance, end of period

  $ 6,290     $ 10,433     $ 6,290     $ 10,433  
                                 

Total Equity

                               

Balance, beginning of period

  $ 454,570     $ 495,051     $ 470,187     $ 505,056  

Cumulative effect adjustment (See Revenues: Note 3)

                      268  

Net income (loss)

    (8,147 )     7,198       (12,138 )     5,722  

Issuance of common stock upon stock option exercises

                956        

Issuance of shares pursuant to restricted stock units

                2       3  

Issuance of shares pursuant to performance units

                1       3  
Issuance of shares pursuant to deferred stock units     1             1        

Shares repurchased and retired

    (10,980 )     (4,933 )     (25,171 )     (18,609 )

Equity-based compensation expense

    2,217       2,936       4,224       5,094  

Distributions to non-controlling interests

    (1,313 )           (1,409 )      
Currency translation adjustment and derivative transactions, net     (2,325 )     (5,814 )     (2,630 )     (3,099 )

Balance, end of period

  $ 434,023     $ 494,438     $ 434,023     $ 494,438  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

6

Table of Contents

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

 

   

Six Months Ended June 30,

 
   

2019

   

2018

 

Cash flows from operating activities:

               

Net income (loss)

  $ (12,138 )   $ 5,722  

Adjustments to reconcile to net cash provided by operating activities:

               

Depreciation and amortization

    17,615       18,777  

Gain on sale of fixed assets

    (584 )     (239 )

Equity-based compensation expense

    4,224       5,094  

Deferred income taxes

    601       395  

Non-cash restructuring charges

    1,409       2,980  
Impairment of assets held for sale     11,946        

Loss on foreign currency transactions

    701       824  

Other

    (190 )     477  

Changes in operating assets and liabilities (net of acquisitions):

               

Receivables net, retainage and contract assets

    (289 )     (6,007 )

Inventories

    (3,966 )     (3,882 )

Prepaid expenses and other assets

    6,153       7,779  

Accounts payable and accrued expenses

    (5,887 )     (9,960 )

Contract liabilities

    (5,056 )     (12,616 )

Other operating

    (360 )     853  

Net cash provided by operating activities

    14,179       10,197  
                 

Cash flows from investing activities:

               

Capital expenditures

    (14,328 )     (13,616 )

Proceeds from sale of fixed assets

    968       595  

Patent expenditures

    (197 )     (209 )
Other acquisition activity           (3,000 )

Net cash used in investing activities

    (13,557 )     (16,230 )
                 

Cash flows from financing activities:

               

Proceeds from issuance of common stock upon stock option exercises

    956        

Repurchase of common stock

    (25,171 )     (18,609 )

Distributions to non-controlling interests

    (1,409 )      

Credit facility amendment fees

          (1,093 )

Payments on notes payable, net

    (179 )     (22 )

Proceeds from line of credit, net

    7,000       9,000  

Principal payments on long-term debt

    (13,125 )     (13,125 )

Net cash used in financing activities

    (31,928 )     (23,849 )

Effect of exchange rate changes on cash

    226       (830 )

Net decrease in cash, cash equivalents and restricted cash for the period

    (31,080 )     (30,712 )

Cash, cash equivalents and restricted cash, beginning of year

    84,886       108,545  

Cash, cash equivalents and restricted cash, end of period

    53,806       77,833  

Cash, cash equivalents and restricted cash associated with assets held for sale, end of period

    (1,709 )     (1,641 )

Cash, cash equivalents and restricted cash, end of period

  $ 52,097     $ 76,192  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

7

Table of Contents

 

AEGION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1.

GENERAL

 

The accompanying unaudited consolidated financial statements of Aegion Corporation and its subsidiaries (collectively, “Aegion” or the “Company”) reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented.  Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period.  All significant intercompany related accounts and transactions have been eliminated in consolidation.

 

The Consolidated Balance Sheet as of December 31, 2018, which is derived from the audited consolidated financial statements, and the interim unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the requirements of Form 10-Q and Article 10 of Regulation S-X and, consequently, do not include all information or footnotes required by GAAP for complete financial statements or all the disclosures normally made in an Annual Report on Form 10-K.  Accordingly, the unaudited consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2019.

 

Acquisitions/Strategic Initiatives/Divestitures

 

2017 Restructuring

 

On July 28, 2017, the Company’s board of directors approved a realignment and restructuring plan (the “2017 Restructuring”).  As part of the 2017 Restructuring, the Company announced plans to: (i) divest the Company’s pipe coating and insulation businesses in Louisiana, The Bayou Companies, LLC and Bayou Wasco Insulation, LLC (collectively “Bayou”); (ii) exit all non-pipe related contract applications for the Tyfo® system in North America; (iii) right-size the cathodic protection services operation in Canada and the cured-in-place pipe (“CIPP”) businesses in Australia and Denmark; and (iv) reduce corporate and other operating costs.

 

During 2018, the Company’s board of directors approved additional actions with respect to the 2017 Restructuring, which included the decisions to: (i) divest the Australia and Denmark CIPP businesses; (ii) take actions to further optimize operations within North America, including measures to reduce consolidated operating costs; and (iii) divest or otherwise exit multiple additional international businesses.  During the second quarter of 2019, the Company initiated plans to exit additional international businesses.  See further discussion in Note 4.

 

Infrastructure Solutions Segment (“Infrastructure Solutions”)

 

During 2018, the Company’s board of directors approved a plan to divest the Company’s CIPP business in Australia (“Insituform Australia”).  While restructuring actions in Insituform Australia led to improvements in operating results, an assessment of the long-term fit within the Company’s portfolio led to the decision to divest the business.  Accordingly, the Company has classified Insituform Australia’s assets and liabilities as held for sale on the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018.  See Note 5.

 

During the second quarter of 2019, the Company initiated plans to sell its CIPP contracting businesses in Europe: Insituform Rioolrenovatietechnicken B.V. (“Insituform Netherlands”); Insituform Technologies Iberica SA (“Insituform Spain”); and Environmental Techniques Limited (“Environmental Techniques”).  Accordingly, the Company has classified the assets and liabilities of these businesses as held for sale on the Consolidated Balance Sheet at June 30, 2019.  See Note 5.

 

Corrosion Protection Segment (“Corrosion Protection”)

 

During the first quarter of 2019, the Company initiated plans to sell its interest in its cathodic protection materials manufacturing and production joint venture in Saudi Arabia, Corrpower International Limited (“Corrpower”), and its interest in its Titeliner® and CIPP joint venture in South Africa, Aegion South Africa Proprietary Limited (“Aegion South Africa”).  During the second quarter of 2019, the Company began negotiating with a prospective buyer for its interest in its Titeliner® joint venture in Mexico, United Pipeline de Mexico S.A. de C.V. (“United Mexico”).  Accordingly, the Company has classified the assets and liabilities of these businesses as held for sale on the Consolidated Balance Sheet at June 30, 2019.  See Note 5.

 

On May 4, 2018, the Company acquired the operations of Hebna Inc., Hebna Canada Inc. and Hebna Corporation (collectively “Hebna”), for a total purchase price of $6.0 million ($3.0 million was paid during the second quarter of 2018 and $3.0 million was paid during the third quarter of 2018).  The transaction was funded from a combination of domestic and international cash balances, with fifty percent (50%) of the purchase price being paid by the Company’s joint venture in Oman, in which the Company is a fifty-one percent (51%) partner.  Hebna provided pipeline lining services, including compressed-fit lining, slip-lining, liner and free-standing pipe fusing, pipeline assessment and integrity management, pipeline pigging and calibration, and roto-lining services primarily in the United States, Canada and Middle East.

 

8

 

 

2.

ACCOUNTING POLICIES

 

On January 1, 2019, the Company adopted FASB ASC 842, Leases (“FASB ASC 842”).  See Note 6 for further information.  Other than the adoption of FASB ASC 842, there were no material changes in accounting policies from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

 

Accumulated Other Comprehensive Loss

 

As set forth below, the Company’s accumulated other comprehensive loss is comprised of three main components: (i) currency translation; (ii) derivatives; and (iii) gains and losses associated with the Company’s defined benefit plan in the United Kingdom (in thousands):

 

   

June 30, 2019

   

December 31, 2018

 

Currency translation adjustments

  $ (38,061 )   $ (41,107 )

Derivative hedging activity

    (3,984 )     1,715  

Pension activity

    (895 )     (898 )

Total accumulated other comprehensive loss

  $ (42,940 )   $ (40,290 )

 

For the Company’s international subsidiaries, the local currency is generally the functional currency.  Assets and liabilities of these subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while revenues and expenses are translated into U.S. dollars using average exchange rates.  The cumulative translation adjustment resulting from changes in exchange rates are included in the Consolidated Balance Sheets as a component of “Accumulated other comprehensive loss” in total stockholders’ equity.  A net foreign exchange transaction gain of $0.1 million and a loss of $0.5 million in the second quarters of 2019 and 2018, respectively, and losses of $0.7 million and $0.8 million for the six months ended June 30, 2019 and 2018, respectively, are included in “Other expense” in the Consolidated Statements of Operations.

 

Taxation

 

The Company provides for estimated income taxes payable or refundable on current year income tax returns as well as the estimated future tax effects attributable to temporary differences and carryforwards, based upon enacted tax laws and tax rates, and in accordance with FASB ASC 740, Income Taxes (“FASB ASC 740”).  FASB ASC 740 also requires that a valuation allowance be recorded against any deferred tax assets that are not likely to be realized in the future.  The determination is based on the Company’s ability to generate future taxable income and, at times, is dependent on its ability to implement strategic tax initiatives to ensure full utilization of recorded deferred tax assets.  Should the Company not be able to implement the necessary tax strategies, it may need to record valuation allowances for certain deferred tax assets, including those related to foreign income tax benefits.  Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowances recorded against net deferred tax assets.

 

Earnings per Share

 

Earnings per share have been calculated using the following share information:

 

   

Quarters Ended June 30,

   

Six Months Ended June 30,

 
   

2019

   

2018

   

2019

   

2018

 

Weighted average number of common shares used for basic EPS

    31,216,886       32,378,260       31,459,557       32,430,819  

Effect of dilutive stock options and restricted and deferred stock unit awards

          628,600             668,426  

Weighted average number of common shares and dilutive potential common stock used for dilutive EPS

    31,216,886       33,006,860       31,459,557       33,099,245  

 

The Company excluded 449,156 and 498,315 restricted and deferred stock units for the quarter and six-month period ended June 30, 2019, respectively, from the diluted earnings per share calculation for the Company’s common stock because of the reported net loss for the periods.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company classifies highly liquid investments with original maturities of 90 days or less as cash equivalents. Recorded book values are reasonable estimates of fair value for cash and cash equivalents.

 

Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands):

 

Balance sheet data

 

June 30, 2019

   

December 31, 2018

 

Cash and cash equivalents

  $ 51,338     $ 83,527  

Restricted cash

    759       1,359  

Cash, cash equivalents and restricted cash

  $ 52,097     $ 84,886  

 

Restricted cash held in escrow primarily relates to funds reserved for legal requirements, deposits made in lieu of retention on specific projects performed for municipalities and state agencies, or advance customer payments and compensating balances for bank undertakings in Europe.  Restricted cash related to operations is similar to retainage, and is, therefore, classified as a current asset, consistent with the Company’s policy on retainage.

 

9

Table of Contents

 

Investments in Variable Interest Entities

 

The Company evaluates all transactions and relationships with variable interest entities (“VIE”) to determine whether the Company is the primary beneficiary of the entities in accordance with FASB ASC 810, Consolidation.  There were no changes in the Company’s VIEs during the quarter ended June 30, 2019.

 

Financial data for consolidated variable interest entities are summarized in the following tables (in thousands):

 

Balance sheet data

 

June 30, 2019 (1)

   

December 31, 2018

 

Current assets

  $ 26,457     $ 33,066  

Non-current assets

    7,442       6,466  

Current liabilities

    11,948       12,953  

Non-current liabilities

    6,522       8,780  

 


 

(1) 

Includes $12.9 million of assets and $11.3 million of liabilities classified as held for sale related to Corrpower, United Mexico and Aegion South Africa. See Note 5.

 

   

Quarters Ended June 30,

   

Six Months Ended June 30,

 
Statement of operations data   2019     2018 (1)     2019     2018 (1)  

Revenue

  $ 7,519     $ 6,723     $ 13,444     $ 22,773  

Gross profit

    2,416       434       4,051       3,744  

Net income attributable to Aegion Corporation