Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BW | |
Entity Registrant Name | BABCOCK & WILCOX ENTERPRISES, INC. | |
Entity Central Index Key | 1,630,805 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,675,051 |
Condensed Consolidated and Comb
Condensed Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 404,116 | $ 397,155 |
Costs and expenses: | ||
Cost of operations | 323,960 | 313,758 |
Research and development costs | (2,842) | 4,518 |
Selling, general and administrative expenses | 58,714 | 57,111 |
Restructuring activities and spin-off transaction costs | 4,010 | 2,354 |
Total costs and expenses | 389,526 | 377,741 |
Equity in income (loss) of investees | 2,676 | (2,071) |
Operating income | 17,266 | 17,343 |
Other income (expense): | ||
Interest income | 290 | 156 |
Interest expense | (399) | (140) |
Other – net | 62 | (311) |
Total other income (expense) | (47) | (295) |
Income before income tax expense | 17,219 | 17,048 |
Income tax expense | 6,626 | 5,692 |
Income from continuing operations | 10,593 | 11,356 |
Income from discontinued operations, net of tax | 0 | 1,385 |
Net income | 10,593 | 12,741 |
Net income attributable to noncontrolling interest | (86) | (52) |
Net income attributable to shareholders | 10,507 | 12,689 |
Amounts attributable to shareholders: | ||
Income from continuing operations | 10,507 | 11,304 |
Income from discontinued operations, net of tax | 0 | 1,385 |
Net income attributable to shareholders | $ 10,507 | $ 12,689 |
Basic earnings per common share: | ||
Continuing operations (usd per share) | $ 0.20 | $ 0.21 |
Discontinued operations (usd per share) | 0 | 0.03 |
Basic earnings per common share (usd per share) | 0.20 | 0.24 |
Diluted earnings per common share: | ||
Continuing operations (usd per share) | 0.20 | 0.21 |
Discontinued operations (usd per share) | 0 | 0.03 |
Diluted earnings per common share (usd per share) | $ 0.20 | $ 0.24 |
Shares used in the computation of earnings per share: | ||
Basic (shares) | 51,627 | 53,388 |
Diluted (shares) | 52,221 | 53,573 |
Condensed Consolidated and Com3
Condensed Consolidated and Combined Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 10,593 | $ 12,741 |
Other comprehensive income (loss): | ||
Currency translation adjustments | 1,740 | (10,923) |
Derivative financial instruments: | ||
Unrealized gains (losses) on derivative financial instruments | 3,210 | (389) |
Income taxes | (634) | 174 |
Unrealized gains (losses) on derivative financial instruments, net of taxes | 2,576 | (215) |
Derivative financial instrument (gains) losses reclassified into net income | (1,304) | 2,599 |
Income taxes | 301 | (683) |
Reclassification adjustment for (gains) losses included in net income, net of taxes | 1,003 | (1,916) |
Benefit obligations: | ||
Contracts in progress | 158,045 | |
Unrealized losses on benefit obligations | (61) | 0 |
Income taxes | 0 | 0 |
Total unrealized losses on benefit obligations, net of taxes | (61) | 0 |
Amortization of benefit plan costs | (404) | 114 |
Income taxes | (465) | 43 |
Amortization of benefit plan costs, net of taxes | 61 | 71 |
Investments: | ||
Unrealized gains (losses) on investments | 42 | (1) |
Income taxes | (24) | 0 |
Unrealized gains (losses) on investments, net of taxes | 18 | (1) |
Investment losses reclassified into net income | 1 | 1 |
Income taxes | 0 | 0 |
Reclassification adjustments for losses included in net income, net of taxes | (1) | (1) |
Other comprehensive loss | 3,332 | (9,151) |
Total comprehensive income | 13,925 | 3,590 |
Comprehensive loss attributable to noncontrolling interest | (39) | (70) |
Comprehensive income attributable to shareholders | $ 13,886 | $ 3,520 |
Condensed Consolidated and Com4
Condensed Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 286,817 | $ 365,192 |
Restricted cash and cash equivalents | 37,242 | 37,144 |
Accounts receivable – trade, net | 272,931 | 291,242 |
Accounts receivable – other | 50,160 | 44,765 |
Contracts in progress | 158,045 | 128,174 |
Inventories | 91,026 | 90,119 |
Other current assets | 28,090 | 21,548 |
Total current assets | 924,311 | 978,184 |
Property, plant and equipment - gross | 335,311 | 330,021 |
Accumulated depreciation | (186,831) | (184,304) |
Net property, plant and equipment | 148,480 | 145,717 |
Goodwill | 201,750 | 201,069 |
Deferred income taxes | 187,707 | 190,656 |
Investments in unconsolidated affiliates | 92,804 | 92,196 |
Intangible assets | 36,734 | 37,844 |
Other assets | 18,311 | 17,379 |
Total assets | 1,610,097 | 1,663,045 |
Current liabilities: | ||
Notes payable and current maturities of long-term debt | 3,074 | 2,005 |
Accounts payable | 164,316 | 175,170 |
Accrued employee benefits | 40,241 | 51,476 |
Advance billings on contracts | 213,098 | 229,390 |
Accrued warranty expense | 42,232 | 39,847 |
Accrued liabilities – other | 63,002 | 63,464 |
Total current liabilities | 525,963 | 561,352 |
Accumulated postretirement benefit obligation | 28,409 | 27,768 |
Pension liability | 279,089 | 282,133 |
Other liabilities | 45,658 | 43,365 |
TOTAL LIABILITIES | 879,119 | 914,618 |
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 200,000 shares; issued 50,945 and 52,481 shares at March 31, 2016 and December 31, 2015, respectively | 509 | 540 |
Capital in excess of par value | 795,413 | 790,464 |
Treasury stock at cost, 3,213 and 1,376 shares at March 31, 2016 and December 31, 2015, respectively | 61,692 | 25,408 |
Retained earnings | 11,479 | 965 |
Accumulated other comprehensive income (loss) | (15,521) | (18,853) |
Stockholders' equity – Babcock & Wilcox Enterprises, Inc. | 730,188 | 747,708 |
Noncontrolling interest | 790 | 719 |
TOTAL STOCKHOLDERS' EQUITY | 730,978 | 748,427 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,610,097 | $ 1,663,045 |
Condensed Consolidated and Com5
Condensed Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 50,988,468 | 0 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Treasury stock, shares (shares) | 126,409 |
Condensed Consolidated and Com6
Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 10,593 | $ 12,741 |
Non-cash items included in net income: | ||
Depreciation and amortization | 6,293 | 11,592 |
(Income) loss of equity method investees, net of dividends | (2,676) | 2,071 |
Deferred Income Tax Expense (Benefit) | 35 | 4,289 |
Recognition of (gains) losses for pension and postretirement plans | (9) | 100 |
Stock-based compensation charges and excess tax benefits | 4,918 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | 17,493 | 18,274 |
Accounts payable | (16,024) | (21,579) |
Contracts in progress and advance billings on contracts | (46,113) | 33,196 |
Inventories | (998) | (604) |
Income taxes | (400) | (6,073) |
Accrued and other current liabilities | 1,340 | 1,429 |
Pension, accrued postretirement and employee benefits | (14,977) | (6,993) |
Other, net | 2,581 | 3,989 |
Net cash from operating activities | (37,944) | 52,432 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Decrease (increase) in restricted cash and cash equivalents | (98) | 2,215 |
Purchases of property, plant and equipment | (4,043) | (5,776) |
Purchase of property, plant and equipment | 275 | 0 |
Purchases of available-for-sale securities | (7,982) | (4,417) |
Sales and maturities of available-for-sale securities | 6,543 | 274 |
Proceeds from asset disposals | (305) | 0 |
Net cash from investing activities | (6,160) | (7,704) |
Cash flows from financing activities: | ||
Increase in short-term borrowings | 1,065 | 0 |
Net transfers to former Parent | 0 | (25,069) |
Repurchase of shares of common stock | (36,284) | 0 |
Other | (2) | (1) |
Net cash from financing activities | (35,221) | (25,070) |
Effects of exchange rate changes on cash | 950 | (6,919) |
Cash flow from continuing operations | (78,375) | 12,739 |
Cash flows from discontinued operations: | ||
Operating cash flows from discontinued operations, net | 0 | (4,723) |
Investing cash flows from discontinued operations, net | 0 | (111) |
Net cash flows from discontinued operations | 0 | (4,834) |
Net increase (decrease) in cash and equivalents | (78,375) | 7,905 |
Cash and equivalents, beginning of period | 365,192 | 218,659 |
Cash and equivalents, end of period | $ 286,817 | $ 226,564 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE On June 30, 2015, 53,719,878 shares of our common stock were distributed to BWC shareholders to complete our spin-off transaction. The basic and diluted weighted average shares outstanding were based on the weighted average number of BWC common shares outstanding for the quarter ended March 31, 2015 , adjusted for a distribution ratio of one share of B&W common stock for every two shares of BWC common stock. The following table sets forth the computation of basic and diluted earnings per share of our common stock: Three Months Ended March 31, (In thousands, except per share amounts) 2016 2015 Income from continuing operations $ 10,507 $ 11,304 Income from discontinued operations, net of tax — 1,385 Net income attributable to Babcock & Wilcox Enterprises, Inc. $ 10,507 $ 12,689 Weighted average shares used to calculate basic earnings per share 51,627 53,388 Dilutive effect of stock options, restricted stock and performance shares 594 185 Weighted average shares used to calculate diluted earnings per share 52,221 53,573 Basic earnings per share: Continuing operations $ 0.20 $ 0.21 Discontinued operations — 0.03 Basic earnings per share $ 0.20 $ 0.24 Diluted earnings per share: Continuing operations $ 0.20 $ 0.21 Discontinued operations — 0.03 Diluted earnings per share $ 0.20 $ 0.24 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING Our operations are assessed based on three reportable segments: • Global Power: Design and supply new build steam generation equipment for fossil fuel and renewable fuel sources and utility-scale environmental systems. • Global Services: Comprehensive mix of services for utility and industrial steam generation and related environmental solutions that includes aftermarket parts and technical services, service projects including design and engineering, construction, and utility operations and maintenance. • Industrial Environment: Original equipment and related maintenance and aftermarket parts for industrial air pollution control systems and coating and drying equipment for a wide range of industries. An analysis of our operations by segment is as follows: Three Months Ended March 31, (In thousands) 2016 2015 Revenues: Global Power $ 130,483 $ 123,886 Global Services 241,167 232,174 Industrial Environmental 32,466 41,095 404,116 397,155 Gross profit: Global Power 24,370 20,428 Global Services 48,193 53,288 Industrial Environmental 7,593 9,681 80,156 83,397 Research and development costs (2,842 ) (4,518 ) Selling, general and administrative expenses (58,714 ) (57,111 ) Restructuring activities and spin-off transaction costs (4,010 ) (2,354 ) Equity in income (loss) of investees 2,676 (2,071 ) Operating income $ 17,266 $ 17,343 |
Restructuring Activities and Sp
Restructuring Activities and Spin Transaction Costs | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Spin Transaction Costs | Spin-off transaction costs In the quarter ended March 31, 2016 , we incurred $1.9 million of costs directly related to the spin-off from our former Parent. The costs were primarily attributable to employee retention awards. Costs associated with the spin-off that were incurred during the first quarter of 2015 were borne by our former Parent. |
Provision for Income Taxes (Not
Provision for Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
PROVISION FOR INCOME TAXES [Abstract] | |
Income Tax Disclosure [Text Block] | PROVISION FOR INCOME TAXES Our effective tax rate for the quarter ended March 31, 2016 was approximately 38.5% as compared to 33.4% for the quarter ended March 31, 2015 . Our effective tax rate for the quarter ended March 31, 2016 was higher than our statutory rate due to adjustments to deferred taxes for certain non-deductible spin-off related costs, offset by the jurisdictional mix of our income and losses. Our effective tax rate for the quarter ended March 31, 2015 was lower than our statutory rate primarily due to the jurisdictional mix of income and losses. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS We distributed assets and liabilities totaling $47.8 million associated with the NE segment to BWC in conjunction with the spin-off. We received corporate allocations from our former Parent of $1.4 million during the quarter ended March 31, 2015 . Though these allocations relate to our discontinued NE segment, they are included as part of continuing operations because allocations are not eligible for inclusion in discontinued operations. The following table presents selected financial information regarding the results of operations of our former NE segment: (In thousands) Three Months Ended Revenues $ 22,687 Income before income tax expense 1,615 Income tax expense 230 Income from discontinued operations, net of tax $ 1,385 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Cash and Cash Equivalents [Table Text Block] | NOTE 10 – CASH AND CASH EQUIVALENTS The components of cash and cash equivalents are as follows: (In thousands) March 31, 2016 December 31, 2015 Foreign operations $ 210,770 $ 221,151 United States 76,046 144,041 Unrestricted cash and cash equivalents $ 286,817 $ 365,192 Reinsurance reserve requirements $ 32,353 $ 33,404 Restricted foreign accounts 4,889 3,740 Restricted cash and cash equivalents $ 37,242 $ 37,144 |
Inventories (Notes)
Inventories (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Text Block] | NOTE 11 – INVENTORIES The components of inventories are as follows: (In thousands) March 31, 2016 December 31, 2015 Raw materials and supplies $ 67,318 $ 68,684 Work in progress 5,180 7,025 Finished goods 18,528 14,410 Total inventories $ 91,026 $ 90,119 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table summarizes our financial assets and liabilities carried at fair value, all of which were valued using inputs based upon quoted prices for similar instruments in active markets (known as "Level 2" inputs in the fair value hierarchy established by the Financial Accounting Standards Board ("FASB") Topic Fair Value Measurements and Disclosures ). (in thousands) March 31, 2016 December 31, 2015 Available-for-sale securities Commercial paper $ 5,490 $ 3,996 Mutual funds 1,094 1,093 Total fair value of available-for-sale securities $ 6,584 $ 5,089 Derivatives Forward contracts outstanding to purchase or sell foreign currencies $ 4,032 $ 2,186 Available-for-sale securities We estimate the fair value of available-for-sale securities based on quoted market prices. Our investments in available-for-sale securities are presented in other assets on our condensed consolidated and combined balance sheets. Derivatives Derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. Other financial instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: • Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying condensed consolidated and combined balance sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. • Short-term line of credit . We base the fair values of debt instruments on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. The fair value of our debt instruments approximated their carrying value at March 31, 2016 and December 31, 2015 . |
Warranty (Notes)
Warranty (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Product Warranty Liability [Table Text Block] | The following summarizes the changes in the carrying amount of our accrued warranty expense: Three Months Ended March 31, (In thousands) 2016 2015 Balance at beginning of period $ 39,847 $ 37,735 Additions 5,696 3,899 Expirations and other changes (440 ) 494 Payments (3,182 ) (3,430 ) Translation and other 311 (673 ) Balance at end of period $ 42,232 $ 38,025 |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITS Components of net periodic benefit cost (benefit) included in net income are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2016 2015 2016 2015 Service cost $ 384 $ 4,197 $ 6 $ 64 Interest cost 10,576 13,726 211 323 Expected return on plan assets (14,927 ) (19,407 ) — — Amortization of prior service cost (credit) 141 108 — 7 Net periodic benefit cost (benefit) $ (3,826 ) $ (1,376 ) $ 217 $ 394 We made contributions to our pension and other postretirement benefit plans totaling $1.3 million and $2.1 million during the quarters ended March 31, 2016 and 2015 , respectively. |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility | CREDIT FACILITY In connection with the spin-off, we entered into a credit agreement on May 11, 2015 (the "Credit Agreement"). The Credit Agreement provides for a senior secured revolving credit facility in an aggregate amount of up to $600 million , which is scheduled to mature on June 30, 2020. The proceeds of loans under the Credit Agreement are available for working capital needs, issuance of letters of credit and other general corporate purposes. At March 31, 2016 , we had no borrowings outstanding under the revolving credit facility and after giving effect to the leverage ratio and $109.2 million of letters of credit issued under the credit facility, we had approximately $340.5 million available for borrowings. Our Credit Agreement generally includes customary events of default for a secured credit facility. If an event of default relating to bankruptcy or other insolvency events with respect to us occurs under the Credit Agreement, all obligations will immediately become due and payable. If any other event of default exists, the lenders will be permitted to accelerate the maturity of the obligations outstanding. If any event of default occurs, the lenders are permitted to terminate their commitments thereunder and exercise other rights and remedies, including the commencement of foreclosure or other actions against the collateral. Additionally, if we are unable to make any of the representations and warranties in the Credit Agreement, we will be unable to borrow funds or have letters of credit issued. At March 31, 2016 , we were in compliance with all of the covenants set forth in the Credit Agreement. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | CONTINGENCIES On February 28, 2014, the Arkansas River Power Authority filed suit against Babcock & Wilcox Power Generation Group, Inc. (now known as The Babcock & Wilcox Company and referred to herein as “BW PGG”) in the United States District Court for the District of Colorado (Case No. 14-cv-00638-CMA-NYW) alleging breach of contract, negligence, fraud and other claims arising out of BW PGG's delivery of a circulating fluidized bed boiler and related equipment used in the Lamar Repowering Project pursuant to a 2005 contract. We believe that ARPA has asserted damages theories that are highly speculative and without legal or economic support as a litigation tactic. We also believe most of the alleged damages are expressly waived and/or capped in enforceable provisions of the 2005 contract. We cannot estimate the possible loss at this time; however, the 2005 contract provides an overall cap of liability at the original contract price of approximately $20.5 million . Discovery is substantially complete and there have been no substantive changes to our assessment of the outcome of this contingency during the first quarter of 2016. A trial date has been set for November 2016. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Income Taxes Paid (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Cash Flow, Supplemental Disclosures [Text Block] | During the quarters ended March 31, 2016 and 2015 , we paid the following for income taxes: (in thousands) 2016 2015 Income taxes (net of refunds) $ 7,118 $ 1,199 During the quarters ended March 31, 2016 and 2015 , we recognized the following non-cash activity in our condensed consolidated and combined financial statements: (in thousands) 2016 2015 Accrued capital expenditures in accounts payable $ 4,500 $ 767 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Prior to June 30, 2015, we were a party to transactions with our former Parent and its subsidiaries in the normal course of operations. After the spin-off, we no longer consider the former Parent to be a related party. These transactions included the following: (In thousands) Three Months Ended March 31, 2015 Sales to our former Parent $ 625 Corporate administrative expenses $ 18,011 Guarantees Our former Parent had outstanding performance guarantees for various projects executed by us in the normal course of business. These guarantees, based on original contract value, totaled approximately $90 million at March 31, 2016 . As of April 21, 2016, these guarantees had all been terminated. Net transfers to former Parent Net transfers to our former Parent represent the change in our former Parent's historical investment in us. It primarily includes the net effect of cost allocations from transactions with our former Parent, sales to our former Parent, and the net transfers of cash and assets to our former Parent prior to the spin-off. After the spin-off transaction on June 30, 2015, there have been no significant transfers to or from our former Parent. These transactions included the following: (In thousands) Three Months Ended March 31, 2015 Sales to former Parent $ 625 Corporate administrative expenses $ 18,011 Income tax allocation $ 4,431 Cash pooling and general financing activities $ (46,886 ) Net transfer to former Parent per statement of cash flows $ (25,069 ) |
Share Repurchases (Notes)
Share Repurchases (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Accelerated Share Repurchases [Line Items] | |
Schedule of Repurchase Agreements [Table Text Block] | On August 4, 2015, we announced that our board of directors authorized the repurchase of an indeterminate number of our shares of common stock in the open market at an aggregate market value of up to $100 million . We repurchased 1.3 million shares of our common stock for $24.3 million during 2015, 1.8 million shares of our common stock for $34.7 million during the first quarter of 2016 and an additional 0.3 million shares of our common stock for $6.9 million dollars during the month of April 2016. We are authorized to repurchase up to $34.1 million more of our common stock through June 8, 2017. Any shares purchased that were not part of our publicly announced plan are related to repurchases of common stock pursuant to the provisions of employee benefit plans that permit the repurchase of shares to satisfy statutory tax withholding obligations. |
Contracts and Revenue Recogniti
Contracts and Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Contracts and Revenue Recognition [Abstract] | |
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | NOTE 2 – CONTRACTS AND REVENUE RECOGNITION Variations from estimated contract performance could result in material adjustments to operating results for any quarter or year. We include claims for extra work or changes in scope of work to the extent of costs incurred in contract revenues when we believe collection is probable. During the year ended December 31, 2015, we recognized accrued claims revenue of $2.3 million . Additional claims revenue was not recognized during the quarter ended March 31, 2016. |
Comprehensive Income (Notes)
Comprehensive Income (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | The amounts reclassified out of AOCI by component and the affected condensed consolidated and combined statements of operations line items are as follows (in thousands): AOCI Component Line Items Affected by Reclassifications from AOCI in the Condensed Consolidated and Combined Statements of Operations Three Months Ended March 31, 2016 2015 Derivative financial instruments Revenues $ 1,323 $ 756 Cost of operations (23 ) (3,356 ) Other-net 4 1 Total before tax 1,304 (2,599 ) Provision for income taxes (301 ) 683 Net income $ 1,003 $ (1,916 ) Amortization of prior service cost on benefit obligations Cost of operations $ 404 $ (114 ) Provision for income taxes (465 ) 43 Net income $ (61 ) $ (71 ) Realized gain on investments Other-net $ (1 ) $ (1 ) Provision for income taxes — — Net income $ (1 ) $ (1 ) |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 20 – SUBSEQUENT EVENTS In April 2016, both we and our joint venture partner increased our respective equity interests in Thermax Babcock & Wilcox Energy Solutions Private Limited ("TBWES”), our joint venture in India, for the purpose of extinguishing the joint venture's high-interest third-party debt and avoiding the associated future interest cost. B&W contributed approximately $26.2 million . TBWES subsequently used the cash contributed by the joint venture partners to pay-off all of its existing debt, including the long-term bank debt obtained in 2011 to finance the construction of the manufacturing facility TBWES operates in India and the working capital bank loan supported by a letter of credit issued by B&W. In May 2016, the letter of credit was released by the Indian bank and canceled. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share of our common stock: Three Months Ended March 31, (In thousands, except per share amounts) 2016 2015 Income from continuing operations $ 10,507 $ 11,304 Income from discontinued operations, net of tax — 1,385 Net income attributable to Babcock & Wilcox Enterprises, Inc. $ 10,507 $ 12,689 Weighted average shares used to calculate basic earnings per share 51,627 53,388 Dilutive effect of stock options, restricted stock and performance shares 594 185 Weighted average shares used to calculate diluted earnings per share 52,221 53,573 Basic earnings per share: Continuing operations $ 0.20 $ 0.21 Discontinued operations — 0.03 Basic earnings per share $ 0.20 $ 0.24 Diluted earnings per share: Continuing operations $ 0.20 $ 0.21 Discontinued operations — 0.03 Diluted earnings per share $ 0.20 $ 0.24 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | Our operations are assessed based on three reportable segments: • Global Power: Design and supply new build steam generation equipment for fossil fuel and renewable fuel sources and utility-scale environmental systems. • Global Services: Comprehensive mix of services for utility and industrial steam generation and related environmental solutions that includes aftermarket parts and technical services, service projects including design and engineering, construction, and utility operations and maintenance. • Industrial Environment: Original equipment and related maintenance and aftermarket parts for industrial air pollution control systems and coating and drying equipment for a wide range of industries. An analysis of our operations by segment is as follows: Three Months Ended March 31, (In thousands) 2016 2015 Revenues: Global Power $ 130,483 $ 123,886 Global Services 241,167 232,174 Industrial Environmental 32,466 41,095 404,116 397,155 Gross profit: Global Power 24,370 20,428 Global Services 48,193 53,288 Industrial Environmental 7,593 9,681 80,156 83,397 Research and development costs (2,842 ) (4,518 ) Selling, general and administrative expenses (58,714 ) (57,111 ) Restructuring activities and spin-off transaction costs (4,010 ) (2,354 ) Equity in income (loss) of investees 2,676 (2,071 ) Operating income $ 17,266 $ 17,343 |
Restructuring Activities and 27
Restructuring Activities and Spin Transaction Costs (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Liabilities | An analysis of the change in our restructuring liabilities during the first quarter is as follows: Three Months Ended March 31, (In thousands) 2016 2015 Accrued liabilities at the beginning of the period $ 740 $ 5,086 Restructuring expense (1) 2,147 63 Payments (2,727 ) (2,645 ) Accrued liabilities at the end of the period $ 160 $ 2,504 (1) Excludes non-cash charges for accelerated depreciation and long-lived asset impairment of $2.3 million for quarter ended March 31, 2015, which did not impact the restructuring liability. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Financial Information Regarding Results of Operations | The following table presents selected financial information regarding the results of operations of our former NE segment: (In thousands) Three Months Ended Revenues $ 22,687 Income before income tax expense 1,615 Income tax expense 230 Income from discontinued operations, net of tax $ 1,385 |
Derivative Financial Instrument
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS We have designated all of our foreign currency exchange ("FX") forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At March 31, 2016 and 2015, we had deferred approximately $3.4 million and $1.6 million , respectively, of net gains on these derivative financial instruments in AOCI. We expect to recognize substantially all of this amount in the next twelve months. At March 31, 2016 , our derivative financial instruments consisted solely of FX forward contracts. The notional value of our FX forward contracts totaled $80.0 million and $74.3 million at March 31, 2016 and December 31, 2015, respectively, with maturities extending to August 2017. These instruments consist primarily of contracts to purchase or sell euros and British pounds sterling. We are exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. The counterparties to all of our FX forward contracts are financial institutions party to our credit facility. Our hedge counterparties have the benefit of the same collateral arrangements and covenants as described under our credit facility. The following tables summarize our derivative financial instruments: Asset and Liability Derivatives (In thousands) March 31, 2016 December 31, 2015 Derivatives designated as hedges: Foreign exchange contracts: Location of FX forward contracts designated as hedges: Accounts receivable-other $ 3,647 $ 1,545 Other assets 976 688 Accounts payable 360 17 Derivatives not designated as hedges: Foreign exchange contracts: Location of FX forward contracts not designated as hedges: Accounts receivable-other $ 63 $ 72 Accounts payable 295 101 The effects of derivatives on our financial statements are outlined below: Three Months Ended March 31, (In thousands) 2016 2015 Derivatives designated as hedges: Cash flow hedges Foreign exchange contracts Amount of gain (loss) recognized in other comprehensive income $ 3,210 $ (389 ) Effective portion of gain (loss) reclassified from accumulated other comprehensive income into earnings by location: Revenues 1,323 756 Cost of operations (23 ) (3,356 ) Other-net 4 1 Portion of gain recognized in income that is excluded from effectiveness testing by location: Other-net 582 1,028 Derivatives not designated as hedges: Forward contracts Gain (loss) recognized in income by location: Other-net $ (110 ) $ 217 |
Summary of Derivative Financial Instruments | The following tables summarize our derivative financial instruments: Asset and Liability Derivatives (In thousands) March 31, 2016 December 31, 2015 Derivatives designated as hedges: Foreign exchange contracts: Location of FX forward contracts designated as hedges: Accounts receivable-other $ 3,647 $ 1,545 Other assets 976 688 Accounts payable 360 17 Derivatives not designated as hedges: Foreign exchange contracts: Location of FX forward contracts not designated as hedges: Accounts receivable-other $ 63 $ 72 Accounts payable 295 101 |
Schedule of Effect of Derivative Instruments on Statements of Financial Performance | The effects of derivatives on our financial statements are outlined below: Three Months Ended March 31, (In thousands) 2016 2015 Derivatives designated as hedges: Cash flow hedges Foreign exchange contracts Amount of gain (loss) recognized in other comprehensive income $ 3,210 $ (389 ) Effective portion of gain (loss) reclassified from accumulated other comprehensive income into earnings by location: Revenues 1,323 756 Cost of operations (23 ) (3,356 ) Other-net 4 1 Portion of gain recognized in income that is excluded from effectiveness testing by location: Other-net 582 1,028 Derivatives not designated as hedges: Forward contracts Gain (loss) recognized in income by location: Other-net $ (110 ) $ 217 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Available-for-Sale Securities Measured at Fair Value | The following table summarizes our financial assets and liabilities carried at fair value, all of which were valued using inputs based upon quoted prices for similar instruments in active markets (known as "Level 2" inputs in the fair value hierarchy established by the Financial Accounting Standards Board ("FASB") Topic Fair Value Measurements and Disclosures ). (in thousands) March 31, 2016 December 31, 2015 Available-for-sale securities Commercial paper $ 5,490 $ 3,996 Mutual funds 1,094 1,093 Total fair value of available-for-sale securities $ 6,584 $ 5,089 Derivatives Forward contracts outstanding to purchase or sell foreign currencies $ 4,032 $ 2,186 |
Pension Plans and Postretirem31
Pension Plans and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost (benefit) included in net income are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2016 2015 2016 2015 Service cost $ 384 $ 4,197 $ 6 $ 64 Interest cost 10,576 13,726 211 323 Expected return on plan assets (14,927 ) (19,407 ) — — Amortization of prior service cost (credit) 141 108 — 7 Net periodic benefit cost (benefit) $ (3,826 ) $ (1,376 ) $ 217 $ 394 |
Supplemental Cash Flow Inform32
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | During the quarters ended March 31, 2016 and 2015 , we paid the following for income taxes: (in thousands) 2016 2015 Income taxes (net of refunds) $ 7,118 $ 1,199 During the quarters ended March 31, 2016 and 2015 , we recognized the following non-cash activity in our condensed consolidated and combined financial statements: (in thousands) 2016 2015 Accrued capital expenditures in accounts payable $ 4,500 $ 767 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Transactions | e were a party to transactions with our former Parent and its subsidiaries in the normal course of operations. After the spin-off, we no longer consider the former Parent to be a related party. These transactions included the following: (In thousands) Three Months Ended March 31, 2015 Sales to our former Parent $ 625 Corporate administrative expenses $ 18,011 |
Schedule of Change in Our Former Parent's Historical Investment Due to Net Transfers (to) from Former Parent | Net transfers to our former Parent represent the change in our former Parent's historical investment in us. It primarily includes the net effect of cost allocations from transactions with our former Parent, sales to our former Parent, and the net transfers of cash and assets to our former Parent prior to the spin-off. After the spin-off transaction on June 30, 2015, there have been no significant transfers to or from our former Parent. These transactions included the following: (In thousands) Three Months Ended March 31, 2015 Sales to former Parent $ 625 Corporate administrative expenses $ 18,011 Income tax allocation $ 4,431 Cash pooling and general financing activities $ (46,886 ) Net transfer to former Parent per statement of cash flows $ (25,069 ) |
Comprehensive Income Accumulate
Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified out of AOCI by component and the affected condensed consolidated and combined statements of operations line items are as follows (in thousands): AOCI Component Line Items Affected by Reclassifications from AOCI in the Condensed Consolidated and Combined Statements of Operations Three Months Ended March 31, 2016 2015 Derivative financial instruments Revenues $ 1,323 $ 756 Cost of operations (23 ) (3,356 ) Other-net 4 1 Total before tax 1,304 (2,599 ) Provision for income taxes (301 ) 683 Net income $ 1,003 $ (1,916 ) Amortization of prior service cost on benefit obligations Cost of operations $ 404 $ (114 ) Provision for income taxes (465 ) 43 Net income $ (61 ) $ (71 ) Realized gain on investments Other-net $ (1 ) $ (1 ) Provision for income taxes — — Net income $ (1 ) $ (1 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) Currency translation gains (losses) Net unrealized gain (loss) on investments (net of tax) Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2015 $ (19,493 ) $ (44 ) $ 1,786 $ (1,102 ) $ (18,853 ) Other comprehensive income (loss) before reclassifications 1,740 18 2,576 (61 ) 4,273 Amounts reclassified from AOCI to net income — 1 (1,003 ) 61 (941 ) Net current-period other comprehensive income 1,740 19 1,573 — 3,332 Balance at March 31, 2016 $ (17,753 ) $ (25 ) $ 3,359 $ (1,102 ) $ (15,521 ) (In thousands) Currency translation gains (losses) Net unrealized gain (loss) on investments (net of tax) Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2014 $ 11,551 $ (22 ) $ (123 ) $ (1,032 ) $ 10,374 Other comprehensive income (loss) before reclassifications (10,923 ) (1 ) (215 ) — (11,139 ) Amounts reclassified from AOCI to net income — 1 1,916 71 1,988 Net current-period other comprehensive income (10,923 ) — 1,701 71 (9,151 ) Balance at March 31, 2015 $ 628 $ (22 ) $ 1,578 $ (961 ) $ 1,223 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | Jun. 30, 2015shares | Sep. 30, 2015shares | Dec. 31, 2014shares |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common stock, shares issued (shares) | 50,988,468 | 0 | |
Spin-Off | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common stock, shares issued (shares) | 53,719,878 | ||
Babcock and Wilcox Enterprises Inc | Common Stock | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Spin-off transaction, distribution ratio of common stock | 2 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amounts attributable to shareholders: | ||
Income from continuing operations | $ 10,507 | $ 11,304 |
Income from discontinued operations, net of tax | 0 | 1,385 |
Net income attributable to Babcock & Wilcox Enterprises, Inc. | $ 10,507 | $ 12,689 |
Weighted average shares used to calculate basic earnings per share | 51,627 | 53,388 |
Effect of dilutive securities: | ||
Dilutive effect of stock options, restricted stock and performance shares | 594 | 185 |
Weighted average shares used to calculate diluted earnings per share | 52,221 | 53,573 |
Basic earnings per common share: | ||
Continuing operations (usd per share) | $ 0.20 | $ 0.21 |
Discontinued operations (usd per share) | 0 | 0.03 |
Basic earnings per common share (usd per share) | 0.20 | 0.24 |
Diluted earnings per common share: | ||
Continuing operations (usd per share) | 0.20 | 0.21 |
Discontinued operations (usd per share) | 0 | 0.03 |
Diluted earnings per common share (usd per share) | $ 0.20 | $ 0.24 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of business segments (segment) | 3 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | $ 404,116 | $ 397,155 |
Gross profit | 80,156 | 83,397 |
Research and development costs | 2,842 | (4,518) |
Selling, general and administrative expenses | (58,714) | (57,111) |
Restructuring activities and spin-off transaction costs | 4,010 | 2,354 |
Equity in income (loss) of investees | 2,676 | (2,071) |
Operating income | 17,266 | 17,343 |
Operating Segments | Global Power | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 130,483 | 123,886 |
Gross profit | 24,370 | 20,428 |
Operating Segments | Global Services | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 241,167 | 232,174 |
Gross profit | 48,193 | 53,288 |
Operating Segments | Industrial Environmental | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 32,466 | 41,095 |
Gross profit | $ 7,593 | $ 9,681 |
Restructuring Activities and 39
Restructuring Activities and Spin Transaction Costs Narrative - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Other Noncash Expense | $ 2.3 | |
Selling, General and Administrative Expenses | Spin-Off | ||
Restructuring Cost and Reserve [Line Items] | ||
Share-based Compensation | $ 1.9 |
Restructuring Activities and 40
Restructuring Activities and Spin Transaction Costs Changes in Restructuring Liabilities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Reserve [Roll Forward] | ||
Accrued liabilities at the beginning of the period | $ 740 | $ 5,086 |
Restructuring expense | 2,147 | 63 |
Payments | (2,727) | (2,645) |
Accrued liabilities at the end of the period | 160 | 2,504 |
Non-cash charges | $ 2,300 | |
Spin-Off | Selling, General and Administrative Expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | $ 1,900 |
Provision for Income Taxes (Det
Provision for Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
PROVISION FOR INCOME TAXES [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 38.50% | 33.40% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2015 | |
The Babcock & Wilcox Company | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Corporate allocation from former parent | $ 1.4 | |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | NE Segment | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets and liabilities distributed | $ 47.8 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Information Regarding Results of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||
Income from discontinued operations, net of tax | $ 0 | $ 1,385 |
NE Segment | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 22,687 | |
Income before income tax expense | 1,615 | |
Income tax expense | 230 | |
Income from discontinued operations, net of tax | $ 1,385 |
Cash and Cash Equivalents Restr
Cash and Cash Equivalents Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 37,242 | $ 37,144 |
Cash Held To Meet Reinsurance Reserve Requirements [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | 32,353 | 33,404 |
Restricted Foreign Cash [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 4,900 | $ 3,700 |
Cash and Cash Equivalents Unres
Cash and Cash Equivalents Unrestricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 286,817 | $ 365,192 | $ 226,564 | $ 218,659 |
Foreign operations | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 210,770 | 221,151 | ||
United States | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 76,046 | $ 144,041 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials and supplies | $ 67,318 | $ 68,684 |
Work in progress | 5,180 | 7,025 |
Finished goods | 18,528 | 14,410 |
Total inventories | $ 91,026 | $ 90,119 |
Derivative Financial Instrume47
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gains deferred on derivative financial instruments in accumulated other comprehensive income (loss) | $ 3,400,000 | $ 1,600,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | FX Forward Contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount of foreign currency forward contracts | $ 80,000,000 | $ 74,300,000 |
Derivative Financial Instrume48
Derivative Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 3,400,000 | $ 1,600,000 | |
Designated as Hedging Instrument | FX Forward Contracts | Accounts receivable-other | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 3,647,000 | $ 1,545,000 | |
Designated as Hedging Instrument | FX Forward Contracts | Other assets | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 976,000 | 688,000 | |
Designated as Hedging Instrument | FX Forward Contracts | Accounts payable | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 360,000 | 17,000 | |
Derivatives Not Designated as Hedges | FX Forward Contracts | Accounts receivable-other | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 63,000 | 72,000 | |
Derivatives Not Designated as Hedges | FX Forward Contracts | Accounts payable | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | 295,000 | 101,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | FX Forward Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of foreign currency forward contracts | $ 80,000,000 | $ 74,300,000 |
Derivative Financial Instrume49
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Statements of Financial Performance (Detail) - FX Forward Contracts - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income | $ 3,210 | $ (389) |
Designated as Hedging Instrument | Cash Flow Hedging | Revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of gain (loss) reclassified from accumulated other comprehensive income into earnings | 1,323 | 756 |
Designated as Hedging Instrument | Cash Flow Hedging | Cost of operations | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of gain (loss) reclassified from accumulated other comprehensive income into earnings | (23) | (3,356) |
Designated as Hedging Instrument | Cash Flow Hedging | Other-net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of gain (loss) reclassified from accumulated other comprehensive income into earnings | 4 | 1 |
Portion of gain (loss) recognized in income that is excluded from effectiveness testing | 582 | 1,028 |
Derivatives Not Designated as Hedges | Forward Contracts [Member] | Other-net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ (110) | $ 217 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Available-for-Sale Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | $ 6,584 | $ 5,089 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 5,490 | 3,996 |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,094 | 1,093 |
FX Forward Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency forward contracts | $ 4,032 | $ 2,186 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ 4,032 | $ 2,186 |
Warranty (Details)
Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Product Warranty Liability [Line Items] | ||
Balance at beginning of period | $ 39,847 | $ 37,735 |
Additions | 5,696 | 3,899 |
Expirations and other changes | (440) | 494 |
Payments | (3,182) | (3,430) |
Translation and other | 311 | (673) |
Balance at end of period | $ 42,232 | $ 38,025 |
Pension Plans and Postretirem53
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 384 | $ 4,197 |
Interest cost | 10,576 | 13,726 |
Expected return on plan assets | (14,927) | (19,407) |
Amortization of prior service cost (credit) | 141 | 108 |
Net periodic benefit cost (benefit) | (3,826) | (1,376) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 6 | 64 |
Interest cost | 211 | 323 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 0 | 7 |
Net periodic benefit cost (benefit) | $ 217 | $ 394 |
Pension Plans and Postretirem54
Pension Plans and Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Contributions to pension and postretirement benefit plans | $ 1.3 | $ 2.1 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - New Credit Agreement - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||
Credit agreement, maximum borrowing capacity | $ 600,000,000 | |
Term Loan,Revolving Credit Borrowings And Letter of Credit | ||
Debt Instrument [Line Items] | ||
Credit facility, aggregate borrowings outstanding | $ 0 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Outstanding letter of credit | 109,200,000 | |
Aggregate amount to be borrowed to meet letter of credit requirements | $ 340,500,000 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($) |
ARPA | |
Loss Contingencies [Line Items] | |
Estimated loss on breach of contract | $ 20.5 |
Supplemental Cash Flow Inform57
Supplemental Cash Flow Information Income taxes paid (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income taxes (net of refunds) | $ 7,118 | $ 1,199 |
Supplemental Cash Flow Inform58
Supplemental Cash Flow Information Accrued capital expenditures in accounts payable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accrued capital expenditures in accounts payable | $ 4,500 | $ 767 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - The Babcock & Wilcox Company $ in Thousands | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |
Sales to former Parent | $ 625 |
Corporate administrative expense | $ 18,011 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Billions | Mar. 31, 2016USD ($) |
The Babcock & Wilcox Company | |
Related Party Transaction [Line Items] | |
Guarantees, original contract value | $ 0.1 |
Related Party Transactions - 61
Related Party Transactions - Schedule of Change in Our Former Parent's Historical Investment Due to Net Transfers (to) from Former Parent (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Cash pooling and general financing activities | $ (2) | $ (1) |
The Babcock & Wilcox Company | ||
Related Party Transaction [Line Items] | ||
Sales to former Parent | 625 | |
Corporate administrative expenses | 18,011 | |
Income tax allocation | 4,431 | |
Cash pooling and general financing activities | (46,886) | |
Net transfer to former Parent per statement of cash flows | $ (25,069) |
Share Repurchases (Details)
Share Repurchases (Details) - Common Stock - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Aug. 04, 2015 | |
Class of Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | 0.3 | 1.8 | 1.3 | |
Treasury Stock, Value, Acquired, Cost Method | $ 6,900,000 | $ 34,700,000 | $ 24,300,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 34,100,000 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 100,000,000 |
Contracts and Revenue Recogni63
Contracts and Revenue Recognition (Details) $ in Millions | Dec. 31, 2015USD ($) |
Unapproved Change Orders, Amount | $ 2.3 |
Comprehensive Income Accumula64
Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (18,853) | $ 10,374 |
Other comprehensive income (loss) before reclassifications | 4,273 | (11,139) |
Amounts reclassified from AOCI to net income | (941) | 1,988 |
Net current-period other comprehensive income | (3,332) | 9,151 |
Balance at end of period | (15,521) | 1,223 |
Currency translation gains (losses) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (19,493) | 11,551 |
Other comprehensive income (loss) before reclassifications | 1,740 | (10,923) |
Amounts reclassified from AOCI to net income | 0 | 0 |
Net current-period other comprehensive income | (1,740) | 10,923 |
Balance at end of period | (17,753) | 628 |
Net unrealized gain (loss) on investments (net of tax) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (44) | (22) |
Other comprehensive income (loss) before reclassifications | 18 | (1) |
Amounts reclassified from AOCI to net income | 1 | 1 |
Net current-period other comprehensive income | (19) | 0 |
Balance at end of period | (25) | (22) |
Net unrealized gain (loss) on derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | 1,786 | (123) |
Other comprehensive income (loss) before reclassifications | 2,576 | (215) |
Amounts reclassified from AOCI to net income | (1,003) | 1,916 |
Net current-period other comprehensive income | (1,573) | (1,701) |
Balance at end of period | 3,359 | 1,578 |
Net unrecognized gain (loss) related to benefit plans (net of tax) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (1,102) | (1,032) |
Other comprehensive income (loss) before reclassifications | (61) | 0 |
Amounts reclassified from AOCI to net income | 61 | 71 |
Net current-period other comprehensive income | 0 | (71) |
Balance at end of period | $ (1,102) | $ (961) |
Comprehensive Income Reclassifi
Comprehensive Income Reclassification out of Accumulated other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | $ 404,116 | $ 397,155 |
Other - net | 62 | (311) |
Total before tax | 17,219 | 17,048 |
Provision for income taxes | 6,626 | 5,692 |
Net income | 10,593 | 11,356 |
Derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | 1,323 | 756 |
Cost of Goods Sold | (23) | (3,356) |
Other - net | 4 | 1 |
Total before tax | 1,304 | (2,599) |
Provision for income taxes | (301) | 683 |
Net income | 1,003 | (1,916) |
Amortization of prior service cost on benefit obligations | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of Goods Sold | (404) | 114 |
Provision for income taxes | (465) | 43 |
Net income | (61) | (71) |
Realized gain on investments | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other - net | (1) | (1) |
Provision for income taxes | 0 | 0 |
Net income | $ (1) | $ (1) |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Subsequent Events [Abstract] | |
Payments to Acquire Interest in Joint Venture | $ 26.2 |