Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Jan. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q4 | |
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 | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,084,680 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Public Float | $ 570 |
Condensed Consolidated and Comb
Condensed Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 1,557,735 | $ 1,578,263 | $ 1,757,295 |
Costs and expenses: | |||
Cost of operations | 1,457,857 | 1,399,146 | 1,449,138 |
Selling, general and administrative expenses | 259,799 | 247,149 | 239,968 |
Goodwill impairment charges | 86,903 | 0 | 0 |
Restructuring charge | 15,447 | 40,807 | 14,946 |
Research and development costs | 9,400 | 10,400 | 16,500 |
Losses (gains) on asset disposals, net | 15 | (32) | 14,597 |
Total costs and expenses | 1,829,433 | 1,697,476 | 1,735,192 |
Equity in income (loss) and impairment of investees | (9,867) | 16,440 | (242) |
Operating income (loss) | (281,565) | (102,773) | 21,861 |
Other income (expense): | |||
Interest income | 510 | 810 | 618 |
Interest expense | (26,305) | (3,796) | (2,338) |
Other – net | (6,839) | (2,380) | 64 |
Total other income (expense) | (32,634) | (5,366) | (1,656) |
Income (loss) before income tax expense | (314,199) | (108,139) | 20,205 |
Income tax expense | 64,816 | 6,943 | 3,671 |
Income (loss) from continuing operations | (379,015) | (115,082) | 16,534 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 2,803 |
Net income (loss) | (379,015) | (115,082) | 19,337 |
Net income attributable to noncontrolling interest | 809 | (567) | (196) |
Net income (loss) attributable to stockholders | (379,824) | (115,649) | 19,141 |
Amounts attributable to shareholders: | |||
Net income (loss) attributable to stockholders | $ (379,824) | $ (115,649) | $ 19,141 |
Basic earnings per common share: | |||
Basic earnings (loss) per share - continuing operations | $ (8.09) | $ (2.31) | $ 0.31 |
Basic earnings (loss) per share - discontinued operations | 0 | 0 | 0.05 |
Basic earnings (loss) per share | (8.09) | (2.31) | 0.36 |
Basic earnings (loss) per share - discontinued operations | |||
Diluted earnings (loss) per share - continuing operations | (8.09) | (2.31) | 0.30 |
Diluted earnings per share - discontinued operations | 0 | 0 | 0.06 |
Diluted earnings (loss) per share | $ (8.09) | $ (2.31) | $ 0.36 |
Shares used in the computation of earnings per share: | |||
Basic | 46,935 | 50,129 | 53,487 |
Diluted | 46,935 | 50,129 | 53,709 |
Condensed Consolidated and Com3
Condensed Consolidated and Combined Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (379,015) | $ (115,082) | $ 19,337 |
Other comprehensive income (loss): | |||
Currency translation adjustments, net of taxes | 16,150 | (24,494) | (19,459) |
Derivative financial instruments: | |||
Unrealized gains on derivative financial instruments | 3,346 | 2,208 | 282 |
Income taxes | 142 | 162 | (57) |
Unrealized gains on derivative financial instruments, net of taxes | 3,204 | 2,046 | 339 |
Derivative financial instrument (gains) losses reclassified into net income | 2,503 | (3,598) | 1,557 |
Income taxes | 234 | (568) | 424 |
Reclassification adjustment for (gains) losses included in net income, net of taxes | (2,269) | (3,030) | 1,133 |
Benefit obligations: | |||
Unrealized gains (losses) on benefit obligations | (152) | 12,202 | 462 |
Income taxes | 0 | 4,510 | (57) |
Unrealized gains (losses) on benefit obligations, net of taxes | (152) | 7,692 | 519 |
Amortization of benefit plan costs (benefits) | (2,912) | (254) | 1,042 |
Income taxes | 43 | (404) | 1,237 |
Amortization of benefit plan costs (benefits), net of taxes | (2,955) | 150 | (195) |
Other: | |||
Reclassification adjustments for (gains) losses included in net income, net of taxes | 75 | 7 | (22) |
Other comprehensive income (loss) | 14,053 | (17,629) | (17,685) |
Total comprehensive income (loss) | (364,962) | (132,711) | 1,652 |
Comprehensive loss attributable to noncontrolling interest | (778) | (575) | (183) |
Comprehensive income (loss) attributable to stockholders | $ (365,740) | $ (133,286) | $ 1,469 |
Condensed Consolidated and Com4
Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (379,015) | $ (115,082) | $ 19,337 |
Non-cash items included in net income (loss): | |||
Depreciation and amortization of long-lived assets | 40,138 | 39,583 | 34,932 |
Amortization of debt issuance costs and debt discount | 6,407 | 1,244 | 622 |
(Income) loss from equity method investees | (8,326) | (16,440) | 242 |
Goodwill impairment charges | (86,903) | 0 | 0 |
Other than temporary impairment of equity method investment in TBWES | 18,193 | 0 | 0 |
Losses on asset disposals and impairments | 807 | 14,938 | 16,881 |
Write-off of accrued claims receivable, net | 0 | 0 | 7,832 |
Provision for (benefit from) deferred income taxes | 50,304 | (9,000) | (32,121) |
Mark to market losses (gains) and prior service cost amortization for pension and postretirement plans | (11,608) | 36,346 | 40,611 |
Stock-based compensation, net of associated income taxes | 11,813 | 16,129 | 7,773 |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 9,414 | 46,755 | (54,807) |
Dividends from equity method investees | 50,134 | 12,160 | 20,830 |
Accrued Insurance Receivable | 0 | (15,000) | 0 |
Contracts in progress and advance billings on contracts | (24,001) | (13,259) | 62,971 |
Inventories | 11,874 | 2,869 | 6,060 |
Income taxes | 26,618 | 22,593 | 9,275 |
Accounts payable | (14,664) | 4,542 | 17,863 |
Accrued and other current liabilities | (12,450) | 25,110 | 11,464 |
Pension liabilities, accrued postretirement benefits and employee benefits | (44,584) | (46,973) | (2,336) |
Other, net | (7,790) | (4,242) | 2,970 |
Net cash from operating activities | (189,833) | 2,273 | 170,399 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Decrease in restricted cash and cash equivalents | 2,259 | 9,374 | 6,298 |
Investment in equity method investees | 0 | (26,256) | (7,424) |
Purchase of property, plant and equipment | (14,278) | (22,450) | (35,397) |
Acquisition of business, net of cash acquired | (52,547) | (144,780) | 0 |
Proceeds from sale of equity method investment in a joint venture | 0 | ||
Purchases of available-for-sale securities | (29,252) | (45,217) | (14,008) |
Sales and maturities of available-for-sale securities | 35,484 | 29,846 | 5,266 |
Other, net | 708 | 646 | (587) |
Net cash from investing activities | (62,144) | (180,842) | (45,852) |
Cash flows from financing activities: | |||
Common Stock Repurchase from Related Party | (16,674) | 0 | 0 |
Net transfers from our former Parent | 80,589 | ||
Shares of our common stock returned to treasury stock | (967) | (78,410) | (25,408) |
Debt issuance costs | (15,002) | 0 | 0 |
Other | (1,082) | (246) | (491) |
Net cash from financing activities | 206,125 | (83,430) | 53,610 |
Effects of exchange rate changes on cash | 6,632 | (7,306) | (6,407) |
Cash flow from continuing operations | (39,220) | (269,305) | 171,750 |
Cash flows from discontinued operations: | |||
Operating cash flows from discontinued operations, net | 0 | 0 | (25,194) |
Investing cash flows from discontinued operations, net | 0 | 0 | (23) |
Net cash flows from discontinued operations | 0 | 0 | (25,217) |
Cash flow from continuing operations | (39,220) | (269,305) | 146,533 |
Cash and equivalents, beginning of period | 95,887 | 365,192 | 218,659 |
Cash and equivalents, end of period | 56,667 | 95,887 | 365,192 |
US Revolving Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Borrowings under our revolving credit facilities | 629,722 | 205,600 | 0 |
Proceeds from (Repayments of) Lines of Credit | (545,222) | (195,800) | 0 |
Second Lien Term Loan [Member] | |||
Cash flows from financing activities: | |||
Proceeds from (Repayments of) Lines of Credit | 161,674 | 0 | 0 |
Foreign Revolvers [Member] | |||
Cash flows from financing activities: | |||
Borrowings under our revolving credit facilities | 273 | 5,674 | 0 |
Proceeds from (Repayments of) Lines of Credit | $ (6,597) | (20,248) | (1,080) |
HMA [Domain] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of equity method investment in a joint venture | $ 18,000 | $ 0 |
Condensed Consolidated and Com5
Condensed Consolidated and Combined Balance Sheet Statement - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 56,667 | $ 95,887 |
Restricted cash and cash equivalents | 25,980 | 27,770 |
Accounts receivable - trade, net | 291,704 | 282,347 |
Accounts receivable - other | 78,970 | 73,756 |
Contracts in progress | 161,220 | 166,010 |
Inventories | 82,162 | 85,807 |
Other current assets | 35,554 | 45,957 |
Total current assets | 732,257 | 777,534 |
NONCURRENT ASSETS | ||
Property, plant and equipment - gross | 355,505 | 332,537 |
Accumulated depreciation | 213,574 | 198,900 |
Net property, plant and equipment | 141,931 | 133,637 |
Goodwill | 204,398 | 267,395 |
Deferred income taxes | 97,826 | 163,388 |
Investments in unconsolidated affiliates | 43,278 | 98,682 |
Intangible assets | 76,780 | 71,039 |
Other assets | 25,759 | 17,468 |
Total assets | 1,322,229 | 1,529,143 |
CURRENT LIABILITIES | ||
Foreign revolving credit facilities | 9,173 | 14,241 |
Revolving debt | 103,473 | 24,041 |
Accounts payable | 225,234 | 220,737 |
Accrued employee benefits | 30,153 | 35,497 |
Advance billings on contracts | 181,070 | 210,642 |
Accrued warranty expense | 39,020 | 40,467 |
Other accrued liabilities | 99,536 | 95,954 |
Total current liabilities | 744,327 | 617,538 |
NONCURRENT LIABILITIES | ||
United States revolving credit facility | 94,300 | 9,800 |
Pension and other accumulated postretirement benefit liabilities | 256,390 | 301,259 |
Other noncurrent liabilities | 36,509 | 39,595 |
Total liabilities | 1,131,526 | 968,192 |
Common stock, par value $0.01 per share, authorized 200,000 shares; issued 44,065 and 48,688 shares at December 31, 2017 and 2016, respectively | 499 | 544 |
Capital in excess of par value | 800,968 | 806,589 |
Treasury Stock | (104,785) | (103,818) |
Retained deficit | (492,150) | (114,684) |
Accumulated other comprehensive loss | (22,429) | (36,482) |
Stockholders' equity attributable to shareholders | 182,103 | 552,149 |
Noncontrolling interest | 8,600 | 8,802 |
Total stockholders' equity | 190,703 | 560,951 |
Total liabilities and stockholders' equity | 1,322,229 | 1,529,143 |
Second Lien Term Loan [Member] | ||
CURRENT LIABILITIES | ||
Revolving debt | $ 160,141 | $ 0 |
Condensed Consolidated and Com6
Condensed Consolidated and Combined Balance Sheet Equity Section - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued and Outstanding | 48,871,997 | 48,698,385 |
Treasury Stock, Shares | 5,674,564 | 5,594,147 |
Condensed Consolidated and Com7
Condensed Consolidated and Combined Statement of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Former Parent Investment [Member] | Noncontrolling Interest [Member] |
Common Stock, Shares, Issued | 0 | |||||||
Shareholder's Equity | $ 687,437 | $ 0 | $ 0 | $ 0 | $ 0 | $ 10,374 | $ 676,036 | $ 1,027 |
Shareholder's Equity | 748,427 | $ 540 | 790,464 | (25,408) | 965 | (18,853) | 0 | 719 |
Net income (loss) | 19,337 | 965 | 18,176 | 196 | ||||
Currency translation adjustments, net of taxes | (19,459) | (19,446) | (13) | |||||
Currency translation adjustment | (19,459) | |||||||
Derivative financial instruments | 1,472 | 1,472 | ||||||
Defined benefit obligation | 324 | 324 | ||||||
Available-for-sale investments | (22) | (22) | ||||||
Stock-based compensation | 137,000 | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 6,652 | $ 17 | 7,772 | (1,143) | 6 | |||
Repurchased shares | (1,376,000) | |||||||
Repurchased shares, value | (24,279) | $ (14) | (24,265) | |||||
Dividends to noncontrolling interests | (491) | (491) | ||||||
Net transfers from Parent | 125,295 | 125,295 | ||||||
Distribution of Nuclear Energy segment to former Parent | (47,839) | (11,555) | (36,284) | |||||
Reclassification of former Parent investment to capital in excess of par value and common stock | 53,720,000 | |||||||
Reclassification of former Parent investment to capital ine xcess of par value and common stock, value | 0 | $ 537 | 782,692 | (783,229) | ||||
Shareholder's Equity - Ending Balance at Dec. 31, 2015 | 748,427 | $ 540 | 790,464 | (25,408) | 965 | (18,853) | 0 | 719 |
Common Stock, Shares, Issued | 52,481,000 | |||||||
Shareholder's Equity | 748,427 | $ 540 | 790,464 | (25,408) | 965 | (18,853) | 0 | 719 |
Shareholder's Equity | 560,951 | $ 544 | 806,589 | (103,818) | (114,684) | (36,482) | 0 | 8,802 |
Net income (loss) | (115,082) | (115,649) | 567 | |||||
Currency translation adjustments, net of taxes | (24,494) | (24,494) | 8 | |||||
Currency translation adjustment | (24,486) | |||||||
Derivative financial instruments | (984) | (984) | ||||||
SPIG Acquisition | 7,754 | 7,754 | ||||||
Defined benefit obligation | 7,842 | 7,842 | ||||||
Available-for-sale investments | 7 | 7 | ||||||
Stock-based compensation | 423,000 | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 13,440 | $ 46 | 16,125 | (2,731) | ||||
Repurchased shares | (4,216,000) | |||||||
Repurchased shares, value | (75,721) | $ (42) | (75,679) | |||||
Dividends to noncontrolling interests | (246) | (246) | ||||||
Shareholder's Equity - Ending Balance at Dec. 31, 2016 | $ 560,951 | $ 544 | 806,589 | (103,818) | (114,684) | (36,482) | 0 | 8,802 |
Common Stock, Shares, Issued | 48,698,385 | 48,688,000 | ||||||
Shareholder's Equity | $ 560,951 | $ 544 | 806,589 | (103,818) | (114,684) | (36,482) | 0 | 8,802 |
Shareholder's Equity | 190,703 | $ 499 | 800,968 | (104,785) | (492,150) | (22,429) | 0 | 8,600 |
Net income (loss) | (379,015) | (379,824) | 809 | |||||
Currency translation adjustments, net of taxes | 16,150 | (31) | ||||||
Currency translation adjustment | 16,119 | |||||||
Derivative financial instruments | 935 | 935 | ||||||
Defined benefit obligation | (3,107) | (3,107) | ||||||
Available-for-sale investments | 75 | 75 | ||||||
Stock-based compensation | 212,000 | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 12,399 | $ 3 | 11,005 | (967) | 2,358 | |||
Repurchased shares | (4,834,822) | |||||||
Repurchased shares, value | (16,674) | $ (48) | 16,626 | 0 | ||||
Dividends to noncontrolling interests | (980) | (980) | ||||||
Shareholder's Equity - Ending Balance at Dec. 31, 2017 | $ 190,703 | $ 499 | 800,968 | (104,785) | (492,150) | (22,429) | 0 | 8,600 |
Common Stock, Shares, Issued | 48,871,997 | 44,065,000 | ||||||
Shareholder's Equity | $ 190,703 | $ 499 | $ 800,968 | $ (104,785) | $ (492,150) | $ (22,429) | $ 0 | $ 8,600 |
Second Lien Term Loan Facility
Second Lien Term Loan Facility Statement - USD ($) shares in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 07, 2017 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.90% | 6.90% | 18.00% | |||
Common Stock Repurchase from Related Party | $ (16,674,000) | $ 0 | $ 0 | |||
Debt Instrument, Unamortized Discount | $ 35,743,000 | |||||
Debt Instrument, Unamortized Discount (Premium), Net | 34,000,000 | |||||
Second Lien Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 465700000.00% | 255400000.00% | 465700000.00% | |||
Amortization of Debt Issuance Costs and Discounts | $ 2,131,000 | $ 1,095,000 | ||||
Second Lien Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 175,900,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | 0.00% | 12.00% | |||
Treasury Stock, Common, Shares | 4.8 | |||||
Repurchased shares percentage | 0.00% | |||||
Term Loan Facility, Additional Borrowings | $ 20,000,000 | |||||
Treasury Stock, Common, Value | $ 50,900,000 |
Second Lien Term Loan Facility9
Second Lien Term Loan Facility Narrative (Details) $ in Thousands, shares in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 6.90% |
Common Stock Repurchase from Related Party | $ (16,674) |
Revolving debt | $ 103,473 |
Second Lien Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Premium on voluntary prepayments made in the second year | 0.00% |
Debt Instrument, Interest Rate, Effective Percentage | 0.00% |
Debt Instrument, Fee | .005 |
Premium on voluntary prepayments in the third year | 0.00% |
Second Lien Term Loan [Member] | |
Debt Instrument [Line Items] | |
Revolving debt | $ 160,141 |
Second Lien Term Loan Facilit10
Second Lien Term Loan Facility Carrying value of Second Lien Term Loan Facility $ in Thousands | Aug. 07, 2017USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Unamortized Discount | $ 35,743 |
Second Lien Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 195,884 |
Leases and Debt Obligations Sta
Leases and Debt Obligations Statement - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Leased Assets [Line Items] | ||||||
Operating Leases, Future Minimum Payments Due | $ 2,258 | $ 2,741 | $ 3,553 | $ 5,100 | $ 6,814 | $ 3,337 |
Leases and Debt Obligations Ope
Leases and Debt Obligations Operating leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 10.5 | $ 8.3 | $ 13.5 |
Leases and Debt Obligations Deb
Leases and Debt Obligations Debt obligations $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 9,173 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 290,184 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share of our common stock, net of noncontrolling interest: Year Ended December 31, (in thousands, except per share amounts) 2017 2016 2015 Income (loss) from continuing operations $ (379,824 ) (115,649 ) $ 16,338 Income (loss) from discontinued operations, net of tax — — 2,803 Net income (loss) attributable to shareholders $ (379,824 ) $ (115,649 ) $ 19,141 Weighted average shares used to calculate basic earnings per share 46,935 50,129 53,487 Dilutive effect of stock options, restricted stock and performance shares — — 222 Weighted average shares used to calculate diluted earnings per share 46,935 50,129 53,709 Basic earnings (loss) per share: Continuing operations $ (8.09 ) $ (2.31 ) $ 0.31 Discontinued operations — — 0.05 Basic earnings (loss) per share: $ (8.09 ) $ (2.31 ) $ 0.36 Diluted earnings (loss) per share: Continuing operations (8.09 ) (2.31 ) 0.30 Discontinued operations — — 0.06 Diluted earnings (loss) per share: $ (8.09 ) $ (2.31 ) $ 0.36 Because we incurred a net loss in the years ended December 31, 2017 and 2016 , basic and diluted shares are the same. If we had net income in the years ended December 31, 2017 and 2016 , diluted shares would include an additional 0.4 million and 0.5 million shares, respectively. We excluded 2.0 million , 3.4 million and 1.3 million shares related to stock options from the diluted share calculation for the years ended December 31, 2017 , 2016 and 2015 , respectively, because their effect would have been anti-dilutive. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting Disclosure [Text Block] | Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 NOTE 4 – SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 |
Restructuring Activities and Sp
Restructuring Activities and Spin Transaction Costs Restructuring Activities and Spin-Off Transaction Costs (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Activities and Spin-Off Transaction Costs [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring liabilities Restructuring liabilities are included in other accrued liabilities on our consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Year ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 2,253 $ 740 Restructuring expense 13,923 21,939 Payments (13,857 ) (20,426 ) Balance at December 31 $ 2,319 $ 2,253 Restructuring liabilities are included in other accrued liabilities on our consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Year ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 2,253 $ 740 Restructuring expense 13,923 21,939 Payments (13,857 ) (20,426 ) Balance at December 31 $ 2,319 $ 2,253 Accrued restructuring liabilities at December 31, 2017 and 2016 relate primarily to employee termination benefits. Excluded from restructuring expense in the table above are non-cash restructuring charges that did not impact the accrued restructuring liability. In the years ended December 31, 2017 and 2016, we recognized $0.3 million and $15.0 million , respectively, in non-cash restructuring expense related to losses (gains) on the disposals of long-lived assets. Spin-off transaction costs Spin-off costs were primarily attributable to employee retention awards directly related to the spin-off from our former parent, The Babcock & Wilcox Company (now known as BWX Technologies, Inc.). In the years ended December 31, 2017 and 2016, we recognized spin-off costs of $1.2 million and $3.8 million , respectively. During 2017, we disbursed $1.9 million of the accrued retention awards. Spin-off transaction costs Spin-off costs were primarily attributable to employee retention awards directly related to the spin-off from our former parent, The Babcock & Wilcox Company (now known as BWX Technologies, Inc.). In the years ended December 31, 2017 and 2016, we recognized spin-off costs of $1.2 million and $3.8 million , respectively. During 2017, we disbursed $1.9 million of the accrued retention awards. |
Contracts and Revenue Recogniti
Contracts and Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Contracts and Revenue Recognition [Abstract] | |
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | – CONTRACTS AND REVENUE RECOGNITION We generally recognize revenues and related costs from long-term contracts on a percentage-of-completion basis. Accordingly, we review contract price and cost estimates regularly as work progresses and reflect adjustments in profit proportionate to the percentage of completion in the periods in which we revise estimates to complete the contract. To the extent that these adjustments result in a reduction of previously reported profits from a contract, we recognize a charge against current earnings. If a contract is estimated to result in a loss, that loss is recognized in the current period as a charge to earnings and the full loss is accrued on our balance sheet, which results in no expected gross profit from the loss contract in the future unless there are revisions to our estimated revenues or costs at completion in periods following the accrual of the contract loss. Changes in the estimated results of our percentage-of-completion contracts are necessarily based on information available at the time that the estimates are made and are based on judgments that are inherently uncertain as they are predictive in nature. As with all estimates to complete used to measure contract revenue and costs, actual results can and do differ from our estimates made over time. In the years ended December 31, 2017 and 2016 and 2015 , we recognized changes in estimated gross profit related to long-term contracts accounted for on the percentage-of-completion basis, which are summarized as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Increases in estimates for percentage-of-completion contracts $ 21,638 $ 42,368 $ 36,653 Decreases in estimates for percentage-of-completion contracts (174,906 ) (149,169 ) (36,235 ) Net changes in estimates for percentage-of-completion contracts $ (153,268 ) $ (106,801 ) $ 418 We had four renewable energy projects in Europe that were loss contracts at December 31, 2016 . During 2017, two additional renewable energy projects in Europe became loss contracts. In the years ended December 31, 2017 and December 31, 2016 , we recorded $158.5 million and $141.1 million , respectively, in net losses resulting from changes in the estimated revenues and costs to complete certain European renewable energy contracts, of which $34.7 million and $98.1 million were recorded in the three months ended December 31, 2017 and 2016 , respectively. These changes in estimates in the years ended December 31, 2017 and December 31, 2016 included an increase in our estimate of anticipated liquidated damages that reduced revenue associated with these six projects of $41.3 million and $35.8 million , respectively, of which $14.3 million and $35.8 million were recorded in the three months ended December 31, 2017 and December 31, 2016 , respectively. The total anticipated liquidated damages associated with these six projects was $77.1 million and $35.8 million at December 31, 2017 and December 31, 2016 , respectively. The charges recorded in the twelve months ended December 31, 2017 were due to revisions in the estimated revenues and costs at completion during the period, primarily as a result of (a) structural steel design issues on the second, fourth and fifth projects (discussed further below) including the anticipated schedule impact, (b) scheduling delays and (c) shortcomings in our subcontractors' estimated productivity. Also included in the charges recorded in the twelve months ended December 31, 2017 were corrections that reduced (increased) estimated contract losses at completion by $1.0 million relating to the three months ended December 31, 2016. Management determined this amount was immaterial to the consolidated financial statements in the previous year. As of December 31, 2017 , the status of these six loss contracts was as follows: The first project became a loss contract in the second quarter of 2016. As of December 31, 2017 , this project is approximately 98% complete and construction activities are complete as of the date of this report. The unit became operational during the second quarter of 2017, and turnover activities linked to the customer's operation of the facility are expected to be completed during the second quarter of 2018. During the year ended December 31, 2017 , we recognized additional contract losses of $20.8 million on the project as a result of differences in actual and estimated costs and schedule delays, $5.8 million of which was recorded in the three months ended December 31, 2017 . Our estimate at completion as of December 31, 2017 includes $9.6 million of total expected liquidated damages. As of December 31, 2017 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our consolidated balance sheet was $1.6 million . In the year ended December 31, 2016 , we recognized charges of $50.3 million (net of accrued insurance proceeds), and as of December 31, 2016 , this project had $6.4 million of accrued losses and was 88% complete. The second project became a loss contract in the fourth quarter of 2016. As of December 31, 2017 , this contract was approximately 81% complete, and we expect construction will be completed on this project in mid 2018. During the year ended December 31, 2017 , we recognized contract losses of $47.8 million on this project as a result of changes in construction cost estimates and schedule delays, $12.4 million of which was recorded in the three months ended December 31, 2017 . Our estimate at completion as of December 31, 2017 includes $20.1 million of total expected liquidated damages due to schedule delays. Our estimate at completion as of December 31, 2017 also includes contractual bonus opportunities for guaranteed higher power output (discussed further below). As of December 31, 2017 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our consolidated balance sheet was $12.8 million . In the year ended December 31, 2016 , we recognized charges of $28.1 million , and as of December 31, 2016, this project had $5.1 million of accrued losses and was 67% complete. The third project became a loss contract in the fourth quarter of 2016. As of December 31, 2017 , this contract was approximately 98% complete and construction activities are complete as of the date of this report. The unit became operational during the second quarter of 2017, and turnover activities linked to the customer's operation of the facility are expected to be completed during the first quarter of 2018. During the year ended December 31, 2017 , we recognized additional contract losses of $10.2 million as a result of changes in the estimated costs at completion, $3.0 million of which was recorded in the three months ended December 31, 2017 . Our estimate at completion as of December 31, 2017 includes $7.1 million of total expected liquidated damages due to schedule delays. As of December 31, 2017 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our consolidated balance sheet was $0.7 million . In the year ended December 31, 2016 , we recognized charges of $30.1 million , and as of December 31, 2016, this project had $3.9 million of accrued losses and was 82% complete. The fourth project became a loss contract in the fourth quarter of 2016. As of December 31, 2017 , this contract was approximately 85% complete, and we expect construction will be completed on this project in mid 2018. During the year ended December 31, 2017 , we revised our estimated revenue and costs at completion for this loss contract, which resulted in contract losses of $26.0 million , $8.6 million of which was recorded in the three months ended December 31, 2017 . Our estimate at completion as of December 31, 2017 includes $13.7 million of total expected liquidated damages due to schedule delays. Our estimate at completion as of December 31, 2017 also includes contractual bonus opportunities for guaranteed higher power output (discussed further below). The changes in the status of this project in 2017 were primarily attributable to changes in the estimated costs at completion and an increase estimated liquidated damages. As of December 31, 2017 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our consolidated balance sheet was $4.7 million . In the year ended December 31, 2016 , we recognized charges of $16.4 million , and as of December 31, 2016, this project had $1.6 million of accrued losses and was 61% complete. The fifth project became a loss contract in the second quarter of 2017. As of December 31, 2017 , this contract was approximately 64% complete, and we expect construction will be completed on this project in late 2018. During the year ended December 31, 2017 , we revised our estimated revenue and costs at completion for this loss contract, which resulted in additional contract losses of $40.2 million , $4.9 million of which was recorded in the three months ended December 31, 2017 . The change in the status of this project in 2017 was primarily attributable to changes in the estimated costs at completion and schedule delays. Our estimate at completion as of December 31, 2017 includes $20.0 million of total expected liquidated damages due to schedule delays. As of December 31, 2017 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our consolidated balance sheet was $14.3 million . Further, in late February 2018, we became aware that our partner responsible for civil works on this project would be filing for administration in the United Kingdom (similar to bankruptcy protection in the United States). While we are still evaluating the effect on us, we may assume all of their remaining scope on this project. Our preliminary estimate of costs to complete their remaining scope is up to $10 million. We will pursue multiple paths to recover any additional costs we incur as a result of our partner filing for administration, including a performance bond posted by our partner. The sixth project became a loss contract in the second quarter of 2017. As of December 31, 2017 , this contract was approximately 76% complete, and we expect construction will be completed on this project in the second half of 2018. During the year ended December 31, 2017 , we revised our estimated revenue and costs at completion for this loss contract, which resulted in additional contract losses of $18.5 million . There was no significant change in estimated revenue of costs at completion on this project in the three months ended December 31, 2017 . Our estimate at completion as of December 31, 2017 includes $6.7 million of total expected liquidated damages due to schedule delays. The change in the status of this project in 2017 was primarily attributable to changes in the estimated costs at completion and schedule delays. As of December 31, 2017 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our consolidated balance sheet was $2.5 million . In September 2017, we identified the failure of a structural steel beam on the fifth project, which stopped work in the boiler building and other areas pending corrective actions to stabilize the structure that are expected to be complete in the first half of 2018. The engineering, design and manufacturing of the steel structure were the responsibility of our subcontractors. A similar design was also used on the second and fourth projects, and although no structural failure occurred on these two other projects, work was also stopped in certain restricted areas while we added reinforcement to the structures, which also resulted in delays that lasted until late January 2018. The total costs related to the structural steel issues on these three projects, including project delays, are estimated to be approximately $42 million , which is included in the December 31, 2017 estimated losses at completion for these three projects. Also during the third quarter of 2017, we adjusted the design of three renewable facilities to increase the guaranteed power output, which will allow us to achieve contractual bonus opportunities for the higher output. In the fourth quarter of 2017, we obtained agreement from certain customers to increase the value of these bonus opportunities and to provide partial relief on liquidated damages. The bonus opportunities and liquidated damages relief increased the estimated selling price of the three contracts by approximately $19 million in total ( $4 million in the three months ended December 31, 2017 ), and this positive change in estimated cost to complete was fully recognized in 2017 because each were loss projects. During the years ended December 31, 2017 and 2016 , we recognized losses of $2.5 million and $14.2 million , respectively, on our other renewable energy projects that are not loss contracts. Accrued liquidated damages associated with these projects was $9.0 million at December 31, 2016 . During the third quarter of 2016, we determined it was probable that we would receive a $15.0 million insurance recovery for a portion of the losses on the first European renewable energy project discussed above. There was no change in the accrued probable insurance recovery at December 31, 2017 . The insurance recovery represents the full amount available under the insurance policy, and is recorded in accounts receivable - other in our consolidated balance sheet at December 31, 2017 and 2016 . The following represent the components of our contracts in progress and advance billings on contracts included in our consolidated balance sheets: December 31, (in thousands) 2017 2016 Included in contracts in progress: Costs incurred less costs of revenue recognized $ 80,645 $ 96,210 Revenues recognized less billings to customers 80,575 69,800 Contracts in progress $ 161,220 $ 166,010 Included in advance billings on contracts: Billings to customers less revenues recognized $ 177,953 $ 199,480 Costs of revenue recognized less cost incurred 3,117 11,162 Advance billings on contracts $ 181,070 $ 210,642 The following amounts represent retainage on contracts: December 31, (in thousands) 2017 2016 Retainage expected to be collected within one year $ 14,572 $ 18,843 Retainage expected to be collected after one year 6,112 4,583 Total retainage $ 20,684 $ 23,426 We have included retainage expected to be collected in 2018 in "accounts receivable – trade, net." Retainage expected to be collected after one year are included in "other assets." Of the long-term retainage at December 31, 2017 , we anticipate collecting $4.3 million , $1.6 million and $0.2 million in 2019, 2020 and 2021, respectively. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | – CASH AND CASH EQUIVALENTS The components of cash and cash equivalents are as follows: (in thousands) December 31, 2017 December 31, 2016 Held by foreign entities $ 54,274 $ 94,415 Held by United States entities 2,393 1,472 Cash and cash equivalents $ 56,667 $ 95,887 Reinsurance reserve requirements $ 21,061 $ 21,189 Restricted foreign accounts 4,919 6,581 Restricted cash and cash equivalents $ 25,980 $ 27,770 |
Inventories (Notes)
Inventories (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Text Block] | NOTE 13 – INVENTORIES The components of inventories are as follows: (in thousands) December 31, 2017 December 31, 2016 Raw materials and supplies $ 60,708 $ 61,630 Work in progress 7,867 6,803 Finished goods 13,587 17,374 Total inventories $ 82,162 $ 85,807 |
INTANGIBLE ASSETS (Notes)
INTANGIBLE ASSETS (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS Our intangible assets are as follows: (in thousands) December 31, 2017 December 31, 2016 Definite-lived intangible assets Customer relationships $ 59,794 $ 47,892 Unpatented technology 20,160 18,461 Patented technology 6,542 2,499 Tradename 22,951 18,774 Backlog 30,160 28,170 All other 7,611 7,430 Gross value of definite-lived intangible assets 147,218 123,226 Customer relationships amortization (23,434 ) (17,519 ) Unpatented technology amortization (5,013 ) (2,864 ) Patented technology amortization (2,213 ) (1,532 ) Tradename amortization (5,097 ) (3,826 ) Acquired backlog amortization (28,695 ) (21,776 ) All other amortization (7,291 ) (5,974 ) Accumulated amortization (71,743 ) (53,491 ) Net definite-lived intangible assets $ 75,475 $ 69,735 Indefinite-lived intangible assets: Trademarks and trade names $ 1,305 $ 1,305 Total indefinite-lived intangible assets $ 1,305 $ 1,305 The following summarizes the changes in the carrying amount of intangible assets: Twelve months ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 71,039 $ 37,844 Business acquisitions 19,500 55,438 Amortization expense (18,252 ) (19,923 ) Currency translation adjustments and other 4,493 (2,320 ) Balance at end of the period $ 76,780 $ 71,039 The January 11, 2017 acquisition of Universal resulted in an increase in our intangible asset amortization expense during the year ended December 31, 2017 of $3.1 million . The July 1, 2016 acquisition of SPIG, S.p.A. resulted in a $9.1 million and $13.3 million increase in our intangible asset amortization expense during the year ended December 31, 2017 and six months ended December 31, 2016 , respectively. Amortization of intangible assets is included in cost of operations in our consolidated statement of operations, but it is not allocated to segment results. Estimated future intangible asset amortization expense is as follows (in thousands): Year ending Amortization expense December 31, 2018 $ 12,423 December 31, 2019 $ 10,371 December 31, 2020 $ 9,077 December 31, 2021 $ 8,817 December 31, 2022 $ 7,244 Thereafter $ 27,543 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT & EQUIPMENT Property, plant and equipment is stated at cost. The composition of our property, plant and equipment less accumulated depreciation is set forth below: (in thousands) December 31, 2017 December 31, 2016 Land $ 8,859 $ 6,348 Buildings 122,369 114,322 Machinery and equipment 217,791 189,489 Property under construction 6,486 22,378 355,505 332,537 Less accumulated depreciation 213,574 198,900 Net property, plant and equipment $ 141,931 $ 133,637 |
Goodwill Goodwill by Segment (N
Goodwill Goodwill by Segment (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Line Items] | |
Goodwill Disclosure [Text Block] | For the remaining four reporting units where impairment was not indicated at September 30, 2017, the goodwill balances at September 30, 2017 (and October 1, 2017) and the Step 1 goodwill impairment test headroom (the estimated fair value less the carrying value) are as follows: Power Segment Industrial Segment (in millions) Power Construction MEGTEC Universal Reporting unit headroom 60% 98% 12% 18% Goodwill balance $38.5 $8.9 $104.3 $14.4 NOTE 15 – GOODWILL The following summarizes the changes in the carrying amount of goodwill: (in thousands) Power Renewable Industrial Total Balance at December 31, 2015 $ 47,137 $ 49,624 $ 104,308 $ 201,069 Increase resulting from SPIG acquisition — — 69,862 69,862 Purchase price adjustment - SPIG acquisition — — 2,539 2,539 Currency translation adjustments (917 ) (1,189 ) (3,969 ) (6,075 ) Balance at December 31, 2016 46,220 48,435 172,740 267,395 Increase resulting from Universal acquisition — — 14,413 14,413 Impairment charges (1) — (49,965 ) (36,938 ) (86,903 ) Currency translation adjustments 1,150 1,530 6,813 9,493 Balance at December 31, 2017 $ 47,370 $ — $ 157,028 $ 204,398 (1) Prior to September 30, 2017, we had not recorded any goodwill impairment charges. Our annual goodwill impairment assessment is performed on October 1 of each year (the "annual assessment" date); however, events during 2017 have required two interim assessments of all six of our reporting units. In the second quarter of 2017, significant charges in our Renewable segment were considered to be a triggering event for the interim assessment as of June 30, 2017, which did not indicate impairment. During the third quarter of 2017, our market capitalization significantly decreased to below our equity value, which was considered to be a trigger for a second interim assessment. Additionally, the forecast was reduced for our SPIG reporting unit based on a change in the market strategy implemented by the new segment management to focus on core geographies and products, which we considered to be another triggering event for an interim assessment during the third quarter of 2017. The second interim assessment as of September 30, 2017 indicated impairment for our Renewable and SPIG reporting units as described below. Our 2017 annual goodwill impairment test as of October 1, 2017 did not indicate additional impairment. Assessing goodwill for impairment involves a two step test. Step 1 of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the test is performed to measure the amount of the impairment loss, if any. Step 2 of the test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill, and impairment is measured as the excess of the carrying value over the implied value of goodwill. Estimating the fair value of a reporting unit requires significant judgment. The fair value of each reporting unit determined under Step 1 of the goodwill impairment test was based on a 50% weighting of an income approach using a discounted cash flow analysis using forward-looking projections of future operating results, a 30% to 40% weighting of a market approach using multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA") of guideline companies and a 20% to 10% weighting of a market approach using multiples of revenue and EBITDA from recent, similar business combinations. We primarily attributed the significant decline in our market capitalization in the third quarter of 2017 to the announcement of significant charges in the Renewable reporting unit. Accordingly, we increased the discount rate applied to future projected cash flows from 15.0% at June 30, 2017 to 23.5% at September 30, 2017. As a result of the increase in the discount rate and an increase in the carrying value of the reporting unit, impairment was indicated at September 30, 2017, which measured $50.0 million ( $48.9 million net of tax), the full carrying value. Other long-lived assets in the reporting unit were not impaired. For our SPIG reporting unit, which is included in our Industrial segment, the Step 1 also indicated impairment at September 30, 2017. At June 30, 2017 and October 1, 2016, the fair value exceeded the carrying value by less than 1% and 5% , respectively. At September 30, 2017, the independently obtained fair value estimates decreased under both the income and market valuation approaches due to a short-term decrease in profitability attributable to specific current contracts and changes in SPIG's market strategy introduced by segment management during the third quarter. The discount rate applied to future projected cash flows was 14.0% and 12.5% at each of the September 30, 2017 and June 30, 2017 interim tests, respectively. Step 2 of the impairment test at September 30, 2017 measured $36.9 million of impairment (with no income tax impact). The SPIG reporting unit has $38.3 million of goodwill remaining after the September 30, 2017 impairment charge. Our 2017 annual goodwill impairment test as of October 1, 2017 utilized the same assumptions and inputs as the test we performed at September 30, 2017, and it did not indicate additional impairment. Other long-lived assets in the reporting unit were not impaired. For the remaining four reporting units where impairment was not indicated at September 30, 2017, the goodwill balances at September 30, 2017 (and October 1, 2017) and the Step 1 goodwill impairment test headroom (the estimated fair value less the carrying value) are as follows: Power Segment Industrial Segment (in millions) Power Construction MEGTEC Universal Reporting unit headroom 60% 98% 12% 18% Goodwill balance $38.5 $8.9 $104.3 $14.4 The following summarizes the changes in the carrying amount of goodwill: (in thousands) Power Renewable Industrial Total Balance at December 31, 2015 $ 47,137 $ 49,624 $ 104,308 $ 201,069 Increase resulting from SPIG acquisition — — 69,862 69,862 Purchase price adjustment - SPIG acquisition — — 2,539 2,539 Currency translation adjustments (917 ) (1,189 ) (3,969 ) (6,075 ) Balance at December 31, 2016 46,220 48,435 172,740 267,395 Increase resulting from Universal acquisition — — 14,413 14,413 Impairment charges (1) — (49,965 ) (36,938 ) (86,903 ) Currency translation adjustments 1,150 1,530 6,813 9,493 Balance at December 31, 2017 $ 47,370 $ — $ 157,028 $ 204,398 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Income Taxes Paid (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | During the twelve months ended December 31, 2017 , 2016 and 2015 , we recognized the following non-cash activity in our consolidated financial statements: (in thousands) 2017 2016 2015 Accrued capital expenditures in accounts payable $ 1,383 $ 2,751 $ 568 Accreted interest expense on our second lien term loan facility $ 3,226 $ — $ — During the years ended December 31, 2017 , 2016 and 2015 we recognized the following cash activity in our consolidated financial statements: (in thousands) 2017 2016 2015 Income tax payments (refunds), net $ (10,889 ) $ 10,781 $ 15,008 Interest payments on our United States revolving credit facility $ 4,909 $ 425 $ — Interest payments on our second lien term loan facility $ 7,044 $ — $ — During the years ended December 31, 2017 , 2016 and 2015 , interest expense in our consolidated financial statements consisted of the following components: (in thousands) 2017 2016 2015 Components associated with borrowings from: United States revolving credit facility $ 5,051 $ 1,669 $ 1,059 Second lien term loan facility 7,211 — — Foreign revolving credit facilities 1,021 847 148 13,283 2,516 1,207 Components associated with amortization or accretion of: United States revolving credit facility deferred financing fees 6,270 1,244 1,131 Second lien term loan facility deferred financing fees and discount 3,226 — — 9,496 1,244 1,131 Other interest expense 3,526 36 — Total interest expense $ 26,305 $ 3,796 $ 2,338 In the year ended December 31, 2017 , other interest expense in the table above is primarily attributable to the $3.0 million of interest expense associated with the ARPA litigation settlement (see Note 21 ). Interest expense included in our consolidated and combined statement of operations for the year ended December 31, 2015 has been corrected to reclassify $1.3 million of interest expense from "other - net" to "interest expense." |
Warranty (Notes)
Warranty (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Product Warranty Liability [Table Text Block] | hanges in the carrying amount of our accrued warranty expense are as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Balance at beginning of period $ 40,467 $ 39,847 $ 37,735 Additions 23,161 22,472 19,310 Expirations and other changes (13,887 ) (10,855 ) (982 ) Increases attributable to business combinations 1,060 918 — Payments (14,110 ) (11,089 ) (15,215 ) Translation and other 2,329 (826 ) (1,001 ) Balance at end of period $ 39,020 $ 40,467 $ 39,847 During the years ended December 31, 2017 and 2016, our Power segment reduced its accrued warranty expense by $9.1 million and $4.4 million , respectively, to reflect the expiration of warranties, and updated its estimated warranty accrual rate to reflect its warranty claims experience and current contractual warranty obligations. Additions to the warranty accrual include specific provisions on industrial steam contracts totaling $7.9 million and $2.1 million during the years ended December 31, 2017 and 2016, respectively. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Description of Settlements and Curtailments | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits to domestic employees under the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "Company Plan"), a noncontributory plan. As of 2006, the Company Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the Company Plan will cease. Furthermore, beginning on January 1, 2016, we began making service-based, cash contributions to a defined contribution plan for those employees impacted by the plan freeze. Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of 6 months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. In 2014, benefit accruals under certain hourly Canadian pension plans were ceased with an effective date of January 1, 2015. As part of the spin-off transaction, we split the Canadian defined benefit plans from BWC, which was completed in 2017. We did not present these plans as multi-employer plans because our portion was separately identifiable and we were able to assess the assets, liabilities and periodic expense in the same manner as if it were a separate plan in each period. We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. We make available other benefits which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts, and on a limited basis, to future retirees. Obligations and funded status Pension Benefits Year Ended December 31, Other Postretirement Benefits Year Ended December 31, (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 1,211,720 $ 1,205,163 $ 11,907 $ 31,889 Service cost 789 1,680 15 23 Interest cost 41,113 40,875 319 897 Plan participants’ contributions — — 219 574 Curtailments — 266 — — Settlements 509 1,453 — — Amendments — 231 — (10,801 ) Actuarial loss (gain) 73,403 41,957 (141 ) (7,162 ) Loss (gain) due to transfer — 3,641 — — Foreign currency exchange rate changes 6,222 (5,099 ) 126 50 Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Benefit obligation at end of period $ 1,254,802 $ 1,211,720 $ 11,029 $ 11,907 Change in plan assets: Fair value of plan assets at beginning of period $ 922,868 $ 923,030 $ — $ — Actual return on plan assets 149,449 76,570 — — Employer contribution 17,307 3,986 1,197 2,989 Plan participants' contributions — — 219 574 Transfers — 2,744 — — Foreign currency exchange rate changes (3,668 ) (5,015 ) — — Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Fair value of plan assets at the end of period 1,007,002 922,868 — — Funded status $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (1,930 ) $ (1,099 ) $ (1,615 ) $ (1,722 ) Accumulated postretirement benefit obligation — — (9,414 ) (10,185 ) Pension liability (245,870 ) (287,753 ) — — Prepaid pension — — — — Accrued benefit liability, net $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 324 $ 432 $ (7,792 ) $ (10,801 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 1,254,802 $ 1,183,345 $ — $ — Accumulated benefit obligation $ 1,272,010 $ 1,206,056 $ 11,029 $ 11,907 Fair value of plan assets $ 1,007,002 $ 894,105 $ — $ — Plans with plan assets in excess of accumulated benefit obligation Projected benefit obligation $ — $ 28,375 $ — $ — Accumulated benefit obligation $ — $ 28,375 $ — $ — Fair value of plan assets $ — $ 28,763 $ — $ — Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) During the first quarter of 2017, lump sum payments from our Canadian pension plan resulted in a plan settlement of $0.4 million , which also resulted in interim mark to market accounting for the pension plan. The mark to market adjustment in the first quarter of 2017 was $0.7 million . The effect of these charges and mark to market adjustments are reflected in the " Recognized net actuarial loss (gain)" in the table above. There were no significant plan settlements or interim mark to market adjustments after the first quarter of 2017. We terminated the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. The Retiree OPEB plan was originally established to provide secondary medical insurance coverage for retirees that had reached the age of 65, up to a lifetime maximum cost. The Retiree OPEB plan had no plan assets, no accumulated other comprehensive income balance and no active participants as of the termination date. In exchange for terminating the Retiree OPEB plan, the participants had the option to enroll in a third-party health care exchange, which B&W agreed to contribute up to $750 a year for each of the next three years (beginning in 2017), provided the plan participant had not yet reached their lifetime maximum under the terminated Retiree OPEB plan. Based on the number of participants who did not enroll in the new benefit plan, we recognized a settlement gain of $7.2 million on December 31, 2016. Based on the number of participants who did enroll in the new benefit plan, we recognized a curtailment gain of $10.8 million on December 31, 2016 for the actuarially determined difference in the liability for these participants in the Retiree OPEB plan and the new plan. The settlement gain is reported in the "Recognized net actuarial loss" in the table above, and the curtailment gain was deferred in accumulated other comprehensive income and $3.0 million was recognized in 2017, and we expect to recognize the remainder during the periods of 2018 through 2020. During 2016, we recorded adjustments to our benefit plan liabilities from pension curtailment and settlement events. Lump sum payments from our Canadian pension plan during 2016 resulted in interim pension plan settlement charges totaling $1.2 million in 2016. Also, in May 2016, the closure of our West Point, Mississippi manufacturing facility resulted in a $1.8 million curtailment charge in the Company Plan. These events also resulted in $27.5 million in interim MTM losses for these pension plans, the effects of which are reflected in the 2016 "Recognized net actuarial loss (gain)" in the table above along with a $1.4 million loss for the annual MTM adjustment of our pension plans at December 31, 2016 . Recognized net actuarial loss (gain) consists primarily of our reported actuarial loss (gain), curtailments and the difference between the actual return on plan assets and the expected return on plan assets. Total net mark to market adjustments for our pension and other postretirement benefit plans were (gains) losses of $(8.7) million , $24.1 million and $40.2 million in the years ended, December 31, 2017, 2016 and 2015, respectively. We have excluded the recognized net actuarial loss from our reportable segments and such amount has been reflected in Note 4 as the mark to market adjustment in the reconciliation of reportable segment income (loss) to consolidated operating losses. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.65% 4.13% 3.33% 3.66% Rate of compensation increase 0.10% 2.40% — — Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.11% 4.25% 3.33% 3.66% Expected return on plan assets 6.64% 6.70% —% —% Rate of compensation increase 0.10% 2.40% —% —% The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.89% for the majority of our pension plan assets (approximately 93% of our total pension assets at December 31, 2017). 2016 Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year 8.50 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % Year that the rate reaches ultimate trend rate 2024 During the year ended December 31, 2017, we did not utilize health care cost assumptions as a result of our termination of the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. Investment goals The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plans' overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic plans: We sponsor the Company Plan, which is a domestic defined benefit plan. The assets of this plan are held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2017 and 2016, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 17% and 9% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % Fair value of plan assets See Note 23 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017: (in thousands) 12/31/2017 Level 1 Level 2 Fixed income $ 352,484 $ — $ 352,484 Equities 33,525 33,525 — Commingled and mutual funds 413,166 — 413,166 United States government securities 193,249 193,249 — Cash and accrued items 14,578 12,585 1,993 Total pension and other postretirement benefit assets $ 1,007,002 $ 239,359 $ 767,643 The following is a summary of total investments for our plans measured at fair value at December 31, 2016: (in thousands) 12/31/2016 Level 1 Level 2 Fixed income $ 321,847 $ — $ 321,847 Equities 83,441 78,268 5,173 Commingled and mutual funds 349,348 4,609 344,739 United States government securities 156,599 156,599 — Cash and accrued items 11,633 9,394 2,239 Total pension and other postretirement benefit assets $ 922,868 $ 248,870 $ 673,998 Expected cash flows Domestic Plans Foreign Plans (in thousands) Pension Benefits 1 Other Benefits Pension Benefits 1 Other Benefits Expected employer contributions to trusts of defined benefit plans: 2018 $ 16,798 $ 1,400 $ 3,126 $ 167 Expected benefit payments: 2018 $ 71,881 $ 1,463 $ 3,003 $ 167 2019 72,537 1,342 3,095 167 2020 73,104 854 3,175 169 2021 73,331 802 3,252 163 2022 73,434 746 3,318 146 2023-2027 359,308 2,975 18,576 611 1 Pension benefit payments are made from their respective plan's trust. Defined contribution plans We provide benefits under The B&W Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of participants' contributions up to 6% of compensation. These matching employer contributions are typically made in cash. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $14.4 million , $13.4 million and $8.9 million in the years ended December 31, 2017, 2016 and 2015, respectively. We also provide benefits under the MEGTEC Union Plan, a defined contribution plan. The total employer contribution expense for the Union plan was approximately $0.2 million , $0.3 million and $0.3 million in the years ended December 31, 2017, 2016 and 2015, respectively. Matching employer contributions are made in cash. We also provide benefits under the Universal Defined Contribution Plan (the "Universal Plan"). The total employer contribution expense for the Universal Plan was approximately $0.5 million in the year ended December 31, 2017. Matching employer contributions are made in cash. Effective December 31, 2016, we merged the MEGTEC Non-union Plan and SPIG 401(k) defined contribution plans into the Thrift Plan. For the MEGTEC Non-union Plan, amounts charged to expense for our contributions were approximately $1.1 million and $1.1 million in the years ended December 31, 2016 and 2015, respectively. Matching employer contributions were made in cash. The SPIG 401(k) plan contributions were also made in cash, and were not material to our consolidated financial statements in 2016. Also, our salaried Canadian employees are provided with a defined contribution plan. As of and in the periods following January 1, 2012, we made cash, service-based contributions under this arrangement. The amount charged to expense for employer contributions was approximately $0.3 million , $0.4 million and $0.1 million in the years ended December 31, 2017, 2016 and 2015, respectively. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. See Note 29 for the future expected effect of FASB ASU 2017-07 on the presentation of benefit and expense related to our pension and post retirement plans. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | CONTINGENCIES ARPA litigation On February 28, 2014, the Arkansas River Power Authority ("ARPA") 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. A jury trial took place in mid-November 2016. Some of ARPA's claims were dismissed by the judge during the trial. The jury's verdict on the remaining claims was rendered on November 21, 2016. The jury found in favor of B&W with respect to ARPA's claims of fraudulent concealment and negligent misrepresentation and on one of ARPA's claims of breach of contract. The jury found in favor of ARPA on the three remaining claims for breach of contract and awarded damages totaling $4.2 million , which exceeded the previous $2.3 million accrual we established in 2012 by $1.9 million . Accordingly, we increased our accrual by $1.9 million in the fourth quarter of 2016. ARPA also requested that pre-judgment interest of $4.1 million plus post-judgment interest at a rate of 0.77% compounded annually be added to the judgment, together with certain litigation costs. The court granted ARPA $3.7 million of pre-judgment interest on July 21, 2017, which we recorded in our June 30, 2017 consolidated financial statements in other accrued liabilities and interest expense. B&W commenced an appeal of the judgment on August 18, 2017, and ARPA filed a notice of cross appeal on August 31, 2017. In December 2017, we reached an agreement in principle to settle all matters related to the ARPA litigation for $7.0 million . The agreement requires us to make payments of $2.5 million , $2.5 million and $2.0 million on July 1, 2018, 2019 and 2020, respectively. We discounted the liability by approximately $0.6 million at December 31, 2017 , and $2.5 million and $3.9 million was included in other current accrued liabilities and other noncurrent accrued liabilities, respectively, in our consolidated balance sheets at December 31, 2017. The settlement resulted in a $1.6 million reduction in our accrual in December 2017. Stockholder litigation On March 3, 2017 and March 13, 2017, the Company and certain of its officers were named as defendants in two separate but largely identical complaints alleging violations of the federal securities laws. The complaints were brought on behalf of a putative class of investors who purchased the Company's common stock between July 1, 2015 and February 28, 2017 and were filed in the United States District Court for the Western District of North Carolina (collectively, the "Stockholder Litigation"). During the second quarter of 2017, the Stockholder Litigation was consolidated into a single action and a lead plaintiff was selected by the Court. During the third quarter of 2017, the plaintiff further amended its complaint. As amended, the complaint now purports to cover investors who purchased shares between June 17, 2015 and August 9, 2017. We filed a motion to dismiss in late 2017; the court denied the motion in early 2018. The plaintiff in the Stockholder Litigation alleges fraud, misrepresentation and a course of conduct relating to the facts surrounding certain projects underway in the Company's Renewable segment, which, according to the plaintiff, had the effect of artificially inflating the price of the Company's common stock. The plaintiff further alleges that stockholders were harmed when the Company later disclosed that it would incur losses on these projects. The plaintiff seeks an unspecified amount of damages. On February 16, 2018 and February 22, 2018, the Company and certain of its officers and directors were named as defendants in three separate but substantially similar derivative lawsuits filed in the United States District Court for the District of Delaware (the “Derivative Litigation”). The allegations and claims against defendants are largely the same. Plaintiffs assert a variety of claims against defendants including alleged violations of the federal securities laws, gross mismanagement, waste, breach of fiduciary duties and unjust enrichment. Plaintiffs, who all purport to be current shareholders of the Company's common stock, are suing on behalf of the Company to recover costs and unspecified damages, and force implementation of corporate governance changes. We believe the allegations in the Stockholder Litigation and the Derivative Litigation are without merit, and that the respective outcomes of the Stockholder Litigation and the Derivative Litigation will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows, net of any insurance coverage. Other Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities, including, among other things: performance or warranty-related matters under our customer and supplier contracts and other business arrangements; and workers' compensation, premises liability and other claims. Based on our prior experience, we do not expect that any of these other litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (in thousands) Available-for-sale securities December 31, 2016 Level 1 Level 2 Level 3 Commercial paper $ 6,734 $ — $ 6,734 $ — Certificates of deposit 2,251 — 2,251 — Mutual funds 1,152 — 1,152 — Corporate notes and bonds 750 750 — — United States Government and agency securities 7,104 7,104 — — Total fair value of available-for-sale securities $ 17,991 $ 7,854 $ 10,137 $ — FAIR VALUE MEASUREMENTS The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities December 31, 2017 Level 1 Level 2 Level 3 Commercial paper $ 1,895 $ — $ 1,895 $ — Certificates of deposit 2,398 — 2,398 — Mutual funds 1,331 — 1,331 — Corporate notes and bonds 4,447 4,447 — — United States Government and agency securities 5,738 5,738 — — Total fair value of available-for-sale securities $ 15,809 $ 10,185 $ 5,624 $ — (in thousands) Available-for-sale securities December 31, 2016 Level 1 Level 2 Level 3 Commercial paper $ 6,734 $ — $ 6,734 $ — Certificates of deposit 2,251 — 2,251 — Mutual funds 1,152 — 1,152 — Corporate notes and bonds 750 750 — — United States Government and agency securities 7,104 7,104 — — Total fair value of available-for-sale securities $ 17,991 $ 7,854 $ 10,137 $ — Derivatives December 31, 2017 December 31, 2016 Forward contracts to purchase/sell foreign currencies $ (432 ) $ 2,940 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 consolidated 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: • Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying consolidated balance sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. • Revolving debt . 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 December 31, 2017 and December 31, 2016 . Non-recurring fair value measurements The purchase price allocation associated with the January 11, 2017 acquisition of Universal required significant fair value measurements using unobservable inputs ("Level 3" inputs as defined in the fair value hierarchy established by FASB Topic Fair Value Measurements and Disclosures ). The fair value of the acquired intangible assets was determined using the income approach (see Note 5 ). The other-than-temporary impairment of our equity method investment in TBWES (see Note 7 ) required significant fair value measurements using unobservable inputs. We determined the impairment charge by first determining an estimate of the price that could be received to sell the assets and transfer the liabilities held by TBWES in an orderly transaction between market participants at June 30, 2017. The fair value of TBWES's net assets was determined through a combination of the cost approach, a market approach and an income approach. Our interim goodwill impairment tests and third quarter impairment charges required significant fair value measurements using unobservable inputs (see Note 15 ). The fair value of each reporting unit determined under Step 1 of the goodwill impairment test was based on an income approach using a discounted cash flow analysis, a market approach using multiples of revenue and EBITDA of guideline companies, and a market approach using multiples of revenue and EBITDA from recent, similar business combinations. The fair value of the assets and liabilities for the Renewable and SPIG reporting units determined under Step 2 of the goodwill impairment test were based on either an income or market approach. The measurement of the net actuarial gain or loss associated with our pension and other postretirement plans was determined using unobservable inputs (see Note 18 ). These inputs included the estimated discount rate, expected return on plan assets and other actuarial inputs associated with the plan participants. The determination of the estimated fair value of the related party share repurchase required significant fair value measurements using unobservable inputs (see Note 20 ). We utilized a discounted cash flow model and estimates of our weighted average cost of capital on the transaction date to derive the estimated fair value of the share repurchase. Derivatives December 31, 2017 December 31, 2016 Forward contracts to purchase/sell foreign currencies $ (432 ) $ 2,940 The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities December 31, 2017 Level 1 Level 2 Level 3 Commercial paper $ 1,895 $ — $ 1,895 $ — Certificates of deposit 2,398 — 2,398 — Mutual funds 1,331 — 1,331 — Corporate notes and bonds 4,447 4,447 — — United States Government and agency securities 5,738 5,738 — — Total fair value of available-for-sale securities $ 15,809 $ 10,185 $ 5,624 $ — |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 5 – ACQUISITIONS Universal Acoustic & Emission Technologies, Inc. On January 11, 2017, we acquired Universal Acoustic & Emission Technologies, Inc. ("Universal") for approximately $52.5 million in cash, funded primarily by borrowings under our United States revolving credit facility, net of $4.4 million cash acquired in the business combination. Transaction costs included in the purchase price were approximately $0.2 million . We accounted for the Universal acquisition using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. In order to purchase Universal on January 11, 2017, we borrowed approximately $55.0 million under the United States revolving credit facility in 2017. Universal provides custom-engineered acoustic, emission and filtration solutions to the natural gas power generation, mid-stream natural gas pipeline, locomotive and general industrial end-markets. Universal's product offering includes gas turbine inlet and exhaust systems, silencers, filters and enclosures. At the acquisition date, Universal employed approximately 460 people, mainly in the United States and Mexico. During 2017 , we integrated Universal with our Industrial segment. Universal contributed $69.1 million of revenue and $14.5 million of gross profit to our operating results in the year ended December 31, 2017. The allocation of the purchase price based on the fair value of assets acquired and liabilities assumed is set forth below. We finalized the purchase price allocation associated with the valuation of certain intangible assets and deferred tax balances at December 31, 2017; as a result, the provisional measurements of intangible assets, goodwill and deferred income tax balances did not change. (in thousands) Acquisition date fair values Cash $ 4,379 Accounts receivable 11,270 Contracts in progress 3,167 Inventories 4,585 Other assets 579 Property, plant and equipment 16,692 Goodwill 14,413 Identifiable intangible assets 19,500 Deferred income tax assets 935 Current liabilities (10,833 ) Other noncurrent liabilities (1,423 ) Deferred income tax liabilities (6,338 ) Net acquisition cost $ 56,926 The intangible assets included above consist of the following: Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 10,800 15 Backlog 1,700 1 Trade names / trademarks 3,000 20 Technology 4,000 7 Total amortizable intangible assets $ 19,500 The acquisition of Universal resulted in an increase in our intangible asset amortization expense during the year ended December 31, 2017 of $3.1 million , which is included in cost of operations in our consolidated statement of operations. Amortization of intangible assets is not allocated to segment results. Approximately $1.7 million of acquisition and integration related costs of Universal was recorded as a component of our SG&A expenses in the consolidated statement of operations in the year ended December 31, 2017 . The following unaudited pro forma financial information below represents our results of operations for year ended December 31, 2016 had the Universal acquisition occurred on January 1, 2016. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2016. This information should not be taken as representative of our future consolidated results of operations. Year Ended (in thousands) December 31, 2016 Revenues $ 1,660,986 Net income (loss) attributable to B&W (113,940 ) Basic earnings per common share (2.27 ) Diluted earnings per common share (2.27 ) The unaudited pro forma results included in the table above reflect the following pre-tax adjustments to our historical results: • A net increase in amortization expense related to timing of amortization of the fair value of identifiable intangible assets acquired of $2.8 million in the year ended December 31, 2016 . • Elimination of the historical interest expense recognized by Universal of $0.4 million in the year ended December 31, 2016 . • Elimination of $2.1 million in transaction related costs recognized in the year ended December 31, 2016 . SPIG S.p.A. On July 1, 2016, we acquired all of the outstanding stock of SPIG S.p.A. ("SPIG") for €155.0 million (approximately $172.1 million ) in an all-cash transaction, which was subject to post-closing adjustments. During September 2016, €2.6 million (approximately $2.9 million ) of the transaction price was returned to B&W based on the difference between the actual working capital and pre-close estimates. Transaction costs included in the purchase price associated with closing the acquisition of SPIG on July 1, 2016 were approximately $0.3 million . Based in Arona, Italy, SPIG is a global provider of custom-engineered comprehensive dry and wet cooling solutions and aftermarket services to the power generation industry including natural gas-fired and renewable energy power plants, as well as downstream oil and gas, petrochemical and other industrial end markets. The acquisition of SPIG was consistent with B&W's goal to grow and diversify its technology-based offerings with new products and services in the industrial markets that are complementary to our core businesses. In the year ended December 31, 2016, SPIG contributed $96.3 million of revenue and $7.8 million of gross profit to the Industrial segment. We accounted for the SPIG acquisition using the acquisition method. All of the assets acquired and liabilities assumed were recognized at their estimated fair value as of the acquisition date. Any excess of the purchase price over the estimated fair values of the net assets acquired was recorded as goodwill. Several valuation methods were used to determine the fair value of the assets acquired and liabilities assumed. For intangible assets, we used the income method, which required us to forecast the expected future net cash flows for each intangible asset. These cash flows were then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the projected cash flows. Some of the more significant estimates and assumptions inherent in the income method include the amount and timing of projected future cash flows, the discount rate selected to measure the risks inherent in the future cash flows and the assessment of the asset's economic life and the competitive trends impacting the asset, including consideration of any technical, legal, regulatory or economic barriers to entry. Determining the useful life of an intangible asset also required judgment as different types of intangible assets will have different useful lives, or indefinite useful lives. The allocation of the purchase price, based on the fair value of assets acquired and liabilities assumed, is detailed below. (in thousands) Acquisition date fair values Cash $ 25,994 Accounts receivable 58,843 Contracts in progress 61,155 Inventories 2,554 Other assets 7,341 Property, plant and equipment 6,104 Goodwill 72,401 Identifiable intangible assets 55,164 Deferred income tax assets 5,550 Revolving debt (27,530 ) Current liabilities (56,323 ) Advance billings on contracts (15,226 ) Other noncurrent liabilities (379 ) Deferred income tax liabilities (17,120 ) Noncontrolling interest in joint venture (7,754 ) Net acquisition cost $ 170,774 We finalized the purchase price allocation as of December 31, 2016, which resulted in a $2.5 million increase in goodwill. The goodwill arising from the purchase price allocation of the SPIG acquisition is believed to be a result of the synergies created from combining its operations with B&W's, and the growth it can provide from its wide scope of engineered cooling and service offerings and customer base. None of this goodwill is expected to be deductible for tax purposes. Also, see Note 15 for the results of our subsequent goodwill impairment assessments The intangible assets included above consist of the following: (in thousands) Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 12,217 9 Backlog 17,769 2 Trade names / trademarks 8,885 20 Technology 14,438 10 Non-compete agreements 1,666 3 Internally-developed software 189 3 Total amortizable intangible assets $ 55,164 The acquisition of SPIG added $9.1 million and $13.3 million of intangible asset amortization expense in the years ended December 31, 2017 and 2016, respectively. Amortization of intangible assets is not allocated to segment results. Approximately $1.6 million and $3.5 million of acquisition and integration related costs of SPIG was recorded as selling, general and administrative expenses in the consolidated statement of operations for the years ended December 31, 2017 and 2016, respectively. The following unaudited pro forma financial information below represents our results of operations for years ended December 31, 2016 and 2015 had the SPIG acquisition occurred on January 1, 2015. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2015. This information should not be taken as representative of our future consolidated results of operations. Year Ended December 31, (in thousands) 2016 2015 Revenues $ 1,663,126 $ 1,941,987 Net income (loss) attributable to B&W (111,500 ) 12,047 Basic earnings per common share (2.22 ) 0.23 Diluted earnings per common share (2.22 ) 0.22 The unaudited pro forma results included in the table above reflect the following pre-tax adjustments to our historical results: • A net increase (decrease) in amortization expense related to timing of amortization of the fair value of identifiable intangible assets acquired of $6.5 million and $18.6 million in the years ended December 31, 2016 and 2015, respectively. • Elimination of the historical interest expense recognized by SPIG of $0.5 million and $0.7 million in the years ended ended December 31, 2016 and 2015, respectively. • Elimination of $3.5 million and $0.2 million in transaction related costs recognized in the years ended December 31, 2016 and 2015, respectively. |
Quarterly Financial Data (Notes
Quarterly Financial Data (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2017 and 2016: (in thousands, except per share amounts) Quarter ended March 31, 2017 June 30, 2017 Sept. 30, 2017 Dec. 31, 2017 Revenues $ 391,104 $ 349,829 $ 408,703 $ 408,099 Gross profit $ 62,900 $ (55,822 ) $ 47,287 $ 45,513 Operating income (loss) (1) $ (8,798 ) $ (144,646 ) $ (104,748 ) $ (23,373 ) Equity in income (loss) of investees $ 618 $ (15,232 ) $ 1,234 $ 3,513 Net income (loss) attributable to shareholders $ (7,045 ) $ (150,999 ) $ (114,302 ) $ (107,478 ) Earnings per common share Basic $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) Diluted $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) (1) Includes equity in income of investees. (in thousands, except per share amounts) Quarter ended March 31, 2016 June 30, 2016 Sept. 30, 2016 Dec. 31, 2016 Revenues $ 404,116 $ 383,208 $ 410,955 $ 379,984 Gross profit $ 80,156 $ 26,052 $ 73,757 $ (848 ) Operating income (loss) (1) $ 17,266 $ (72,585 ) $ 11,133 $ (58,587 ) Equity in income (loss) of investees $ 2,676 $ (616 ) $ 2,827 $ 11,553 Net income (loss) attributable to shareholders $ 10,507 $ (63,490 ) $ 8,894 $ (71,560 ) Earnings per common share Basic $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) Diluted $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) (1) Includes equity in income of investees. NOTE 28 – QUARTERLY FINANCIAL DATA The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2017 and 2016: (in thousands, except per share amounts) Quarter ended March 31, 2017 June 30, 2017 Sept. 30, 2017 Dec. 31, 2017 Revenues $ 391,104 $ 349,829 $ 408,703 $ 408,099 Gross profit $ 62,900 $ (55,822 ) $ 47,287 $ 45,513 Operating income (loss) (1) $ (8,798 ) $ (144,646 ) $ (104,748 ) $ (23,373 ) Equity in income (loss) of investees $ 618 $ (15,232 ) $ 1,234 $ 3,513 Net income (loss) attributable to shareholders $ (7,045 ) $ (150,999 ) $ (114,302 ) $ (107,478 ) Earnings per common share Basic $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) Diluted $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) (1) Includes equity in income of investees. (in thousands, except per share amounts) Quarter ended March 31, 2016 June 30, 2016 Sept. 30, 2016 Dec. 31, 2016 Revenues $ 404,116 $ 383,208 $ 410,955 $ 379,984 Gross profit $ 80,156 $ 26,052 $ 73,757 $ (848 ) Operating income (loss) (1) $ 17,266 $ (72,585 ) $ 11,133 $ (58,587 ) Equity in income (loss) of investees $ 2,676 $ (616 ) $ 2,827 $ 11,553 Net income (loss) attributable to shareholders $ 10,507 $ (63,490 ) $ 8,894 $ (71,560 ) Earnings per common share Basic $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) Diluted $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) (1) Includes equity in income of investees. Our quarterly results include the following items that significant affect comparability across periods: • Actuarial gains and losses from marking to market our pension and postretirement benefit plan assets and liabilities (see Note 18). Such mark to market adjustments resulted in (charges) gains of: $9.8 million in the fourth quarter of 2017, $(1.1) million in the first quarter of 2017, $6.4 million in the fourth quarter of 2016, $(0.5) million in the third quarter of 2016, and $(30.0) million in the second quarter of 2016. • In the third quarter of 2017, $86.9 million of goodwill impairment charges (see Note 15). • In the second and fourth quarters of both 2017 and 2016, significant losses related to changes in the estimates of the forecasted revenues and costs to complete six renewable energy contracts (see Note 6 |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 25 – 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. Transactions with our former Parent prior to the spin-off included the following: (in thousands) Year Ended December 31, 2015 Sales to our former Parent $ 911 Corporate administrative expenses 35,343 Guarantees Our former Parent had outstanding performance guarantees for various contracts executed by us in the normal course of business. As of April 21, 2016, these guarantees had all been terminated. Net transfers from former Parent Net transfers from 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) Year Ended December 31 2015 Sales to former Parent $ 911 Corporate administrative expenses 35,343 Income tax allocation 11,872 Acquisition of business, net of cash acquired — Cash pooling and general financing activities (91,015 ) Cash contribution received at spin-off 125,300 Net transfer from former Parent per statement of cash flows $ 80,589 Non-cash items: Net transfer of assets and liabilities $ 44,706 Distribution of Nuclear Energy segment $ (47,839 ) Net transfer from former Parent per statement of shareholders' equity $ 77,456 Transactions with AIP The second lien term loan and related repurchase of shares of our common stock described in Note 20 was a related party transaction. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | NOTE 26 – DISCONTINUED OPERATIONS We received corporate allocations from our former Parent as described in Note 1 , which totaled $2.7 million for the year ended December 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 through June 30, 2015, the date it was discontinued: Six Months Ended June 30, (in thousands) 2015 Revenues $ 53,064 Income (loss) before income tax expense 3,358 Income tax expense (benefit) 555 Income (loss) from discontinued operations, net of tax $ 2,803 |
Taxes (Notes)
Taxes (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
PROVISION FOR INCOME TAXES [Abstract] | |
Income Tax Disclosure [Text Block] | – PROVISION FOR INCOME TAXES We are subject to federal income tax in the United States and income tax of multiple state and international jurisdictions. We provide for income taxes based on the tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to both nominal rates and the basis on which these rates are applied. Our consolidated effective income tax rate can vary significantly from period to period due to these variations, changes in jurisdictional mix of our income and valuation allowances in certain jurisdictions that can offset income tax expense or benefit. We are currently under audit by various domestic and international authorities. With few exceptions, we do not have any returns under examination for years prior to 2013. The United States Internal Revenue Service has completed examinations of the federal tax returns of BWC through 2014, and all matters arising from such examinations have been resolved. We recognize the effect of income tax positions only if it is more-likely-than-not that those positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Unrecognized tax benefits are as follows: (in thousands) 2017 2016 2015 Balance at beginning of period $ 884 $ 1,141 $ 3,321 Increases based on tax positions taken in the current year 277 178 88 Increases based on tax positions taken in the prior years 56 230 248 Decreases based on tax positions taken in the prior years (13 ) — (1,161 ) Decreases due to settlements with tax authorities — (665 ) (1,355 ) Decreases due to lapse of applicable statute of limitation — — — Balance at end of period $ 1,204 $ 884 $ 1,141 The $1.2 million balance of unrecognized tax benefits at December 31, 2017 would decrease expense if recognized. We do not expect any of our unrecognized income tax benefits to be resolved in the next twelve months. We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes; however, such amounts are not significant to any period presented. Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Pension liability $ 58,810 $ 105,426 Accrued warranty expense 5,262 11,628 Accrued vacation pay 996 4,792 Accrued liabilities for self-insurance (including postretirement health care benefits) 3,910 6,596 Accrued liabilities for executive and employee incentive compensation 4,950 8,334 Investments in joint ventures and affiliated companies 10,422 10,742 Long-term contracts 6,801 10,318 Accrued Legal Fees 1,579 2,110 Inventory Reserve 1,842 2,445 Property, plant and equipment — 1,587 Net operating loss carryforward 95,715 33,187 State tax net operating loss carryforward 21,658 15,372 Foreign tax credit carryforward 7,150 3,870 Other tax credits 5,678 737 Other 4,980 7,852 Total deferred tax assets 229,753 224,996 Valuation allowance for deferred tax assets (108,105 ) (40,484 ) Net, total deferred tax assets 121,648 184,512 Deferred tax liabilities: Long-term contracts 569 3,601 Intangibles 21,215 21,892 Property, plant and equipment 2,835 — Undistributed foreign earnings 1,314 500 Goodwill — 1,125 Other 2,445 2,885 Total deferred tax liabilities 28,378 30,003 Net deferred tax assets $ 93,270 $ 154,509 At December 31, 2017, we had a valuation allowance of $108.1 million for deferred tax assets, which we expect may not be realized through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. Should we conclude in the future that any or all of our deferred tax assets are not more likely than not to be realized, we would establish additional valuation allowances and any changes to our estimated valuation allowance could be material to our consolidated financial statements. The following is an analysis of our valuation allowance for deferred tax assets: (in thousands) Beginning balance Charges to costs and expenses Charged to other accounts Ending balance Year Ended December 31, 2017 $ (40,484 ) $ (61,021 ) $ (6,600 ) $ (108,105 ) Year Ended December 31, 2016 (10,077 ) (29,307 ) (1,100 ) (40,484 ) Year Ended December 31, 2015 (9,216 ) (861 ) — (10,077 ) We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % We have foreign net operating loss benefits after tax of $75.0 million available to offset future taxable income in certain foreign jurisdictions. Of the foreign net operating loss benefits, $1.7 million is scheduled to expire in 2019 to 2026 . The remaining net operating loss benefits have unlimited lives. We are carrying a valuation allowance of $66.0 million against the deferred tax asset related to the foreign loss carryforwards. At December 31, 2017, we have a tax effected United States federal net operating loss of $ 20.7 million . The United States federal operating loss will begin to expire in 2037, and we expect to fully utilize this net operating loss in future periods. At December 31, 2017, we have foreign tax credit carryovers of $7.2 million , against which we have a full valuation allowance. At December 31, 2017, we have state net operating loss benefits after tax of $21.7 million available to offset future taxable income in various states, against which we have $21.6 million of valuation allowance. Our state net operating loss carryforwards begin to expire in the year 2018. It has been our practice to reinvest indefinitely, the earnings of our foreign subsidiaries and that position has not changed as a result of the enactment of the U.S. Tax Cuts and Jobs Act. If we were to distribute earnings from certain foreign subsidiaries, we would be subject to withholding taxes of approximately $4.4 million but U.S. income taxes would generally not be imposed upon such distributions. We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 New Tax Act The United States Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 and introduces significant changes to the United States income tax law. Beginning in 2018, the Tax Act reduces the United States statutory corporate income tax rate from 35% to 21% and creates a modified territorial system that will generally allow United States companies a full dividend received deduction for any future dividends from non-U.S. subsidiaries. In connection with the transition to a modified territorial system, the Tax Act also establishes a mandatory one-time deemed repatriation transition tax on currently deferred foreign earnings. The SEC staff issued Staff Accounting Bulletin ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740 ("ASC 740"). In accordance with SAB 118, we have made reasonable estimates of the effects of the Tax Act and recorded provisional amounts in our financial statements as of December 31, 2017. We will finalize our estimates in 2018 as we collect and analyze necessary data, and interpret additional guidance that becomes available. Provisional amounts for the following income tax effects of the Tax Act have been recorded as of December 31, 2017: Deferred tax effects We remeasured our deferred taxes and recorded a deferred tax expense of $62.4 million . This amount consists of an expense for the corporate rate reduction of $54.4 million , expense of $0.8 million based on a change in our deferred taxes related to executive compensation and an expense of $7.2 million to record a valuation allowance on foreign tax credit carryforwards that are now expected to expire unused. While we are able to make a reasonable estimate of the deferred tax effects, our continued analysis of other aspects of the Tax Act could impact our estimate. One-time transition tax The Deemed Repatriation Transition Tax (Transition Tax) is a tax on previously untaxed accumulated and current earnings and profits (E&P) of certain of our foreign subsidiaries. To determine the amount of the Transition Tax, we must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-United States income taxes paid on such earnings. We are able to make a reasonable estimate of the Transition Tax and because we have estimated an E&P deficit, we have not recorded a Transition Tax. We are continuing to gather additional information to more precisely compute final E&P, including the computation of 2017 current year E&P which we will finalize with the 2017 tax return. |
Significant Accounting Policies
Significant Accounting Policies Research and Development (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and development Our research and development activities are related to the development and improvement of new and existing products, services and equipment. Research and development activities totaled $9.4 million , $10.4 million and $16.5 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. In the twelve months ended December 31, 2015, we recognized a $14.6 million impairment charge primarily related to research and development facilities and equipment dedicated to activities that were determined not to be commercially viable. The impairment is included in losses on asset disposals and impairments in the consolidated statements of operations. |
Significant Accounting Polici34
Significant Accounting Policies Inventories (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventory, Policy [Policy Text Block] | Inventories We carry our inventories at the lower of cost or market. We determine cost principally on the first-in, first-out basis, except for certain materials inventories of our Power segment, for which we use the last-in, first-out ("LIFO") method. We determined the cost of approximately 16% and 18% of our total inventories using the LIFO method at December 31, 2017 and 2016, respectively, and our total LIFO reserve at December 31, 2017 and 2016 was approximately $7.0 million and $7.0 million , respectively. The components of inventories can be found in Note 13 . |
Significant Accounting Polici35
Significant Accounting Policies Property, Plant and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment We carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 33 years for buildings and three to 28 years for machinery and equipment. Our depreciation expense was $21.9 million , $19.7 million and $23.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them. |
Significant Accounting Polici36
Significant Accounting Policies Self Insurance (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Self Insurance Reserve [Policy Text Block] | Self-insurance We have a wholly owned insurance subsidiary that provides employer's liability, general and automotive liability and workers' compensation insurance and, from time to time, builder's risk insurance (within certain limits) to our companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. Included in other liabilities on our consolidated balance sheets are reserves for self-insurance totaling $23.1 million and $24.1 million at the years ended December 31, 2017 and 2016, respectively. |
Significant Accounting Polici37
Significant Accounting Policies Foreign Currency Translation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation We translate assets and liabilities of our foreign operations into United States dollars at current exchange rates, and we translate items in our statement of operations at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency financial statements as a component of accumulated other comprehensive income (loss). We report foreign currency transaction gains and losses in income. We have included in other - net transaction gains (losses) of $2.9 million , $(5.4) million and $(0.1) million in the years ended December 31, 2017, 2016 and 2015, respectively. |
Significant Accounting Polici38
Significant Accounting Policies Trade Accounts Receivable and Allowance for Doubtful Accounts (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Trade accounts receivable and allowance for doubtful accounts [Abstract] | |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Trade accounts receivable and allowance for doubtful accounts Our trade accounts receivable balance is stated at the amount owed by our customers, net of allowances for estimated uncollectible balances. We maintain allowances for doubtful accounts for estimated losses expected to result from the inability of our customers to make required payments. These estimates are based on management’s evaluation of the ability of customers to make payments, with emphasis on historical remittance experience, known customer financial difficulties and the age of receivable balances. Accounts receivable are charged to the allowance when it is determined they are no longer collectible. Our allowance for doubtful accounts was $11.0 million and $9.4 million at December 31, 2017 and 2016, respectively. Amounts charged to selling, general and administrative expenses or deducted from the allowance were not significant to our statement of operations in the years ended December 31, 2017, 2016 and 2015. |
Pension Plans and Postretirem39
Pension Plans and Postretirement Benefits ASU 2017-07 Compensation Retirement Benefits (Topic 715) (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Postemployment Benefit Plans, Policy [Policy Text Block] | The changes in the classification of the historical components of net periodic benefit costs are summarized in the following table: Pension & other postretirement benefit costs (benefits) (in thousands) December 31, 2017 December 31, 2016 December 31, 2015 Current Future Service cost $ 804 $ 1,703 $ 13,701 Cost of operations Cost of operations Interest cost 41,432 41,772 50,644 Cost of operations Other income (expense) Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) Cost of operations Other income (expense) Amortization of prior service cost (2,906 ) 250 307 Cost of operations Other income (expense) Recognized net actuarial losses and mark to market adjustments (8,696 ) 24,110 40,210 Cost of operations or SG&A expense Other income (expense) Net periodic benefit cost (benefit) $ (28,775 ) $ 5,896 $ 36,153 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, net of noncontrolling interest: Year Ended December 31, (in thousands, except per share amounts) 2017 2016 2015 Income (loss) from continuing operations $ (379,824 ) (115,649 ) $ 16,338 Income (loss) from discontinued operations, net of tax — — 2,803 Net income (loss) attributable to shareholders $ (379,824 ) $ (115,649 ) $ 19,141 Weighted average shares used to calculate basic earnings per share 46,935 50,129 53,487 Dilutive effect of stock options, restricted stock and performance shares — — 222 Weighted average shares used to calculate diluted earnings per share 46,935 50,129 53,709 Basic earnings (loss) per share: Continuing operations $ (8.09 ) $ (2.31 ) $ 0.31 Discontinued operations — — 0.05 Basic earnings (loss) per share: $ (8.09 ) $ (2.31 ) $ 0.36 Diluted earnings (loss) per share: Continuing operations (8.09 ) (2.31 ) 0.30 Discontinued operations — — 0.06 Diluted earnings (loss) per share: $ (8.09 ) $ (2.31 ) $ 0.36 |
Segment Reporting Schedule of O
Segment Reporting Schedule of Operating Results by Segment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 |
Segment Reporting Schedule of G
Segment Reporting Schedule of Gross Profit (Loss) by Segment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Operating Results by Segment [Abstract] | |
Segment Reporting Disclosure [Text Block] | Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 NOTE 4 – SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 |
Segment Reporting Depreciation
Segment Reporting Depreciation and Amortization (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Depreciation, Depletion and Amortization [Abstract] | |
Segment Reporting Disclosure [Text Block] | Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 NOTE 4 – SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 |
Segment Reporting Revenue by Co
Segment Reporting Revenue by Country (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Revenue by Country [Abstract] | |
Segment Reporting Disclosure [Text Block] | Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 NOTE 4 – SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 |
Segment Reporting PP&E by Count
Segment Reporting PP&E by Country (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
PP&E by Country [Abstract] | |
Segment Reporting Disclosure [Text Block] | Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 NOTE 4 – SEGMENT REPORTING Our operations are assessed based on three reportable segments, which are summarized as follows: • Power segment : focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications. • Renewable segment : focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries. • Industrial segment : focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services. An analysis of our operations by segment is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES Power segment Retrofits & continuous emissions monitoring systems $ 306,758 $ 392,854 $ 427,378 New build utility and environmental 155,886 292,302 403,981 Aftermarket parts and field engineering services 277,129 292,535 304,923 Industrial steam generation 123,127 107,267 219,379 Eliminations (41,838 ) (102,980 ) (120,664 ) 821,062 981,978 1,234,997 Renewable segment Renewable new build and services 282,228 284,684 277,326 Operations and maintenance 64,970 65,814 63,437 Eliminations — (1,326 ) (2,160 ) 347,198 349,172 338,603 Industrial segment Aftermarket parts and services 117,970 81,690 61,350 Environmental solutions 138,722 74,726 90,343 Cooling systems 126,683 73,797 — Engineered products 14,416 23,400 32,002 397,791 253,613 183,695 Eliminations (8,316 ) (6,500 ) — $ 1,557,735 $ 1,578,263 $ 1,757,295 The segment information presented in the table above reflects the product line revenues that are reviewed by each segment's manager. These gross product line revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. The primary component of the Power segment elimination is revenue associated with construction services. Year Ended December 31, (in thousands) 2017 2016 2015 GROSS PROFIT (LOSS) Power segment $ 191,999 $ 233,550 $ 247,632 Renewable segment (128,204 ) (68,109 ) 57,682 Industrial segment 41,383 50,726 54,826 Intangible amortization expense included in cost of operations (14,272 ) (15,842 ) (7,676 ) Mark to market gain (loss) included in cost of operations 8,972 (21,208 ) (44,307 ) 99,878 179,117 308,157 Selling, general and administrative ("SG&A") expenses (255,545 ) (240,166 ) (240,296 ) Goodwill impairment charges (86,903 ) — — Restructuring activities and spin-off transaction costs (15,447 ) (40,807 ) (14,946 ) Research and development costs (9,412 ) (10,406 ) (16,543 ) Intangible amortization expense included in SG&A (3,980 ) (4,081 ) (3,769 ) Mark to market gain (loss) included in SG&A (274 ) (2,902 ) 4,097 Equity in income of investees 8,326 16,440 (242 ) Impairment of equity method investment (18,193 ) — — Gains (losses) on asset disposals, net (15 ) 32 (14,597 ) Operating income (loss) $ (281,565 ) $ (102,773 ) $ 21,861 Year Ended December 31, (in thousands) 2017 2016 2015 DEPRECIATION AND AMORTIZATION Power segment $ 9,222 $ 11,231 $ 18,532 Renewable segment 3,208 2,711 2,567 Industrial segment 20,293 19,073 10,345 Segment depreciation and amortization 32,723 33,015 31,444 Corporate 7,415 6,568 3,488 Total depreciation and amortization $ 40,138 $ 39,583 $ 34,932 We do not separately identify or report our Company's assets by segment as the majority of our assets are shared by the Power and Renewable segments. Additionally, our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured. Information about our consolidated operations in different geographic areas Year Ended December 31, (in thousands) 2017 2016 2015 REVENUES (1) United States $ 757,159 $ 851,955 $ 1,034,653 United Kingdom 194,456 201,221 126,285 Canada 108,045 74,629 134,276 Denmark 82,843 54,722 116,064 China 54,883 33,898 41,921 Egypt 43,148 35,878 — South Korea 41,217 44,660 4,358 Sweden 39,891 24,809 18,302 Germany 28,333 29,559 19,233 Vietnam 15,771 55,265 46,803 Dominican Republic 15,144 21,366 82,916 Saudi Arabia 13,978 2,408 4,220 South Africa 12,453 4,097 4,486 Italy 11,663 7,862 4,671 Netherlands 8,989 3,348 4,651 Finland 8,713 5,756 6,113 Bolivia 8,694 — — Oman 7,683 — — Indonesia 6,909 6,723 1,730 Nigeria 6,766 — — India 6,441 6,856 13,108 Aggregate of all other countries, each with less than $5 million in revenues 84,556 113,251 93,505 $ 1,557,735 $ 1,578,263 $ 1,757,295 (1) We allocate geographic revenues based on the location of the customer's operations. Year Ended December 31, (in thousands) 2017 2016 2015 NET PROPERTY, PLANT AND EQUIPMENT United States $ 79,681 $ 75,368 $ 88,840 Mexico 26,503 22,594 24,643 China 13,373 13,460 13,956 United Kingdom 6,604 6,337 8,070 Denmark 7,953 6,749 6,265 Aggregate of all other countries, each with less than $5 million of net property, plant and equipment 7,817 9,129 3,943 $ 141,931 $ 133,637 $ 145,717 |
Restructuring Activities and 46
Restructuring Activities and Spin Transaction Costs Restructuring liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring liabilities Restructuring liabilities are included in other accrued liabilities on our consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Year ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 2,253 $ 740 Restructuring expense 13,923 21,939 Payments (13,857 ) (20,426 ) Balance at December 31 $ 2,319 $ 2,253 Restructuring liabilities are included in other accrued liabilities on our consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Year ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 2,253 $ 740 Restructuring expense 13,923 21,939 Payments (13,857 ) (20,426 ) Balance at December 31 $ 2,319 $ 2,253 Accrued restructuring liabilities at December 31, 2017 and 2016 relate primarily to employee termination benefits. Excluded from restructuring expense in the table above are non-cash restructuring charges that did not impact the accrued restructuring liability. In the years ended December 31, 2017 and 2016, we recognized $0.3 million and $15.0 million , respectively, in non-cash restructuring expense related to losses (gains) on the disposals of long-lived assets. Spin-off transaction costs Spin-off costs were primarily attributable to employee retention awards directly related to the spin-off from our former parent, The Babcock & Wilcox Company (now known as BWX Technologies, Inc.). In the years ended December 31, 2017 and 2016, we recognized spin-off costs of $1.2 million and $3.8 million , respectively. During 2017, we disbursed $1.9 million of the accrued retention awards. Spin-off transaction costs Spin-off costs were primarily attributable to employee retention awards directly related to the spin-off from our former parent, The Babcock & Wilcox Company (now known as BWX Technologies, Inc.). In the years ended December 31, 2017 and 2016, we recognized spin-off costs of $1.2 million and $3.8 million , respectively. During 2017, we disbursed $1.9 million of the accrued retention awards. |
Restructuring Activities and 47
Restructuring Activities and Spin Transaction Costs Spin-off transaction costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring liabilities Restructuring liabilities are included in other accrued liabilities on our consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Year ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 2,253 $ 740 Restructuring expense 13,923 21,939 Payments (13,857 ) (20,426 ) Balance at December 31 $ 2,319 $ 2,253 Restructuring liabilities are included in other accrued liabilities on our consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Year ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 2,253 $ 740 Restructuring expense 13,923 21,939 Payments (13,857 ) (20,426 ) Balance at December 31 $ 2,319 $ 2,253 Accrued restructuring liabilities at December 31, 2017 and 2016 relate primarily to employee termination benefits. Excluded from restructuring expense in the table above are non-cash restructuring charges that did not impact the accrued restructuring liability. In the years ended December 31, 2017 and 2016, we recognized $0.3 million and $15.0 million , respectively, in non-cash restructuring expense related to losses (gains) on the disposals of long-lived assets. Spin-off transaction costs Spin-off costs were primarily attributable to employee retention awards directly related to the spin-off from our former parent, The Babcock & Wilcox Company (now known as BWX Technologies, Inc.). In the years ended December 31, 2017 and 2016, we recognized spin-off costs of $1.2 million and $3.8 million , respectively. During 2017, we disbursed $1.9 million of the accrued retention awards. Spin-off transaction costs Spin-off costs were primarily attributable to employee retention awards directly related to the spin-off from our former parent, The Babcock & Wilcox Company (now known as BWX Technologies, Inc.). In the years ended December 31, 2017 and 2016, we recognized spin-off costs of $1.2 million and $3.8 million , respectively. During 2017, we disbursed $1.9 million of the accrued retention awards. |
Contracts and Revenue Recogni48
Contracts and Revenue Recognition Changes in Estimates in Long Term Contracts (Tables) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Revenue Arrangement [Line Items] | ||
schedule of contracts in progress and adv billings [Table Text Block] | The following represent the components of our contracts in progress and advance billings on contracts included in our consolidated balance sheets: December 31, (in thousands) 2017 2016 Included in contracts in progress: Costs incurred less costs of revenue recognized $ 80,645 $ 96,210 Revenues recognized less billings to customers 80,575 69,800 Contracts in progress $ 161,220 $ 166,010 Included in advance billings on contracts: Billings to customers less revenues recognized $ 177,953 $ 199,480 Costs of revenue recognized less cost incurred 3,117 11,162 Advance billings on contracts $ 181,070 $ 210,642 | |
Schedule of Retainages on Contract [Table Text Block] | The following amounts represent retainage on contracts: December 31, (in thousands) 2017 2016 Retainage expected to be collected within one year $ 14,572 $ 18,843 Retainage expected to be collected after one year 6,112 4,583 Total retainage $ 20,684 $ 23,426 | |
Proceeds from Insurance Settlement, Operating Activities | $ 15 |
Equity Method Investments Trans
Equity Method Investments Transactions with unconsolidated affiliates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Equity Method Investments [Table Text Block] | Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Sales to $ 7,143 $ 17,220 $ 18,014 Purchases from 12,470 32,490 45,397 Dividends received (1) 50,134 12,160 20,830 Capital contributions (2) — 26,256 7,424 (1) includes $48.1 million , $6.0 million and $18.2 million in dividends received from BWBC in 2017, 2016 and 2015, respectively, before taxes. (2) includes a $26.3 million contribution we made in April 2016 to increase our ownership interest in TBWES for the purpose of extinguishing the joint venture's high-interest third-party debt and avoiding the associated future interest cost (our joint venture partner contributed the same amount to TBWES). |
Equity Method Investments Conde
Equity Method Investments Condensed Balance Sheet (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Condensed Balance Sheet [Table Text Block] | The undistributed earnings of our equity method investees were $7.9 million and $59.6 million at December 31, 2017 and 2016, respectively. Summarized below is consolidated balance sheet and statement of operations information for investments accounted for under the equity method: December 31, (in thousands) 2017 2016 Current assets $ 322,956 $ 335,577 Noncurrent assets 137,081 126,958 Total assets 460,037 462,535 Current liabilities 342,178 231,150 Noncurrent liabilities 24,474 40,537 Owners' equity 93,385 190,848 Total liabilities and equity $ 460,037 $ 462,535 |
Equity Method Investments Con51
Equity Method Investments Condensed Income Statement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Income Statement [Abstract] | |
Condensed Income Statement [Table Text Block] | Year Ended December 31, (in thousands) 2017 2016 2015 Revenues $ 346,459 $ 488,101 $ 475,459 Gross profit 32,682 76,986 69,021 Income before provision for income taxes (10,626 ) 19,529 3,072 Provision for income taxes 1,907 3,715 4,500 Net income $ (12,533 ) $ 15,814 $ (1,428 ) The following table presents selected financial information regarding the results of operations of our former NE segment through June 30, 2015, the date it was discontinued: Six Months Ended June 30, (in thousands) 2015 Revenues $ 53,064 Income (loss) before income tax expense 3,358 Income tax expense (benefit) 555 Income (loss) from discontinued operations, net of tax $ 2,803 |
Equity Method Investments Recon
Equity Method Investments Reconciliation of Net Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investment Reconciliation of Net Income to Equity in Income [Table Text Block] | Reconciliation of net income in the statement of operations of our investees to equity in income of investees in our consolidated statements of operations is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Equity income based on stated ownership percentages $ 7,530 $ 7,898 $ (542 ) TBWES other than temporary impairment (18,193 ) — — Gain on sale of our interest in HMA — 8,324 — All other adjustments due to amortization of basis differences, timing of GAAP adjustments and other adjustments 796 218 300 Equity in income of investees $ (9,867 ) $ 16,440 $ (242 ) |
Equity Method Investments Inves
Equity Method Investments Investments in and Advances to Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Sales to $ 7,143 $ 17,220 $ 18,014 Purchases from 12,470 32,490 45,397 Dividends received (1) 50,134 12,160 20,830 Capital contributions (2) — 26,256 7,424 (1) includes $48.1 million , $6.0 million and $18.2 million in dividends received from BWBC in 2017, 2016 and 2015, respectively, before taxes. (2) includes a $26.3 million contribution we made in April 2016 to increase our ownership interest in TBWES for the purpose of extinguishing the joint venture's high-interest third-party debt and avoiding the associated future interest cost (our joint venture partner contributed the same amount to TBWES). Our accounts receivable-other includes receivables from these unconsolidated affiliates of $5.8 million and $8.7 million at December 31, 2017 and 2016, respectively. |
Equity Method Investments Inv54
Equity Method Investments Investments accounted for under the equity method. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Condensed Balance Sheet [Table Text Block] | The undistributed earnings of our equity method investees were $7.9 million and $59.6 million at December 31, 2017 and 2016, respectively. Summarized below is consolidated balance sheet and statement of operations information for investments accounted for under the equity method: December 31, (in thousands) 2017 2016 Current assets $ 322,956 $ 335,577 Noncurrent assets 137,081 126,958 Total assets 460,037 462,535 Current liabilities 342,178 231,150 Noncurrent liabilities 24,474 40,537 Owners' equity 93,385 190,848 Total liabilities and equity $ 460,037 $ 462,535 |
Comprehensive Income Accumulate
Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Currency translation gain (loss) (net of tax) Net unrealized gain (loss) on investments (net of tax) Net unrealized gain (loss) on derivative instruments (net of tax) 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 (19,459 ) (49 ) 339 519 (18,650 ) Amounts reclassified from AOCI to net income (loss) — 27 1,133 (195 ) 965 Net transfers from Parent (11,585 ) — 437 (394 ) (11,542 ) Net current-period other comprehensive income (loss) (31,044 ) (22 ) 1,909 (70 ) (29,227 ) Balance at December 31, 2015 $ (19,493 ) $ (44 ) $ 1,786 $ (1,102 ) $ (18,853 ) Other comprehensive income (loss) before reclassifications (24,494 ) 7 2,046 7,692 (14,749 ) Amounts reclassified from AOCI to net income (loss) — — (3,030 ) 150 (2,880 ) Net current-period other comprehensive income (loss) (24,494 ) 7 (984 ) 7,842 (17,629 ) Balance at December 31, 2016 (43,987 ) (37 ) 802 6,740 (36,482 ) Other comprehensive income (loss) before reclassifications 16,150 99 3,204 (152 ) 19,301 Amounts reclassified from AOCI to net income (loss) — (24 ) (2,269 ) (2,955 ) (5,248 ) Net current-period other comprehensive income (loss) 16,150 75 935 (3,107 ) 14,053 Balance at December 31, 2017 $ (27,837 ) $ 38 $ 1,737 $ 3,633 $ (22,429 ) The amounts reclassified out of AOCI by component and the affected consolidated statements of operations line items are as follows (in thousands): AOCI component Line items in the Consolidated Statements of Operations affected by reclassifications from AOCI Year Ended December 31, 2017 2016 2015 Derivative financial instruments Revenues $ 10,059 $ 4,624 $ 546 Cost of operations (118 ) 195 155 Other-net (7,438 ) (1,221 ) (24 ) Total before tax 2,503 3,598 677 Provision for income taxes 234 568 149 Net income $ 2,269 $ 3,030 $ 528 Amortization of prior service cost on benefit obligations Cost of operations $ 2,912 $ 254 $ (1,475 ) Provision for income taxes (43 ) 404 (1,168 ) Net income (loss) $ 2,955 $ (150 ) $ (307 ) Realized gain on investments Other-net $ 38 $ — $ (42 ) Provision for income taxes 14 — (15 ) Net income (loss) $ 24 $ — $ (27 ) |
INTANGIBLE ASSETS Intangible As
INTANGIBLE ASSETS Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following summarizes the changes in the carrying amount of intangible assets: Twelve months ended December 31, (in thousands) 2017 2016 Balance at beginning of period $ 71,039 $ 37,844 Business acquisitions 19,500 55,438 Amortization expense (18,252 ) (19,923 ) Currency translation adjustments and other 4,493 (2,320 ) Balance at end of the period $ 76,780 $ 71,039 Our intangible assets are as follows: (in thousands) December 31, 2017 December 31, 2016 Definite-lived intangible assets Customer relationships $ 59,794 $ 47,892 Unpatented technology 20,160 18,461 Patented technology 6,542 2,499 Tradename 22,951 18,774 Backlog 30,160 28,170 All other 7,611 7,430 Gross value of definite-lived intangible assets 147,218 123,226 Customer relationships amortization (23,434 ) (17,519 ) Unpatented technology amortization (5,013 ) (2,864 ) Patented technology amortization (2,213 ) (1,532 ) Tradename amortization (5,097 ) (3,826 ) Acquired backlog amortization (28,695 ) (21,776 ) All other amortization (7,291 ) (5,974 ) Accumulated amortization (71,743 ) (53,491 ) Net definite-lived intangible assets $ 75,475 $ 69,735 Indefinite-lived intangible assets: Trademarks and trade names $ 1,305 $ 1,305 Total indefinite-lived intangible assets $ 1,305 $ 1,305 |
Supplemental Cash Flow Inform57
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | During the twelve months ended December 31, 2017 , 2016 and 2015 , we recognized the following non-cash activity in our consolidated financial statements: (in thousands) 2017 2016 2015 Accrued capital expenditures in accounts payable $ 1,383 $ 2,751 $ 568 Accreted interest expense on our second lien term loan facility $ 3,226 $ — $ — During the years ended December 31, 2017 , 2016 and 2015 we recognized the following cash activity in our consolidated financial statements: (in thousands) 2017 2016 2015 Income tax payments (refunds), net $ (10,889 ) $ 10,781 $ 15,008 Interest payments on our United States revolving credit facility $ 4,909 $ 425 $ — Interest payments on our second lien term loan facility $ 7,044 $ — $ — During the years ended December 31, 2017 , 2016 and 2015 , interest expense in our consolidated financial statements consisted of the following components: (in thousands) 2017 2016 2015 Components associated with borrowings from: United States revolving credit facility $ 5,051 $ 1,669 $ 1,059 Second lien term loan facility 7,211 — — Foreign revolving credit facilities 1,021 847 148 13,283 2,516 1,207 Components associated with amortization or accretion of: United States revolving credit facility deferred financing fees 6,270 1,244 1,131 Second lien term loan facility deferred financing fees and discount 3,226 — — 9,496 1,244 1,131 Other interest expense 3,526 36 — Total interest expense $ 26,305 $ 3,796 $ 2,338 In the year ended December 31, 2017 , other interest expense in the table above is primarily attributable to the $3.0 million of interest expense associated with the ARPA litigation settlement (see Note 21 ). Interest expense included in our consolidated and combined statement of operations for the year ended December 31, 2015 has been corrected to reclassify $1.3 million of interest expense from "other - net" to "interest expense." |
Goodwill Carrying Value of Good
Goodwill Carrying Value of Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Line Items] | |
Goodwill Disclosure [Text Block] | For the remaining four reporting units where impairment was not indicated at September 30, 2017, the goodwill balances at September 30, 2017 (and October 1, 2017) and the Step 1 goodwill impairment test headroom (the estimated fair value less the carrying value) are as follows: Power Segment Industrial Segment (in millions) Power Construction MEGTEC Universal Reporting unit headroom 60% 98% 12% 18% Goodwill balance $38.5 $8.9 $104.3 $14.4 NOTE 15 – GOODWILL The following summarizes the changes in the carrying amount of goodwill: (in thousands) Power Renewable Industrial Total Balance at December 31, 2015 $ 47,137 $ 49,624 $ 104,308 $ 201,069 Increase resulting from SPIG acquisition — — 69,862 69,862 Purchase price adjustment - SPIG acquisition — — 2,539 2,539 Currency translation adjustments (917 ) (1,189 ) (3,969 ) (6,075 ) Balance at December 31, 2016 46,220 48,435 172,740 267,395 Increase resulting from Universal acquisition — — 14,413 14,413 Impairment charges (1) — (49,965 ) (36,938 ) (86,903 ) Currency translation adjustments 1,150 1,530 6,813 9,493 Balance at December 31, 2017 $ 47,370 $ — $ 157,028 $ 204,398 (1) Prior to September 30, 2017, we had not recorded any goodwill impairment charges. Our annual goodwill impairment assessment is performed on October 1 of each year (the "annual assessment" date); however, events during 2017 have required two interim assessments of all six of our reporting units. In the second quarter of 2017, significant charges in our Renewable segment were considered to be a triggering event for the interim assessment as of June 30, 2017, which did not indicate impairment. During the third quarter of 2017, our market capitalization significantly decreased to below our equity value, which was considered to be a trigger for a second interim assessment. Additionally, the forecast was reduced for our SPIG reporting unit based on a change in the market strategy implemented by the new segment management to focus on core geographies and products, which we considered to be another triggering event for an interim assessment during the third quarter of 2017. The second interim assessment as of September 30, 2017 indicated impairment for our Renewable and SPIG reporting units as described below. Our 2017 annual goodwill impairment test as of October 1, 2017 did not indicate additional impairment. Assessing goodwill for impairment involves a two step test. Step 1 of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the test is performed to measure the amount of the impairment loss, if any. Step 2 of the test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill, and impairment is measured as the excess of the carrying value over the implied value of goodwill. Estimating the fair value of a reporting unit requires significant judgment. The fair value of each reporting unit determined under Step 1 of the goodwill impairment test was based on a 50% weighting of an income approach using a discounted cash flow analysis using forward-looking projections of future operating results, a 30% to 40% weighting of a market approach using multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA") of guideline companies and a 20% to 10% weighting of a market approach using multiples of revenue and EBITDA from recent, similar business combinations. We primarily attributed the significant decline in our market capitalization in the third quarter of 2017 to the announcement of significant charges in the Renewable reporting unit. Accordingly, we increased the discount rate applied to future projected cash flows from 15.0% at June 30, 2017 to 23.5% at September 30, 2017. As a result of the increase in the discount rate and an increase in the carrying value of the reporting unit, impairment was indicated at September 30, 2017, which measured $50.0 million ( $48.9 million net of tax), the full carrying value. Other long-lived assets in the reporting unit were not impaired. For our SPIG reporting unit, which is included in our Industrial segment, the Step 1 also indicated impairment at September 30, 2017. At June 30, 2017 and October 1, 2016, the fair value exceeded the carrying value by less than 1% and 5% , respectively. At September 30, 2017, the independently obtained fair value estimates decreased under both the income and market valuation approaches due to a short-term decrease in profitability attributable to specific current contracts and changes in SPIG's market strategy introduced by segment management during the third quarter. The discount rate applied to future projected cash flows was 14.0% and 12.5% at each of the September 30, 2017 and June 30, 2017 interim tests, respectively. Step 2 of the impairment test at September 30, 2017 measured $36.9 million of impairment (with no income tax impact). The SPIG reporting unit has $38.3 million of goodwill remaining after the September 30, 2017 impairment charge. Our 2017 annual goodwill impairment test as of October 1, 2017 utilized the same assumptions and inputs as the test we performed at September 30, 2017, and it did not indicate additional impairment. Other long-lived assets in the reporting unit were not impaired. For the remaining four reporting units where impairment was not indicated at September 30, 2017, the goodwill balances at September 30, 2017 (and October 1, 2017) and the Step 1 goodwill impairment test headroom (the estimated fair value less the carrying value) are as follows: Power Segment Industrial Segment (in millions) Power Construction MEGTEC Universal Reporting unit headroom 60% 98% 12% 18% Goodwill balance $38.5 $8.9 $104.3 $14.4 The following summarizes the changes in the carrying amount of goodwill: (in thousands) Power Renewable Industrial Total Balance at December 31, 2015 $ 47,137 $ 49,624 $ 104,308 $ 201,069 Increase resulting from SPIG acquisition — — 69,862 69,862 Purchase price adjustment - SPIG acquisition — — 2,539 2,539 Currency translation adjustments (917 ) (1,189 ) (3,969 ) (6,075 ) Balance at December 31, 2016 46,220 48,435 172,740 267,395 Increase resulting from Universal acquisition — — 14,413 14,413 Impairment charges (1) — (49,965 ) (36,938 ) (86,903 ) Currency translation adjustments 1,150 1,530 6,813 9,493 Balance at December 31, 2017 $ 47,370 $ — $ 157,028 $ 204,398 |
Goodwill Step 1 Goodwill Result
Goodwill Step 1 Goodwill Results (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Line Items] | |
Goodwill Disclosure [Text Block] | For the remaining four reporting units where impairment was not indicated at September 30, 2017, the goodwill balances at September 30, 2017 (and October 1, 2017) and the Step 1 goodwill impairment test headroom (the estimated fair value less the carrying value) are as follows: Power Segment Industrial Segment (in millions) Power Construction MEGTEC Universal Reporting unit headroom 60% 98% 12% 18% Goodwill balance $38.5 $8.9 $104.3 $14.4 NOTE 15 – GOODWILL The following summarizes the changes in the carrying amount of goodwill: (in thousands) Power Renewable Industrial Total Balance at December 31, 2015 $ 47,137 $ 49,624 $ 104,308 $ 201,069 Increase resulting from SPIG acquisition — — 69,862 69,862 Purchase price adjustment - SPIG acquisition — — 2,539 2,539 Currency translation adjustments (917 ) (1,189 ) (3,969 ) (6,075 ) Balance at December 31, 2016 46,220 48,435 172,740 267,395 Increase resulting from Universal acquisition — — 14,413 14,413 Impairment charges (1) — (49,965 ) (36,938 ) (86,903 ) Currency translation adjustments 1,150 1,530 6,813 9,493 Balance at December 31, 2017 $ 47,370 $ — $ 157,028 $ 204,398 (1) Prior to September 30, 2017, we had not recorded any goodwill impairment charges. Our annual goodwill impairment assessment is performed on October 1 of each year (the "annual assessment" date); however, events during 2017 have required two interim assessments of all six of our reporting units. In the second quarter of 2017, significant charges in our Renewable segment were considered to be a triggering event for the interim assessment as of June 30, 2017, which did not indicate impairment. During the third quarter of 2017, our market capitalization significantly decreased to below our equity value, which was considered to be a trigger for a second interim assessment. Additionally, the forecast was reduced for our SPIG reporting unit based on a change in the market strategy implemented by the new segment management to focus on core geographies and products, which we considered to be another triggering event for an interim assessment during the third quarter of 2017. The second interim assessment as of September 30, 2017 indicated impairment for our Renewable and SPIG reporting units as described below. Our 2017 annual goodwill impairment test as of October 1, 2017 did not indicate additional impairment. Assessing goodwill for impairment involves a two step test. Step 1 of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the test is performed to measure the amount of the impairment loss, if any. Step 2 of the test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill, and impairment is measured as the excess of the carrying value over the implied value of goodwill. Estimating the fair value of a reporting unit requires significant judgment. The fair value of each reporting unit determined under Step 1 of the goodwill impairment test was based on a 50% weighting of an income approach using a discounted cash flow analysis using forward-looking projections of future operating results, a 30% to 40% weighting of a market approach using multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA") of guideline companies and a 20% to 10% weighting of a market approach using multiples of revenue and EBITDA from recent, similar business combinations. We primarily attributed the significant decline in our market capitalization in the third quarter of 2017 to the announcement of significant charges in the Renewable reporting unit. Accordingly, we increased the discount rate applied to future projected cash flows from 15.0% at June 30, 2017 to 23.5% at September 30, 2017. As a result of the increase in the discount rate and an increase in the carrying value of the reporting unit, impairment was indicated at September 30, 2017, which measured $50.0 million ( $48.9 million net of tax), the full carrying value. Other long-lived assets in the reporting unit were not impaired. For our SPIG reporting unit, which is included in our Industrial segment, the Step 1 also indicated impairment at September 30, 2017. At June 30, 2017 and October 1, 2016, the fair value exceeded the carrying value by less than 1% and 5% , respectively. At September 30, 2017, the independently obtained fair value estimates decreased under both the income and market valuation approaches due to a short-term decrease in profitability attributable to specific current contracts and changes in SPIG's market strategy introduced by segment management during the third quarter. The discount rate applied to future projected cash flows was 14.0% and 12.5% at each of the September 30, 2017 and June 30, 2017 interim tests, respectively. Step 2 of the impairment test at September 30, 2017 measured $36.9 million of impairment (with no income tax impact). The SPIG reporting unit has $38.3 million of goodwill remaining after the September 30, 2017 impairment charge. Our 2017 annual goodwill impairment test as of October 1, 2017 utilized the same assumptions and inputs as the test we performed at September 30, 2017, and it did not indicate additional impairment. Other long-lived assets in the reporting unit were not impaired. For the remaining four reporting units where impairment was not indicated at September 30, 2017, the goodwill balances at September 30, 2017 (and October 1, 2017) and the Step 1 goodwill impairment test headroom (the estimated fair value less the carrying value) are as follows: Power Segment Industrial Segment (in millions) Power Construction MEGTEC Universal Reporting unit headroom 60% 98% 12% 18% Goodwill balance $38.5 $8.9 $104.3 $14.4 The following summarizes the changes in the carrying amount of goodwill: (in thousands) Power Renewable Industrial Total Balance at December 31, 2015 $ 47,137 $ 49,624 $ 104,308 $ 201,069 Increase resulting from SPIG acquisition — — 69,862 69,862 Purchase price adjustment - SPIG acquisition — — 2,539 2,539 Currency translation adjustments (917 ) (1,189 ) (3,969 ) (6,075 ) Balance at December 31, 2016 46,220 48,435 172,740 267,395 Increase resulting from Universal acquisition — — 14,413 14,413 Impairment charges (1) — (49,965 ) (36,938 ) (86,903 ) Currency translation adjustments 1,150 1,530 6,813 9,493 Balance at December 31, 2017 $ 47,370 $ — $ 157,028 $ 204,398 |
Pension Plans and Postretirem60
Pension Plans and Postretirement Benefits Fair value of plan assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Fair value of plan assets See Note 23 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017: (in thousands) 12/31/2017 Level 1 Level 2 Fixed income $ 352,484 $ — $ 352,484 Equities 33,525 33,525 — Commingled and mutual funds 413,166 — 413,166 United States government securities 193,249 193,249 — Cash and accrued items 14,578 12,585 1,993 Total pension and other postretirement benefit assets $ 1,007,002 $ 239,359 $ 767,643 The following is a summary of total investments for our plans measured at fair value at December 31, 2016: (in thousands) 12/31/2016 Level 1 Level 2 Fixed income $ 321,847 $ — $ 321,847 Equities 83,441 78,268 5,173 Commingled and mutual funds 349,348 4,609 344,739 United States government securities 156,599 156,599 — Cash and accrued items 11,633 9,394 2,239 Total pension and other postretirement benefit assets $ 922,868 $ 248,870 $ 673,998 |
Pension Plans and Postretirem61
Pension Plans and Postretirement Benefits Obligations and Funded Status (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Benefits Year Ended December 31, Other Postretirement Benefits Year Ended December 31, (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 1,211,720 $ 1,205,163 $ 11,907 $ 31,889 Service cost 789 1,680 15 23 Interest cost 41,113 40,875 319 897 Plan participants’ contributions — — 219 574 Curtailments — 266 — — Settlements 509 1,453 — — Amendments — 231 — (10,801 ) Actuarial loss (gain) 73,403 41,957 (141 ) (7,162 ) Loss (gain) due to transfer — 3,641 — — Foreign currency exchange rate changes 6,222 (5,099 ) 126 50 Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Benefit obligation at end of period $ 1,254,802 $ 1,211,720 $ 11,029 $ 11,907 Change in plan assets: Fair value of plan assets at beginning of period $ 922,868 $ 923,030 $ — $ — Actual return on plan assets 149,449 76,570 — — Employer contribution 17,307 3,986 1,197 2,989 Plan participants' contributions — — 219 574 Transfers — 2,744 — — Foreign currency exchange rate changes (3,668 ) (5,015 ) — — Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Fair value of plan assets at the end of period 1,007,002 922,868 — — Funded status $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (1,930 ) $ (1,099 ) $ (1,615 ) $ (1,722 ) Accumulated postretirement benefit obligation — — (9,414 ) (10,185 ) Pension liability (245,870 ) (287,753 ) — — Prepaid pension — — — — Accrued benefit liability, net $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 324 $ 432 $ (7,792 ) $ (10,801 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 1,254,802 $ 1,183,345 $ — $ — Accumulated benefit obligation $ 1,272,010 $ 1,206,056 $ 11,029 $ 11,907 Fair value of plan assets $ 1,007,002 $ 894,105 $ — $ — Plans with plan assets in excess of accumulated benefit obligation Projected benefit obligation $ — $ 28,375 $ — $ — Accumulated benefit obligation $ — $ 28,375 $ — $ — Fair value of plan assets $ — $ 28,763 $ — $ — |
Pension Plans and Postretirem62
Pension Plans and Postretirement Benefits Components of Net Periodic Benefit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) |
Pension Plans and Postretirem63
Pension Plans and Postretirement Benefits Recognized Net Actuarial Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits to domestic employees under the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "Company Plan"), a noncontributory plan. As of 2006, the Company Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the Company Plan will cease. Furthermore, beginning on January 1, 2016, we began making service-based, cash contributions to a defined contribution plan for those employees impacted by the plan freeze. Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of 6 months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. In 2014, benefit accruals under certain hourly Canadian pension plans were ceased with an effective date of January 1, 2015. As part of the spin-off transaction, we split the Canadian defined benefit plans from BWC, which was completed in 2017. We did not present these plans as multi-employer plans because our portion was separately identifiable and we were able to assess the assets, liabilities and periodic expense in the same manner as if it were a separate plan in each period. We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. We make available other benefits which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts, and on a limited basis, to future retirees. Obligations and funded status Pension Benefits Year Ended December 31, Other Postretirement Benefits Year Ended December 31, (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 1,211,720 $ 1,205,163 $ 11,907 $ 31,889 Service cost 789 1,680 15 23 Interest cost 41,113 40,875 319 897 Plan participants’ contributions — — 219 574 Curtailments — 266 — — Settlements 509 1,453 — — Amendments — 231 — (10,801 ) Actuarial loss (gain) 73,403 41,957 (141 ) (7,162 ) Loss (gain) due to transfer — 3,641 — — Foreign currency exchange rate changes 6,222 (5,099 ) 126 50 Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Benefit obligation at end of period $ 1,254,802 $ 1,211,720 $ 11,029 $ 11,907 Change in plan assets: Fair value of plan assets at beginning of period $ 922,868 $ 923,030 $ — $ — Actual return on plan assets 149,449 76,570 — — Employer contribution 17,307 3,986 1,197 2,989 Plan participants' contributions — — 219 574 Transfers — 2,744 — — Foreign currency exchange rate changes (3,668 ) (5,015 ) — — Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Fair value of plan assets at the end of period 1,007,002 922,868 — — Funded status $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (1,930 ) $ (1,099 ) $ (1,615 ) $ (1,722 ) Accumulated postretirement benefit obligation — — (9,414 ) (10,185 ) Pension liability (245,870 ) (287,753 ) — — Prepaid pension — — — — Accrued benefit liability, net $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 324 $ 432 $ (7,792 ) $ (10,801 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 1,254,802 $ 1,183,345 $ — $ — Accumulated benefit obligation $ 1,272,010 $ 1,206,056 $ 11,029 $ 11,907 Fair value of plan assets $ 1,007,002 $ 894,105 $ — $ — Plans with plan assets in excess of accumulated benefit obligation Projected benefit obligation $ — $ 28,375 $ — $ — Accumulated benefit obligation $ — $ 28,375 $ — $ — Fair value of plan assets $ — $ 28,763 $ — $ — Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) During the first quarter of 2017, lump sum payments from our Canadian pension plan resulted in a plan settlement of $0.4 million , which also resulted in interim mark to market accounting for the pension plan. The mark to market adjustment in the first quarter of 2017 was $0.7 million . The effect of these charges and mark to market adjustments are reflected in the " Recognized net actuarial loss (gain)" in the table above. There were no significant plan settlements or interim mark to market adjustments after the first quarter of 2017. We terminated the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. The Retiree OPEB plan was originally established to provide secondary medical insurance coverage for retirees that had reached the age of 65, up to a lifetime maximum cost. The Retiree OPEB plan had no plan assets, no accumulated other comprehensive income balance and no active participants as of the termination date. In exchange for terminating the Retiree OPEB plan, the participants had the option to enroll in a third-party health care exchange, which B&W agreed to contribute up to $750 a year for each of the next three years (beginning in 2017), provided the plan participant had not yet reached their lifetime maximum under the terminated Retiree OPEB plan. Based on the number of participants who did not enroll in the new benefit plan, we recognized a settlement gain of $7.2 million on December 31, 2016. Based on the number of participants who did enroll in the new benefit plan, we recognized a curtailment gain of $10.8 million on December 31, 2016 for the actuarially determined difference in the liability for these participants in the Retiree OPEB plan and the new plan. The settlement gain is reported in the "Recognized net actuarial loss" in the table above, and the curtailment gain was deferred in accumulated other comprehensive income and $3.0 million was recognized in 2017, and we expect to recognize the remainder during the periods of 2018 through 2020. During 2016, we recorded adjustments to our benefit plan liabilities from pension curtailment and settlement events. Lump sum payments from our Canadian pension plan during 2016 resulted in interim pension plan settlement charges totaling $1.2 million in 2016. Also, in May 2016, the closure of our West Point, Mississippi manufacturing facility resulted in a $1.8 million curtailment charge in the Company Plan. These events also resulted in $27.5 million in interim MTM losses for these pension plans, the effects of which are reflected in the 2016 "Recognized net actuarial loss (gain)" in the table above along with a $1.4 million loss for the annual MTM adjustment of our pension plans at December 31, 2016 . Recognized net actuarial loss (gain) consists primarily of our reported actuarial loss (gain), curtailments and the difference between the actual return on plan assets and the expected return on plan assets. Total net mark to market adjustments for our pension and other postretirement benefit plans were (gains) losses of $(8.7) million , $24.1 million and $40.2 million in the years ended, December 31, 2017, 2016 and 2015, respectively. We have excluded the recognized net actuarial loss from our reportable segments and such amount has been reflected in Note 4 as the mark to market adjustment in the reconciliation of reportable segment income (loss) to consolidated operating losses. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.65% 4.13% 3.33% 3.66% Rate of compensation increase 0.10% 2.40% — — Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.11% 4.25% 3.33% 3.66% Expected return on plan assets 6.64% 6.70% —% —% Rate of compensation increase 0.10% 2.40% —% —% The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.89% for the majority of our pension plan assets (approximately 93% of our total pension assets at December 31, 2017). 2016 Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year 8.50 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % Year that the rate reaches ultimate trend rate 2024 During the year ended December 31, 2017, we did not utilize health care cost assumptions as a result of our termination of the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. Investment goals The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plans' overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic plans: We sponsor the Company Plan, which is a domestic defined benefit plan. The assets of this plan are held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2017 and 2016, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 17% and 9% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % Fair value of plan assets See Note 23 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017: (in thousands) 12/31/2017 Level 1 Level 2 Fixed income $ 352,484 $ — $ 352,484 Equities 33,525 33,525 — Commingled and mutual funds 413,166 — 413,166 United States government securities 193,249 193,249 — Cash and accrued items 14,578 12,585 1,993 Total pension and other postretirement benefit assets $ 1,007,002 $ 239,359 $ 767,643 The following is a summary of total investments for our plans measured at fair value at December 31, 2016: (in thousands) 12/31/2016 Level 1 Level 2 Fixed income $ 321,847 $ — $ 321,847 Equities 83,441 78,268 5,173 Commingled and mutual funds 349,348 4,609 344,739 United States government securities 156,599 156,599 — Cash and accrued items 11,633 9,394 2,239 Total pension and other postretirement benefit assets $ 922,868 $ 248,870 $ 673,998 Expected cash flows Domestic Plans Foreign Plans (in thousands) Pension Benefits 1 Other Benefits Pension Benefits 1 Other Benefits Expected employer contributions to trusts of defined benefit plans: 2018 $ 16,798 $ 1,400 $ 3,126 $ 167 Expected benefit payments: 2018 $ 71,881 $ 1,463 $ 3,003 $ 167 2019 72,537 1,342 3,095 167 2020 73,104 854 3,175 169 2021 73,331 802 3,252 163 2022 73,434 746 3,318 146 2023-2027 359,308 2,975 18,576 611 1 Pension benefit payments are made from their respective plan's trust. Defined contribution plans We provide benefits under The B&W Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of participants' contributions up to 6% of compensation. These matching employer contributions are typically made in cash. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $14.4 million , $13.4 million and $8.9 million in the years ended December 31, 2017, 2016 and 2015, respectively. We also provide benefits under the MEGTEC Union Plan, a defined contribution plan. The total employer contribution expense for the Union plan was approximately $0.2 million , $0.3 million and $0.3 million in the years ended December 31, 2017, 2016 and 2015, respectively. Matching employer contributions are made in cash. We also provide benefits under the Universal Defined Contribution Plan (the "Universal Plan"). The total employer contribution expense for the Universal Plan was approximately $0.5 million in the year ended December 31, 2017. Matching employer contributions are made in cash. Effective December 31, 2016, we merged the MEGTEC Non-union Plan and SPIG 401(k) defined contribution plans into the Thrift Plan. For the MEGTEC Non-union Plan, amounts charged to expense for our contributions were approximately $1.1 million and $1.1 million in the years ended December 31, 2016 and 2015, respectively. Matching employer contributions were made in cash. The SPIG 401(k) plan contributions were also made in cash, and were not material to our consolidated financial statements in 2016. Also, our salaried Canadian employees are provided with a defined contribution plan. As of and in the periods following January 1, 2012, we made cash, service-based contributions under this arrangement. The amount charged to expense for employer contributions was approximately $0.3 million , $0.4 million and $0.1 million in the years ended December 31, 2017, 2016 and 2015, respectively. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. See Note 29 for the future expected effect of FASB ASU 2017-07 on the presentation of benefit and expense related to our pension and post retirement plans. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 |
Pension Plans and Postretirem64
Pension Plans and Postretirement Benefits Health care cost trend (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Health Care Cost Trend Rates [Table Text Block] | 2016 Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year 8.50 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % Year that the rate reaches ultimate trend rate 2024 |
Pension Plans and Postretirem65
Pension Plans and Postretirement Benefits Allocation of Plan Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % |
Pension Plans and Postretirem66
Pension Plans and Postretirement Benefits Foreign Plan - Allocation of Plan Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % |
Pension Plans and Postretirem67
Pension Plans and Postretirement Benefits Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Expected cash flows Domestic Plans Foreign Plans (in thousands) Pension Benefits 1 Other Benefits Pension Benefits 1 Other Benefits Expected employer contributions to trusts of defined benefit plans: 2018 $ 16,798 $ 1,400 $ 3,126 $ 167 Expected benefit payments: 2018 $ 71,881 $ 1,463 $ 3,003 $ 167 2019 72,537 1,342 3,095 167 2020 73,104 854 3,175 169 2021 73,331 802 3,252 163 2022 73,434 746 3,318 146 2023-2027 359,308 2,975 18,576 611 1 Pension benefit payments are made from their respective plan's trust. |
Pension Plans and Postretirem68
Pension Plans and Postretirement Benefits Multi-Employer Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits to domestic employees under the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "Company Plan"), a noncontributory plan. As of 2006, the Company Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the Company Plan will cease. Furthermore, beginning on January 1, 2016, we began making service-based, cash contributions to a defined contribution plan for those employees impacted by the plan freeze. Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of 6 months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. In 2014, benefit accruals under certain hourly Canadian pension plans were ceased with an effective date of January 1, 2015. As part of the spin-off transaction, we split the Canadian defined benefit plans from BWC, which was completed in 2017. We did not present these plans as multi-employer plans because our portion was separately identifiable and we were able to assess the assets, liabilities and periodic expense in the same manner as if it were a separate plan in each period. We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. We make available other benefits which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts, and on a limited basis, to future retirees. Obligations and funded status Pension Benefits Year Ended December 31, Other Postretirement Benefits Year Ended December 31, (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 1,211,720 $ 1,205,163 $ 11,907 $ 31,889 Service cost 789 1,680 15 23 Interest cost 41,113 40,875 319 897 Plan participants’ contributions — — 219 574 Curtailments — 266 — — Settlements 509 1,453 — — Amendments — 231 — (10,801 ) Actuarial loss (gain) 73,403 41,957 (141 ) (7,162 ) Loss (gain) due to transfer — 3,641 — — Foreign currency exchange rate changes 6,222 (5,099 ) 126 50 Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Benefit obligation at end of period $ 1,254,802 $ 1,211,720 $ 11,029 $ 11,907 Change in plan assets: Fair value of plan assets at beginning of period $ 922,868 $ 923,030 $ — $ — Actual return on plan assets 149,449 76,570 — — Employer contribution 17,307 3,986 1,197 2,989 Plan participants' contributions — — 219 574 Transfers — 2,744 — — Foreign currency exchange rate changes (3,668 ) (5,015 ) — — Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Fair value of plan assets at the end of period 1,007,002 922,868 — — Funded status $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (1,930 ) $ (1,099 ) $ (1,615 ) $ (1,722 ) Accumulated postretirement benefit obligation — — (9,414 ) (10,185 ) Pension liability (245,870 ) (287,753 ) — — Prepaid pension — — — — Accrued benefit liability, net $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 324 $ 432 $ (7,792 ) $ (10,801 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 1,254,802 $ 1,183,345 $ — $ — Accumulated benefit obligation $ 1,272,010 $ 1,206,056 $ 11,029 $ 11,907 Fair value of plan assets $ 1,007,002 $ 894,105 $ — $ — Plans with plan assets in excess of accumulated benefit obligation Projected benefit obligation $ — $ 28,375 $ — $ — Accumulated benefit obligation $ — $ 28,375 $ — $ — Fair value of plan assets $ — $ 28,763 $ — $ — Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) During the first quarter of 2017, lump sum payments from our Canadian pension plan resulted in a plan settlement of $0.4 million , which also resulted in interim mark to market accounting for the pension plan. The mark to market adjustment in the first quarter of 2017 was $0.7 million . The effect of these charges and mark to market adjustments are reflected in the " Recognized net actuarial loss (gain)" in the table above. There were no significant plan settlements or interim mark to market adjustments after the first quarter of 2017. We terminated the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. The Retiree OPEB plan was originally established to provide secondary medical insurance coverage for retirees that had reached the age of 65, up to a lifetime maximum cost. The Retiree OPEB plan had no plan assets, no accumulated other comprehensive income balance and no active participants as of the termination date. In exchange for terminating the Retiree OPEB plan, the participants had the option to enroll in a third-party health care exchange, which B&W agreed to contribute up to $750 a year for each of the next three years (beginning in 2017), provided the plan participant had not yet reached their lifetime maximum under the terminated Retiree OPEB plan. Based on the number of participants who did not enroll in the new benefit plan, we recognized a settlement gain of $7.2 million on December 31, 2016. Based on the number of participants who did enroll in the new benefit plan, we recognized a curtailment gain of $10.8 million on December 31, 2016 for the actuarially determined difference in the liability for these participants in the Retiree OPEB plan and the new plan. The settlement gain is reported in the "Recognized net actuarial loss" in the table above, and the curtailment gain was deferred in accumulated other comprehensive income and $3.0 million was recognized in 2017, and we expect to recognize the remainder during the periods of 2018 through 2020. During 2016, we recorded adjustments to our benefit plan liabilities from pension curtailment and settlement events. Lump sum payments from our Canadian pension plan during 2016 resulted in interim pension plan settlement charges totaling $1.2 million in 2016. Also, in May 2016, the closure of our West Point, Mississippi manufacturing facility resulted in a $1.8 million curtailment charge in the Company Plan. These events also resulted in $27.5 million in interim MTM losses for these pension plans, the effects of which are reflected in the 2016 "Recognized net actuarial loss (gain)" in the table above along with a $1.4 million loss for the annual MTM adjustment of our pension plans at December 31, 2016 . Recognized net actuarial loss (gain) consists primarily of our reported actuarial loss (gain), curtailments and the difference between the actual return on plan assets and the expected return on plan assets. Total net mark to market adjustments for our pension and other postretirement benefit plans were (gains) losses of $(8.7) million , $24.1 million and $40.2 million in the years ended, December 31, 2017, 2016 and 2015, respectively. We have excluded the recognized net actuarial loss from our reportable segments and such amount has been reflected in Note 4 as the mark to market adjustment in the reconciliation of reportable segment income (loss) to consolidated operating losses. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.65% 4.13% 3.33% 3.66% Rate of compensation increase 0.10% 2.40% — — Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.11% 4.25% 3.33% 3.66% Expected return on plan assets 6.64% 6.70% —% —% Rate of compensation increase 0.10% 2.40% —% —% The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.89% for the majority of our pension plan assets (approximately 93% of our total pension assets at December 31, 2017). 2016 Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year 8.50 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % Year that the rate reaches ultimate trend rate 2024 During the year ended December 31, 2017, we did not utilize health care cost assumptions as a result of our termination of the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. Investment goals The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plans' overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic plans: We sponsor the Company Plan, which is a domestic defined benefit plan. The assets of this plan are held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2017 and 2016, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 17% and 9% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % Fair value of plan assets See Note 23 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017: (in thousands) 12/31/2017 Level 1 Level 2 Fixed income $ 352,484 $ — $ 352,484 Equities 33,525 33,525 — Commingled and mutual funds 413,166 — 413,166 United States government securities 193,249 193,249 — Cash and accrued items 14,578 12,585 1,993 Total pension and other postretirement benefit assets $ 1,007,002 $ 239,359 $ 767,643 The following is a summary of total investments for our plans measured at fair value at December 31, 2016: (in thousands) 12/31/2016 Level 1 Level 2 Fixed income $ 321,847 $ — $ 321,847 Equities 83,441 78,268 5,173 Commingled and mutual funds 349,348 4,609 344,739 United States government securities 156,599 156,599 — Cash and accrued items 11,633 9,394 2,239 Total pension and other postretirement benefit assets $ 922,868 $ 248,870 $ 673,998 Expected cash flows Domestic Plans Foreign Plans (in thousands) Pension Benefits 1 Other Benefits Pension Benefits 1 Other Benefits Expected employer contributions to trusts of defined benefit plans: 2018 $ 16,798 $ 1,400 $ 3,126 $ 167 Expected benefit payments: 2018 $ 71,881 $ 1,463 $ 3,003 $ 167 2019 72,537 1,342 3,095 167 2020 73,104 854 3,175 169 2021 73,331 802 3,252 163 2022 73,434 746 3,318 146 2023-2027 359,308 2,975 18,576 611 1 Pension benefit payments are made from their respective plan's trust. Defined contribution plans We provide benefits under The B&W Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of participants' contributions up to 6% of compensation. These matching employer contributions are typically made in cash. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $14.4 million , $13.4 million and $8.9 million in the years ended December 31, 2017, 2016 and 2015, respectively. We also provide benefits under the MEGTEC Union Plan, a defined contribution plan. The total employer contribution expense for the Union plan was approximately $0.2 million , $0.3 million and $0.3 million in the years ended December 31, 2017, 2016 and 2015, respectively. Matching employer contributions are made in cash. We also provide benefits under the Universal Defined Contribution Plan (the "Universal Plan"). The total employer contribution expense for the Universal Plan was approximately $0.5 million in the year ended December 31, 2017. Matching employer contributions are made in cash. Effective December 31, 2016, we merged the MEGTEC Non-union Plan and SPIG 401(k) defined contribution plans into the Thrift Plan. For the MEGTEC Non-union Plan, amounts charged to expense for our contributions were approximately $1.1 million and $1.1 million in the years ended December 31, 2016 and 2015, respectively. Matching employer contributions were made in cash. The SPIG 401(k) plan contributions were also made in cash, and were not material to our consolidated financial statements in 2016. Also, our salaried Canadian employees are provided with a defined contribution plan. As of and in the periods following January 1, 2012, we made cash, service-based contributions under this arrangement. The amount charged to expense for employer contributions was approximately $0.3 million , $0.4 million and $0.1 million in the years ended December 31, 2017, 2016 and 2015, respectively. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. See Note 29 for the future expected effect of FASB ASU 2017-07 on the presentation of benefit and expense related to our pension and post retirement plans. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 |
Pension Plans and Postretirem69
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits to domestic employees under the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "Company Plan"), a noncontributory plan. As of 2006, the Company Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the Company Plan will cease. Furthermore, beginning on January 1, 2016, we began making service-based, cash contributions to a defined contribution plan for those employees impacted by the plan freeze. Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of 6 months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. In 2014, benefit accruals under certain hourly Canadian pension plans were ceased with an effective date of January 1, 2015. As part of the spin-off transaction, we split the Canadian defined benefit plans from BWC, which was completed in 2017. We did not present these plans as multi-employer plans because our portion was separately identifiable and we were able to assess the assets, liabilities and periodic expense in the same manner as if it were a separate plan in each period. We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. We make available other benefits which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts, and on a limited basis, to future retirees. Obligations and funded status Pension Benefits Year Ended December 31, Other Postretirement Benefits Year Ended December 31, (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 1,211,720 $ 1,205,163 $ 11,907 $ 31,889 Service cost 789 1,680 15 23 Interest cost 41,113 40,875 319 897 Plan participants’ contributions — — 219 574 Curtailments — 266 — — Settlements 509 1,453 — — Amendments — 231 — (10,801 ) Actuarial loss (gain) 73,403 41,957 (141 ) (7,162 ) Loss (gain) due to transfer — 3,641 — — Foreign currency exchange rate changes 6,222 (5,099 ) 126 50 Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Benefit obligation at end of period $ 1,254,802 $ 1,211,720 $ 11,029 $ 11,907 Change in plan assets: Fair value of plan assets at beginning of period $ 922,868 $ 923,030 $ — $ — Actual return on plan assets 149,449 76,570 — — Employer contribution 17,307 3,986 1,197 2,989 Plan participants' contributions — — 219 574 Transfers — 2,744 — — Foreign currency exchange rate changes (3,668 ) (5,015 ) — — Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Fair value of plan assets at the end of period 1,007,002 922,868 — — Funded status $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (1,930 ) $ (1,099 ) $ (1,615 ) $ (1,722 ) Accumulated postretirement benefit obligation — — (9,414 ) (10,185 ) Pension liability (245,870 ) (287,753 ) — — Prepaid pension — — — — Accrued benefit liability, net $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 324 $ 432 $ (7,792 ) $ (10,801 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 1,254,802 $ 1,183,345 $ — $ — Accumulated benefit obligation $ 1,272,010 $ 1,206,056 $ 11,029 $ 11,907 Fair value of plan assets $ 1,007,002 $ 894,105 $ — $ — Plans with plan assets in excess of accumulated benefit obligation Projected benefit obligation $ — $ 28,375 $ — $ — Accumulated benefit obligation $ — $ 28,375 $ — $ — Fair value of plan assets $ — $ 28,763 $ — $ — Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) During the first quarter of 2017, lump sum payments from our Canadian pension plan resulted in a plan settlement of $0.4 million , which also resulted in interim mark to market accounting for the pension plan. The mark to market adjustment in the first quarter of 2017 was $0.7 million . The effect of these charges and mark to market adjustments are reflected in the " Recognized net actuarial loss (gain)" in the table above. There were no significant plan settlements or interim mark to market adjustments after the first quarter of 2017. We terminated the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. The Retiree OPEB plan was originally established to provide secondary medical insurance coverage for retirees that had reached the age of 65, up to a lifetime maximum cost. The Retiree OPEB plan had no plan assets, no accumulated other comprehensive income balance and no active participants as of the termination date. In exchange for terminating the Retiree OPEB plan, the participants had the option to enroll in a third-party health care exchange, which B&W agreed to contribute up to $750 a year for each of the next three years (beginning in 2017), provided the plan participant had not yet reached their lifetime maximum under the terminated Retiree OPEB plan. Based on the number of participants who did not enroll in the new benefit plan, we recognized a settlement gain of $7.2 million on December 31, 2016. Based on the number of participants who did enroll in the new benefit plan, we recognized a curtailment gain of $10.8 million on December 31, 2016 for the actuarially determined difference in the liability for these participants in the Retiree OPEB plan and the new plan. The settlement gain is reported in the "Recognized net actuarial loss" in the table above, and the curtailment gain was deferred in accumulated other comprehensive income and $3.0 million was recognized in 2017, and we expect to recognize the remainder during the periods of 2018 through 2020. During 2016, we recorded adjustments to our benefit plan liabilities from pension curtailment and settlement events. Lump sum payments from our Canadian pension plan during 2016 resulted in interim pension plan settlement charges totaling $1.2 million in 2016. Also, in May 2016, the closure of our West Point, Mississippi manufacturing facility resulted in a $1.8 million curtailment charge in the Company Plan. These events also resulted in $27.5 million in interim MTM losses for these pension plans, the effects of which are reflected in the 2016 "Recognized net actuarial loss (gain)" in the table above along with a $1.4 million loss for the annual MTM adjustment of our pension plans at December 31, 2016 . Recognized net actuarial loss (gain) consists primarily of our reported actuarial loss (gain), curtailments and the difference between the actual return on plan assets and the expected return on plan assets. Total net mark to market adjustments for our pension and other postretirement benefit plans were (gains) losses of $(8.7) million , $24.1 million and $40.2 million in the years ended, December 31, 2017, 2016 and 2015, respectively. We have excluded the recognized net actuarial loss from our reportable segments and such amount has been reflected in Note 4 as the mark to market adjustment in the reconciliation of reportable segment income (loss) to consolidated operating losses. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.65% 4.13% 3.33% 3.66% Rate of compensation increase 0.10% 2.40% — — Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.11% 4.25% 3.33% 3.66% Expected return on plan assets 6.64% 6.70% —% —% Rate of compensation increase 0.10% 2.40% —% —% The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.89% for the majority of our pension plan assets (approximately 93% of our total pension assets at December 31, 2017). 2016 Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year 8.50 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % Year that the rate reaches ultimate trend rate 2024 During the year ended December 31, 2017, we did not utilize health care cost assumptions as a result of our termination of the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. Investment goals The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plans' overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic plans: We sponsor the Company Plan, which is a domestic defined benefit plan. The assets of this plan are held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2017 and 2016, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 17% and 9% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % Fair value of plan assets See Note 23 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017: (in thousands) 12/31/2017 Level 1 Level 2 Fixed income $ 352,484 $ — $ 352,484 Equities 33,525 33,525 — Commingled and mutual funds 413,166 — 413,166 United States government securities 193,249 193,249 — Cash and accrued items 14,578 12,585 1,993 Total pension and other postretirement benefit assets $ 1,007,002 $ 239,359 $ 767,643 The following is a summary of total investments for our plans measured at fair value at December 31, 2016: (in thousands) 12/31/2016 Level 1 Level 2 Fixed income $ 321,847 $ — $ 321,847 Equities 83,441 78,268 5,173 Commingled and mutual funds 349,348 4,609 344,739 United States government securities 156,599 156,599 — Cash and accrued items 11,633 9,394 2,239 Total pension and other postretirement benefit assets $ 922,868 $ 248,870 $ 673,998 Expected cash flows Domestic Plans Foreign Plans (in thousands) Pension Benefits 1 Other Benefits Pension Benefits 1 Other Benefits Expected employer contributions to trusts of defined benefit plans: 2018 $ 16,798 $ 1,400 $ 3,126 $ 167 Expected benefit payments: 2018 $ 71,881 $ 1,463 $ 3,003 $ 167 2019 72,537 1,342 3,095 167 2020 73,104 854 3,175 169 2021 73,331 802 3,252 163 2022 73,434 746 3,318 146 2023-2027 359,308 2,975 18,576 611 1 Pension benefit payments are made from their respective plan's trust. Defined contribution plans We provide benefits under The B&W Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of participants' contributions up to 6% of compensation. These matching employer contributions are typically made in cash. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $14.4 million , $13.4 million and $8.9 million in the years ended December 31, 2017, 2016 and 2015, respectively. We also provide benefits under the MEGTEC Union Plan, a defined contribution plan. The total employer contribution expense for the Union plan was approximately $0.2 million , $0.3 million and $0.3 million in the years ended December 31, 2017, 2016 and 2015, respectively. Matching employer contributions are made in cash. We also provide benefits under the Universal Defined Contribution Plan (the "Universal Plan"). The total employer contribution expense for the Universal Plan was approximately $0.5 million in the year ended December 31, 2017. Matching employer contributions are made in cash. Effective December 31, 2016, we merged the MEGTEC Non-union Plan and SPIG 401(k) defined contribution plans into the Thrift Plan. For the MEGTEC Non-union Plan, amounts charged to expense for our contributions were approximately $1.1 million and $1.1 million in the years ended December 31, 2016 and 2015, respectively. Matching employer contributions were made in cash. The SPIG 401(k) plan contributions were also made in cash, and were not material to our consolidated financial statements in 2016. Also, our salaried Canadian employees are provided with a defined contribution plan. As of and in the periods following January 1, 2012, we made cash, service-based contributions under this arrangement. The amount charged to expense for employer contributions was approximately $0.3 million , $0.4 million and $0.1 million in the years ended December 31, 2017, 2016 and 2015, respectively. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. See Note 29 for the future expected effect of FASB ASU 2017-07 on the presentation of benefit and expense related to our pension and post retirement plans. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) |
Pension Plans and Postretirem70
Pension Plans and Postretirement Benefits Assumptions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.65% 4.13% 3.33% 3.66% Rate of compensation increase 0.10% 2.40% — — Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.11% 4.25% 3.33% 3.66% Expected return on plan assets 6.64% 6.70% —% —% Rate of compensation increase 0.10% 2.40% —% —% The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.89% for the majority of our pension plan assets (approximately 93% of our total pension assets at December 31, 2017). |
Pension Plans and Postretirem71
Pension Plans and Postretirement Benefits Investment goals (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits to domestic employees under the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "Company Plan"), a noncontributory plan. As of 2006, the Company Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the Company Plan will cease. Furthermore, beginning on January 1, 2016, we began making service-based, cash contributions to a defined contribution plan for those employees impacted by the plan freeze. Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of 6 months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. In 2014, benefit accruals under certain hourly Canadian pension plans were ceased with an effective date of January 1, 2015. As part of the spin-off transaction, we split the Canadian defined benefit plans from BWC, which was completed in 2017. We did not present these plans as multi-employer plans because our portion was separately identifiable and we were able to assess the assets, liabilities and periodic expense in the same manner as if it were a separate plan in each period. We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. We make available other benefits which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts, and on a limited basis, to future retirees. Obligations and funded status Pension Benefits Year Ended December 31, Other Postretirement Benefits Year Ended December 31, (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 1,211,720 $ 1,205,163 $ 11,907 $ 31,889 Service cost 789 1,680 15 23 Interest cost 41,113 40,875 319 897 Plan participants’ contributions — — 219 574 Curtailments — 266 — — Settlements 509 1,453 — — Amendments — 231 — (10,801 ) Actuarial loss (gain) 73,403 41,957 (141 ) (7,162 ) Loss (gain) due to transfer — 3,641 — — Foreign currency exchange rate changes 6,222 (5,099 ) 126 50 Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Benefit obligation at end of period $ 1,254,802 $ 1,211,720 $ 11,029 $ 11,907 Change in plan assets: Fair value of plan assets at beginning of period $ 922,868 $ 923,030 $ — $ — Actual return on plan assets 149,449 76,570 — — Employer contribution 17,307 3,986 1,197 2,989 Plan participants' contributions — — 219 574 Transfers — 2,744 — — Foreign currency exchange rate changes (3,668 ) (5,015 ) — — Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Fair value of plan assets at the end of period 1,007,002 922,868 — — Funded status $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (1,930 ) $ (1,099 ) $ (1,615 ) $ (1,722 ) Accumulated postretirement benefit obligation — — (9,414 ) (10,185 ) Pension liability (245,870 ) (287,753 ) — — Prepaid pension — — — — Accrued benefit liability, net $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 324 $ 432 $ (7,792 ) $ (10,801 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 1,254,802 $ 1,183,345 $ — $ — Accumulated benefit obligation $ 1,272,010 $ 1,206,056 $ 11,029 $ 11,907 Fair value of plan assets $ 1,007,002 $ 894,105 $ — $ — Plans with plan assets in excess of accumulated benefit obligation Projected benefit obligation $ — $ 28,375 $ — $ — Accumulated benefit obligation $ — $ 28,375 $ — $ — Fair value of plan assets $ — $ 28,763 $ — $ — Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) During the first quarter of 2017, lump sum payments from our Canadian pension plan resulted in a plan settlement of $0.4 million , which also resulted in interim mark to market accounting for the pension plan. The mark to market adjustment in the first quarter of 2017 was $0.7 million . The effect of these charges and mark to market adjustments are reflected in the " Recognized net actuarial loss (gain)" in the table above. There were no significant plan settlements or interim mark to market adjustments after the first quarter of 2017. We terminated the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. The Retiree OPEB plan was originally established to provide secondary medical insurance coverage for retirees that had reached the age of 65, up to a lifetime maximum cost. The Retiree OPEB plan had no plan assets, no accumulated other comprehensive income balance and no active participants as of the termination date. In exchange for terminating the Retiree OPEB plan, the participants had the option to enroll in a third-party health care exchange, which B&W agreed to contribute up to $750 a year for each of the next three years (beginning in 2017), provided the plan participant had not yet reached their lifetime maximum under the terminated Retiree OPEB plan. Based on the number of participants who did not enroll in the new benefit plan, we recognized a settlement gain of $7.2 million on December 31, 2016. Based on the number of participants who did enroll in the new benefit plan, we recognized a curtailment gain of $10.8 million on December 31, 2016 for the actuarially determined difference in the liability for these participants in the Retiree OPEB plan and the new plan. The settlement gain is reported in the "Recognized net actuarial loss" in the table above, and the curtailment gain was deferred in accumulated other comprehensive income and $3.0 million was recognized in 2017, and we expect to recognize the remainder during the periods of 2018 through 2020. During 2016, we recorded adjustments to our benefit plan liabilities from pension curtailment and settlement events. Lump sum payments from our Canadian pension plan during 2016 resulted in interim pension plan settlement charges totaling $1.2 million in 2016. Also, in May 2016, the closure of our West Point, Mississippi manufacturing facility resulted in a $1.8 million curtailment charge in the Company Plan. These events also resulted in $27.5 million in interim MTM losses for these pension plans, the effects of which are reflected in the 2016 "Recognized net actuarial loss (gain)" in the table above along with a $1.4 million loss for the annual MTM adjustment of our pension plans at December 31, 2016 . Recognized net actuarial loss (gain) consists primarily of our reported actuarial loss (gain), curtailments and the difference between the actual return on plan assets and the expected return on plan assets. Total net mark to market adjustments for our pension and other postretirement benefit plans were (gains) losses of $(8.7) million , $24.1 million and $40.2 million in the years ended, December 31, 2017, 2016 and 2015, respectively. We have excluded the recognized net actuarial loss from our reportable segments and such amount has been reflected in Note 4 as the mark to market adjustment in the reconciliation of reportable segment income (loss) to consolidated operating losses. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.65% 4.13% 3.33% 3.66% Rate of compensation increase 0.10% 2.40% — — Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.11% 4.25% 3.33% 3.66% Expected return on plan assets 6.64% 6.70% —% —% Rate of compensation increase 0.10% 2.40% —% —% The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.89% for the majority of our pension plan assets (approximately 93% of our total pension assets at December 31, 2017). 2016 Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year 8.50 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % Year that the rate reaches ultimate trend rate 2024 During the year ended December 31, 2017, we did not utilize health care cost assumptions as a result of our termination of the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. Investment goals The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plans' overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic plans: We sponsor the Company Plan, which is a domestic defined benefit plan. The assets of this plan are held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2017 and 2016, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 17% and 9% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % Fair value of plan assets See Note 23 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017: (in thousands) 12/31/2017 Level 1 Level 2 Fixed income $ 352,484 $ — $ 352,484 Equities 33,525 33,525 — Commingled and mutual funds 413,166 — 413,166 United States government securities 193,249 193,249 — Cash and accrued items 14,578 12,585 1,993 Total pension and other postretirement benefit assets $ 1,007,002 $ 239,359 $ 767,643 The following is a summary of total investments for our plans measured at fair value at December 31, 2016: (in thousands) 12/31/2016 Level 1 Level 2 Fixed income $ 321,847 $ — $ 321,847 Equities 83,441 78,268 5,173 Commingled and mutual funds 349,348 4,609 344,739 United States government securities 156,599 156,599 — Cash and accrued items 11,633 9,394 2,239 Total pension and other postretirement benefit assets $ 922,868 $ 248,870 $ 673,998 Expected cash flows Domestic Plans Foreign Plans (in thousands) Pension Benefits 1 Other Benefits Pension Benefits 1 Other Benefits Expected employer contributions to trusts of defined benefit plans: 2018 $ 16,798 $ 1,400 $ 3,126 $ 167 Expected benefit payments: 2018 $ 71,881 $ 1,463 $ 3,003 $ 167 2019 72,537 1,342 3,095 167 2020 73,104 854 3,175 169 2021 73,331 802 3,252 163 2022 73,434 746 3,318 146 2023-2027 359,308 2,975 18,576 611 1 Pension benefit payments are made from their respective plan's trust. Defined contribution plans We provide benefits under The B&W Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of participants' contributions up to 6% of compensation. These matching employer contributions are typically made in cash. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $14.4 million , $13.4 million and $8.9 million in the years ended December 31, 2017, 2016 and 2015, respectively. We also provide benefits under the MEGTEC Union Plan, a defined contribution plan. The total employer contribution expense for the Union plan was approximately $0.2 million , $0.3 million and $0.3 million in the years ended December 31, 2017, 2016 and 2015, respectively. Matching employer contributions are made in cash. We also provide benefits under the Universal Defined Contribution Plan (the "Universal Plan"). The total employer contribution expense for the Universal Plan was approximately $0.5 million in the year ended December 31, 2017. Matching employer contributions are made in cash. Effective December 31, 2016, we merged the MEGTEC Non-union Plan and SPIG 401(k) defined contribution plans into the Thrift Plan. For the MEGTEC Non-union Plan, amounts charged to expense for our contributions were approximately $1.1 million and $1.1 million in the years ended December 31, 2016 and 2015, respectively. Matching employer contributions were made in cash. The SPIG 401(k) plan contributions were also made in cash, and were not material to our consolidated financial statements in 2016. Also, our salaried Canadian employees are provided with a defined contribution plan. As of and in the periods following January 1, 2012, we made cash, service-based contributions under this arrangement. The amount charged to expense for employer contributions was approximately $0.3 million , $0.4 million and $0.1 million in the years ended December 31, 2017, 2016 and 2015, respectively. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. See Note 29 for the future expected effect of FASB ASU 2017-07 on the presentation of benefit and expense related to our pension and post retirement plans. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 |
Derivative Financial Instrument
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS Our foreign currency exchange ("FX") forward contracts that qualify for hedge accounting are designated 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 December 31, 2017 and 2016 , we had deferred approximately $1.8 million and $0.8 million , respectively, of net gains on these derivative financial instruments in accumulated other comprehensive income ("AOCI"). At December 31, 2017 , our derivative financial instruments consisted solely of FX forward contracts. The notional value of our FX forward contracts totaled $63.0 million at December 31, 2017 with maturities extending to November 2019. 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 United States revolving credit facility. Our hedge counterparties have the benefit of the same collateral arrangements and covenants as described under our United States revolving credit facility. During the third quarter of 2017, our hedge counterparties removed the lines of credit supporting new FX forward contracts. Subsequently, we have not entered into any new FX forward contracts. The following tables summarize our derivative financial instruments: Asset and Liability Derivative (in thousands) December 31, 2017 December 31, 2016 Derivatives designated as hedges: Foreign exchange contracts: Location of FX forward contracts designated as hedges: Accounts receivable-other $ 1,088 $ 3,805 Other assets 312 665 Accounts payable 105 1,012 Other liabilities — 213 Derivatives not designated as hedges: Foreign exchange contracts: Location of FX forward contracts not designated as hedges: Accounts receivable-other $ 7 $ 105 Accounts payable 1,722 403 Other liabilities 12 7 The effects of derivatives on our financial statements are outlined below: Year Ended December 31, (in thousands) 2017 2016 Derivatives designated as hedges: Cash flow hedges Foreign exchange contracts Amount of gain (loss) recognized in other comprehensive income $ 3,346 2,208 Effective portion of gain (loss) reclassified from AOCI into earnings by location: Revenues 10,059 4,624 Cost of operations (118 ) 195 Other-net (7,438 ) (1,221 ) Portion of gain (loss) recognized in income that is excluded from effectiveness testing by location: Other-net (5,277 ) 4,518 Derivatives not designated as hedges: Forward contracts Loss recognized in income by location: Other-net $ (3,436 ) $ (872 ) |
Summary of Derivative Financial Instruments | The following tables summarize our derivative financial instruments: Asset and Liability Derivative (in thousands) December 31, 2017 December 31, 2016 Derivatives designated as hedges: Foreign exchange contracts: Location of FX forward contracts designated as hedges: Accounts receivable-other $ 1,088 $ 3,805 Other assets 312 665 Accounts payable 105 1,012 Other liabilities — 213 Derivatives not designated as hedges: Foreign exchange contracts: Location of FX forward contracts not designated as hedges: Accounts receivable-other $ 7 $ 105 Accounts payable 1,722 403 Other liabilities 12 7 |
Schedule of Effect of Derivative Instruments on Statements of Financial Performance | The effects of derivatives on our financial statements are outlined below: Year Ended December 31, (in thousands) 2017 2016 Derivatives designated as hedges: Cash flow hedges Foreign exchange contracts Amount of gain (loss) recognized in other comprehensive income $ 3,346 2,208 Effective portion of gain (loss) reclassified from AOCI into earnings by location: Revenues 10,059 4,624 Cost of operations (118 ) 195 Other-net (7,438 ) (1,221 ) Portion of gain (loss) recognized in income that is excluded from effectiveness testing by location: Other-net (5,277 ) 4,518 Derivatives not designated as hedges: Forward contracts Loss recognized in income by location: Other-net $ (3,436 ) $ (872 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Text Block] | (in thousands) Available-for-sale securities December 31, 2016 Level 1 Level 2 Level 3 Commercial paper $ 6,734 $ — $ 6,734 $ — Certificates of deposit 2,251 — 2,251 — Mutual funds 1,152 — 1,152 — Corporate notes and bonds 750 750 — — United States Government and agency securities 7,104 7,104 — — Total fair value of available-for-sale securities $ 17,991 $ 7,854 $ 10,137 $ — FAIR VALUE MEASUREMENTS The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities December 31, 2017 Level 1 Level 2 Level 3 Commercial paper $ 1,895 $ — $ 1,895 $ — Certificates of deposit 2,398 — 2,398 — Mutual funds 1,331 — 1,331 — Corporate notes and bonds 4,447 4,447 — — United States Government and agency securities 5,738 5,738 — — Total fair value of available-for-sale securities $ 15,809 $ 10,185 $ 5,624 $ — (in thousands) Available-for-sale securities December 31, 2016 Level 1 Level 2 Level 3 Commercial paper $ 6,734 $ — $ 6,734 $ — Certificates of deposit 2,251 — 2,251 — Mutual funds 1,152 — 1,152 — Corporate notes and bonds 750 750 — — United States Government and agency securities 7,104 7,104 — — Total fair value of available-for-sale securities $ 17,991 $ 7,854 $ 10,137 $ — Derivatives December 31, 2017 December 31, 2016 Forward contracts to purchase/sell foreign currencies $ (432 ) $ 2,940 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 consolidated 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: • Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying consolidated balance sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. • Revolving debt . 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 December 31, 2017 and December 31, 2016 . Non-recurring fair value measurements The purchase price allocation associated with the January 11, 2017 acquisition of Universal required significant fair value measurements using unobservable inputs ("Level 3" inputs as defined in the fair value hierarchy established by FASB Topic Fair Value Measurements and Disclosures ). The fair value of the acquired intangible assets was determined using the income approach (see Note 5 ). The other-than-temporary impairment of our equity method investment in TBWES (see Note 7 ) required significant fair value measurements using unobservable inputs. We determined the impairment charge by first determining an estimate of the price that could be received to sell the assets and transfer the liabilities held by TBWES in an orderly transaction between market participants at June 30, 2017. The fair value of TBWES's net assets was determined through a combination of the cost approach, a market approach and an income approach. Our interim goodwill impairment tests and third quarter impairment charges required significant fair value measurements using unobservable inputs (see Note 15 ). The fair value of each reporting unit determined under Step 1 of the goodwill impairment test was based on an income approach using a discounted cash flow analysis, a market approach using multiples of revenue and EBITDA of guideline companies, and a market approach using multiples of revenue and EBITDA from recent, similar business combinations. The fair value of the assets and liabilities for the Renewable and SPIG reporting units determined under Step 2 of the goodwill impairment test were based on either an income or market approach. The measurement of the net actuarial gain or loss associated with our pension and other postretirement plans was determined using unobservable inputs (see Note 18 ). These inputs included the estimated discount rate, expected return on plan assets and other actuarial inputs associated with the plan participants. The determination of the estimated fair value of the related party share repurchase required significant fair value measurements using unobservable inputs (see Note 20 ). We utilized a discounted cash flow model and estimates of our weighted average cost of capital on the transaction date to derive the estimated fair value of the share repurchase. Derivatives December 31, 2017 December 31, 2016 Forward contracts to purchase/sell foreign currencies $ (432 ) $ 2,940 The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities December 31, 2017 Level 1 Level 2 Level 3 Commercial paper $ 1,895 $ — $ 1,895 $ — Certificates of deposit 2,398 — 2,398 — Mutual funds 1,331 — 1,331 — Corporate notes and bonds 4,447 4,447 — — United States Government and agency securities 5,738 5,738 — — Total fair value of available-for-sale securities $ 15,809 $ 10,185 $ 5,624 $ — |
Summary of Available-for-Sale Securities Measured at Fair Value | The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities December 31, 2017 Level 1 Level 2 Level 3 Commercial paper $ 1,895 $ — $ 1,895 $ — Certificates of deposit 2,398 — 2,398 — Mutual funds 1,331 — 1,331 — Corporate notes and bonds 4,447 4,447 — — United States Government and agency securities 5,738 5,738 — — Total fair value of available-for-sale securities $ 15,809 $ 10,185 $ 5,624 $ — (in thousands) Available-for-sale securities December 31, 2016 Level 1 Level 2 Level 3 Commercial paper $ 6,734 $ — $ 6,734 $ — Certificates of deposit 2,251 — 2,251 — Mutual funds 1,152 — 1,152 — Corporate notes and bonds 750 750 — — United States Government and agency securities 7,104 7,104 — — Total fair value of available-for-sale securities $ 17,991 $ 7,854 $ 10,137 $ — Derivatives December 31, 2017 December 31, 2016 Forward contracts to purchase/sell foreign currencies $ (432 ) $ 2,940 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 consolidated 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: • Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying consolidated balance sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. • Revolving debt . 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 December 31, 2017 and December 31, 2016 . Non-recurring fair value measurements |
Revolving Debt (Tables)
Revolving Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Long-term Debt [Text Block] | The components of our revolving debt are comprised of separate revolving credit facilities in the following locations: (in thousands) December 31, 2017 December 31, 2016 United States $ 94,300 $ 9,800 Foreign 9,173 14,241 Total revolving debt $ 103,473 $ 24,041 United States revolving credit facility On May 11, 2015, we entered into a credit agreement with a syndicate of lenders ("Credit Agreement") in connection with our spin-off from The Babcock & Wilcox Company. The Credit Agreement, which is scheduled to mature on June 30, 2020, provides for a senior secured revolving credit facility, initially in an aggregate amount of up to $600.0 million . The proceeds from loans under the Credit Agreement are available for working capital needs and other general corporate purposes, and the full amount is available to support the issuance of letters of credit. On February 24, 2017, August 9, 2017 and March 1, 2018, we entered into amendments to the Credit Agreement (the "Amendments" and the Credit Agreement, as amended to date, the "Amended Credit Agreement") to, among other things: (1) permit us to incur the debt under the second lien term loan facility (discussed further in Note 20 ), (2) modify the definition of EBITDA in the Amended Credit Agreement to exclude: up to $98.1 million of charges for certain Renewable segment contracts for periods including the quarter ended December 31, 2016, up to $115.2 million of charges for certain Renewable segment contracts for periods including the quarter ended June 30, 2017, up to $30.1 million of charges for certain Renewable segment contracts for periods including the quarter ended September 30, 2017, up to $38.7 million of charges for certain Renewable segment contracts for periods including the quarter ended December 31, 2017, up to $4.0 million of aggregate restructuring expenses incurred during the period from July 1, 2017 through September 30, 2018 measured on a consecutive four-quarter basis, realized and unrealized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets and liabilities, and fees and expenses incurred in connection with the August 9, 2017 and March 1, 2018 amendments, (3) replace the maximum leverage ratio with a maximum senior debt leverage ratio, (4) decrease the minimum consolidated interest coverage ratio, (5) limit our ability to borrow under the Amended Credit Agreement during the covenant relief period to $250.0 million in the aggregate, (6) reduce commitments under the revolving credit facility from $600.0 million to $450.0 million , (7) require us to maintain liquidity (as defined in the Amended Credit Agreement) of at least $75.0 million as of the last business day of any calendar month, (8) require us to repay outstanding borrowings under the revolving credit facility (without any reduction in commitments) with certain excess cash, (9) increase the pricing for borrowings and commitment fees under the Amended Credit Agreement, (10) limit our ability to incur debt and liens during the covenant relief period, (11) limit our ability to make acquisitions and investments in third parties during the covenant relief period, (12) prohibit us from paying dividends and undertaking stock repurchases during the covenant relief period (other than our share repurchase from an affiliate of AIP (discussed further in Note 20 )), (13) prohibit us from exercising the accordion described below during the covenant relief period, (14) limit our financial and commercial letters of credit outstanding under the Amended Credit Agreement to $30.0 million , (15) require us to reduce commitments under the Amended Credit Agreement with the proceeds of certain debt issuances and asset sales, (16) beginning with the quarter ended March 31, 2018, limit to no more than $15.0 million any cumulative net income losses attributable to eight specified Vølund projects, (17) increase reporting obligations and require us to hire a third-party consultant and a chief implementation officer, (18) require us to pledge the equity of certain of our foreign subsidiaries to guarantee and provide collateral for our obligations under the United States credit facility, (19) require us to pay a deferred facility fee as more fully set forth in the March 1, 2018 Amendment, and (20) require us to sell at least $100 million of assets before March 31, 2019. The covenant relief period will end, at our election, when the conditions set forth in the Amended Credit Agreement are satisfied, but in no event earlier than the date on which we provide the compliance certificate for our fiscal quarter ended December 31, 2019. Other than during the covenant relief period, the Amended Credit Agreement contains an accordion feature that allows us, subject to the satisfaction of certain conditions, including the receipt of increased commitments from existing lenders or new commitments from new lenders, to increase the amount of the commitments under the revolving credit facility in an aggregate amount not to exceed the sum of (1) $200.0 million plus (2) an unlimited amount, so long as for any commitment increase under this subclause (2) our senior leverage ratio (assuming the full amount of any commitment increase under this subclause (2) is drawn) is equal to or less than 2.00 :1.0 after giving pro forma effect thereto. During the covenant relief period, our ability to exercise the accordion feature will be prohibited. The Amended Credit Agreement and our obligations under certain hedging agreements and cash management agreements with our lenders and their affiliates are (1) guaranteed by substantially all of our wholly owned domestic subsidiaries, but excluding our captive insurance subsidiary, and (2) secured by first-priority liens on certain assets owned by us and the guarantors. The Amended Credit Agreement requires interest payments on revolving loans on a periodic basis until maturity. We may prepay all loans at any time without premium or penalty (other than customary LIBOR breakage costs), subject to notice requirements. The Amended Credit Agreement requires us to make certain prepayments on any outstanding revolving loans after receipt of cash proceeds from certain asset sales or other events, subject to certain exceptions and a right to reinvest such proceeds in certain circumstances. During the covenant relief period, such prepayments may require us to reduce the commitments under the Amended Credit Agreement by a corresponding amount of such prepayments. Following the covenant relief period, such prepayments will not require us to reduce the commitments under the Amended Credit Agreement. The March 1, 2018 Amendment temporarily waived certain defaults and events of default under our United States credit facility that were breached on December 31, 2017 or that may occur in the future, with certain amendments effective immediately and other amendments effective upon the completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering. If the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering do not occur by April 15, 2018 (subject to extension in certain cases), the temporary waiver will end. The temporary waiver will also end if certain other conditions specified in the March 1, 2018 Amendment occur. Upon any such termination of the waiver, our ability to borrow funds under the United States credit facility will terminate. After giving effect to the Amendments, loans outstanding under the Amended Credit Agreement bear interest at our option at either LIBOR rate plus 7.0% per annum or the Base Rate plus 6.0% per annum until we complete the Rights Offering and prepay the Second Lien Term Loan facility and thereafter at our option at either (1) the LIBOR rate plus 5.0% per annum during 2018, 6.0% per annum during 2019 and 7.0% per annum during 2020, or (2) the Base Rate plus 4.0% per annum during 2018, 5.0% per annum during 2019, and 6.0% per annum during 2020. The Base Rate is the highest of the Federal Funds rate plus 0.5% , the one month LIBOR rate plus 1.0% , or the administrative agent's prime rate. Interest expense associated with our United States revolving credit facility loans for the year ended December 31, 2017 was $11.3 million , respectively. Included in interest expense was $6.3 million of non-cash amortization of direct financing costs for the year ended December 31, 2017. A commitment fee of 1.0% per annum is charged on the unused portions of the revolving credit facility. A letter of credit fee of 2.50% per annum is charged with respect to the amount of each financial letter of credit outstanding, and a letter of credit fee of 1.50% per annum is charged with respect to the amount of each performance and commercial letter of credit outstanding. Additionally, an annual facility fee of $1.5 million is payable on the first business day of 2018 and 2019, and a pro rated amount is payable on the first business day of 2020. The Amended Credit Agreement includes financial covenants that are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. After we complete the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering within the time period required by the March 1, 2018 Amendment, the maximum permitted senior debt leverage ratio as defined in the Amended Credit Agreement is: • 8.50 :1.0 for the quarter ended December 31, 2017, • 7.00 :1.0 for the quarter ending March 31, 2018, • 6.50 :1.0 for the quarters ending June 30, 2018 and September 30, 2018, • 4.75 :1.0 for the quarter ending December 31, 2018, • 3.00 :1.0 for the quarter ending March 31, 2019, • 2.75 :1.0 for the quarters ending June 30, 2019 and September 30, 2019 and • 2.50 :1.0 for the quarter ending December 31, 2019 and each quarter thereafter. After we complete the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering within the time period required by the March 1, 2018 Amendment, the minimum consolidated interest coverage ratio as defined in the Credit Agreement is: • 1.25 :1.0 for the quarter ended December 31, 2017, • 1.15 :1.0 for the quarter ending March 31, 2018, • 1.00 :1.0 for the quarter ending June 30, 2018, • 0.85 :1.0 for the quarter ending September 30, 2018, • 1.25 :1.0 for the quarter ending December 31, 2018, • 1.50 :1.0 for the quarter ending March 31, 2019 and • 2.00 :1.0 for the quarters ending June 30, 2019 and each quarter thereafter. Beginning with September 30, 2017, consolidated capital expenditures in each fiscal year are limited to $27.5 million . At December 31, 2017 , borrowings under the Amended Credit Agreement and foreign facilities consisted of $103.5 million at an effective interest rate of 6.89% . Usage under the Amended Credit Agreement consisted of $94.3 million of borrowings, $7.4 million of financial letters of credit and $123.7 million of performance letters of credit. After giving effect to the March 1, 2018 amendment, at December 31, 2017 , we had approximately $221.4 million available for borrowings or to meet letter of credit requirements primarily based on trailing 12 month EBITDA (as defined in the Amended Credit Agreement), and our leverage and interest coverage ratios (as defined in the Amended Credit Agreement) were 2.59 and 2.50 , respectively. We expect to be closest to the minimum financial covenant thresholds at September 30, 2018. Foreign revolving credit facilities Outside of the United States, we have revolving credit facilities in Turkey and India that are used to provide working capital to our operations in each country. These foreign revolving credit facilities allow us to borrow up to $9.2 million in aggregate and each have a one year term. At December 31, 2017 , we had $9.2 million in borrowings outstanding under these foreign revolving credit facilities at an effective weighted-average interest rate of 6.07% . Subsequent to December 31, 2017, the foreign facilities were repaid and extinguished. Letters of credit, bank guarantees and surety bonds Certain subsidiaries primarily outside of the United States have credit arrangements with various commercial banks and other financial institutions for the issuance of letters of credit and bank guarantees in association with contracting activity. The aggregate value of all such letters of credit and bank guarantees not secured by the United States revolving credit facility as of December 31, 2017 and 2016 was $269.1 million and $255.2 million , respectively. The aggregate value of all such letters of credit and bank guarantees that are partially secured by the United States revolving credit facility as of December 31, 2017 was $114.2 million . The aggregate value of the letters of credit provided by the Company's United States revolving credit facility in support of letters of credit outside of the United States was $40.4 million as of December 31, 2017 . We have posted surety bonds to support contractual obligations to customers relating to certain contracts. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion. Although there can be no assurance that we will maintain our surety bonding capacity, we believe our current capacity is adequate to support our existing contract requirements for the next 12 months. In addition, these bonds generally indemnify customers should we fail to perform our obligations under the applicable contracts. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue in support of some of our contracting activity. As of December 31, 2017 , bonds issued and outstanding under these arrangements in support of contracts totaled approximately $378.8 million . Interest expense associated with our second lien credit agreement is comprised of the following: (in thousands) Coupon Interest Accretion of debt discount and amortization of financing costs Total Interest Expense For the three months ended September 30, 2017 $2,554 $1,095 $3,649 For the three months ended December 31, 2017 $4,657 $2,131 $6,788 Forecasted for the year ending December 31, 2018 $20,266 $9,838 $30,104 The carrying value of the second lien term loan facility at December 31, 2017 was as follows (in thousands): Face value Unamortized debt discount and direct financing costs Net carrying value $195,884 $35,743 $160,141 |
Schedule of Debt [Table Text Block] | The components of our revolving debt are comprised of separate revolving credit facilities in the following locations: (in thousands) December 31, 2017 December 31, 2016 United States $ 94,300 $ 9,800 Foreign 9,173 14,241 Total revolving debt $ 103,473 $ 24,041 |
Stock-Based Compensation Compan
Stock-Based Compensation Company Stock Options Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each option grant awarded in 2016 and 2015 was estimated at the date of grant using Black-Scholes, with the following weighted-average assumptions: Year Ended December 31, 2016 2015 Risk-free interest rate 1.14 % 1.38 % Expected volatility 25 % 28 % Expected life of the option in years 3.95 3.96 Expected dividend yield — % — % |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Options Rollforward (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes activity for our stock options the year ending December 31, 2017: (share data in thousands) Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of period 2,652 $ 18.27 Granted — — Exercised (24 ) 15.04 Cancelled/expired/forfeited (150 ) 18.50 Outstanding at end of period 2,478 $ 18.28 5.46 $ — Exercisable at end of period 1,844 $ 18.14 4.69 $ — |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Unit Rollforward (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested restricted stock units activity for the year ending December 31, 2017 was as follows: (share data in thousands) Number of Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of period 712 $ 19.14 Granted 1,902 5.35 Vested (282 ) 18.48 Cancelled/forfeited (105 ) 15.00 Nonvested at end of period 2,227 $ 7.63 |
Stock-Based Compensation PRSU F
Stock-Based Compensation PRSU Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The fair value of the TSR portion of each PSU granted was estimated at the date of grant using a Monte Carlo methodology based on market prices and the following weighted-average assumptions: Year Ended December 31, Year Ended December 31, 2017 2016 Risk-free interest rate 1.54 % 0.96 % Expected volatility 42 % 25 % Expected life of the option in years 2.83 2.83 Expected dividend yield — % — % |
Stock-Based Compensation PRSU R
Stock-Based Compensation PRSU Rollforward (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Company performance-based, cash settled units In 2017, we granted certain B&W employees cash-settled performance units under the Plan, the value of which is tied to the fair market value of our common stock on the vesting dates, subject to a ceiling of 150% of the grant date share value. The activity for the cash-settled performance units for the year ending December 31, 2017 was as follows: (share data in thousands) Number of Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of period 32 $ 18.53 Granted 1,908 2.90 Vested (7 ) — Cancelled/forfeited (134 ) 3.93 Nonvested at end of period 1,799 $ 4.53 PSU activity for the year ending December 31, 2017 was as follows: (share data in thousands) Number of Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of period 451 $ 19.29 Granted 828 9.74 Vested (3 ) 9.67 Cancelled/forfeited (141 ) 14.07 Nonvested at end of period 1,135 $ 12.75 |
Stock-Based Compensation PRSU C
Stock-Based Compensation PRSU Cash Settled Units Rollforward (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Company performance-based, cash settled units In 2017, we granted certain B&W employees cash-settled performance units under the Plan, the value of which is tied to the fair market value of our common stock on the vesting dates, subject to a ceiling of 150% of the grant date share value. The activity for the cash-settled performance units for the year ending December 31, 2017 was as follows: (share data in thousands) Number of Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of period 32 $ 18.53 Granted 1,908 2.90 Vested (7 ) — Cancelled/forfeited (134 ) 3.93 Nonvested at end of period 1,799 $ 4.53 PSU activity for the year ending December 31, 2017 was as follows: (share data in thousands) Number of Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of period 451 $ 19.29 Granted 828 9.74 Vested (3 ) 9.67 Cancelled/forfeited (141 ) 14.07 Nonvested at end of period 1,135 $ 12.75 |
Acquisitions Universal Intangib
Acquisitions Universal Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The intangible assets included above consist of the following: Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 10,800 15 Backlog 1,700 1 Trade names / trademarks 3,000 20 Technology 4,000 7 Total amortizable intangible assets $ 19,500 The intangible assets included above consist of the following: (in thousands) Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 12,217 9 Backlog 17,769 2 Trade names / trademarks 8,885 20 Technology 14,438 10 Non-compete agreements 1,666 3 Internally-developed software 189 3 Total amortizable intangible assets $ 55,164 |
Acquisitions Universal Acquisit
Acquisitions Universal Acquisition Purchase Price Allocation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Acquisition date fair values Cash $ 4,379 Accounts receivable 11,270 Contracts in progress 3,167 Inventories 4,585 Other assets 579 Property, plant and equipment 16,692 Goodwill 14,413 Identifiable intangible assets 19,500 Deferred income tax assets 935 Current liabilities (10,833 ) Other noncurrent liabilities (1,423 ) Deferred income tax liabilities (6,338 ) Net acquisition cost $ 56,926 The allocation of the purchase price, based on the fair value of assets acquired and liabilities assumed, is detailed below. (in thousands) Acquisition date fair values Cash $ 25,994 Accounts receivable 58,843 Contracts in progress 61,155 Inventories 2,554 Other assets 7,341 Property, plant and equipment 6,104 Goodwill 72,401 Identifiable intangible assets 55,164 Deferred income tax assets 5,550 Revolving debt (27,530 ) Current liabilities (56,323 ) Advance billings on contracts (15,226 ) Other noncurrent liabilities (379 ) Deferred income tax liabilities (17,120 ) Noncontrolling interest in joint venture (7,754 ) Net acquisition cost $ 170,774 |
Acquisitions Universal Pro Form
Acquisitions Universal Pro Forma (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, (in thousands) 2016 2015 Revenues $ 1,663,126 $ 1,941,987 Net income (loss) attributable to B&W (111,500 ) 12,047 Basic earnings per common share (2.22 ) 0.23 Diluted earnings per common share (2.22 ) 0.22 ACQUISITIONS Universal Acoustic & Emission Technologies, Inc. On January 11, 2017, we acquired Universal Acoustic & Emission Technologies, Inc. ("Universal") for approximately $52.5 million in cash, funded primarily by borrowings under our United States revolving credit facility, net of $4.4 million cash acquired in the business combination. Transaction costs included in the purchase price were approximately $0.2 million . We accounted for the Universal acquisition using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. In order to purchase Universal on January 11, 2017, we borrowed approximately $55.0 million under the United States revolving credit facility in 2017. Universal provides custom-engineered acoustic, emission and filtration solutions to the natural gas power generation, mid-stream natural gas pipeline, locomotive and general industrial end-markets. Universal's product offering includes gas turbine inlet and exhaust systems, silencers, filters and enclosures. At the acquisition date, Universal employed approximately 460 people, mainly in the United States and Mexico. During 2017 , we integrated Universal with our Industrial segment. Universal contributed $69.1 million of revenue and $14.5 million of gross profit to our operating results in the year ended December 31, 2017. The allocation of the purchase price based on the fair value of assets acquired and liabilities assumed is set forth below. We finalized the purchase price allocation associated with the valuation of certain intangible assets and deferred tax balances at December 31, 2017; as a result, the provisional measurements of intangible assets, goodwill and deferred income tax balances did not change. (in thousands) Acquisition date fair values Cash $ 4,379 Accounts receivable 11,270 Contracts in progress 3,167 Inventories 4,585 Other assets 579 Property, plant and equipment 16,692 Goodwill 14,413 Identifiable intangible assets 19,500 Deferred income tax assets 935 Current liabilities (10,833 ) Other noncurrent liabilities (1,423 ) Deferred income tax liabilities (6,338 ) Net acquisition cost $ 56,926 The intangible assets included above consist of the following: Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 10,800 15 Backlog 1,700 1 Trade names / trademarks 3,000 20 Technology 4,000 7 Total amortizable intangible assets $ 19,500 The acquisition of Universal resulted in an increase in our intangible asset amortization expense during the year ended December 31, 2017 of $3.1 million , which is included in cost of operations in our consolidated statement of operations. Amortization of intangible assets is not allocated to segment results. Approximately $1.7 million of acquisition and integration related costs of Universal was recorded as a component of our SG&A expenses in the consolidated statement of operations in the year ended December 31, 2017 . The following unaudited pro forma financial information below represents our results of operations for year ended December 31, 2016 had the Universal acquisition occurred on January 1, 2016. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2016. This information should not be taken as representative of our future consolidated results of operations. Year Ended (in thousands) December 31, 2016 Revenues $ 1,660,986 Net income (loss) attributable to B&W (113,940 ) Basic earnings per common share (2.27 ) Diluted earnings per common share (2.27 ) |
Acquisitions SPIG Purchase Pric
Acquisitions SPIG Purchase Price Allocation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Acquisition date fair values Cash $ 4,379 Accounts receivable 11,270 Contracts in progress 3,167 Inventories 4,585 Other assets 579 Property, plant and equipment 16,692 Goodwill 14,413 Identifiable intangible assets 19,500 Deferred income tax assets 935 Current liabilities (10,833 ) Other noncurrent liabilities (1,423 ) Deferred income tax liabilities (6,338 ) Net acquisition cost $ 56,926 The allocation of the purchase price, based on the fair value of assets acquired and liabilities assumed, is detailed below. (in thousands) Acquisition date fair values Cash $ 25,994 Accounts receivable 58,843 Contracts in progress 61,155 Inventories 2,554 Other assets 7,341 Property, plant and equipment 6,104 Goodwill 72,401 Identifiable intangible assets 55,164 Deferred income tax assets 5,550 Revolving debt (27,530 ) Current liabilities (56,323 ) Advance billings on contracts (15,226 ) Other noncurrent liabilities (379 ) Deferred income tax liabilities (17,120 ) Noncontrolling interest in joint venture (7,754 ) Net acquisition cost $ 170,774 |
Acquisitions SPIG Intangible As
Acquisitions SPIG Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The intangible assets included above consist of the following: Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 10,800 15 Backlog 1,700 1 Trade names / trademarks 3,000 20 Technology 4,000 7 Total amortizable intangible assets $ 19,500 The intangible assets included above consist of the following: (in thousands) Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 12,217 9 Backlog 17,769 2 Trade names / trademarks 8,885 20 Technology 14,438 10 Non-compete agreements 1,666 3 Internally-developed software 189 3 Total amortizable intangible assets $ 55,164 |
Acquisitions SPIG Pro Forma (Ta
Acquisitions SPIG Pro Forma (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, (in thousands) 2016 2015 Revenues $ 1,663,126 $ 1,941,987 Net income (loss) attributable to B&W (111,500 ) 12,047 Basic earnings per common share (2.22 ) 0.23 Diluted earnings per common share (2.22 ) 0.22 ACQUISITIONS Universal Acoustic & Emission Technologies, Inc. On January 11, 2017, we acquired Universal Acoustic & Emission Technologies, Inc. ("Universal") for approximately $52.5 million in cash, funded primarily by borrowings under our United States revolving credit facility, net of $4.4 million cash acquired in the business combination. Transaction costs included in the purchase price were approximately $0.2 million . We accounted for the Universal acquisition using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. In order to purchase Universal on January 11, 2017, we borrowed approximately $55.0 million under the United States revolving credit facility in 2017. Universal provides custom-engineered acoustic, emission and filtration solutions to the natural gas power generation, mid-stream natural gas pipeline, locomotive and general industrial end-markets. Universal's product offering includes gas turbine inlet and exhaust systems, silencers, filters and enclosures. At the acquisition date, Universal employed approximately 460 people, mainly in the United States and Mexico. During 2017 , we integrated Universal with our Industrial segment. Universal contributed $69.1 million of revenue and $14.5 million of gross profit to our operating results in the year ended December 31, 2017. The allocation of the purchase price based on the fair value of assets acquired and liabilities assumed is set forth below. We finalized the purchase price allocation associated with the valuation of certain intangible assets and deferred tax balances at December 31, 2017; as a result, the provisional measurements of intangible assets, goodwill and deferred income tax balances did not change. (in thousands) Acquisition date fair values Cash $ 4,379 Accounts receivable 11,270 Contracts in progress 3,167 Inventories 4,585 Other assets 579 Property, plant and equipment 16,692 Goodwill 14,413 Identifiable intangible assets 19,500 Deferred income tax assets 935 Current liabilities (10,833 ) Other noncurrent liabilities (1,423 ) Deferred income tax liabilities (6,338 ) Net acquisition cost $ 56,926 The intangible assets included above consist of the following: Fair value (in thousands) Weighted average estimated useful life (in years) Customer relationships $ 10,800 15 Backlog 1,700 1 Trade names / trademarks 3,000 20 Technology 4,000 7 Total amortizable intangible assets $ 19,500 The acquisition of Universal resulted in an increase in our intangible asset amortization expense during the year ended December 31, 2017 of $3.1 million , which is included in cost of operations in our consolidated statement of operations. Amortization of intangible assets is not allocated to segment results. Approximately $1.7 million of acquisition and integration related costs of Universal was recorded as a component of our SG&A expenses in the consolidated statement of operations in the year ended December 31, 2017 . The following unaudited pro forma financial information below represents our results of operations for year ended December 31, 2016 had the Universal acquisition occurred on January 1, 2016. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2016. This information should not be taken as representative of our future consolidated results of operations. Year Ended (in thousands) December 31, 2016 Revenues $ 1,660,986 Net income (loss) attributable to B&W (113,940 ) Basic earnings per common share (2.27 ) Diluted earnings per common share (2.27 ) |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2017 and 2016: (in thousands, except per share amounts) Quarter ended March 31, 2017 June 30, 2017 Sept. 30, 2017 Dec. 31, 2017 Revenues $ 391,104 $ 349,829 $ 408,703 $ 408,099 Gross profit $ 62,900 $ (55,822 ) $ 47,287 $ 45,513 Operating income (loss) (1) $ (8,798 ) $ (144,646 ) $ (104,748 ) $ (23,373 ) Equity in income (loss) of investees $ 618 $ (15,232 ) $ 1,234 $ 3,513 Net income (loss) attributable to shareholders $ (7,045 ) $ (150,999 ) $ (114,302 ) $ (107,478 ) Earnings per common share Basic $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) Diluted $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) (1) Includes equity in income of investees. (in thousands, except per share amounts) Quarter ended March 31, 2016 June 30, 2016 Sept. 30, 2016 Dec. 31, 2016 Revenues $ 404,116 $ 383,208 $ 410,955 $ 379,984 Gross profit $ 80,156 $ 26,052 $ 73,757 $ (848 ) Operating income (loss) (1) $ 17,266 $ (72,585 ) $ 11,133 $ (58,587 ) Equity in income (loss) of investees $ 2,676 $ (616 ) $ 2,827 $ 11,553 Net income (loss) attributable to shareholders $ 10,507 $ (63,490 ) $ 8,894 $ (71,560 ) Earnings per common share Basic $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) Diluted $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) (1) Includes equity in income of investees. NOTE 28 – QUARTERLY FINANCIAL DATA The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2017 and 2016: (in thousands, except per share amounts) Quarter ended March 31, 2017 June 30, 2017 Sept. 30, 2017 Dec. 31, 2017 Revenues $ 391,104 $ 349,829 $ 408,703 $ 408,099 Gross profit $ 62,900 $ (55,822 ) $ 47,287 $ 45,513 Operating income (loss) (1) $ (8,798 ) $ (144,646 ) $ (104,748 ) $ (23,373 ) Equity in income (loss) of investees $ 618 $ (15,232 ) $ 1,234 $ 3,513 Net income (loss) attributable to shareholders $ (7,045 ) $ (150,999 ) $ (114,302 ) $ (107,478 ) Earnings per common share Basic $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) Diluted $ (0.14 ) $ (3.09 ) $ (2.48 ) $ (2.44 ) (1) Includes equity in income of investees. (in thousands, except per share amounts) Quarter ended March 31, 2016 June 30, 2016 Sept. 30, 2016 Dec. 31, 2016 Revenues $ 404,116 $ 383,208 $ 410,955 $ 379,984 Gross profit $ 80,156 $ 26,052 $ 73,757 $ (848 ) Operating income (loss) (1) $ 17,266 $ (72,585 ) $ 11,133 $ (58,587 ) Equity in income (loss) of investees $ 2,676 $ (616 ) $ 2,827 $ 11,553 Net income (loss) attributable to shareholders $ 10,507 $ (63,490 ) $ 8,894 $ (71,560 ) Earnings per common share Basic $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) Diluted $ 0.20 $ (1.25 ) $ 0.18 $ (1.47 ) (1) Includes equity in income of investees. Our quarterly results include the following items that significant affect comparability across periods: • Actuarial gains and losses from marking to market our pension and postretirement benefit plan assets and liabilities (see Note 18). Such mark to market adjustments resulted in (charges) gains of: $9.8 million in the fourth quarter of 2017, $(1.1) million in the first quarter of 2017, $6.4 million in the fourth quarter of 2016, $(0.5) million in the third quarter of 2016, and $(30.0) million in the second quarter of 2016. • In the third quarter of 2017, $86.9 million of goodwill impairment charges (see Note 15). • In the second and fourth quarters of both 2017 and 2016, significant losses related to changes in the estimates of the forecasted revenues and costs to complete six renewable energy contracts (see Note 6 |
Related Party Transactions Tran
Related Party Transactions Transactions with former parent (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | 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. Transactions with our former Parent prior to the spin-off included the following: (in thousands) Year Ended December 31, 2015 Sales to our former Parent $ 911 Corporate administrative expenses 35,343 |
Schedule Of Change In Companys Historical Investment Due To Net Transfers To From Parent [Table Text Block] | Net transfers from former Parent Net transfers from 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) Year Ended December 31 2015 Sales to former Parent $ 911 Corporate administrative expenses 35,343 Income tax allocation 11,872 Acquisition of business, net of cash acquired — Cash pooling and general financing activities (91,015 ) Cash contribution received at spin-off 125,300 Net transfer from former Parent per statement of cash flows $ 80,589 Non-cash items: Net transfer of assets and liabilities $ 44,706 Distribution of Nuclear Energy segment $ (47,839 ) Net transfer from former Parent per statement of shareholders' equity $ 77,456 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Condensed Income Statement [Table Text Block] | Year Ended December 31, (in thousands) 2017 2016 2015 Revenues $ 346,459 $ 488,101 $ 475,459 Gross profit 32,682 76,986 69,021 Income before provision for income taxes (10,626 ) 19,529 3,072 Provision for income taxes 1,907 3,715 4,500 Net income $ (12,533 ) $ 15,814 $ (1,428 ) The following table presents selected financial information regarding the results of operations of our former NE segment through June 30, 2015, the date it was discontinued: Six Months Ended June 30, (in thousands) 2015 Revenues $ 53,064 Income (loss) before income tax expense 3,358 Income tax expense (benefit) 555 Income (loss) from discontinued operations, net of tax $ 2,803 |
Taxes Reconciliation of Unrecog
Taxes Reconciliation of Unrecognized Tax Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | . Unrecognized tax benefits are as follows: (in thousands) 2017 2016 2015 Balance at beginning of period $ 884 $ 1,141 $ 3,321 Increases based on tax positions taken in the current year 277 178 88 Increases based on tax positions taken in the prior years 56 230 248 Decreases based on tax positions taken in the prior years (13 ) — (1,161 ) Decreases due to settlements with tax authorities — (665 ) (1,355 ) Decreases due to lapse of applicable statute of limitation — — — Balance at end of period $ 1,204 $ 884 $ 1,141 |
Taxes Components of Deferred Ta
Taxes Components of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Pension liability $ 58,810 $ 105,426 Accrued warranty expense 5,262 11,628 Accrued vacation pay 996 4,792 Accrued liabilities for self-insurance (including postretirement health care benefits) 3,910 6,596 Accrued liabilities for executive and employee incentive compensation 4,950 8,334 Investments in joint ventures and affiliated companies 10,422 10,742 Long-term contracts 6,801 10,318 Accrued Legal Fees 1,579 2,110 Inventory Reserve 1,842 2,445 Property, plant and equipment — 1,587 Net operating loss carryforward 95,715 33,187 State tax net operating loss carryforward 21,658 15,372 Foreign tax credit carryforward 7,150 3,870 Other tax credits 5,678 737 Other 4,980 7,852 Total deferred tax assets 229,753 224,996 Valuation allowance for deferred tax assets (108,105 ) (40,484 ) Net, total deferred tax assets 121,648 184,512 Deferred tax liabilities: Long-term contracts 569 3,601 Intangibles 21,215 21,892 Property, plant and equipment 2,835 — Undistributed foreign earnings 1,314 500 Goodwill — 1,125 Other 2,445 2,885 Total deferred tax liabilities 28,378 30,003 Net deferred tax assets $ 93,270 $ 154,509 |
Taxes Valuation allowance for d
Taxes Valuation allowance for deferred tax assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | The following is an analysis of our valuation allowance for deferred tax assets: (in thousands) Beginning balance Charges to costs and expenses Charged to other accounts Ending balance Year Ended December 31, 2017 $ (40,484 ) $ (61,021 ) $ (6,600 ) $ (108,105 ) Year Ended December 31, 2016 (10,077 ) (29,307 ) (1,100 ) (40,484 ) Year Ended December 31, 2015 (9,216 ) (861 ) — (10,077 ) |
Taxes Income before Provision f
Taxes Income before Provision for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income before Provision for Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | – PROVISION FOR INCOME TAXES We are subject to federal income tax in the United States and income tax of multiple state and international jurisdictions. We provide for income taxes based on the tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to both nominal rates and the basis on which these rates are applied. Our consolidated effective income tax rate can vary significantly from period to period due to these variations, changes in jurisdictional mix of our income and valuation allowances in certain jurisdictions that can offset income tax expense or benefit. We are currently under audit by various domestic and international authorities. With few exceptions, we do not have any returns under examination for years prior to 2013. The United States Internal Revenue Service has completed examinations of the federal tax returns of BWC through 2014, and all matters arising from such examinations have been resolved. We recognize the effect of income tax positions only if it is more-likely-than-not that those positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Unrecognized tax benefits are as follows: (in thousands) 2017 2016 2015 Balance at beginning of period $ 884 $ 1,141 $ 3,321 Increases based on tax positions taken in the current year 277 178 88 Increases based on tax positions taken in the prior years 56 230 248 Decreases based on tax positions taken in the prior years (13 ) — (1,161 ) Decreases due to settlements with tax authorities — (665 ) (1,355 ) Decreases due to lapse of applicable statute of limitation — — — Balance at end of period $ 1,204 $ 884 $ 1,141 The $1.2 million balance of unrecognized tax benefits at December 31, 2017 would decrease expense if recognized. We do not expect any of our unrecognized income tax benefits to be resolved in the next twelve months. We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes; however, such amounts are not significant to any period presented. Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Pension liability $ 58,810 $ 105,426 Accrued warranty expense 5,262 11,628 Accrued vacation pay 996 4,792 Accrued liabilities for self-insurance (including postretirement health care benefits) 3,910 6,596 Accrued liabilities for executive and employee incentive compensation 4,950 8,334 Investments in joint ventures and affiliated companies 10,422 10,742 Long-term contracts 6,801 10,318 Accrued Legal Fees 1,579 2,110 Inventory Reserve 1,842 2,445 Property, plant and equipment — 1,587 Net operating loss carryforward 95,715 33,187 State tax net operating loss carryforward 21,658 15,372 Foreign tax credit carryforward 7,150 3,870 Other tax credits 5,678 737 Other 4,980 7,852 Total deferred tax assets 229,753 224,996 Valuation allowance for deferred tax assets (108,105 ) (40,484 ) Net, total deferred tax assets 121,648 184,512 Deferred tax liabilities: Long-term contracts 569 3,601 Intangibles 21,215 21,892 Property, plant and equipment 2,835 — Undistributed foreign earnings 1,314 500 Goodwill — 1,125 Other 2,445 2,885 Total deferred tax liabilities 28,378 30,003 Net deferred tax assets $ 93,270 $ 154,509 At December 31, 2017, we had a valuation allowance of $108.1 million for deferred tax assets, which we expect may not be realized through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. Should we conclude in the future that any or all of our deferred tax assets are not more likely than not to be realized, we would establish additional valuation allowances and any changes to our estimated valuation allowance could be material to our consolidated financial statements. The following is an analysis of our valuation allowance for deferred tax assets: (in thousands) Beginning balance Charges to costs and expenses Charged to other accounts Ending balance Year Ended December 31, 2017 $ (40,484 ) $ (61,021 ) $ (6,600 ) $ (108,105 ) Year Ended December 31, 2016 (10,077 ) (29,307 ) (1,100 ) (40,484 ) Year Ended December 31, 2015 (9,216 ) (861 ) — (10,077 ) We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % We have foreign net operating loss benefits after tax of $75.0 million available to offset future taxable income in certain foreign jurisdictions. Of the foreign net operating loss benefits, $1.7 million is scheduled to expire in 2019 to 2026 . The remaining net operating loss benefits have unlimited lives. We are carrying a valuation allowance of $66.0 million against the deferred tax asset related to the foreign loss carryforwards. At December 31, 2017, we have a tax effected United States federal net operating loss of $ 20.7 million . The United States federal operating loss will begin to expire in 2037, and we expect to fully utilize this net operating loss in future periods. At December 31, 2017, we have foreign tax credit carryovers of $7.2 million , against which we have a full valuation allowance. At December 31, 2017, we have state net operating loss benefits after tax of $21.7 million available to offset future taxable income in various states, against which we have $21.6 million of valuation allowance. Our state net operating loss carryforwards begin to expire in the year 2018. It has been our practice to reinvest indefinitely, the earnings of our foreign subsidiaries and that position has not changed as a result of the enactment of the U.S. Tax Cuts and Jobs Act. If we were to distribute earnings from certain foreign subsidiaries, we would be subject to withholding taxes of approximately $4.4 million but U.S. income taxes would generally not be imposed upon such distributions. We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 New Tax Act The United States Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 and introduces significant changes to the United States income tax law. Beginning in 2018, the Tax Act reduces the United States statutory corporate income tax rate from 35% to 21% and creates a modified territorial system that will generally allow United States companies a full dividend received deduction for any future dividends from non-U.S. subsidiaries. In connection with the transition to a modified territorial system, the Tax Act also establishes a mandatory one-time deemed repatriation transition tax on currently deferred foreign earnings. The SEC staff issued Staff Accounting Bulletin ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740 ("ASC 740"). In accordance with SAB 118, we have made reasonable estimates of the effects of the Tax Act and recorded provisional amounts in our financial statements as of December 31, 2017. We will finalize our estimates in 2018 as we collect and analyze necessary data, and interpret additional guidance that becomes available. Provisional amounts for the following income tax effects of the Tax Act have been recorded as of December 31, 2017: Deferred tax effects We remeasured our deferred taxes and recorded a deferred tax expense of $62.4 million . This amount consists of an expense for the corporate rate reduction of $54.4 million , expense of $0.8 million based on a change in our deferred taxes related to executive compensation and an expense of $7.2 million to record a valuation allowance on foreign tax credit carryforwards that are now expected to expire unused. While we are able to make a reasonable estimate of the deferred tax effects, our continued analysis of other aspects of the Tax Act could impact our estimate. One-time transition tax The Deemed Repatriation Transition Tax (Transition Tax) is a tax on previously untaxed accumulated and current earnings and profits (E&P) of certain of our foreign subsidiaries. To determine the amount of the Transition Tax, we must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-United States income taxes paid on such earnings. We are able to make a reasonable estimate of the Transition Tax and because we have estimated an E&P deficit, we have not recorded a Transition Tax. We are continuing to gather additional information to more precisely compute final E&P, including the computation of 2017 current year E&P which we will finalize with the 2017 tax return. |
Taxes Components of Provision f
Taxes Components of Provision for Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of Provision for Income Tax [Abstract] | |
Income Tax Disclosure [Text Block] | – PROVISION FOR INCOME TAXES We are subject to federal income tax in the United States and income tax of multiple state and international jurisdictions. We provide for income taxes based on the tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to both nominal rates and the basis on which these rates are applied. Our consolidated effective income tax rate can vary significantly from period to period due to these variations, changes in jurisdictional mix of our income and valuation allowances in certain jurisdictions that can offset income tax expense or benefit. We are currently under audit by various domestic and international authorities. With few exceptions, we do not have any returns under examination for years prior to 2013. The United States Internal Revenue Service has completed examinations of the federal tax returns of BWC through 2014, and all matters arising from such examinations have been resolved. We recognize the effect of income tax positions only if it is more-likely-than-not that those positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Unrecognized tax benefits are as follows: (in thousands) 2017 2016 2015 Balance at beginning of period $ 884 $ 1,141 $ 3,321 Increases based on tax positions taken in the current year 277 178 88 Increases based on tax positions taken in the prior years 56 230 248 Decreases based on tax positions taken in the prior years (13 ) — (1,161 ) Decreases due to settlements with tax authorities — (665 ) (1,355 ) Decreases due to lapse of applicable statute of limitation — — — Balance at end of period $ 1,204 $ 884 $ 1,141 The $1.2 million balance of unrecognized tax benefits at December 31, 2017 would decrease expense if recognized. We do not expect any of our unrecognized income tax benefits to be resolved in the next twelve months. We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes; however, such amounts are not significant to any period presented. Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Pension liability $ 58,810 $ 105,426 Accrued warranty expense 5,262 11,628 Accrued vacation pay 996 4,792 Accrued liabilities for self-insurance (including postretirement health care benefits) 3,910 6,596 Accrued liabilities for executive and employee incentive compensation 4,950 8,334 Investments in joint ventures and affiliated companies 10,422 10,742 Long-term contracts 6,801 10,318 Accrued Legal Fees 1,579 2,110 Inventory Reserve 1,842 2,445 Property, plant and equipment — 1,587 Net operating loss carryforward 95,715 33,187 State tax net operating loss carryforward 21,658 15,372 Foreign tax credit carryforward 7,150 3,870 Other tax credits 5,678 737 Other 4,980 7,852 Total deferred tax assets 229,753 224,996 Valuation allowance for deferred tax assets (108,105 ) (40,484 ) Net, total deferred tax assets 121,648 184,512 Deferred tax liabilities: Long-term contracts 569 3,601 Intangibles 21,215 21,892 Property, plant and equipment 2,835 — Undistributed foreign earnings 1,314 500 Goodwill — 1,125 Other 2,445 2,885 Total deferred tax liabilities 28,378 30,003 Net deferred tax assets $ 93,270 $ 154,509 At December 31, 2017, we had a valuation allowance of $108.1 million for deferred tax assets, which we expect may not be realized through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. Should we conclude in the future that any or all of our deferred tax assets are not more likely than not to be realized, we would establish additional valuation allowances and any changes to our estimated valuation allowance could be material to our consolidated financial statements. The following is an analysis of our valuation allowance for deferred tax assets: (in thousands) Beginning balance Charges to costs and expenses Charged to other accounts Ending balance Year Ended December 31, 2017 $ (40,484 ) $ (61,021 ) $ (6,600 ) $ (108,105 ) Year Ended December 31, 2016 (10,077 ) (29,307 ) (1,100 ) (40,484 ) Year Ended December 31, 2015 (9,216 ) (861 ) — (10,077 ) We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % We have foreign net operating loss benefits after tax of $75.0 million available to offset future taxable income in certain foreign jurisdictions. Of the foreign net operating loss benefits, $1.7 million is scheduled to expire in 2019 to 2026 . The remaining net operating loss benefits have unlimited lives. We are carrying a valuation allowance of $66.0 million against the deferred tax asset related to the foreign loss carryforwards. At December 31, 2017, we have a tax effected United States federal net operating loss of $ 20.7 million . The United States federal operating loss will begin to expire in 2037, and we expect to fully utilize this net operating loss in future periods. At December 31, 2017, we have foreign tax credit carryovers of $7.2 million , against which we have a full valuation allowance. At December 31, 2017, we have state net operating loss benefits after tax of $21.7 million available to offset future taxable income in various states, against which we have $21.6 million of valuation allowance. Our state net operating loss carryforwards begin to expire in the year 2018. It has been our practice to reinvest indefinitely, the earnings of our foreign subsidiaries and that position has not changed as a result of the enactment of the U.S. Tax Cuts and Jobs Act. If we were to distribute earnings from certain foreign subsidiaries, we would be subject to withholding taxes of approximately $4.4 million but U.S. income taxes would generally not be imposed upon such distributions. We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 New Tax Act The United States Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 and introduces significant changes to the United States income tax law. Beginning in 2018, the Tax Act reduces the United States statutory corporate income tax rate from 35% to 21% and creates a modified territorial system that will generally allow United States companies a full dividend received deduction for any future dividends from non-U.S. subsidiaries. In connection with the transition to a modified territorial system, the Tax Act also establishes a mandatory one-time deemed repatriation transition tax on currently deferred foreign earnings. The SEC staff issued Staff Accounting Bulletin ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740 ("ASC 740"). In accordance with SAB 118, we have made reasonable estimates of the effects of the Tax Act and recorded provisional amounts in our financial statements as of December 31, 2017. We will finalize our estimates in 2018 as we collect and analyze necessary data, and interpret additional guidance that becomes available. Provisional amounts for the following income tax effects of the Tax Act have been recorded as of December 31, 2017: Deferred tax effects We remeasured our deferred taxes and recorded a deferred tax expense of $62.4 million . This amount consists of an expense for the corporate rate reduction of $54.4 million , expense of $0.8 million based on a change in our deferred taxes related to executive compensation and an expense of $7.2 million to record a valuation allowance on foreign tax credit carryforwards that are now expected to expire unused. While we are able to make a reasonable estimate of the deferred tax effects, our continued analysis of other aspects of the Tax Act could impact our estimate. One-time transition tax The Deemed Repatriation Transition Tax (Transition Tax) is a tax on previously untaxed accumulated and current earnings and profits (E&P) of certain of our foreign subsidiaries. To determine the amount of the Transition Tax, we must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-United States income taxes paid on such earnings. We are able to make a reasonable estimate of the Transition Tax and because we have estimated an E&P deficit, we have not recorded a Transition Tax. We are continuing to gather additional information to more precisely compute final E&P, including the computation of 2017 current year E&P which we will finalize with the 2017 tax return. |
Taxes Reconciliation of U.S. St
Taxes Reconciliation of U.S. Statutory Federal Tax Rate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reconciliation of U.S. Statutory Federal Tax Rate [Abstract] | |
Income Tax Disclosure [Text Block] | – PROVISION FOR INCOME TAXES We are subject to federal income tax in the United States and income tax of multiple state and international jurisdictions. We provide for income taxes based on the tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to both nominal rates and the basis on which these rates are applied. Our consolidated effective income tax rate can vary significantly from period to period due to these variations, changes in jurisdictional mix of our income and valuation allowances in certain jurisdictions that can offset income tax expense or benefit. We are currently under audit by various domestic and international authorities. With few exceptions, we do not have any returns under examination for years prior to 2013. The United States Internal Revenue Service has completed examinations of the federal tax returns of BWC through 2014, and all matters arising from such examinations have been resolved. We recognize the effect of income tax positions only if it is more-likely-than-not that those positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Unrecognized tax benefits are as follows: (in thousands) 2017 2016 2015 Balance at beginning of period $ 884 $ 1,141 $ 3,321 Increases based on tax positions taken in the current year 277 178 88 Increases based on tax positions taken in the prior years 56 230 248 Decreases based on tax positions taken in the prior years (13 ) — (1,161 ) Decreases due to settlements with tax authorities — (665 ) (1,355 ) Decreases due to lapse of applicable statute of limitation — — — Balance at end of period $ 1,204 $ 884 $ 1,141 The $1.2 million balance of unrecognized tax benefits at December 31, 2017 would decrease expense if recognized. We do not expect any of our unrecognized income tax benefits to be resolved in the next twelve months. We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes; however, such amounts are not significant to any period presented. Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Pension liability $ 58,810 $ 105,426 Accrued warranty expense 5,262 11,628 Accrued vacation pay 996 4,792 Accrued liabilities for self-insurance (including postretirement health care benefits) 3,910 6,596 Accrued liabilities for executive and employee incentive compensation 4,950 8,334 Investments in joint ventures and affiliated companies 10,422 10,742 Long-term contracts 6,801 10,318 Accrued Legal Fees 1,579 2,110 Inventory Reserve 1,842 2,445 Property, plant and equipment — 1,587 Net operating loss carryforward 95,715 33,187 State tax net operating loss carryforward 21,658 15,372 Foreign tax credit carryforward 7,150 3,870 Other tax credits 5,678 737 Other 4,980 7,852 Total deferred tax assets 229,753 224,996 Valuation allowance for deferred tax assets (108,105 ) (40,484 ) Net, total deferred tax assets 121,648 184,512 Deferred tax liabilities: Long-term contracts 569 3,601 Intangibles 21,215 21,892 Property, plant and equipment 2,835 — Undistributed foreign earnings 1,314 500 Goodwill — 1,125 Other 2,445 2,885 Total deferred tax liabilities 28,378 30,003 Net deferred tax assets $ 93,270 $ 154,509 At December 31, 2017, we had a valuation allowance of $108.1 million for deferred tax assets, which we expect may not be realized through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences and estimates of future taxable income. Should we conclude in the future that any or all of our deferred tax assets are not more likely than not to be realized, we would establish additional valuation allowances and any changes to our estimated valuation allowance could be material to our consolidated financial statements. The following is an analysis of our valuation allowance for deferred tax assets: (in thousands) Beginning balance Charges to costs and expenses Charged to other accounts Ending balance Year Ended December 31, 2017 $ (40,484 ) $ (61,021 ) $ (6,600 ) $ (108,105 ) Year Ended December 31, 2016 (10,077 ) (29,307 ) (1,100 ) (40,484 ) Year Ended December 31, 2015 (9,216 ) (861 ) — (10,077 ) We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % We have foreign net operating loss benefits after tax of $75.0 million available to offset future taxable income in certain foreign jurisdictions. Of the foreign net operating loss benefits, $1.7 million is scheduled to expire in 2019 to 2026 . The remaining net operating loss benefits have unlimited lives. We are carrying a valuation allowance of $66.0 million against the deferred tax asset related to the foreign loss carryforwards. At December 31, 2017, we have a tax effected United States federal net operating loss of $ 20.7 million . The United States federal operating loss will begin to expire in 2037, and we expect to fully utilize this net operating loss in future periods. At December 31, 2017, we have foreign tax credit carryovers of $7.2 million , against which we have a full valuation allowance. At December 31, 2017, we have state net operating loss benefits after tax of $21.7 million available to offset future taxable income in various states, against which we have $21.6 million of valuation allowance. Our state net operating loss carryforwards begin to expire in the year 2018. It has been our practice to reinvest indefinitely, the earnings of our foreign subsidiaries and that position has not changed as a result of the enactment of the U.S. Tax Cuts and Jobs Act. If we were to distribute earnings from certain foreign subsidiaries, we would be subject to withholding taxes of approximately $4.4 million but U.S. income taxes would generally not be imposed upon such distributions. We operate in numerous countries that have statutory tax rates below that of the 35% federal statutory rate that has been applicable to the United States through December 31, 2017. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden and the United Kingdom with effective tax rates ranging between 20% and approximately 30%. Income before the provision for income taxes was as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States $ (44,835 ) $ 1,280 $ (20,748 ) Other than the United States (269,364 ) (109,419 ) 40,953 Income before provision for income taxes $ (314,199 ) $ (108,139 ) $ 20,205 The following is a reconciliation of the United States statutory federal tax rate (35%) to the consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 United States federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.2 (3.5 ) 13.8 Foreign rate differential (9.5 ) (12.8 ) (13.1 ) Deferred Taxes - Change in Tax Rate (19.9 ) — — Tax credits 0.9 3.0 (14.7 ) Dividends and deemed dividends from affiliates (1.8 ) (0.2 ) 1.7 Valuation allowances (17.9 ) (28.1 ) 4.3 Goodwill impairment (7.0 ) — — Uncertain tax positions — 0.3 (6.6 ) Non-deductible expenses 0.2 (1.8 ) 2.4 Manufacturing deduction — — (2.5 ) Other (0.8 ) 1.7 (2.1 ) Effective tax rate (20.6 )% (6.4 )% 18.2 % The provision for income taxes consisted of: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States – federal $ 100 $ 284 $ 24,084 United States – state and local 397 (415 ) 3,458 Other than in the United States 8,612 4,504 8,250 Total current 9,109 4,373 35,792 Deferred: United States – Federal 58,203 11,512 (35,888 ) United States – state and local 2,546 6,365 (111 ) Other than in the United States (5,042 ) (15,307 ) 3,878 Total deferred (benefit) provision 55,707 2,570 (32,121 ) Provision for income taxes $ 64,816 $ 6,943 $ 3,671 New Tax Act The United States Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 and introduces significant changes to the United States income tax law. Beginning in 2018, the Tax Act reduces the United States statutory corporate income tax rate from 35% to 21% and creates a modified territorial system that will generally allow United States companies a full dividend received deduction for any future dividends from non-U.S. subsidiaries. In connection with the transition to a modified territorial system, the Tax Act also establishes a mandatory one-time deemed repatriation transition tax on currently deferred foreign earnings. The SEC staff issued Staff Accounting Bulletin ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740 ("ASC 740"). In accordance with SAB 118, we have made reasonable estimates of the effects of the Tax Act and recorded provisional amounts in our financial statements as of December 31, 2017. We will finalize our estimates in 2018 as we collect and analyze necessary data, and interpret additional guidance that becomes available. Provisional amounts for the following income tax effects of the Tax Act have been recorded as of December 31, 2017: Deferred tax effects We remeasured our deferred taxes and recorded a deferred tax expense of $62.4 million . This amount consists of an expense for the corporate rate reduction of $54.4 million , expense of $0.8 million based on a change in our deferred taxes related to executive compensation and an expense of $7.2 million to record a valuation allowance on foreign tax credit carryforwards that are now expected to expire unused. While we are able to make a reasonable estimate of the deferred tax effects, our continued analysis of other aspects of the Tax Act could impact our estimate. One-time transition tax The Deemed Repatriation Transition Tax (Transition Tax) is a tax on previously untaxed accumulated and current earnings and profits (E&P) of certain of our foreign subsidiaries. To determine the amount of the Transition Tax, we must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-United States income taxes paid on such earnings. We are able to make a reasonable estimate of the Transition Tax and because we have estimated an E&P deficit, we have not recorded a Transition Tax. We are continuing to gather additional information to more precisely compute final E&P, including the computation of 2017 current year E&P which we will finalize with the 2017 tax return. |
Leases & Debt Obligations (Tabl
Leases & Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Lease Obligations [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | Operating leases Future minimum payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year at December 31, 2017 are as follows (in thousands): Fiscal Year Ending December 31, Amount 2018 $ 6,814 2019 $ 5,100 2020 $ 3,553 2021 $ 2,741 2022 $ 2,258 Thereafter $ 3,337 Total rental expense for the years ended December 31, 2017 , 2016 and 2015 , was $10.5 million , $8.3 million and $13.5 million , respectively. |
Leases & Debt Obligations Long-
Leases & Debt Obligations Long-Term Borrowings Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Lease Obligations [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Long-term borrowings Maturities of our long-term borrowings in the five years succeeding December 31, 2017 are as follows (in thousands): Fiscal year ending December 31, Amount 2018 $ 9,173 2019 $ — 2020 $ 290,184 2021 $ — 2022 $ — Thereafter $ — |
Second Lien Term Loan Facilit98
Second Lien Term Loan Facility (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Long-term Debt [Text Block] | The components of our revolving debt are comprised of separate revolving credit facilities in the following locations: (in thousands) December 31, 2017 December 31, 2016 United States $ 94,300 $ 9,800 Foreign 9,173 14,241 Total revolving debt $ 103,473 $ 24,041 United States revolving credit facility On May 11, 2015, we entered into a credit agreement with a syndicate of lenders ("Credit Agreement") in connection with our spin-off from The Babcock & Wilcox Company. The Credit Agreement, which is scheduled to mature on June 30, 2020, provides for a senior secured revolving credit facility, initially in an aggregate amount of up to $600.0 million . The proceeds from loans under the Credit Agreement are available for working capital needs and other general corporate purposes, and the full amount is available to support the issuance of letters of credit. On February 24, 2017, August 9, 2017 and March 1, 2018, we entered into amendments to the Credit Agreement (the "Amendments" and the Credit Agreement, as amended to date, the "Amended Credit Agreement") to, among other things: (1) permit us to incur the debt under the second lien term loan facility (discussed further in Note 20 ), (2) modify the definition of EBITDA in the Amended Credit Agreement to exclude: up to $98.1 million of charges for certain Renewable segment contracts for periods including the quarter ended December 31, 2016, up to $115.2 million of charges for certain Renewable segment contracts for periods including the quarter ended June 30, 2017, up to $30.1 million of charges for certain Renewable segment contracts for periods including the quarter ended September 30, 2017, up to $38.7 million of charges for certain Renewable segment contracts for periods including the quarter ended December 31, 2017, up to $4.0 million of aggregate restructuring expenses incurred during the period from July 1, 2017 through September 30, 2018 measured on a consecutive four-quarter basis, realized and unrealized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets and liabilities, and fees and expenses incurred in connection with the August 9, 2017 and March 1, 2018 amendments, (3) replace the maximum leverage ratio with a maximum senior debt leverage ratio, (4) decrease the minimum consolidated interest coverage ratio, (5) limit our ability to borrow under the Amended Credit Agreement during the covenant relief period to $250.0 million in the aggregate, (6) reduce commitments under the revolving credit facility from $600.0 million to $450.0 million , (7) require us to maintain liquidity (as defined in the Amended Credit Agreement) of at least $75.0 million as of the last business day of any calendar month, (8) require us to repay outstanding borrowings under the revolving credit facility (without any reduction in commitments) with certain excess cash, (9) increase the pricing for borrowings and commitment fees under the Amended Credit Agreement, (10) limit our ability to incur debt and liens during the covenant relief period, (11) limit our ability to make acquisitions and investments in third parties during the covenant relief period, (12) prohibit us from paying dividends and undertaking stock repurchases during the covenant relief period (other than our share repurchase from an affiliate of AIP (discussed further in Note 20 )), (13) prohibit us from exercising the accordion described below during the covenant relief period, (14) limit our financial and commercial letters of credit outstanding under the Amended Credit Agreement to $30.0 million , (15) require us to reduce commitments under the Amended Credit Agreement with the proceeds of certain debt issuances and asset sales, (16) beginning with the quarter ended March 31, 2018, limit to no more than $15.0 million any cumulative net income losses attributable to eight specified Vølund projects, (17) increase reporting obligations and require us to hire a third-party consultant and a chief implementation officer, (18) require us to pledge the equity of certain of our foreign subsidiaries to guarantee and provide collateral for our obligations under the United States credit facility, (19) require us to pay a deferred facility fee as more fully set forth in the March 1, 2018 Amendment, and (20) require us to sell at least $100 million of assets before March 31, 2019. The covenant relief period will end, at our election, when the conditions set forth in the Amended Credit Agreement are satisfied, but in no event earlier than the date on which we provide the compliance certificate for our fiscal quarter ended December 31, 2019. Other than during the covenant relief period, the Amended Credit Agreement contains an accordion feature that allows us, subject to the satisfaction of certain conditions, including the receipt of increased commitments from existing lenders or new commitments from new lenders, to increase the amount of the commitments under the revolving credit facility in an aggregate amount not to exceed the sum of (1) $200.0 million plus (2) an unlimited amount, so long as for any commitment increase under this subclause (2) our senior leverage ratio (assuming the full amount of any commitment increase under this subclause (2) is drawn) is equal to or less than 2.00 :1.0 after giving pro forma effect thereto. During the covenant relief period, our ability to exercise the accordion feature will be prohibited. The Amended Credit Agreement and our obligations under certain hedging agreements and cash management agreements with our lenders and their affiliates are (1) guaranteed by substantially all of our wholly owned domestic subsidiaries, but excluding our captive insurance subsidiary, and (2) secured by first-priority liens on certain assets owned by us and the guarantors. The Amended Credit Agreement requires interest payments on revolving loans on a periodic basis until maturity. We may prepay all loans at any time without premium or penalty (other than customary LIBOR breakage costs), subject to notice requirements. The Amended Credit Agreement requires us to make certain prepayments on any outstanding revolving loans after receipt of cash proceeds from certain asset sales or other events, subject to certain exceptions and a right to reinvest such proceeds in certain circumstances. During the covenant relief period, such prepayments may require us to reduce the commitments under the Amended Credit Agreement by a corresponding amount of such prepayments. Following the covenant relief period, such prepayments will not require us to reduce the commitments under the Amended Credit Agreement. The March 1, 2018 Amendment temporarily waived certain defaults and events of default under our United States credit facility that were breached on December 31, 2017 or that may occur in the future, with certain amendments effective immediately and other amendments effective upon the completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering. If the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering do not occur by April 15, 2018 (subject to extension in certain cases), the temporary waiver will end. The temporary waiver will also end if certain other conditions specified in the March 1, 2018 Amendment occur. Upon any such termination of the waiver, our ability to borrow funds under the United States credit facility will terminate. After giving effect to the Amendments, loans outstanding under the Amended Credit Agreement bear interest at our option at either LIBOR rate plus 7.0% per annum or the Base Rate plus 6.0% per annum until we complete the Rights Offering and prepay the Second Lien Term Loan facility and thereafter at our option at either (1) the LIBOR rate plus 5.0% per annum during 2018, 6.0% per annum during 2019 and 7.0% per annum during 2020, or (2) the Base Rate plus 4.0% per annum during 2018, 5.0% per annum during 2019, and 6.0% per annum during 2020. The Base Rate is the highest of the Federal Funds rate plus 0.5% , the one month LIBOR rate plus 1.0% , or the administrative agent's prime rate. Interest expense associated with our United States revolving credit facility loans for the year ended December 31, 2017 was $11.3 million , respectively. Included in interest expense was $6.3 million of non-cash amortization of direct financing costs for the year ended December 31, 2017. A commitment fee of 1.0% per annum is charged on the unused portions of the revolving credit facility. A letter of credit fee of 2.50% per annum is charged with respect to the amount of each financial letter of credit outstanding, and a letter of credit fee of 1.50% per annum is charged with respect to the amount of each performance and commercial letter of credit outstanding. Additionally, an annual facility fee of $1.5 million is payable on the first business day of 2018 and 2019, and a pro rated amount is payable on the first business day of 2020. The Amended Credit Agreement includes financial covenants that are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. After we complete the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering within the time period required by the March 1, 2018 Amendment, the maximum permitted senior debt leverage ratio as defined in the Amended Credit Agreement is: • 8.50 :1.0 for the quarter ended December 31, 2017, • 7.00 :1.0 for the quarter ending March 31, 2018, • 6.50 :1.0 for the quarters ending June 30, 2018 and September 30, 2018, • 4.75 :1.0 for the quarter ending December 31, 2018, • 3.00 :1.0 for the quarter ending March 31, 2019, • 2.75 :1.0 for the quarters ending June 30, 2019 and September 30, 2019 and • 2.50 :1.0 for the quarter ending December 31, 2019 and each quarter thereafter. After we complete the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering within the time period required by the March 1, 2018 Amendment, the minimum consolidated interest coverage ratio as defined in the Credit Agreement is: • 1.25 :1.0 for the quarter ended December 31, 2017, • 1.15 :1.0 for the quarter ending March 31, 2018, • 1.00 :1.0 for the quarter ending June 30, 2018, • 0.85 :1.0 for the quarter ending September 30, 2018, • 1.25 :1.0 for the quarter ending December 31, 2018, • 1.50 :1.0 for the quarter ending March 31, 2019 and • 2.00 :1.0 for the quarters ending June 30, 2019 and each quarter thereafter. Beginning with September 30, 2017, consolidated capital expenditures in each fiscal year are limited to $27.5 million . At December 31, 2017 , borrowings under the Amended Credit Agreement and foreign facilities consisted of $103.5 million at an effective interest rate of 6.89% . Usage under the Amended Credit Agreement consisted of $94.3 million of borrowings, $7.4 million of financial letters of credit and $123.7 million of performance letters of credit. After giving effect to the March 1, 2018 amendment, at December 31, 2017 , we had approximately $221.4 million available for borrowings or to meet letter of credit requirements primarily based on trailing 12 month EBITDA (as defined in the Amended Credit Agreement), and our leverage and interest coverage ratios (as defined in the Amended Credit Agreement) were 2.59 and 2.50 , respectively. We expect to be closest to the minimum financial covenant thresholds at September 30, 2018. Foreign revolving credit facilities Outside of the United States, we have revolving credit facilities in Turkey and India that are used to provide working capital to our operations in each country. These foreign revolving credit facilities allow us to borrow up to $9.2 million in aggregate and each have a one year term. At December 31, 2017 , we had $9.2 million in borrowings outstanding under these foreign revolving credit facilities at an effective weighted-average interest rate of 6.07% . Subsequent to December 31, 2017, the foreign facilities were repaid and extinguished. Letters of credit, bank guarantees and surety bonds Certain subsidiaries primarily outside of the United States have credit arrangements with various commercial banks and other financial institutions for the issuance of letters of credit and bank guarantees in association with contracting activity. The aggregate value of all such letters of credit and bank guarantees not secured by the United States revolving credit facility as of December 31, 2017 and 2016 was $269.1 million and $255.2 million , respectively. The aggregate value of all such letters of credit and bank guarantees that are partially secured by the United States revolving credit facility as of December 31, 2017 was $114.2 million . The aggregate value of the letters of credit provided by the Company's United States revolving credit facility in support of letters of credit outside of the United States was $40.4 million as of December 31, 2017 . We have posted surety bonds to support contractual obligations to customers relating to certain contracts. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion. Although there can be no assurance that we will maintain our surety bonding capacity, we believe our current capacity is adequate to support our existing contract requirements for the next 12 months. In addition, these bonds generally indemnify customers should we fail to perform our obligations under the applicable contracts. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue in support of some of our contracting activity. As of December 31, 2017 , bonds issued and outstanding under these arrangements in support of contracts totaled approximately $378.8 million . Interest expense associated with our second lien credit agreement is comprised of the following: (in thousands) Coupon Interest Accretion of debt discount and amortization of financing costs Total Interest Expense For the three months ended September 30, 2017 $2,554 $1,095 $3,649 For the three months ended December 31, 2017 $4,657 $2,131 $6,788 Forecasted for the year ending December 31, 2018 $20,266 $9,838 $30,104 The carrying value of the second lien term loan facility at December 31, 2017 was as follows (in thousands): Face value Unamortized debt discount and direct financing costs Net carrying value $195,884 $35,743 $160,141 |
Second Lien Term Loan Facilit99
Second Lien Term Loan Facility Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest Expense [Abstract] | |
Long-term Debt [Text Block] | The components of our revolving debt are comprised of separate revolving credit facilities in the following locations: (in thousands) December 31, 2017 December 31, 2016 United States $ 94,300 $ 9,800 Foreign 9,173 14,241 Total revolving debt $ 103,473 $ 24,041 United States revolving credit facility On May 11, 2015, we entered into a credit agreement with a syndicate of lenders ("Credit Agreement") in connection with our spin-off from The Babcock & Wilcox Company. The Credit Agreement, which is scheduled to mature on June 30, 2020, provides for a senior secured revolving credit facility, initially in an aggregate amount of up to $600.0 million . The proceeds from loans under the Credit Agreement are available for working capital needs and other general corporate purposes, and the full amount is available to support the issuance of letters of credit. On February 24, 2017, August 9, 2017 and March 1, 2018, we entered into amendments to the Credit Agreement (the "Amendments" and the Credit Agreement, as amended to date, the "Amended Credit Agreement") to, among other things: (1) permit us to incur the debt under the second lien term loan facility (discussed further in Note 20 ), (2) modify the definition of EBITDA in the Amended Credit Agreement to exclude: up to $98.1 million of charges for certain Renewable segment contracts for periods including the quarter ended December 31, 2016, up to $115.2 million of charges for certain Renewable segment contracts for periods including the quarter ended June 30, 2017, up to $30.1 million of charges for certain Renewable segment contracts for periods including the quarter ended September 30, 2017, up to $38.7 million of charges for certain Renewable segment contracts for periods including the quarter ended December 31, 2017, up to $4.0 million of aggregate restructuring expenses incurred during the period from July 1, 2017 through September 30, 2018 measured on a consecutive four-quarter basis, realized and unrealized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets and liabilities, and fees and expenses incurred in connection with the August 9, 2017 and March 1, 2018 amendments, (3) replace the maximum leverage ratio with a maximum senior debt leverage ratio, (4) decrease the minimum consolidated interest coverage ratio, (5) limit our ability to borrow under the Amended Credit Agreement during the covenant relief period to $250.0 million in the aggregate, (6) reduce commitments under the revolving credit facility from $600.0 million to $450.0 million , (7) require us to maintain liquidity (as defined in the Amended Credit Agreement) of at least $75.0 million as of the last business day of any calendar month, (8) require us to repay outstanding borrowings under the revolving credit facility (without any reduction in commitments) with certain excess cash, (9) increase the pricing for borrowings and commitment fees under the Amended Credit Agreement, (10) limit our ability to incur debt and liens during the covenant relief period, (11) limit our ability to make acquisitions and investments in third parties during the covenant relief period, (12) prohibit us from paying dividends and undertaking stock repurchases during the covenant relief period (other than our share repurchase from an affiliate of AIP (discussed further in Note 20 )), (13) prohibit us from exercising the accordion described below during the covenant relief period, (14) limit our financial and commercial letters of credit outstanding under the Amended Credit Agreement to $30.0 million , (15) require us to reduce commitments under the Amended Credit Agreement with the proceeds of certain debt issuances and asset sales, (16) beginning with the quarter ended March 31, 2018, limit to no more than $15.0 million any cumulative net income losses attributable to eight specified Vølund projects, (17) increase reporting obligations and require us to hire a third-party consultant and a chief implementation officer, (18) require us to pledge the equity of certain of our foreign subsidiaries to guarantee and provide collateral for our obligations under the United States credit facility, (19) require us to pay a deferred facility fee as more fully set forth in the March 1, 2018 Amendment, and (20) require us to sell at least $100 million of assets before March 31, 2019. The covenant relief period will end, at our election, when the conditions set forth in the Amended Credit Agreement are satisfied, but in no event earlier than the date on which we provide the compliance certificate for our fiscal quarter ended December 31, 2019. Other than during the covenant relief period, the Amended Credit Agreement contains an accordion feature that allows us, subject to the satisfaction of certain conditions, including the receipt of increased commitments from existing lenders or new commitments from new lenders, to increase the amount of the commitments under the revolving credit facility in an aggregate amount not to exceed the sum of (1) $200.0 million plus (2) an unlimited amount, so long as for any commitment increase under this subclause (2) our senior leverage ratio (assuming the full amount of any commitment increase under this subclause (2) is drawn) is equal to or less than 2.00 :1.0 after giving pro forma effect thereto. During the covenant relief period, our ability to exercise the accordion feature will be prohibited. The Amended Credit Agreement and our obligations under certain hedging agreements and cash management agreements with our lenders and their affiliates are (1) guaranteed by substantially all of our wholly owned domestic subsidiaries, but excluding our captive insurance subsidiary, and (2) secured by first-priority liens on certain assets owned by us and the guarantors. The Amended Credit Agreement requires interest payments on revolving loans on a periodic basis until maturity. We may prepay all loans at any time without premium or penalty (other than customary LIBOR breakage costs), subject to notice requirements. The Amended Credit Agreement requires us to make certain prepayments on any outstanding revolving loans after receipt of cash proceeds from certain asset sales or other events, subject to certain exceptions and a right to reinvest such proceeds in certain circumstances. During the covenant relief period, such prepayments may require us to reduce the commitments under the Amended Credit Agreement by a corresponding amount of such prepayments. Following the covenant relief period, such prepayments will not require us to reduce the commitments under the Amended Credit Agreement. The March 1, 2018 Amendment temporarily waived certain defaults and events of default under our United States credit facility that were breached on December 31, 2017 or that may occur in the future, with certain amendments effective immediately and other amendments effective upon the completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering. If the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering do not occur by April 15, 2018 (subject to extension in certain cases), the temporary waiver will end. The temporary waiver will also end if certain other conditions specified in the March 1, 2018 Amendment occur. Upon any such termination of the waiver, our ability to borrow funds under the United States credit facility will terminate. After giving effect to the Amendments, loans outstanding under the Amended Credit Agreement bear interest at our option at either LIBOR rate plus 7.0% per annum or the Base Rate plus 6.0% per annum until we complete the Rights Offering and prepay the Second Lien Term Loan facility and thereafter at our option at either (1) the LIBOR rate plus 5.0% per annum during 2018, 6.0% per annum during 2019 and 7.0% per annum during 2020, or (2) the Base Rate plus 4.0% per annum during 2018, 5.0% per annum during 2019, and 6.0% per annum during 2020. The Base Rate is the highest of the Federal Funds rate plus 0.5% , the one month LIBOR rate plus 1.0% , or the administrative agent's prime rate. Interest expense associated with our United States revolving credit facility loans for the year ended December 31, 2017 was $11.3 million , respectively. Included in interest expense was $6.3 million of non-cash amortization of direct financing costs for the year ended December 31, 2017. A commitment fee of 1.0% per annum is charged on the unused portions of the revolving credit facility. A letter of credit fee of 2.50% per annum is charged with respect to the amount of each financial letter of credit outstanding, and a letter of credit fee of 1.50% per annum is charged with respect to the amount of each performance and commercial letter of credit outstanding. Additionally, an annual facility fee of $1.5 million is payable on the first business day of 2018 and 2019, and a pro rated amount is payable on the first business day of 2020. The Amended Credit Agreement includes financial covenants that are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. After we complete the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering within the time period required by the March 1, 2018 Amendment, the maximum permitted senior debt leverage ratio as defined in the Amended Credit Agreement is: • 8.50 :1.0 for the quarter ended December 31, 2017, • 7.00 :1.0 for the quarter ending March 31, 2018, • 6.50 :1.0 for the quarters ending June 30, 2018 and September 30, 2018, • 4.75 :1.0 for the quarter ending December 31, 2018, • 3.00 :1.0 for the quarter ending March 31, 2019, • 2.75 :1.0 for the quarters ending June 30, 2019 and September 30, 2019 and • 2.50 :1.0 for the quarter ending December 31, 2019 and each quarter thereafter. After we complete the Rights Offering and the repayment of the outstanding balance of our Second Lien Notes Offering within the time period required by the March 1, 2018 Amendment, the minimum consolidated interest coverage ratio as defined in the Credit Agreement is: • 1.25 :1.0 for the quarter ended December 31, 2017, • 1.15 :1.0 for the quarter ending March 31, 2018, • 1.00 :1.0 for the quarter ending June 30, 2018, • 0.85 :1.0 for the quarter ending September 30, 2018, • 1.25 :1.0 for the quarter ending December 31, 2018, • 1.50 :1.0 for the quarter ending March 31, 2019 and • 2.00 :1.0 for the quarters ending June 30, 2019 and each quarter thereafter. Beginning with September 30, 2017, consolidated capital expenditures in each fiscal year are limited to $27.5 million . At December 31, 2017 , borrowings under the Amended Credit Agreement and foreign facilities consisted of $103.5 million at an effective interest rate of 6.89% . Usage under the Amended Credit Agreement consisted of $94.3 million of borrowings, $7.4 million of financial letters of credit and $123.7 million of performance letters of credit. After giving effect to the March 1, 2018 amendment, at December 31, 2017 , we had approximately $221.4 million available for borrowings or to meet letter of credit requirements primarily based on trailing 12 month EBITDA (as defined in the Amended Credit Agreement), and our leverage and interest coverage ratios (as defined in the Amended Credit Agreement) were 2.59 and 2.50 , respectively. We expect to be closest to the minimum financial covenant thresholds at September 30, 2018. Foreign revolving credit facilities Outside of the United States, we have revolving credit facilities in Turkey and India that are used to provide working capital to our operations in each country. These foreign revolving credit facilities allow us to borrow up to $9.2 million in aggregate and each have a one year term. At December 31, 2017 , we had $9.2 million in borrowings outstanding under these foreign revolving credit facilities at an effective weighted-average interest rate of 6.07% . Subsequent to December 31, 2017, the foreign facilities were repaid and extinguished. Letters of credit, bank guarantees and surety bonds Certain subsidiaries primarily outside of the United States have credit arrangements with various commercial banks and other financial institutions for the issuance of letters of credit and bank guarantees in association with contracting activity. The aggregate value of all such letters of credit and bank guarantees not secured by the United States revolving credit facility as of December 31, 2017 and 2016 was $269.1 million and $255.2 million , respectively. The aggregate value of all such letters of credit and bank guarantees that are partially secured by the United States revolving credit facility as of December 31, 2017 was $114.2 million . The aggregate value of the letters of credit provided by the Company's United States revolving credit facility in support of letters of credit outside of the United States was $40.4 million as of December 31, 2017 . We have posted surety bonds to support contractual obligations to customers relating to certain contracts. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion. Although there can be no assurance that we will maintain our surety bonding capacity, we believe our current capacity is adequate to support our existing contract requirements for the next 12 months. In addition, these bonds generally indemnify customers should we fail to perform our obligations under the applicable contracts. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue in support of some of our contracting activity. As of December 31, 2017 , bonds issued and outstanding under these arrangements in support of contracts totaled approximately $378.8 million . Interest expense associated with our second lien credit agreement is comprised of the following: (in thousands) Coupon Interest Accretion of debt discount and amortization of financing costs Total Interest Expense For the three months ended September 30, 2017 $2,554 $1,095 $3,649 For the three months ended December 31, 2017 $4,657 $2,131 $6,788 Forecasted for the year ending December 31, 2018 $20,266 $9,838 $30,104 The carrying value of the second lien term loan facility at December 31, 2017 was as follows (in thousands): Face value Unamortized debt discount and direct financing costs Net carrying value $195,884 $35,743 $160,141 |
Significant Accounting Polic100
Significant Accounting Policies Research and Development (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Research and Development [Abstract] | |||||||||||
Research and development costs | $ 9,400 | $ 10,400 | $ 16,500 | ||||||||
Revenues | $ 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | $ 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | $ 1,557,735 | $ 1,578,263 | 1,757,295 |
(Gain) Loss on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 14,600 |
Significant Accounting Polic101
Significant Accounting Policies Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Percentage of LIFO Inventory | 16.00% | 18.00% |
Inventory, LIFO Reserve | $ 7 | $ 7 |
Significant Accounting Polic102
Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventories [Abstract] | |||
Depreciation | $ 21.9 | $ 19.7 | $ 23.5 |
Significant Accounting Polic103
Significant Accounting Policies Self Insurance (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Self Insurance Reserve | $ 23.1 | $ 24.1 |
Significant Accounting Polic104
Significant Accounting Policies Foreign Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Currency Translation [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 2.9 | $ (5.4) | $ (0.1) |
Significant Accounting Polic105
Significant Accounting Policies Trade accounts receivable and allowance for doubtful accounts (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Doubtful Accounts Receivable | $ 11 | $ 9.4 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Excluded shares from the WAS to calculated diluted EPS as company was in a net loss position | $ 0.4 | $ 0.5 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 3.4 | 1.3 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (loss) from continuing operations | $ (379,824) | $ (115,649) | $ 16,338 | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 2,803 | ||||||||
Net income (loss) attributable to stockholders | $ (107,478) | $ (114,302) | $ (150,999) | $ (7,045) | $ (71,560) | $ 8,894 | $ (63,490) | $ 10,507 | (379,824) | (115,649) | $ 19,141 |
Excluded shares from the WAS to calculated diluted EPS as company was in a net loss position | $ 400 | $ 500 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,000 | 3,400 | 1,300 | ||||||||
Effect of dilutive securities: | |||||||||||
Weighted average shares used to calculate basic earnings per share | 46,935 | 50,129 | 53,487 | ||||||||
Dilutive effect of stock options, restricted stock and performance shares | 0 | 0 | 222 | ||||||||
Weighted average shares used to calculate diluted earnings per share | 46,935 | 50,129 | 53,709 | ||||||||
Basic earnings per common share: | |||||||||||
Basic earnings (loss) per share from continuing operations | $ (2.44) | $ (2.48) | $ (3.09) | $ (0.14) | $ (1.47) | $ 0.18 | $ (1.25) | $ 0.20 | $ (8.09) | $ (2.31) | $ 0.31 |
Basic earnings (loss) per share from Discontinued operations | 0 | 0 | 0.05 | ||||||||
Basic earnings (loss) per share | (8.09) | (2.31) | 0.36 | ||||||||
Basic earnings (loss) per share - discontinued operations | |||||||||||
Diluted earnings (loss) per share from Continuing operations | $ (2.44) | $ (2.48) | $ (3.09) | $ (0.14) | $ (1.47) | $ 0.18 | $ (1.25) | $ 0.20 | (8.09) | (2.31) | 0.30 |
Diluted earnings (loss) per share from discontinued operations | 0 | 0 | 0.06 | ||||||||
Diluted earnings (loss) per share | $ (8.09) | $ (2.31) | $ 0.36 |
Segment Reporting Additional In
Segment Reporting Additional Information (Detail) (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of Reportable Segments | 3 |
Segment Reporting Schedule o109
Segment Reporting Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Industrial [Abstract] | |||||||||||
Eliminations | $ (8,316) | $ (6,500) | $ 0 | ||||||||
Revenues | $ 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | $ 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | 1,557,735 | 1,578,263 | 1,757,295 |
Power [Member] | |||||||||||
Power [Abstract] | |||||||||||
Retrofits & continuous emissions monitoring systems | 306,758 | 392,854 | 427,378 | ||||||||
New build utility and environmental | 155,886 | 292,302 | 403,981 | ||||||||
Aftermarket parts and field engineering services | 277,129 | 292,535 | 304,923 | ||||||||
Industrial steam generation | 123,127 | 107,267 | 219,379 | ||||||||
Eliminations (Power) | (41,838) | (102,980) | (120,664) | ||||||||
Industrial [Abstract] | |||||||||||
Revenues | 821,062 | 981,978 | 1,234,997 | ||||||||
Renewable [Domain] [Domain] | |||||||||||
Renewable [Abstract] | |||||||||||
Renewable new build and services | 282,228 | 284,684 | 277,326 | ||||||||
Operations and maintenance | 64,970 | 65,814 | 63,437 | ||||||||
Eliminations (Renewable) | 0 | (1,326) | (2,160) | ||||||||
Industrial [Abstract] | |||||||||||
Revenues | 347,198 | 349,172 | 338,603 | ||||||||
Industrial [Domain] | |||||||||||
Industrial [Abstract] | |||||||||||
Industrial aftermarket parts and services | 117,970 | 81,690 | 61,350 | ||||||||
Environmental solutions | 138,722 | 74,726 | 90,343 | ||||||||
Cooling systems | 126,683 | 73,797 | 0 | ||||||||
Engineered products | 14,416 | 23,400 | 32,002 | ||||||||
Revenues | $ 397,791 | $ 253,613 | $ 183,695 |
Segment Reporting Schedule o110
Segment Reporting Schedule of Gross Profit (Loss) by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
GROSS PROFIT (LOSS) | |||||||||||
Gross profit (loss) | $ 45,513 | $ 47,287 | $ (55,822) | $ 62,900 | $ (848) | $ 73,757 | $ 26,052 | $ 80,156 | $ 99,878 | $ 179,117 | $ 308,157 |
SG&A less pension MTM adjustment | (255,545) | (240,166) | (240,296) | ||||||||
Goodwill impairment charges | (86,903) | 0 | 0 | ||||||||
Restructuring activities and spin-off transaction costs | (15,447) | (40,807) | (14,946) | ||||||||
Research and development costs | (9,412) | (10,406) | (16,543) | ||||||||
Mark to market gain (loss) included in SG&A | (8,696) | 24,110 | 40,210 | ||||||||
Equity in Income of Investees | 8,326 | 16,440 | (242) | ||||||||
TBWES other than temporary impairment | (18,193) | 0 | 0 | ||||||||
Gains (losses) on asset disposals | (15) | 32 | (14,597) | ||||||||
Operating income (loss) | $ (23,373) | $ (104,748) | $ (144,646) | $ (8,798) | $ (58,587) | $ 11,133 | $ (72,585) | $ 17,266 | (281,565) | (102,773) | 21,861 |
Power [Member] | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Gross profit (loss) | 191,999 | 233,550 | 247,632 | ||||||||
Goodwill impairment charges | 0 | ||||||||||
Renewable [Domain] [Domain] | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Gross profit (loss) | (128,204) | (68,109) | 57,682 | ||||||||
Goodwill impairment charges | 49,965 | ||||||||||
Industrial [Domain] | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Gross profit (loss) | 41,383 | 50,726 | 54,826 | ||||||||
Goodwill impairment charges | 36,938 | ||||||||||
Cost of operations | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Mark to market gain (loss) included in SG&A | 8,972 | (21,208) | (44,307) | ||||||||
Cost of operations | Intangible Asset Amortization [Member] | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Intangible amortization expense included in cost of operations | (14,272) | (15,842) | (7,676) | ||||||||
Cost of operations | Mark to Market Adjustments [Member] | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Mark to market gain (loss) included in SG&A | (8,972) | ||||||||||
Cost of operations | Operating Segments [Member] | Mark to Market Adjustments [Member] | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Mark to market gain (loss) included in SG&A | 21,208 | 44,307 | |||||||||
Selling, General and Administrative Expenses | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
Intangible amortization expense included in cost of operations | (3,980) | (4,081) | (3,769) | ||||||||
Mark to market gain (loss) included in SG&A | (274) | $ (2,902) | 4,097 | ||||||||
Thermax (TBWES) [Domain] | |||||||||||
GROSS PROFIT (LOSS) | |||||||||||
TBWES other than temporary impairment | $ (18,200) | $ 0 |
Segment Reporting Depreciati111
Segment Reporting Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 40,138 | $ 39,583 | $ 34,932 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 32,723 | 33,015 | 31,444 |
Operating Segments [Member] | Power [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 9,222 | 11,231 | 18,532 |
Operating Segments [Member] | Renewable [Domain] [Domain] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 3,208 | 2,711 | 2,567 |
Operating Segments [Member] | Industrial [Domain] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 20,293 | 19,073 | 10,345 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 7,415 | $ 6,568 | $ 3,488 |
Segment Reporting Revenue by112
Segment Reporting Revenue by Country (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues [Abstract] | |||||||||||
United States | $ 757,159 | $ 851,955 | $ 1,034,653 | ||||||||
United Kingdom | 194,456 | 201,221 | 126,285 | ||||||||
Canada | 108,045 | 74,629 | 134,276 | ||||||||
Denmark | 82,843 | 54,722 | 116,064 | ||||||||
China | 54,883 | 33,898 | 41,921 | ||||||||
Egypt | 43,148 | 35,878 | 0 | ||||||||
South Korea | 41,217 | 44,660 | 4,358 | ||||||||
Sweden | 39,891 | 24,809 | 18,302 | ||||||||
Germany | 28,333 | 29,559 | 19,233 | ||||||||
Vietnam | 15,771 | 55,265 | 46,803 | ||||||||
Dominican Republic | 15,144 | 21,366 | 82,916 | ||||||||
Saudi Arabia | 13,978 | 2,408 | 4,220 | ||||||||
South Africa | 12,453 | 4,097 | 4,486 | ||||||||
Italy | 11,663 | 7,862 | 4,671 | ||||||||
Netherlands | 8,989 | 3,348 | 4,651 | ||||||||
Finland | 8,713 | 5,756 | 6,113 | ||||||||
Bolivia | 8,694 | 0 | 0 | ||||||||
Oman | 7,683 | 0 | 0 | ||||||||
Indonesia | 6,909 | 6,723 | 1,730 | ||||||||
Nigeria | 6,766 | 0 | 0 | ||||||||
India | 6,441 | 6,856 | 13,108 | ||||||||
Aggregate of all other countries, each with less than $5 million in revenues | 84,556 | 113,251 | 93,505 | ||||||||
Revenues | $ 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | $ 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | $ 1,557,735 | $ 1,578,263 | $ 1,757,295 |
Segment Reporting PP&E by Co113
Segment Reporting PP&E by Country (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | $ 141,931 | $ 133,637 | $ 145,717 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 79,681 | 75,368 | 88,840 |
MEXICO | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 26,503 | 22,594 | 24,643 |
CHINA | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 13,373 | 13,460 | 13,956 |
UNITED KINGDOM | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 6,604 | 6,337 | 8,070 |
DENMARK | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 7,953 | 6,749 | 6,265 |
All Other Geographic Areas [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | $ 7,817 | $ 9,129 | $ 3,943 |
Restructuring Activities and114
Restructuring Activities and Spin Transaction Costs Restructuring liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance at beginning of period | $ 2,253 | $ 740 |
Restructuring expense | 13,923 | 21,939 |
Payments | (13,857) | (20,426) |
Balance at December 31 | 2,319 | 2,253 |
Impaired Long-Lived Assets Held and Used, Asset Name [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs and Asset Impairment Charges | $ (300) | $ 15,000 |
Restructuring Activities and115
Restructuring Activities and Spin Transaction Costs Spin-off transaction costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Disbursed accrued retention awards | $ 1.9 | |
Spinoff [Member] | Selling, General and Administrative Expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Employee Benefits and Share-based Compensation | $ 1.2 | $ 3.8 |
Contracts and Revenue Recogn116
Contracts and Revenue Recognition First European Renewable Project (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (34,700,000) | $ 30,100,000 | $ (115,200,000) | $ (98,100,000) | $ (158,500,000) | $ (141,100,000) |
Liquidated Damages Balance on European Renewable Loss Contracts | 77,100,000 | 35,800,000 | ||||
Periodic Changes in Liquidated Damages on European Renewable Loss Contracts | 14,300,000 | $ 35,800,000 | 41,300,000 | 35,800,000 | ||
First European renewable project [Member] | ||||||
Percentage of completion on European renewable energy project | 0.98 | 0.88 | ||||
Change in construction cost estimates | $ (5,800,000) | $ (20,800,000) | (50,300,000) | |||
Liquidated damages due to schedule delays | 9,568 | |||||
Accrued Liabilities [Member] | First European renewable project [Member] | ||||||
Change in construction cost estimates | $ (1,600,000) | $ (6,400,000) |
Contracts and Revenue Recogn117
Contracts and Revenue Recognition Second European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (34,700,000) | $ 30,100,000 | $ (115,200,000) | $ (98,100,000) | $ (158,500,000) | $ (141,100,000) |
Second European renewable project [Member] [Member] | ||||||
Percentage of completion on European renewable energy project | 0.81 | 0.67 | ||||
Change in construction cost estimates | $ (12,400,000) | $ (47,800,000) | (28,100,000) | |||
Liquidated damages due to schedule delays | 20,057 | |||||
Accrued Liabilities [Member] | Second European renewable project [Member] [Member] | ||||||
Change in construction cost estimates | $ (12,800,000) | $ (5,100,000) |
Contracts and Revenue Recogn118
Contracts and Revenue Recognition Third European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (34,700,000) | $ 30,100,000 | $ (115,200,000) | $ (98,100,000) | $ (158,500,000) | $ (141,100,000) |
Third European renewable project [Member] [Member] [Member] | ||||||
Percentage of completion on European renewable energy project | 0.98 | 0.82 | ||||
Change in construction cost estimates | $ (3,000,000) | $ (10,200,000) | (30,100,000) | |||
Liquidated damages due to schedule delays | 7,072 | |||||
Accrued Liabilities [Member] | Third European renewable project [Member] [Member] [Member] | ||||||
Change in construction cost estimates | $ (700,000) | $ (3,900,000) |
Contracts and Revenue Recogn119
Contracts and Revenue Recognition Fourth European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (34,700,000) | $ 30,100,000 | $ (115,200,000) | $ (98,100,000) | $ (158,500,000) | $ (141,100,000) |
Fourth European renewable project [Member] | ||||||
Percentage of completion on European renewable energy project | 0.85 | 0.61 | ||||
Change in construction cost estimates | $ (8,600,000) | $ (26,000,000) | (16,400,000) | |||
Liquidated damages due to schedule delays | 13,732 | |||||
Accrued Liabilities [Member] | Fourth European renewable project [Member] | ||||||
Change in construction cost estimates | $ (4,700,000) | $ (1,600,000) |
Contracts and Revenue Recogn120
Contracts and Revenue Recognition Fifth European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (34,700,000) | $ 30,100,000 | $ (115,200,000) | $ (98,100,000) | $ (158,500,000) | $ (141,100,000) |
Fifth European renewable project [Domain] | ||||||
Percentage of completion on European renewable energy project | 0.64 | |||||
Change in construction cost estimates | $ (4,900,000) | (40,200,000) | ||||
Structural Steel Beam Costs | $ 42,300,000 | |||||
Liquidated damages due to schedule delays | 19,995 | |||||
Accrued Liabilities [Member] | Fifth European Renewable project [Member] | ||||||
Change in construction cost estimates | $ (14,300,000) |
Contracts and Revenue Recogn121
Contracts and Revenue Recognition Sixth Renewable European Energy Project (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (34,700,000) | $ 30,100,000 | $ (115,200,000) | $ (98,100,000) | $ (158,500,000) | $ (141,100,000) |
Sixth European renewable project [Domain] | ||||||
Percentage of completion on European renewable energy project | 0.76 | |||||
Change in construction cost estimates | $ (18,500,000) | |||||
Liquidated damages due to schedule delays | 6,651 | |||||
Accrued Liabilities [Member] | Sixth European renewable project [Domain] | ||||||
Change in construction cost estimates | $ (2,500,000) |
Contracts and Revenue Recogn122
Contracts and Revenue Recognition Change in Estimates on Long Term Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in construction cost estimates for specified loss contracts | $ (34,700) | $ 30,100 | $ (115,200) | $ (98,100) | $ (158,500) | $ (141,100) | |
Periodic Changes in Liquidated Damages on European Renewable Loss Contracts | 14,300 | 35,800 | 41,300 | 35,800 | |||
Liquidated Damages Balance on European Renewable Loss Contracts | 77,100 | 35,800 | |||||
Increases in estimates for percentage-of-completion contracts | 21,638 | 42,368 | $ 36,653 | ||||
Decreases in estimates for percentage-of-completion contracts | (174,906) | (149,169) | (36,235) | ||||
Net changes in estimates for percentage of completion contracts | (153,268) | $ (106,801) | $ 418 | ||||
Correction to estimate of project loss | 1,000 | ||||||
Other renewable energy projects [Member] | |||||||
Change in construction cost estimates for specified loss contracts | $ (14,200) | (2,500) | |||||
Power Output Bonus Opportunities | $ 4,000 | $ 19,000 | |||||
Liquidated damages due to schedule delays | 8,989 |
Contracts and Revenue Recogn123
Contracts and Revenue Recognition Contracts in progress and Advance Billings on contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue Arrangement [Line Items] | ||
Cost incurred less cost of revenue recognized | $ 80,645 | $ 96,210 |
Revenue recognized less billings to customer | 80,575 | 69,800 |
Contracts in progress | 161,220 | 166,010 |
Billings to customers less revenue recognized | 177,953 | 199,480 |
Costs of revenue recognized less cost incurred | 3,117 | 11,162 |
Advance billings on contracts | $ 181,070 | $ 210,642 |
Contracts and Revenue Recogn124
Contracts and Revenue Recognition Retainage on contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue Arrangement [Line Items] | ||
Contract Receivable Retainage, Next Twelve Months | $ 14,572 | $ 18,843 |
Contract Receivable, Due after Year One | 6,112 | 4,583 |
Contract Receivable Retainage, Year Two | 4,300 | |
Contract Receivable Retainage, Year Three | 1,600 | |
Contract Receivable Retainage, Year Four | 200 | |
Contract Receivable Retainage | $ 20,684 | $ 23,426 |
Equity Method Investments Equit
Equity Method Investments Equity Method Investees - Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 346,459 | $ 488,101 | $ 475,459 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 32,682 | 76,986 | 69,021 |
Equity Method Investment, Summarized Financial Information, Income (Loss) before provision for income taxes | (10,626) | 19,529 | 3,072 |
Equity Method Investment, Summarized Financial Information, Provision for Income Taxes | 1,907 | 3,715 | 4,500 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ (12,533) | $ 15,814 | $ (1,428) |
Equity Method Investments Eq126
Equity Method Investments Equity Method Investees - Balance Sheet (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 322,956,000 | $ 335,577,000 |
Noncurrent assets | 137,081,000 | 126,958,000 |
Total assets | 460,037,000 | 462,535,000 |
Current liabilities | 342,178,000 | 231,150,000 |
Noncurrent liabilities | 24,474,000 | 40,537,000 |
Owners' equity | 93,385,000 | 190,848,000 |
Total liabilities and equity | 460,037,000 | 462,535,000 |
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 7,900,000 | $ 59,600,000 |
Equity Method Investments Accou
Equity Method Investments Accounts Receivable - Other (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Restructuring liabilities [Abstract] | ||
Accounts Receivable, Related Parties, Current | $ 5,800,000 | $ 8,700,000 |
Equity Method Investments Tr128
Equity Method Investments Transactions with Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Sales to | $ 7,143 | $ 17,220 | $ 18,014 |
Purchases from | 12,470 | 32,490 | 45,397 |
Dividends received | 50,134 | 12,160 | 20,830 |
Capital contributions | 0 | 26,256 | 7,424 |
BWBC Investment [Domain] | |||
Schedule of Equity Method Investments [Line Items] | |||
Dividends received | $ 48,093 | $ 6,000 | $ 18,200 |
Equity Method Investments Other
Equity Method Investments Other Than Temporary Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Investments in unconsolidated affiliates | $ 43,278 | $ 98,682 | |
TBWES other than temporary impairment | $ (18,193) | $ 0 | $ 0 |
Equity Method Investments Re130
Equity Method Investments Reconciliation of Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Equity income based on stated ownership percentages | $ 7,530 | $ 7,898 | $ (542) |
Other than temporary impairment on Equity Method Investment | (18,193) | 0 | 0 |
Gain on sale of our interest in HMA | 0 | 8,300 | |
All other adjustments due to amortization of basis differences, timing of GAAP adjustments and other adjustments | 796 | 218 | 300 |
Equity in income of investees | $ (9,867) | $ 16,440 | $ (242) |
Equity Method Investments Babco
Equity Method Investments Babcock & Wilcox Beijing Company (BWBC) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in income (loss) and impairment of investees | $ 3,513 | $ 1,234 | $ (15,232) | $ 618 | $ 11,553 | $ 2,827 | $ (616) | $ 2,676 | $ (9,867) | $ 16,440 | $ (242) |
Investments in unconsolidated affiliates | 43,278 | 98,682 | 43,278 | 98,682 | |||||||
Proceeds from Divestiture of Interest in Joint Venture | 0 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | 8,300 | |||||||||
BWBC Investment [Domain] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in income (loss) and impairment of investees | 6,100 | 4,500 | $ 4,900 | ||||||||
Investments in unconsolidated affiliates | $ 16,600 | $ 55,500 | 16,600 | $ 55,500 | |||||||
Proceeds from Divestiture of Interest in Joint Venture | 21,000 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 4,400 |
Equity Method Investments Therm
Equity Method Investments Thermax (TBWES) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in income (loss) of investees | $ 3,513 | $ 1,234 | $ (15,232) | $ 618 | $ 11,553 | $ 2,827 | $ (616) | $ 2,676 | $ (9,867) | $ 16,440 | $ (242) |
TBWES other than temporary impairment | (18,193) | 0 | 0 | ||||||||
Investments in unconsolidated affiliates | 43,278 | 98,682 | 43,278 | 98,682 | |||||||
Thermax (TBWES) [Domain] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in income (loss) of investees | 2,200 | 1,500 | (8,200) | ||||||||
TBWES other than temporary impairment | (18,200) | $ 0 | |||||||||
Investments in unconsolidated affiliates | $ 26,000 | $ 40,600 | $ 26,000 | $ 40,600 |
Equity Method Investments Halle
Equity Method Investments Halley & Mellowes (HMA) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Proceeds from Divestiture of Interest in Joint Venture | $ 0 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | $ 8,300 | |||||||||
Equity in income (loss) and impairment of investees | $ 3,513 | $ 1,234 | $ (15,232) | $ 618 | $ 11,553 | $ 2,827 | $ (616) | $ 2,676 | $ (9,867) | 16,440 | $ (242) |
HMA [Domain] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Proceeds from Divestiture of Interest in Joint Venture | 18,000 | 0 | |||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,300 | ||||||||||
Equity in income (loss) and impairment of investees | $ 2,200 | $ 3,100 |
Comprehensive Income Accumul134
Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (36,482) | $ (18,853) | $ 10,374 | |
Other comprehensive income (loss) before reclassifications | 19,301 | (14,749) | (18,650) | |
Amounts reclassified from AOCI to net income (loss) | (5,248) | (2,880) | 965 | |
Net current-period other comprehensive income | 14,053 | (17,629) | (17,685) | |
Balance at end of period | (36,482) | (18,853) | 10,374 | $ (22,429) |
Currency translation gain (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (43,987) | (19,493) | 11,551 | |
Other comprehensive income (loss) before reclassifications | 16,150 | (24,494) | (19,459) | |
Amounts reclassified from AOCI to net income (loss) | 0 | 0 | 0 | |
Net current-period other comprehensive income | 16,150 | (24,494) | (31,044) | |
Balance at end of period | (43,987) | (19,493) | 11,551 | (27,837) |
Net unrealized gain (loss) on investments (net of tax) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (37) | (44) | (22) | |
Other comprehensive income (loss) before reclassifications | 99 | 7 | (49) | |
Amounts reclassified from AOCI to net income (loss) | (24) | 0 | 27 | |
Net current-period other comprehensive income | 75 | 7 | (22) | |
Balance at end of period | (37) | (44) | (22) | 38 |
Net unrealized gain (loss) on derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 802 | 1,786 | (123) | |
Other comprehensive income (loss) before reclassifications | 3,204 | 2,046 | 339 | |
Amounts reclassified from AOCI to net income (loss) | (2,269) | (3,030) | 1,133 | |
Net current-period other comprehensive income | 935 | (984) | 1,909 | |
Balance at end of period | 802 | 1,786 | (123) | 1,737 |
Net unrecognized gain (loss) related to benefit plans (net of tax) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 6,740 | (1,102) | (1,032) | |
Other comprehensive income (loss) before reclassifications | (152) | 7,692 | 519 | |
Amounts reclassified from AOCI to net income (loss) | (2,955) | 150 | (195) | |
Net current-period other comprehensive income | (3,107) | 7,842 | (70) | |
Balance at end of period | $ 6,740 | $ (1,102) | $ (1,032) | $ 3,633 |
Comprehensive Income Reclassifi
Comprehensive Income Reclassification out of Accumulated other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other comprehensive income (loss) before reclassifications | $ 19,301 | $ (14,749) | $ (18,650) | |||||||||
Revenues | $ 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | $ 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | 1,557,735 | 1,578,263 | 1,757,295 | |
Other - net | (6,839) | (2,380) | 64 | |||||||||
Total before tax | (314,199) | (108,139) | 20,205 | |||||||||
Income tax expense | 64,816 | 6,943 | 3,671 | |||||||||
Income (loss) from continuing operations | (379,015) | (115,082) | 16,534 | |||||||||
Amounts reclassified from AOCI to net income (loss) | (5,248) | (2,880) | 965 | |||||||||
Other Comprehensive Income (Loss), Net Transfer From To Former Parent | (11,542) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 14,053 | (17,629) | (17,685) | |||||||||
Accumulated other comprehensive loss | (22,429) | (36,482) | (22,429) | (36,482) | (18,853) | $ 10,374 | ||||||
Currency translation gain (loss) | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other comprehensive income (loss) before reclassifications | 16,150 | (24,494) | (19,459) | |||||||||
Amounts reclassified from AOCI to net income (loss) | 0 | 0 | 0 | |||||||||
Other Comprehensive Income (Loss), Net Transfer From To Former Parent | (11,585) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 16,150 | (24,494) | (31,044) | |||||||||
Accumulated other comprehensive loss | (27,837) | (43,987) | (27,837) | (43,987) | (19,493) | 11,551 | ||||||
Net unrealized gain (loss) on investments (net of tax) | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other comprehensive income (loss) before reclassifications | 99 | 7 | (49) | |||||||||
Amounts reclassified from AOCI to net income (loss) | (24) | 0 | 27 | |||||||||
Other Comprehensive Income (Loss), Net Transfer From To Former Parent | 0 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 75 | 7 | (22) | |||||||||
Accumulated other comprehensive loss | 38 | (37) | 38 | (37) | (44) | (22) | ||||||
Net unrealized gain (loss) on derivative instruments | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other comprehensive income (loss) before reclassifications | 3,204 | 2,046 | 339 | |||||||||
Amounts reclassified from AOCI to net income (loss) | (2,269) | (3,030) | 1,133 | |||||||||
Other Comprehensive Income (Loss), Net Transfer From To Former Parent | 437 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 935 | (984) | 1,909 | |||||||||
Accumulated other comprehensive loss | 1,737 | 802 | 1,737 | 802 | 1,786 | (123) | ||||||
Net unrealized gain (loss) on derivative instruments | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Revenues | 10,059 | 4,624 | 546 | |||||||||
Cost of Goods Sold | (118) | 195 | 155 | |||||||||
Other - net | (7,438) | (1,221) | (24) | |||||||||
Total before tax | 2,503 | 3,598 | 677 | |||||||||
Income tax expense | 234 | 568 | 149 | |||||||||
Income (loss) from continuing operations | 2,269 | 3,030 | 528 | |||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Cost of Goods Sold | 2,912 | 254 | (1,475) | |||||||||
Income tax expense | (43) | 404 | (1,168) | |||||||||
Income (loss) from continuing operations | 2,955 | (150) | (307) | |||||||||
Realized Gain Loss On Sale Of Investment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other - net | 38 | 0 | (42) | |||||||||
Income tax expense | 14 | 0 | (15) | |||||||||
Income (loss) from continuing operations | 24 | 0 | (27) | |||||||||
Net unrecognized gain (loss) related to benefit plans (net of tax) | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other comprehensive income (loss) before reclassifications | (152) | 7,692 | 519 | |||||||||
Amounts reclassified from AOCI to net income (loss) | (2,955) | 150 | (195) | |||||||||
Other Comprehensive Income (Loss), Net Transfer From To Former Parent | (394) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (3,107) | 7,842 | (70) | |||||||||
Accumulated other comprehensive loss | $ 3,633 | $ 6,740 | $ 3,633 | $ 6,740 | (1,102) | $ (1,032) | ||||||
Including net transfers from parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | $ (29,227) |
Cash and Cash Equivalents Restr
Cash and Cash Equivalents Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 25,980 | $ 27,770 |
Reinsurance reserve requirements | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | 21,061 | 21,189 |
Restricted foreign accounts | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 4,919 | $ 6,581 |
Cash and Cash Equivalents Unres
Cash and Cash Equivalents Unrestricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 56,667 | $ 95,887 | $ 365,192 | $ 218,659 |
Held by foreign entities | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 54,274 | 94,415 | ||
Held by United States entities | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 2,393 | $ 1,472 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Raw materials and supplies | $ 60,708 | $ 61,630 |
Work in progress | 7,867 | 6,803 |
Finished goods | 13,587 | 17,374 |
Total inventories | $ 82,162 | $ 85,807 |
INTANGIBLE ASSETS Definite-live
INTANGIBLE ASSETS Definite-lived Intangible Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 147,218,000 | $ 123,226,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 71,743,000 | (53,491,000) |
Finite-Lived Intangible Assets, Net | 75,475,000 | 69,735,000 |
Indefinite-Lived Trademarks | 1,305,000 | 1,305,000 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,305,000 | 1,305,000 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 59,794,000 | 47,892,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (23,434,000) | (17,519,000) |
Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 20,160,000 | 18,461,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,013,000) | (2,864,000) |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 6,542,000 | 2,499,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,213,000) | (1,532,000) |
Trade names / trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 22,951,000 | 18,774,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,097,000) | (3,826,000) |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 30,160,000 | 28,170,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (28,695,000) | (21,776,000) |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 7,611,000 | 7,430,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (7,291,000) | $ (5,974,000) |
INTANGIBLE ASSETS Carrying Amou
INTANGIBLE ASSETS Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Jul. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Net (Including Goodwill) | $ 76,780 | $ 71,039 | $ 37,844 | ||
Finite-lived Intangible Assets Acquired | $ 19,500 | 19,500 | 55,438 | ||
Amortization of Intangible Assets | (18,252) | 19,923 | |||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | $ 4,493 | $ (2,320) | |||
SPIG [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived Intangible Assets Acquired | $ 55,164 |
INTANGIBLE ASSETS Estimated Fut
INTANGIBLE ASSETS Estimated Future Intangible Asset Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Twelve months ending December 31, 2018 | $ 12,423 | |
December 31, 2018 | 10,371 | |
December 31, 2020 | 9,077 | |
Twelve months ending December 31, 2021 | 8,817 | |
December 31, 2021 | 7,244 | |
Thereafter | 27,543 | |
SPIG [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 9,100 | $ 13,300 |
Property, Plant and Equipmen142
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Land | $ 8,859 | $ 6,348 | |
Buildings and Improvements, Gross | 122,369 | 114,322 | |
Machinery and Equipment, Gross | 217,791 | 189,489 | |
Construction in Progress, Gross | 6,486 | 22,378 | |
Property, plant and equipment - gross | 355,505 | 332,537 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 213,574 | 198,900 | |
Property, Plant and Equipment, Net | $ 141,931 | $ 133,637 | $ 145,717 |
Supplemental Cash Flow Infor143
Supplemental Cash Flow Information Income taxes paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Income Taxes Paid, Net | $ (10,889) | $ 10,781 | $ 15,008 |
US Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Paid | 4,909 | 425 | 0 |
Second Lien Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Paid | $ 7,044 | $ 0 | $ 0 |
Supplemental Cash Flow Infor144
Supplemental Cash Flow Information Accrued capital expenditures in accounts payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accrued capital expenditures in accounts payable [Abstract] | |||
Accrued capital expenditures in accounts payable | $ 1,383 | $ 2,751 | $ 568 |
Accretion Expense | $ 3,226 | $ 0 | $ 0 |
Goodwill Goodwill by Segment (D
Goodwill Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill | $ 204,398 | $ 267,395 | $ 201,069 |
Goodwill, Period Increase (Decrease) | 14,413 | 69,862 | |
Goodwill, Purchase Accounting Adjustments | 2,539 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (6,075) | ||
Goodwill impairment charges | (86,903) | 0 | 0 |
Goodwill, Translation and Purchase Accounting Adjustments | 9,493 | ||
Power [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 47,370 | 46,220 | 47,137 |
Goodwill, Period Increase (Decrease) | 0 | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (917) | ||
Goodwill impairment charges | 0 | ||
Goodwill, Translation and Purchase Accounting Adjustments | 1,150 | ||
Industrial [Domain] | |||
Goodwill [Line Items] | |||
Goodwill | 157,028 | 172,740 | 104,308 |
Goodwill, Period Increase (Decrease) | 14,413 | 69,862 | |
Goodwill, Purchase Accounting Adjustments | 2,539 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (3,969) | ||
Goodwill impairment charges | 36,938 | ||
Goodwill, Translation and Purchase Accounting Adjustments | 6,813 | ||
Renewable [Domain] [Domain] | |||
Goodwill [Line Items] | |||
Goodwill | 0 | 48,435 | $ 49,624 |
Goodwill, Period Increase (Decrease) | 0 | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | $ (1,189) | ||
Goodwill impairment charges | 49,965 | ||
Goodwill, Translation and Purchase Accounting Adjustments | $ 1,530 |
Supplemental Cash Flow Infor146
Supplemental Cash Flow Information Income tax and interest payments on debt obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Income Taxes Paid, Net | $ (10,889) | $ 10,781 | $ 15,008 |
US Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest payments on our second lien term loan facility | (4,909) | (425) | 0 |
Second Lien Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest payments on our second lien term loan facility | $ (7,044) | $ 0 | $ 0 |
Goodwill Narrative (Details)
Goodwill Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | |
Goodwill [Line Items] | ||||
Goodwill impairment charges | $ (86,903) | $ 0 | $ 0 | |
Goodwill | $ 204,398 | 267,395 | 201,069 | |
Renewable [Domain] [Domain] | ||||
Goodwill [Line Items] | ||||
Discounted cash flows percentage | 24.00% | 15.00% | ||
Goodwill impairment charges | $ 49,965 | |||
Goodwill, Impairment Loss, Net of Tax | 48,900 | |||
Goodwill | $ 0 | $ 48,435 | $ 49,624 |
Supplemental Cash Flow Infor148
Supplemental Cash Flow Information Interest Expense (Details) - USD ($) $ in Thousands | Jul. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Interest Expense, Borrowings | $ 13,283 | $ 2,516 | $ 1,207 | |
Amortization of Deferred Loan Origination Fees, Net | 9,496 | 1,244 | 1,131 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 16,150 | $ (24,494) | (19,459) | |
Common Stock, Shares, Issued | 48,871,997 | 48,698,385 | ||
Other interest expense | $ 3,526 | $ 36 | 0 | |
Total interest expense | 26,305 | 3,796 | 2,338 | |
US Revolving Credit Facility [Member] | ||||
Interest Expense, Borrowings | 5,051 | 1,669 | 1,059 | |
Amortization of Deferred Loan Origination Fees, Net | 6,270 | 1,244 | 1,131 | |
Second Lien Term Loan [Member] | ||||
Interest Expense, Borrowings | 7,211 | 0 | 0 | |
Amortization of Deferred Loan Origination Fees, Net | 3,226 | 0 | 0 | |
Foreign Revolving Credit Facility [Member] | ||||
Interest Expense, Borrowings | 1,021 | $ 847 | $ 148 | |
ARPA pre-judgment interest [Domain] | ||||
Litigation Settlement Interest | $ 4,100 | $ 3,000 |
Goodwill Interim Step 1 Results
Goodwill Interim Step 1 Results (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||
Step 1 Percentage using income approach | 50.00% | |||
Goodwill impairment charges | $ (86,903,000) | $ 0 | $ 0 | |
Goodwill | $ 204,398,000 | 267,395,000 | 201,069,000 | |
Renewable [Domain] [Domain] | ||||
Goodwill [Line Items] | ||||
Discounted cash flows percentage | 15.00% | 24.00% | ||
Goodwill impairment charges | $ 49,965,000 | |||
Goodwill | 0 | 48,435,000 | 49,624,000 | |
Power [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charges | 0 | |||
Goodwill | $ 47,370,000 | $ 46,220,000 | 47,137,000 | |
SPIG Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Fair value exceeding carrying value | 1.00% | 5.00% | ||
SPIG [Member] | ||||
Goodwill [Line Items] | ||||
Discounted cash flows percentage | 13.00% | 14.00% | ||
Goodwill | $ 38,300,000 | |||
Industrial [Domain] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charges | 36,938,000 | |||
Goodwill | $ 157,028,000 | $ 172,740,000 | $ 104,308,000 | |
MEGTEC Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Fair value exceeding carrying value | 12.00% | |||
Goodwill | $ 104,308,000 | |||
Construction Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Fair value exceeding carrying value | 98.00% | |||
Goodwill | $ 8,879,000 | |||
Power Reporting Unit [Member] [Member] | ||||
Goodwill [Line Items] | ||||
Fair value exceeding carrying value | 0.00% | |||
Goodwill | $ 38,521,000 | |||
Universal Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Fair value exceeding carrying value | 18.00% | |||
Goodwill | $ 14,412,000 | |||
Revenue and EBITDA from guideline companies [Domain] | Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Step 1 weighting using market approach | 30.00% | |||
Revenue and EBITDA from guideline companies [Domain] | Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Step 1 weighting using market approach | 40.00% | |||
Revenue and EBITDA from recent similar business combinations [Domain] | Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Step 1 weighting using market approach | 20.00% | |||
Revenue and EBITDA from recent similar business combinations [Domain] | Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Step 1 weighting using market approach | 10.00% |
Warranty Warranty Expense (Deta
Warranty Warranty Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | ||||
Standard and Extended Product Warranty Accrual | $ 39,020 | $ 40,467 | $ 39,847 | $ 37,735 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 23,161 | 22,472 | 19,310 | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | (13,887) | (10,855) | (982) | |
Standard and Extended Warranty Accrual, increase from Business Acquisitions | 1,060 | 918 | 0 | |
Standard and Extended Product Warranty Accrual, Period Increase (Decrease) | (14,110) | (11,089) | (15,215) | |
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss) | $ 2,329 | $ (826) | $ (1,001) |
Warranty POWER Segment Warranty
Warranty POWER Segment Warranty Details (Details) - Power Reporting Unit [Member] [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reduction of Warranty Expense | $ 9,100 | $ 4,400 |
Reduction of Warranty Accrual from Updated Rate | $ 2,100 | |
Increase in Warranty Accrual from Industrial Steam Projects | $ 7,900 |
Pension Plans and Postretire152
Pension Plans and Postretirement Benefits Pension Plans and Postretirement Benefits - Obligations and funded status (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 31, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Curtailments | $ 1,800 | $ 0 | $ 28,375 | |||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | $ (2,912) | (254) | $ 1,042 | |||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | (256,390) | (301,259) | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 400 | $ 0 | 28,763 | |||
Mark to market gain (loss) included in cost of operations | $ (8,696) | $ 24,110 | 40,210 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.00% | 2837500000.00% | ||||
Pension benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Benefit Obligation | $ 1,254,802 | $ 1,211,720 | 1,205,163 | |||
Defined Benefit Plan, Curtailments | 0 | 266 | ||||
Defined Benefit Plan, Service Cost | 789 | 1,680 | 13,677 | |||
Defined Benefit Plan, Interest Cost | 41,113 | 40,875 | 49,501 | |||
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 324 | 432 | ||||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 0 | 0 | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 509 | 1,453 | ||||
Mark to market gain (loss) included in cost of operations | 8,191 | (31,932) | (41,574) | |||
Defined Benefit Plan, Plan Amendments | 0 | 231 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | 73,403 | 41,957 | ||||
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | 0 | 3,641 | ||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 6,222 | (5,099) | ||||
Defined Benefit Plan, Benefits Paid | 78,954 | 78,447 | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,007,002 | 922,868 | 923,030 | |||
Defined Benefit Plan, Actual Return on Plan Assets | 149,449 | 76,570 | ||||
Defined Benefit Plan, Contributions by Employer | 17,307 | 3,986 | ||||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (3,668) | (5,015) | ||||
Defined Benefit Plan, Funded Status of Plan | (247,800) | (288,852) | ||||
Accrued Employee Benefits | 1,930 | 1,099 | ||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 245,870 | 287,753 | ||||
Prepaid Pension Costs | 0 | 0 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 1,254,802 | 1,183,345 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 1,272,010 | 1,206,056 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 1,007,002 | 894,105 | ||||
Other Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Benefit Obligation | 11,029 | 11,907 | 31,889 | |||
Defined Benefit Plan, Curtailments | 0 | 0 | ||||
Defined Benefit Plan, Service Cost | 15 | 23 | 24 | |||
Defined Benefit Plan, Interest Cost | 319 | 897 | 1,143 | |||
Defined Benefit Plan, Contributions by Plan Participants | 219 | 574 | ||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | (7,792) | (10,801) | ||||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | (9,414) | (10,185) | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | ||||
Mark to market gain (loss) included in cost of operations | $ (505) | $ (7,822) | (1,364) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.00% | 0.00% | ||||
Defined Benefit Plan, Plan Amendments | $ 0 | $ (10,801) | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | (141) | (7,162) | ||||
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | 0 | 0 | ||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 126 | 50 | ||||
Defined Benefit Plan, Benefits Paid | 1,416 | 3,563 | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | $ 0 | |||
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | ||||
Defined Benefit Plan, Contributions by Employer | 1,197 | 2,989 | ||||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ||||
Defined Benefit Plan, Funded Status of Plan | (11,029) | (11,907) | ||||
Accrued Employee Benefits | 1,615 | 1,722 | ||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0 | 0 | ||||
Prepaid Pension Costs | 0 | 0 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 0 | 0 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 11,029 | 11,907 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 | ||||
Transferor's Continuing Involvement in Transferred Financial Assets, Transfer Description [Member] | Pension benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Assets Transferred to (from) Plan | 0 | 2,744 | ||||
Transferor's Continuing Involvement in Transferred Financial Assets, Transfer Description [Member] | Other Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Assets Transferred to (from) Plan | $ 0 | $ 0 |
Pension Plans and Postretire153
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits to domestic employees under the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "Company Plan"), a noncontributory plan. As of 2006, the Company Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the Company Plan will cease. Furthermore, beginning on January 1, 2016, we began making service-based, cash contributions to a defined contribution plan for those employees impacted by the plan freeze. Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of 6 months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. In 2014, benefit accruals under certain hourly Canadian pension plans were ceased with an effective date of January 1, 2015. As part of the spin-off transaction, we split the Canadian defined benefit plans from BWC, which was completed in 2017. We did not present these plans as multi-employer plans because our portion was separately identifiable and we were able to assess the assets, liabilities and periodic expense in the same manner as if it were a separate plan in each period. We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. We make available other benefits which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts, and on a limited basis, to future retirees. Obligations and funded status Pension Benefits Year Ended December 31, Other Postretirement Benefits Year Ended December 31, (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 1,211,720 $ 1,205,163 $ 11,907 $ 31,889 Service cost 789 1,680 15 23 Interest cost 41,113 40,875 319 897 Plan participants’ contributions — — 219 574 Curtailments — 266 — — Settlements 509 1,453 — — Amendments — 231 — (10,801 ) Actuarial loss (gain) 73,403 41,957 (141 ) (7,162 ) Loss (gain) due to transfer — 3,641 — — Foreign currency exchange rate changes 6,222 (5,099 ) 126 50 Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Benefit obligation at end of period $ 1,254,802 $ 1,211,720 $ 11,029 $ 11,907 Change in plan assets: Fair value of plan assets at beginning of period $ 922,868 $ 923,030 $ — $ — Actual return on plan assets 149,449 76,570 — — Employer contribution 17,307 3,986 1,197 2,989 Plan participants' contributions — — 219 574 Transfers — 2,744 — — Foreign currency exchange rate changes (3,668 ) (5,015 ) — — Benefits paid (78,954 ) (78,447 ) (1,416 ) (3,563 ) Fair value of plan assets at the end of period 1,007,002 922,868 — — Funded status $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (1,930 ) $ (1,099 ) $ (1,615 ) $ (1,722 ) Accumulated postretirement benefit obligation — — (9,414 ) (10,185 ) Pension liability (245,870 ) (287,753 ) — — Prepaid pension — — — — Accrued benefit liability, net $ (247,800 ) $ (288,852 ) $ (11,029 ) $ (11,907 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 324 $ 432 $ (7,792 ) $ (10,801 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets Projected benefit obligation $ 1,254,802 $ 1,183,345 $ — $ — Accumulated benefit obligation $ 1,272,010 $ 1,206,056 $ 11,029 $ 11,907 Fair value of plan assets $ 1,007,002 $ 894,105 $ — $ — Plans with plan assets in excess of accumulated benefit obligation Projected benefit obligation $ — $ 28,375 $ — $ — Accumulated benefit obligation $ — $ 28,375 $ — $ — Fair value of plan assets $ — $ 28,763 $ — $ — Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits (in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 789 $ 1,680 $ 13,677 $ 15 $ 23 $ 24 Interest cost 41,113 40,875 49,501 319 897 1,143 Expected return on plan assets (59,409 ) (61,939 ) (68,709 ) — — — Amortization of prior service cost 103 250 307 (3,009 ) — — Recognized net actuarial loss (gain) (8,191 ) 31,932 41,574 (505 ) (7,822 ) (1,364 ) Net periodic benefit cost (benefit) $ (25,595 ) $ 12,798 $ 36,350 $ (3,180 ) $ (6,902 ) $ (197 ) During the first quarter of 2017, lump sum payments from our Canadian pension plan resulted in a plan settlement of $0.4 million , which also resulted in interim mark to market accounting for the pension plan. The mark to market adjustment in the first quarter of 2017 was $0.7 million . The effect of these charges and mark to market adjustments are reflected in the " Recognized net actuarial loss (gain)" in the table above. There were no significant plan settlements or interim mark to market adjustments after the first quarter of 2017. We terminated the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. The Retiree OPEB plan was originally established to provide secondary medical insurance coverage for retirees that had reached the age of 65, up to a lifetime maximum cost. The Retiree OPEB plan had no plan assets, no accumulated other comprehensive income balance and no active participants as of the termination date. In exchange for terminating the Retiree OPEB plan, the participants had the option to enroll in a third-party health care exchange, which B&W agreed to contribute up to $750 a year for each of the next three years (beginning in 2017), provided the plan participant had not yet reached their lifetime maximum under the terminated Retiree OPEB plan. Based on the number of participants who did not enroll in the new benefit plan, we recognized a settlement gain of $7.2 million on December 31, 2016. Based on the number of participants who did enroll in the new benefit plan, we recognized a curtailment gain of $10.8 million on December 31, 2016 for the actuarially determined difference in the liability for these participants in the Retiree OPEB plan and the new plan. The settlement gain is reported in the "Recognized net actuarial loss" in the table above, and the curtailment gain was deferred in accumulated other comprehensive income and $3.0 million was recognized in 2017, and we expect to recognize the remainder during the periods of 2018 through 2020. During 2016, we recorded adjustments to our benefit plan liabilities from pension curtailment and settlement events. Lump sum payments from our Canadian pension plan during 2016 resulted in interim pension plan settlement charges totaling $1.2 million in 2016. Also, in May 2016, the closure of our West Point, Mississippi manufacturing facility resulted in a $1.8 million curtailment charge in the Company Plan. These events also resulted in $27.5 million in interim MTM losses for these pension plans, the effects of which are reflected in the 2016 "Recognized net actuarial loss (gain)" in the table above along with a $1.4 million loss for the annual MTM adjustment of our pension plans at December 31, 2016 . Recognized net actuarial loss (gain) consists primarily of our reported actuarial loss (gain), curtailments and the difference between the actual return on plan assets and the expected return on plan assets. Total net mark to market adjustments for our pension and other postretirement benefit plans were (gains) losses of $(8.7) million , $24.1 million and $40.2 million in the years ended, December 31, 2017, 2016 and 2015, respectively. We have excluded the recognized net actuarial loss from our reportable segments and such amount has been reflected in Note 4 as the mark to market adjustment in the reconciliation of reportable segment income (loss) to consolidated operating losses. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.65% 4.13% 3.33% 3.66% Rate of compensation increase 0.10% 2.40% — — Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate 4.11% 4.25% 3.33% 3.66% Expected return on plan assets 6.64% 6.70% —% —% Rate of compensation increase 0.10% 2.40% —% —% The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.89% for the majority of our pension plan assets (approximately 93% of our total pension assets at December 31, 2017). 2016 Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year 8.50 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % Year that the rate reaches ultimate trend rate 2024 During the year ended December 31, 2017, we did not utilize health care cost assumptions as a result of our termination of the Babcock & Wilcox Retiree Medical Plan (the "Retiree OPEB plan") effective December 31, 2016. Investment goals The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plans' overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic plans: We sponsor the Company Plan, which is a domestic defined benefit plan. The assets of this plan are held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2017 and 2016, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 17% and 9% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: 2017 2016 Asset Category: Fixed Income (excluding United States Government Securities) 33 % 32 % Commingled and Mutual Funds 41 % 38 % United States Government Securities 21 % 20 % Equity Securities 3 % 7 % Derivatives 1 % 1 % Other 1 % 2 % The target asset allocation for the domestic defined benefit plan is 55% fixed income and 45% equities. Foreign plans: We sponsor various plans through certain of our foreign subsidiaries. These plans are the Canadian Plans and the Diamond Power Specialty Limited Retirement Benefits Plan (the "Diamond United Kingdom Plan"). The combined weighted average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 41 % 44 % Fixed Income 58 % 55 % Other 1 % 1 % The target allocation for 2017 for the foreign plans, by asset class, is as follows: Canadian Plans Diamond UK Plan Asset Class: United States Equity 27 % 10 % Global Equity 23 % 12 % Fixed Income 50 % 78 % Fair value of plan assets See Note 23 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017: (in thousands) 12/31/2017 Level 1 Level 2 Fixed income $ 352,484 $ — $ 352,484 Equities 33,525 33,525 — Commingled and mutual funds 413,166 — 413,166 United States government securities 193,249 193,249 — Cash and accrued items 14,578 12,585 1,993 Total pension and other postretirement benefit assets $ 1,007,002 $ 239,359 $ 767,643 The following is a summary of total investments for our plans measured at fair value at December 31, 2016: (in thousands) 12/31/2016 Level 1 Level 2 Fixed income $ 321,847 $ — $ 321,847 Equities 83,441 78,268 5,173 Commingled and mutual funds 349,348 4,609 344,739 United States government securities 156,599 156,599 — Cash and accrued items 11,633 9,394 2,239 Total pension and other postretirement benefit assets $ 922,868 $ 248,870 $ 673,998 Expected cash flows Domestic Plans Foreign Plans (in thousands) Pension Benefits 1 Other Benefits Pension Benefits 1 Other Benefits Expected employer contributions to trusts of defined benefit plans: 2018 $ 16,798 $ 1,400 $ 3,126 $ 167 Expected benefit payments: 2018 $ 71,881 $ 1,463 $ 3,003 $ 167 2019 72,537 1,342 3,095 167 2020 73,104 854 3,175 169 2021 73,331 802 3,252 163 2022 73,434 746 3,318 146 2023-2027 359,308 2,975 18,576 611 1 Pension benefit payments are made from their respective plan's trust. Defined contribution plans We provide benefits under The B&W Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of participants' contributions up to 6% of compensation. These matching employer contributions are typically made in cash. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $14.4 million , $13.4 million and $8.9 million in the years ended December 31, 2017, 2016 and 2015, respectively. We also provide benefits under the MEGTEC Union Plan, a defined contribution plan. The total employer contribution expense for the Union plan was approximately $0.2 million , $0.3 million and $0.3 million in the years ended December 31, 2017, 2016 and 2015, respectively. Matching employer contributions are made in cash. We also provide benefits under the Universal Defined Contribution Plan (the "Universal Plan"). The total employer contribution expense for the Universal Plan was approximately $0.5 million in the year ended December 31, 2017. Matching employer contributions are made in cash. Effective December 31, 2016, we merged the MEGTEC Non-union Plan and SPIG 401(k) defined contribution plans into the Thrift Plan. For the MEGTEC Non-union Plan, amounts charged to expense for our contributions were approximately $1.1 million and $1.1 million in the years ended December 31, 2016 and 2015, respectively. Matching employer contributions were made in cash. The SPIG 401(k) plan contributions were also made in cash, and were not material to our consolidated financial statements in 2016. Also, our salaried Canadian employees are provided with a defined contribution plan. As of and in the periods following January 1, 2012, we made cash, service-based contributions under this arrangement. The amount charged to expense for employer contributions was approximately $0.3 million , $0.4 million and $0.1 million in the years ended December 31, 2017, 2016 and 2015, respectively. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. See Note 29 for the future expected effect of FASB ASU 2017-07 on the presentation of benefit and expense related to our pension and post retirement plans. Multi-employer plans One of our subsidiaries in the Power segment contributes to various multi-employer plans. The plans generally provide defined benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years covered by this report: Pension Fund EIN/PIN Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date Of Collective Bargaining Agreement 2017 2016 2015 2017 2016 (in millions) Boilermaker-Blacksmith National Pension Trust 48-6168020/ 001 Yellow Yellow Yes $ 7.9 $ 17.8 $ 20.3 No Described All Other 2.0 3.2 4.6 $ 9.9 $ 21.0 $ 24.9 Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust (the "Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions expense for all periods included in this report represents multiple amounts to various plans that, individually, are deemed to be insignificant. The recognized net actuarial (gain) loss was recorded in our consolidated statements of operations in the following line items: (in thousands) 2017 2016 2015 Cost of operations $ (8,972 ) $ 21,208 $ 44,307 Selling, general and administrative expenses 274 2,902 (4,097 ) Other 2 — — Total $ (8,696 ) $ 24,110 $ 40,210 | ||
Mark to market gain (loss) included in cost of operations | $ (8,696) | $ 24,110 | $ 40,210 |
Pension benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 789 | 1,680 | 13,677 |
Interest cost | (41,113) | (40,875) | (49,501) |
Expected return on plan assets | (59,409) | (61,939) | (68,709) |
Amortization of prior service cost | 103 | 250 | 307 |
Mark to market gain (loss) included in cost of operations | 8,191 | (31,932) | (41,574) |
Net periodic benefit cost (benefit) | (25,595) | 12,798 | 36,350 |
Other benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 15 | 23 | 24 |
Interest cost | (319) | (897) | (1,143) |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (3,009) | 0 | 0 |
Mark to market gain (loss) included in cost of operations | (505) | (7,822) | (1,364) |
Net periodic benefit cost (benefit) | (3,180) | (6,902) | (197) |
Cost of operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mark to market gain (loss) included in cost of operations | 8,972 | (21,208) | (44,307) |
Cost of operations | Pension benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 804 | 1,703 | 13,701 |
Selling, General and Administrative Expenses | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mark to market gain (loss) included in cost of operations | (274) | (2,902) | 4,097 |
Other-net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mark to market gain (loss) included in cost of operations | (2) | 0 | 0 |
Other Operating Income (Expense) [Member] | Pension benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | (41,432) | (41,772) | (50,644) |
Expected return on plan assets | (59,409) | (61,939) | (68,709) |
Amortization of prior service cost | (2,906) | 250 | 307 |
Mark to market gain (loss) included in cost of operations | $ 8,696 | $ (24,110) | $ (40,210) |
Pension Plans and Postretire154
Pension Plans and Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | $ (2,955) | $ 150 | $ (195) |
Mark to market gain (loss) included in cost of operations | (8,696) | 24,110 | 40,210 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mark to market gain (loss) included in cost of operations | $ 8,191 | $ (31,932) | $ (41,574) |
Pension Plans and Postretire155
Pension Plans and Postretirement Benefits Curtailments and Settlements (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2016 | May 31, 2016 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 400 | $ 0 | $ 28,763 | ||||||||
Canada Q2 Remeasurement | 700 | ||||||||||
Mark to market gain (loss) included in cost of operations | $ (8,696) | 24,110 | $ 40,210 | ||||||||
Defined Benefit Plan, Settlements, Plan Assets | $ 1,200 | ||||||||||
Defined Benefit Plan, Curtailments | $ 1,800 | $ 0 | 28,375 | ||||||||
Defined Benefit Plan, MTM adjustment excluding curtailment and settlements | $ 9,800 | $ (1,100) | $ 6,400 | $ (30,000) | $ (500) | 27,500 | |||||
Defined Benefit Plan, MTM adjustment excluding curtailment and settlements - Commercial Ops | 1,400 | ||||||||||
Q4 OPEB MTM gain Medical plan | 7,200 | ||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 10,800 | ||||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | (2,955) | 150 | (195) | ||||||||
Pension Plan [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 509 | 1,453 | |||||||||
Mark to market gain (loss) included in cost of operations | 8,191 | (31,932) | $ (41,574) | ||||||||
Defined Benefit Plan, Curtailments | $ 0 | $ 266 |
Pension Plans and Postretire156
Pension Plans and Postretirement Benefits Assumptions (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 93.00% | 6.89% | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 0.0365 | 0.0413 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.40% | 0.10% | 2.40% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.11% | 4.25% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.64% | 6.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.10% | 2.40% | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 0.0333 | 0.0366 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% | 0.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.33% | 3.66% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | 0.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | 0.00% |
Pension Plans and Postretire157
Pension Plans and Postretirement Benefits Investment Goals (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of investment return on domestic plan assets | 17.00% | 9.00% |
United States Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Canadian Plan - Asset Class | $ 0.27 | |
Geographic Distribution, Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Diamond UK Plan - Asset Class | $ 0.10 | |
Global Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Canadian Plan - Asset Class | 0.23 | |
Diamond UK Plan - Asset Class | 0.12 | |
Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Canadian Plan - Asset Class | $ 0.50 | |
Diamond UK Plan - Asset Class | $ 0.78 |
Pension Plans and Postretire158
Pension Plans and Postretirement Benefits Canadian Pension Plan Settlement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |||||
Mark to market gain (loss) included in cost of operations | $ (8,696) | $ 24,110 | $ 40,210 | ||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 400 | $ 0 | $ 28,763 | ||
Canada Q2 Remeasurement | $ 700 |
Pension Plans and Postretire159
Pension Plans and Postretirement Benefits Recognized Net Actuarial Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Actuarial Gain (Loss), Mark to Market Adjustment | $ (8,696) | $ 24,110 | $ 40,210 |
Cost of operations | |||
Defined Benefit Plan, Actuarial Gain (Loss), Mark to Market Adjustment | 8,972 | (21,208) | (44,307) |
Selling, General and Administrative Expenses | |||
Defined Benefit Plan, Actuarial Gain (Loss), Mark to Market Adjustment | (274) | (2,902) | 4,097 |
Other-net | |||
Defined Benefit Plan, Actuarial Gain (Loss), Mark to Market Adjustment | $ (2) | $ 0 | $ 0 |
Pension Plans and Postretire160
Pension Plans and Postretirement Benefits Assumed Health Care Cost Trend (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,024 |
Pension Plans and Postretire161
Pension Plans and Postretirement Benefits Allocation of Plan Assets (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fixed Income Investments [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 33.00% | 32.00% |
Mutual Funds [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 41.00% | 38.00% |
US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 21.00% | 20.00% |
Equity Securities [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | 7.00% |
Partnership Interest [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | 1.00% |
Derivative [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | 2.00% |
Equity Securities [Member] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.45 | |
Fixed Income Funds [Member] | ||
Defined Benefit Plan, Target Allocation Percentage | 0.55 |
Pension Plans and Postretire162
Pension Plans and Postretirement Benefits Foreign Plan - Allocation of Plan Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Securities [Member] | ||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | 0.41 | 0.44 |
Fixed Income Investments [Member] | ||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | 0.58 | 0.55 |
Other Investments [Member] | ||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | 0.01 | 0.01 |
United States Equity [Member] | ||
Canadian Plan - Asset Class | $ 0.27 | |
Geographic Distribution, Domestic [Member] | ||
Diamond UK Plan - Asset Class | $ 0.10 | |
Global Equity [Member] | ||
Canadian Plan - Asset Class | 0.23 | |
Diamond UK Plan - Asset Class | 0.12 | |
Bonds [Member] | ||
Canadian Plan - Asset Class | $ 0.50 | |
Diamond UK Plan - Asset Class | $ 0.78 |
Pension Plans and Postretire163
Pension Plans and Postretirement Benefits Fair Value of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fixed Income Funds [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 352,484 | $ 321,847 |
Equity Funds [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 33,525 | 83,441 |
Mutual Fund [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 413,166 | 349,348 |
US Treasury and Government [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 193,249 | 156,599 |
Cash and Cash Equivalents [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 14,578 | 11,633 |
Assets, Total [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 1,007,002 | 922,868 |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 352,484 | 321,847 |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 0 | 5,173 |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 413,166 | 344,739 |
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 1,993 | 2,239 |
Fair Value, Inputs, Level 2 [Member] | Assets, Total [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 767,643 | 673,998 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 33,525 | 78,268 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 0 | 4,609 |
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 193,249 | 156,599 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 12,585 | 9,394 |
Fair Value, Inputs, Level 1 [Member] | Assets, Total [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 239,359 | $ 248,870 |
Pension Plans and Postretire164
Pension Plans and Postretirement Benefits Defined Contribution Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
MEGTEC Union [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.2 | $ 0.3 | $ 0.3 |
Universal [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.5 | ||
Thrift [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 14.4 | 13.4 | 8.9 |
MEGTEC Non-union [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 1.1 | 1.1 | |
Canada Defined Contribution [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.3 | $ 0.4 | $ 0.1 |
Pension Plans and Postretire165
Pension Plans and Postretirement Benefits Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 16,798 | |||
Expected benefit payment 2018 | $ 71,881 | |||
Expected benefit payment 2019 | 72,537 | |||
Expected benefit payment 2020 | 73,104 | |||
Expected benefit payment 2021 | 73,331 | |||
Expected benefit payment 2022 | $ 73,434 | |||
Expected benefit payment 2022-2026 | $ 359,308 | |||
United States - Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 1,400 | |||
Expected benefit payment 2018 | 1,463 | |||
Expected benefit payment 2019 | 1,342 | |||
Expected benefit payment 2020 | 854 | |||
Expected benefit payment 2021 | 802 | |||
Expected benefit payment 2022 | $ 746 | |||
Expected benefit payment 2022-2026 | 2,975 | |||
Foreign - Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 3,126 | |||
Expected benefit payment 2018 | 3,003 | |||
Expected benefit payment 2019 | 3,095 | |||
Expected benefit payment 2020 | 3,175 | |||
Expected benefit payment 2021 | 3,252 | |||
Expected benefit payment 2022-2026 | 3,318 | 18,576 | ||
Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 167 | |||
Expected benefit payment 2018 | 167 | |||
Expected benefit payment 2019 | 167 | |||
Expected benefit payment 2020 | 169 | |||
Expected benefit payment 2021 | 163 | |||
Expected benefit payment 2022-2026 | $ 146 | $ 611 |
Pension Plans and Postretire166
Pension Plans and Postretirement Benefits Multi-Employer Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 9,900 | $ 21,000 | $ 24,900 |
Boilermaker-Blacksmith National Pension Trust [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 7,900 | 17,755 | 20,300 |
Other [Domain] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 2,000 | $ 3,161 | $ 4,600 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Payments for Legal Settlements | $ 4,200 | ||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ (13,887) | $ (10,855) | $ (982) |
Standard Product Warranty Accrual, Increase for Warranties Issued | (1,900) | ||
ARPA Trial [Member] | |||
Loss Contingencies [Line Items] | |||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 2,300 |
Contingencies ARPA Settlement (
Contingencies ARPA Settlement (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Jul. 01, 2019 | Jul. 01, 2018 | Jul. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | |||||||
ARPA post-judgment interest rate | 1.00% | ||||||
Payments for Legal Settlements | $ 4,200 | ||||||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | (13,887) | $ (10,855) | $ (982) | ||||
Standard Product Warranty Accrual, Increase for Warranties Issued | 1,900 | ||||||
ARPA pre-judgment interest [Domain] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation Settlement Interest | $ 4,100 | 3,000 | |||||
ARPA Trial [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Payments for Legal Settlements | $ 2,000 | $ 2,500 | $ 2,500 | 7,000 | |||
Discounted the liability | 600 | ||||||
Reduction in accrual | 1,600 | ||||||
Other Current Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation Settlement Interest | 3,700 | ||||||
ARPA Trial [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 2,300 | ||||||
ARPA Trial [Member] | Other Current Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 2,500 | ||||||
ARPA Trial [Member] | Other Noncurrent Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 3,900 |
Derivative Financial Instrum169
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains deferred on derivative financial instruments in accumulated other comprehensive income (loss) | $ 1,800,000 | $ 800,000 |
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 | $ 63,000,000 |
Derivative Financial Instrum170
Derivative Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 1,800,000 | $ 800,000 |
Designated as Hedging Instrument | FX Forward Contracts | Accounts receivable-other | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,088,000 | 3,805,000 |
Designated as Hedging Instrument | FX Forward Contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 312,000 | 665,000 |
Designated as Hedging Instrument | FX Forward Contracts | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 105,000 | 1,012,000 |
Derivatives Not Designated as Hedges | FX Forward Contracts | Accounts receivable-other | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 7,000 | 105,000 |
Derivatives Not Designated as Hedges | FX Forward Contracts | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 1,722,000 | 403,000 |
Derivatives Not Designated as Hedges | FX Forward Contracts | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 12,000 | $ 7,000 |
Cash Flow Hedging | Designated as Hedging Instrument | FX Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of foreign currency forward contracts | $ 63,000,000 |
Derivative Financial Instrum171
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Statements of Financial Performance (Detail) - FX Forward Contracts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income | $ 3,346 | $ 2,208 |
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 | 10,059 | 4,624 |
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 | (118) | 195 |
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 | (7,438) | (1,221) |
Portion of gain (loss) recognized in income that is excluded from effectiveness testing | (5,277) | 4,518 |
Derivatives Not Designated as Hedges | Other-net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | (3,436) | (872) |
Other Accounts Receivable [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset | 1,088 | 3,805 |
Other Accounts Receivable [Member] | Derivatives Not Designated as Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset | 7 | 105 |
Other Assets [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset | 312 | 665 |
Other Liabilities [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability | 0 | 213 |
Accounts Payable [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability | 105 | 1,012 |
Accounts Payable [Member] | Derivatives Not Designated as Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability | 1,722 | 403 |
Other Liabilities [Member] | Derivatives Not Designated as Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability | $ 12 | $ 7 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Available-for-Sale Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | $ 15,809 | $ 17,991 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,895 | 6,734 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 2,398 | 2,251 |
Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,331 | 1,152 |
Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 4,447 | 750 |
US Government Corporations and Agencies Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 5,738 | 7,104 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 10,185 | 7,854 |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 4,447 | 750 |
Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 5,738 | 7,104 |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 5,624 | 10,137 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,895 | 6,734 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 2,398 | 2,251 |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,331 | 1,152 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | |
Fair Value, Inputs, Level 2 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | FX Forward Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency forward contracts | $ (432) | $ 2,940 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 2 [Member] | FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ (432) | $ 2,940 |
Revolving Debt Schedule of Revo
Revolving Debt Schedule of Revolving Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Revolving debt | $ 103,473 | $ 24,041 |
Senior Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving debt | 94,300 | 9,800 |
Foreign Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving debt | $ 9,173 | $ 14,241 |
Revolving Debt United States Re
Revolving Debt United States Revolving Credit Facility (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | ||||||
Aug. 07, 2017 | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Letters of credit and bank guarantees partially covered by the US Credit Facility | $ 114,200,000 | $ 114,200,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 221,400,000 | 221,400,000 | ||||||||||
Change in construction cost estimates | $ (34,700,000) | $ 30,100,000 | $ (115,200,000) | $ (98,100,000) | (158,500,000) | $ (141,100,000) | ||||||
Line of Credit Facility Possible Increase in Capacity Leverage Ratio | 200.00% | |||||||||||
Amortization of Deferred Loan Origination Fees, Net | $ 9,496,000 | 1,244,000 | $ 1,131,000 | |||||||||
Line of Credit Facility, Collateral Fees | 0.015 | |||||||||||
Line of Credit Facility, Collateral Fees, Amount | $ 1,500,000 | |||||||||||
Ratio of Indebtedness to Net Capital | 2.59 | 2.59 | ||||||||||
Interest Coverage Ratio | 2.50 | 2.50 | ||||||||||
Capital Expenditure limit | $ 27,500,000 | |||||||||||
Revolving debt | $ 103,473,000 | 24,041,000 | $ 103,473,000 | 24,041,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 18.00% | 6.90% | 6.90% | |||||||||
Letters of Credit Outstanding, Amount | $ 40,400,000 | $ 40,400,000 | ||||||||||
Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Covenant Terms | 450 | 600 | ||||||||||
Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Covenant terms, liquidity | $ 75,000,000 | $ 75,000,000 | ||||||||||
Covenant description, sale of assets | $ 100,000,000 | |||||||||||
Quarter ended September 30, 2018 [Domain] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Coverage Ratio | 0.85 | 0.85 | ||||||||||
Quarter ended December 31, 2018 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Ratio of Indebtedness to Net Capital | 4.75 | 4.75 | ||||||||||
Quarter ended December 31, 2018 [Domain] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Coverage Ratio | 1.25 | 1.25 | ||||||||||
Quarter ended March 31, 2019 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Ratio of Indebtedness to Net Capital | 3 | 3 | ||||||||||
Quarter ended March 31, 2019 [Domain] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Coverage Ratio | 1.50 | 1.50 | ||||||||||
Quarter ended December 31, 2017 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Change in construction cost estimates | $ 38,700,000 | |||||||||||
Ratio of Indebtedness to Net Capital | 8.50 | 8.50 | ||||||||||
Quarter ended December 31, 2017 [Domain] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Coverage Ratio | 1.25 | 1.25 | ||||||||||
Quarter ended March 31, 2018 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Ratio of Indebtedness to Net Capital | 7 | 7 | ||||||||||
Quarter ended March 31, 2018 [Domain] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Coverage Ratio | 1.15 | 1.15 | ||||||||||
Quarter ended June 30, 2018 [Domain] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Coverage Ratio | 1 | 1 | ||||||||||
Quarters ended June 30, 2018 and September 30, 2018 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Ratio of Indebtedness to Net Capital | 6.50 | 6.50 | ||||||||||
Quarters ending June 30 and September 30, 2019 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Ratio of Indebtedness to Net Capital | 2.75 | 2.75 | ||||||||||
Quarter ended December 31, 2019 and each quarter thereafter [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Ratio of Indebtedness to Net Capital | 2.50 | 2.50 | ||||||||||
Quarters ended September 30, 2019 and thereafter [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Change in construction cost estimates | $ 4,000,000 | |||||||||||
Quarters ended June 30, 2019 and thereafter [Domain] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Coverage Ratio | 2 | 2 | ||||||||||
Senior Secured Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000,000 | |||||||||||
Line of Credit Facility Possible Increase in Capacity Amount | $ 200,000,000 | |||||||||||
Revolving debt | $ 94,300,000 | $ 9,800,000 | $ 94,300,000 | 9,800,000 | ||||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Twelve months ended December 31, 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | March 1 through September 1, 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Twelve months ended December 31, 2019 [Member] [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Twelve months ended December 31, 2020 [Member] [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | Twelve months ended December 31, 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | March 1 through September 1, 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | Twelve months ended December 31, 2019 [Member] [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | Twelve months ended December 31, 2020 [Member] [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||||||||
Financial Letter of Credit outstanding [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Collateral Fees | 0.025 | |||||||||||
US Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amortization of Deferred Loan Origination Fees, Net | $ 6,270,000 | $ 1,244,000 | $ 1,131,000 | |||||||||
Credit Facility [Domain] | Senior Secured Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Expense, Debt | 11,321,000 | |||||||||||
Financial Standby Letter of Credit [Member] | During Covenant Relief Period [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | 30,000,000 | ||||||||||
Amended Credit Agreement [Member] | During Covenant Relief Period [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | $ 250,000,000 | ||||||||||
Covenant Relief Period [Domain] | Senior Secured Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Fee | 0.01 | |||||||||||
Letter of Credit [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 123,700,000 | $ 123,700,000 | ||||||||||
Letter of Credit [Member] | Financial Standby Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | $ 7,400,000 | $ 7,400,000 | ||||||||||
Volund [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Covenant Description | 15 |
Revolving Debt Foreign Revolvin
Revolving Debt Foreign Revolving Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Aug. 07, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 221,400 | ||
Revolving debt | $ 103,473 | $ 24,041 | |
Debt Instrument, Interest Rate, Effective Percentage | 6.90% | 18.00% | |
Foreign Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,200 | ||
Revolving debt | $ 9,173 | $ 14,241 | |
Debt Instrument, Interest Rate, Effective Percentage | 6.07% |
Revolving Debt Other Credit Arr
Revolving Debt Other Credit Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Letters of credit not secured by the US Credit Facility | $ 269.1 | $ 255.2 |
Letters of Credit Outstanding, Amount | 40.4 | |
Guarantor Obligations, Current Carrying Value | $ 378.8 |
Stock-Based Compensation 2015 L
Stock-Based Compensation 2015 Long-Term Incentive Plan (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017shares | |
2015 Long-Term Incentive Plan [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 200 |
Stock-Based Compensation Com179
Stock-Based Compensation Company Stock Options Fair Value (Details) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.14% | 1.38% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.00% | 28.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Stock-Based Compensation Sto180
Stock-Based Compensation Stock Options Rollforward (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,478 | 2,652 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 18.28 | $ 18.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (24) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 15.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (150) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 18.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 5.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,844 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 18.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 4.69 |
Stock-Based Compensation Sto181
Stock-Based Compensation Stock Options Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.7 | $ 2.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.03 | $ 4.80 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 0.3 |
Stock-Based Compensation Res182
Stock-Based Compensation Restricted Stock Unit Rollforward (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,227 | 712 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 7.63 | $ 19.14 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,902 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (282) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 18.48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (105) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 15 |
Stock-Based Compensation Res183
Stock-Based Compensation Restricted Stock Unit Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 1.1 | $ 2.7 |
Stock-Based Compensation Com184
Stock-Based Compensation Company PRSU Fair Value (Details) - Performance based restricted stock [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.54% | 0.96% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 42.00% | 25.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Stock-Based Compensation PRS185
Stock-Based Compensation PRSU Rollforward (Details) - Performance based restricted stock [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,135 | 451 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.75 | $ 19.29 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 828 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 9.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (141) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 14.07 |
Stock-Based Compensation PRS186
Stock-Based Compensation PRSU Cash Settled Units Rollforward (Details) - Performance-based cash settled units [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,799 | 32 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.53 | $ 18.53 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,908 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (7) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (134) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 3.93 |
Acquisitions Universal (Details
Acquisitions Universal (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 52,547 | $ 144,780 | $ 0 | |||||||||
Cash Acquired from Acquisition | $ 4,379 | |||||||||||
Revolving debt | $ 103,473 | $ 24,041 | 103,473 | 24,041 | ||||||||
Revenues | 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | 1,557,735 | 1,578,263 | 1,757,295 | |
Gross Profit | $ 45,513 | $ 47,287 | $ (55,822) | 62,900 | $ (848) | $ 73,757 | $ 26,052 | $ 80,156 | 99,878 | $ 179,117 | $ 308,157 | |
Universal [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 52,500 | |||||||||||
Business Acquisition, Transaction Costs | 200 | |||||||||||
Revolving debt | 55,000 | |||||||||||
Amortization of Intangible Assets | 3,100 | |||||||||||
Acquisition employee number | $ 0 | |||||||||||
Business Combination, Acquisition Related Costs | $ 1,700 |
Acquisitions Universal Purchase
Acquisitions Universal Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||||||
Revenues | $ 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | $ 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | $ 1,557,735 | $ 1,578,263 | $ 1,757,295 | |
Gross Profit | $ 45,513 | $ 47,287 | $ (55,822) | $ 62,900 | $ (848) | $ 73,757 | $ 26,052 | $ 80,156 | 99,878 | 179,117 | $ 308,157 | |
Cash | $ 4,379 | |||||||||||
Accounts receivable | 11,270 | |||||||||||
Contracts in progress | 3,167 | |||||||||||
Inventories | 4,585 | |||||||||||
Other assets | 579 | |||||||||||
Property, plant and equipment | 16,692 | |||||||||||
Goodwill | 14,413 | |||||||||||
Identifiable intangible assets | 19,500 | $ 19,500 | $ 55,438 | |||||||||
Deferred income tax assets | 935 | |||||||||||
Current liabilities | (10,833) | |||||||||||
Other noncurrent liabilities | (1,423) | |||||||||||
Deferred income tax liabilities | (6,338) | |||||||||||
Net acquisition cost | 56,926 | |||||||||||
Universal [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition employee number | $ 0 |
Acquisitions Universal Intan189
Acquisitions Universal Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Jul. 01, 2016 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 55,164 | ||
Customer Relationships | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 12,217 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | ||
Backlog | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 17,769 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||
Tradename [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 8,885 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Patented Technology [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 14,438 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Universal [Member] | |||
Business Acquisition [Line Items] | |||
Amortization of Intangible Assets | $ 3,100 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 19,500 | ||
Business Combination, Acquisition Related Costs | $ 1,700 | ||
Universal [Member] | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 10,800 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Universal [Member] | Backlog | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 1,700 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | ||
Universal [Member] | Tradename [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 3,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Universal [Member] | Patented Technology [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 4,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Acquisitions Universal Pro F190
Acquisitions Universal Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Interest Expense | $ 26,305 | $ 3,796 | $ 2,338 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (2.22) | ||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ (2.22) | ||
Universal [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Pro Forma Revenue | $ 1,661,000 | ||
Amortization | 2,800 | ||
Interest Expense | (400) | ||
Acquisition Costs, Period Cost | 2,100 | ||
Business Acquisition, Pro Forma Net Income (Loss) | $ (113,900) | ||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0 | ||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0 |
Acquisitions SPIG (Details)
Acquisitions SPIG (Details) $ / shares in Units, $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2016EUR (€) | Jul. 01, 2016USD ($) | Jul. 01, 2016EUR (€) | |
Business Acquisition [Line Items] | ||||||||||||||
Revenues | $ 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | $ 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | $ 1,557,735 | $ 1,578,263 | $ 1,757,295 | |||
Gross Profit | $ 45,513 | $ 47,287 | $ (55,822) | $ 62,900 | (848) | 73,757 | $ 26,052 | $ 80,156 | $ 99,878 | $ 179,117 | 308,157 | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ (2.22) | |||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ (2.22) | |||||||||||||
SPIG [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Finalized purchase price allocation increase in goodwill | $ 2,500 | $ 2,500 | ||||||||||||
Business Acquisition, Pro Forma Revenue | 1,663,126 | 1,941,987 | ||||||||||||
Payments to acquire business, Euro | € | € 155 | |||||||||||||
Payments to acquire business, US Dollars | $ 172,100 | |||||||||||||
Business combination transaction price returned to company based on difference between actual working capital and pre-close estimates | $ 2,900 | € 2.6 | ||||||||||||
Business Acquisition, Transaction Costs | $ 300 | |||||||||||||
Revenues | 96,300 | |||||||||||||
Gross Profit | 7,800 | |||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ (111,500) | $ 12,047 | ||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.23 | |||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.22 |
Acquisitions SPIG Pro Forma (De
Acquisitions SPIG Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 11, 2017 | Jul. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Interest Expense | $ 26,305 | $ 3,796 | $ 2,338 | ||
Cash Acquired from Acquisition | $ 4,379 | ||||
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired | 11,270 | ||||
Business combination, recognized identifiable assets and liabilities assumed contracts in progress | 3,167 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,585 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 579 | ||||
Property, plant and equipment | 16,692 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 14,413 | ||||
Finite-lived Intangible Assets Acquired | 19,500 | 19,500 | $ 55,438 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 10,833 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 1,423 | ||||
Acquisition Costs, Cumulative | $ 56,926 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (2.22) | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ (2.22) | ||||
SPIG [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization | $ 6,500 | 18,600 | |||
Interest Expense | 500 | 700 | |||
Business Combination, Integration Related Costs | $ 1,600 | 3,500 | |||
Business Acquisition, Pro Forma Revenue | 1,663,126 | 1,941,987 | |||
Cash Acquired from Acquisition | $ 25,994 | ||||
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired | 58,843 | ||||
Business combination, recognized identifiable assets and liabilities assumed contracts in progress | 61,155 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 2,554 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 7,341 | ||||
Property, plant and equipment | 6,104 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 72,401 | ||||
Finite-lived Intangible Assets Acquired | 55,164 | ||||
Business combination, recognized identifiable assets and liabilities assumed deferred income taxes | 5,550 | ||||
Business combination, recognized identifiable revolving debt assumed | 27,530 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 56,323 | ||||
Business combination, recognized identifiable assets and liabilities - advance billings on contracts | 15,226 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 379 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 17,120 | ||||
Business combination, recognized idetnfiable assets and liabilities assumed - noncontrolling interest in joint venture | 7,754 | ||||
Acquisition Costs, Cumulative | $ 170,800 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ (111,500) | $ 12,047 | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.23 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.22 | ||||
Acquisition Costs, Period Cost | $ 200 |
Acquisitions SPIG Purchase P193
Acquisitions SPIG Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Jul. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Cash | $ 4,379 | |||
Accounts receivable | 11,270 | |||
Contracts in progress | 3,167 | |||
Inventories | 4,585 | |||
Other assets | 579 | |||
Property, plant and equipment | 16,692 | |||
Goodwill | 14,413 | |||
Identifiable intangible assets | 19,500 | $ 19,500 | $ 55,438 | |
Current liabilities | (10,833) | |||
Other noncurrent liabilities | (1,423) | |||
Net acquisition cost | $ 56,926 | |||
SPIG [Member] | ||||
Business Acquisition [Line Items] | ||||
Finalized purchase price allocation increase in goodwill | $ 2,500 | |||
Cash | $ 25,994 | |||
Accounts receivable | 58,843 | |||
Contracts in progress | 61,155 | |||
Inventories | 2,554 | |||
Other assets | 7,341 | |||
Property, plant and equipment | 6,104 | |||
Goodwill | 72,401 | |||
Identifiable intangible assets | 55,164 | |||
Deferred income tax assets | 5,550 | |||
Revolving debt | (27,530) | |||
Current liabilities | (56,323) | |||
Advance billings on contracts | (15,226) | |||
Other noncurrent liabilities | (379) | |||
Deferred income tax liabilities | (17,120) | |||
Noncontrolling interest in joint venture | (7,754) | |||
Net acquisition cost | $ 170,800 |
Acquisitions SPIG Intangible194
Acquisitions SPIG Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 55,164 | ||
Customer Relationships | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 12,217 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | ||
Backlog | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 17,769 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||
Tradename [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 8,885 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Patented Technology [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 14,438 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Noncompete Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 1,666 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
Software Development [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 189 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
SPIG [Member] | |||
Business Acquisition [Line Items] | |||
Amortization of Intangible Assets | $ 9,100 | $ 13,300 | |
Business Combination, Integration Related Costs | $ 1,600 | $ 3,500 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 408,099 | $ 408,703 | $ 349,829 | $ 391,104 | $ 379,984 | $ 410,955 | $ 383,208 | $ 404,116 | $ 1,557,735 | $ 1,578,263 | $ 1,757,295 |
Gross Profit | 45,513 | 47,287 | (55,822) | 62,900 | (848) | 73,757 | 26,052 | 80,156 | 99,878 | 179,117 | 308,157 |
Operating Income (Loss) | (23,373) | (104,748) | (144,646) | (8,798) | (58,587) | 11,133 | (72,585) | 17,266 | (281,565) | (102,773) | 21,861 |
Equity in income (loss) of investees | 3,513 | 1,234 | (15,232) | 618 | 11,553 | 2,827 | (616) | 2,676 | (9,867) | 16,440 | (242) |
Net income (loss) attributable to shareholders | $ (107,478) | $ (114,302) | $ (150,999) | $ (7,045) | $ (71,560) | $ 8,894 | $ (63,490) | $ 10,507 | $ (379,824) | $ (115,649) | $ 19,141 |
Basic earnings (loss) per share from continuing operations | $ (2.44) | $ (2.48) | $ (3.09) | $ (0.14) | $ (1.47) | $ 0.18 | $ (1.25) | $ 0.20 | $ (8.09) | $ (2.31) | $ 0.31 |
Diluted earnings (loss) per share from Continuing operations | $ (2.44) | $ (2.48) | $ (3.09) | $ (0.14) | $ (1.47) | $ 0.18 | $ (1.25) | $ 0.20 | $ (8.09) | $ (2.31) | $ 0.30 |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Results Details (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Defined Benefit Plan, MTM adjustment excluding curtailment and settlements | $ (9,800) | $ 1,100 | $ (6,400) | $ 30,000 | $ 500 | $ (27,500) | ||
Goodwill impairment charges | $ (86,903) | $ 0 | $ 0 | |||||
Additional tax expense from New Tax Act | $ 62,400 |
Related Party Transactions T197
Related Party Transactions Transactions with Former Parent (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquisition of business, net of cash acquired | $ (52,547) | $ (144,780) | $ 0 |
Cash pooling and general financing activities | $ (1,082) | $ (246) | (491) |
Former Parent [Member] | |||
Sales to former Parent | 911 | ||
Corporate administrative expense | 35,343 | ||
Income tax allocation | 11,872 | ||
Acquisition of business, net of cash acquired | 0 | ||
Cash pooling and general financing activities | (91,015) | ||
Cash contribution received at spin-off | 125,300 | ||
Net transfer from former Parent per statement of cash flows | 80,589 | ||
Net transfer of assets and liabilities | 44,706 | ||
Distribution of Nuclear Energy segment | (47,839) | ||
Net transfer from former Parent per statement of shareholders' equity | $ 77,456 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2015 | |
Nuclear Energy Segment [Member] | ||
Revenues | $ 53,064 | |
Income (loss) before income tax expense | 3,358 | |
Income tax expense (benefit) | 555 | |
Income (loss) from discontinued operations, net of tax | $ 2,803 | |
Former Parent [Member] | ||
Proceeds from Contributions from Parent | $ 2,700 |
Taxes Reconciliation of Unre199
Taxes Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 1,204 | $ 884 | $ 1,141 | $ 3,321 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 277 | 178 | 88 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 56 | 230 | 248 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (13) | 0 | (1,161) | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (665) | (1,355) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 0 | $ 0 | $ 0 |
Taxes Components of Deferred200
Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | $ 58,810 | $ 105,426 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | 5,262 | 11,628 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Compensated Absences | 996 | 4,792 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | 3,910 | 6,596 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 4,950 | 8,334 | ||
Deferred Tax Assets, Equity Method Investments | 10,422 | 10,742 | ||
Deferred Tax Assets, Deferred Income | 6,801 | 10,318 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Legal Settlements | 1,579 | 2,110 | ||
Deferred Tax Assets, Inventory | 1,842 | 2,445 | ||
Deferred Tax Assets, Property, Plant and Equipment | 0 | 1,587 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 95,715 | 33,187 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 21,658 | 15,372 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 7,150 | 3,870 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Other | 5,678 | 737 | ||
Deferred Tax Assets, Other | 4,980 | 7,852 | ||
Deferred Tax Assets, Gross | 229,753 | 224,996 | ||
Deferred Tax Assets, Valuation Allowance | (108,100) | 40,484 | $ (10,077) | $ (9,216) |
Deferred Tax Assets, Net of Valuation Allowance | 121,648 | 184,512 | ||
Deferred Tax Liabilities, Deferred Expense | 569 | 3,601 | ||
Deferred Tax Liabilities, Intangible Assets | 21,215 | 21,892 | ||
Deferred Tax Liabilities, Property, Plant and Equipment | 2,835 | 0 | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 1,314 | 500 | ||
Deferred Tax Liabilities, Goodwill | 0 | 1,125 | ||
Deferred Tax Liabilities, Other | 2,445 | 2,885 | ||
Deferred Tax Liabilities, Gross | 28,378 | 30,003 | ||
Deferred Tax Assets, Net | $ 93,270 | $ 154,509 |
Taxes Valuation Allowance fo201
Taxes Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ (108,100) | $ 40,484 | $ (10,077) | $ (9,216) |
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 61,021 | 29,307 | 861 | |
Valuation Allowances and Reserves, Additions for Charges to Other Accounts | $ 6,600 | $ 1,100 | $ 0 |
Taxes Income before Provisio202
Taxes Income before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income before Provision for Income Taxes [Abstract] | |||
Income (Loss) before provision for Income Taxes, Domestic | $ (44,835) | $ 1,280 | $ (20,748) |
Income (Loss) before provision for Income Taxes, Foreign | (269,364) | (109,419) | 40,953 |
Income (Loss) before provision for Income Taxes | $ (314,199) | $ (108,139) | $ 20,205 |
Taxes Components of Provisio203
Taxes Components of Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 100 | $ 284 | $ 24,084 |
Current State and Local Tax Expense (Benefit) | 397 | (415) | 3,458 |
Current Foreign Tax Expense (Benefit) | 8,612 | 4,504 | 8,250 |
Current Income Tax Expense (Benefit) | 9,109 | 4,373 | 35,792 |
Deferred Federal Income Tax Expense (Benefit) | 58,203 | 11,512 | (35,888) |
Deferred State and Local Income Tax Expense (Benefit) | 2,546 | 6,365 | (111) |
Deferred Foreign Income Tax Expense (Benefit) | (5,042) | (15,307) | 3,878 |
Income tax expense | 64,816 | 6,943 | 3,671 |
Includes SPIG consolidated [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred Income Tax Expense (Benefit) | $ 55,707 | $ 2,570 | $ (32,121) |
Taxes Reconciliation of U.S.204
Taxes Reconciliation of U.S. Statutory Federal Tax Rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of U.S. Statutory Federal Tax Rate [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.20% | (3.50%) | 13.80% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (9.50%) | (12.80%) | (13.10%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (0.199) | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (0.90%) | (3.00%) | (14.70%) |
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent | (1.80%) | (0.20%) | 1.70% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (17.90%) | (28.10%) | 4.30% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 0.00% | 0.30% | (6.60%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 0.20% | (1.80%) | 2.40% |
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | (0.00%) | (0.00%) | (2.50%) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.80%) | 1.70% | (2.10%) |
Effective Income Tax Rate Reconciliation, Percent | (20.60%) | (6.40%) | 18.20% |
Taxes Narrative (Details)
Taxes Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 75,000 | $ 75,000 | ||
Operating loss carryforward expiration year range start | 2,019 | |||
Operating loss carryforward expiration year range end | 2,026 | |||
Valuation Allowances and Reserves, Balance | 66,000 | $ 66,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 20,700 | 20,700 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 7,150 | 7,150 | $ 3,870 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 21,658 | 21,658 | 15,372 | |
Tax Credit Carryforward, Valuation Allowance | 21,600 | 21,600 | ||
Undistributed Earnings of Foreign Subsidiaries | 4,400 | 4,400 | ||
Income Tax Expense (Benefit) | 64,816 | $ 6,943 | $ 3,671 | |
2019 to 2026 [Domain] [Domain] | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,700 | 1,700 | ||
ASU 2016-09 [Member] | ||||
Valuation Allowance [Line Items] | ||||
Income Tax Expense (Benefit) | $ 100 | $ 1,600 |
Taxes New Tax Act - Deferred Ta
Taxes New Tax Act - Deferred Tax Effect (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Additional tax expense from New Tax Act | $ 62.4 |
Deferred Income Tax Expense (Benefit) | 7.2 |
Deferred income tax expense | 54.4 |
Deferred tax expense - Executive Compensation | $ 0.8 |
Leases & Debt Obligations Opera
Leases & Debt Obligations Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Obligations [Abstract] | ||||||||
Operating Leases, Rent Expense, Net | $ 10,500 | $ 8,300 | $ 13,500 | |||||
Operating Leases, Future Minimum Payments Due | $ 3,337 | $ 2,258 | $ 2,741 | $ 3,553 | $ 5,100 | $ 6,814 |
Leases & Debt Obligations Lo208
Leases & Debt Obligations Long-term borrowings obligations (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Long-term debt obligations [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 9,173 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 290,184 |
Second Lien Term Loan Facili209
Second Lien Term Loan Facility Interest Expense (Details) - Second Lien Term Loan [Member] - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 465700000.00% | 255400000.00% |
Amortization of Debt Issuance Costs and Discounts | $ 2,131,000 | $ 1,095,000 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | Mar. 01, 2018USD ($) |
Subsequent Event [Line Items] | |
Capital from backstopped Rights Offering Agreement | $ 182 |
Basis of Presentation Going Con
Basis of Presentation Going Concern (Details) $ in Millions | Mar. 01, 2018USD ($) |
Capital from backstopped Rights Offering Agreement | $ 182 |
Borrowings from US Revolving Credit Facility to pay down Second Lien Term Loan facility | $ 35 |