Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BW | |
Entity Registrant Name | BABCOCK & WILCOX ENTERPRISES, INC. | |
Entity Central Index Key | 1,630,805 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 168,637,854 | |
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 | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 311,357 | $ 391,104 |
Costs and expenses: | ||
Cost of operations | 322,013 | 332,503 |
Selling, general and administrative expenses | 71,926 | 66,916 |
Restructuring charge | 6,862 | 3,032 |
Research and development costs | 1,500 | 2,300 |
Total costs and expenses | 402,309 | 404,713 |
Equity in income and impairment of investees | (11,757) | 618 |
Operating loss | (102,709) | (12,991) |
Other income (expense): | ||
Interest income | 154 | 113 |
Interest Expense | (13,516) | (1,750) |
Other – net | 2,819 | (371) |
Total other income (expense) | (3,546) | 2,183 |
Loss before income tax expense | (106,255) | (10,808) |
Income tax expense (benefit) | 14,080 | (3,967) |
Net income (loss) | (120,335) | (6,841) |
Net income attributable to noncontrolling interest | 98 | (204) |
Net loss attributable to stockholders | (120,433) | (7,045) |
Amounts attributable to shareholders: | ||
Net loss attributable to stockholders | $ (120,433) | $ (7,045) |
Basic earnings per common share: | ||
Basic earnings (loss) per share - continuing operations | $ (2.73) | $ (0.14) |
Basic earnings (loss) per share | (2.73) | (0.14) |
Basic earnings (loss) per share - discontinued operations | ||
Diluted earnings (loss) per share - continuing operations | (2.73) | (0.14) |
Diluted earnings (loss) per share | $ (2.73) | $ (0.14) |
Shares used in the computation of earnings per share: | ||
Basic | 44,187 | 48,740 |
Diluted | 44,187 | 48,740 |
Condensed Consolidated and Com3
Condensed Consolidated and Combined Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (120,335) | $ (6,841) |
Other comprehensive income (loss): | ||
Currency translation adjustments: | 3,223 | 5,417 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | (2,044) | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | (2,044) | 0 |
Derivative financial instruments: | ||
Unrealized gains on derivative financial instruments | 1,601 | 5,901 |
Income taxes | 377 | 1,314 |
Unrealized gains on derivative financial instruments, net of taxes | 1,224 | 4,587 |
Derivative financial instrument (gains) losses reclassified into net income | 1,628 | (4,898) |
Income taxes | 356 | (1,055) |
Reclassification adjustment for (gains) losses included in net income, net of taxes | (1,272) | (3,843) |
Benefit obligations: | ||
Unrealized gains (losses) on benefit obligations | (55) | (44) |
Income taxes | 0 | 0 |
Unrealized gains (losses) on benefit obligations, net of taxes | (55) | (44) |
Amortization of benefit plan costs (benefits) | (384) | (873) |
Income taxes | 0 | 9 |
Amortization of benefit plan costs (benefits), net of taxes | (384) | (882) |
Other: | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 34 |
Other comprehensive income | 692 | 5,269 |
Total comprehensive loss | (119,643) | (1,572) |
Comprehensive income (loss) attributable to noncontrolling interest | 463 | (190) |
Comprehensive loss attributable to stockholders | $ (119,180) | $ (1,762) |
Condensed Consolidated and Com4
Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (120,335) | $ (6,841) |
Non-cash items included in net loss: | ||
Depreciation and amortization of long-lived assets | 9,070 | 11,582 |
Amortization of debt issuance costs and debt discount | 4,951 | 345 |
Income from equity method investees | (6,605) | (618) |
TBWES Impairment | 18,362 | 0 |
Losses on asset disposals and impairments | 527 | 655 |
Provision for (benefit from) deferred income taxes | 1,056 | (1,023) |
Mark to market losses (gains) and prior service cost amortization for pension and postretirement plans | (439) | 189 |
Stock-based compensation, net of associated income taxes | 153 | 4,230 |
Changes in assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 17,337 | (5,833) |
Contracts in progress and advance billings on contracts | (18,331) | (45,123) |
Inventories | 4,266 | 1,616 |
Income taxes | 10,126 | 3,338 |
Accounts payable | (3,038) | (850) |
Accrued and other current liabilities | 3,138 | (33,717) |
Pension liabilities, accrued postretirement benefits and employee benefits | (9,640) | (2,461) |
Other, net | 4,565 | (251) |
Net cash from operating activities | (84,837) | (74,762) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (3,204) | (4,459) |
Acquisition of business, net of cash acquired | 0 | (52,547) |
Proceeds from Divestiture of Businesses | 5,105 | 0 |
Proceeds from sale of equity method investment in a joint venture | 21,078 | |
Purchases of available-for-sale securities | (9,612) | (13,831) |
Sales and maturities of available-for-sale securities | 9,451 | 15,696 |
Other, net | 167 | 107 |
Net cash from investing activities | 22,985 | (55,034) |
Cash flows from financing activities: | ||
Common Stock Repurchase from Related Party | 16,700 | |
Shares of our common stock returned to treasury stock | (720) | (844) |
Debt issuance costs | (5,441) | 0 |
Other | (78) | (1,338) |
Net cash from financing activities | 71,483 | 76,044 |
Effects of exchange rate changes on cash | (5,210) | 1,325 |
Cash flows from discontinued operations: | ||
Cash flow from continuing operations | 4,421 | (52,427) |
Cash, cash equivalents and restricted cash, end of period | 37,382 | 46,270 |
US Revolving Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Borrowings under our revolving credit facilities | 157,100 | 255,393 |
Proceeds from (Repayments of) Lines of Credit | (74,356) | (175,193) |
Foreign Revolvers [Member] | ||
Cash flows from financing activities: | ||
Borrowings under our revolving credit facilities | 0 | 183 |
Proceeds from (Repayments of) Lines of Credit | $ (5,022) | (2,157) |
HMA [Domain] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of equity method investment in a joint venture | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 37,382 | $ 56,667 |
Restricted cash and cash equivalents | 49,686 | 25,980 |
Accounts receivable - trade, net | 279,297 | 291,704 |
Accounts receivable - other | 73,905 | 78,970 |
Contracts in progress | 161,679 | 161,220 |
Inventories | 77,528 | 82,162 |
Other current assets | 42,635 | 35,554 |
Total current assets | 722,112 | 732,257 |
NONCURRENT ASSETS | ||
Property, plant and equipment - gross | 358,105 | |
Accumulated depreciation | 218,512 | |
Net property, plant and equipment | 139,593 | 141,931 |
Goodwill | 205,169 | 204,398 |
Deferred income taxes | 87,116 | 97,826 |
Investments in unconsolidated affiliates | 8,421 | 43,278 |
Intangible assets | 73,688 | 76,780 |
Other assets | 30,413 | 25,759 |
Total assets | 1,266,512 | 1,322,229 |
CURRENT LIABILITIES | ||
Foreign revolving credit facilities | 4,345 | 9,173 |
Revolving debt | 181,389 | |
Accounts payable | 226,896 | 225,234 |
Accrued employee benefits | 32,111 | 30,153 |
Advance billings on contracts | 163,313 | 181,070 |
Accrued warranty expense | 40,044 | 39,020 |
Other accrued liabilities | 104,961 | 99,536 |
Total current liabilities | 734,186 | 744,327 |
NONCURRENT LIABILITIES | ||
United States revolving credit facility | 177,044 | 94,300 |
Pension and other accumulated postretirement benefit liabilities | 246,870 | 256,390 |
Other noncurrent liabilities | 38,416 | 36,509 |
Total liabilities | 1,196,516 | 1,131,526 |
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 | 503 | 499 |
Capital in excess of par value | 801,117 | 800,968 |
Treasury Stock | (105,505) | (104,785) |
Retained deficit | (613,017) | (492,150) |
Accumulated other comprehensive loss | (21,775) | (22,429) |
Stockholders' equity attributable to shareholders | 61,323 | 182,103 |
Noncontrolling interest | 8,673 | 8,600 |
Total stockholders' equity | 69,996 | 190,703 |
Total liabilities and stockholders' equity | 1,266,512 | 1,322,229 |
Second Lien Term Loan [Member] | ||
CURRENT LIABILITIES | ||
Revolving debt | $ 162,516 | $ 160,141 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheet Equity Section - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued and Outstanding | 0 | 48,871,997 |
Treasury Stock, Shares | 0 | 0 |
Second Lien Term Loan Facility
Second Lien Term Loan Facility Statement - USD ($) shares in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 07, 2018 | Aug. 07, 2017 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 8.70% | 20.00% | |
Common Stock Repurchase from Related Party | $ 16,700,000 | ||
Debt Instrument, Unamortized Discount | $ 32,500,000 | $ 33,368,000 | |
Debt Instrument, Unamortized Discount (Premium), Net | 34,000,000 | ||
Second Lien Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 526915100.00% | ||
Amortization of Debt Issuance Costs and Discounts | $ 2,369,000 | ||
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 | 14.00% | 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 Facility8
Second Lien Term Loan Facility Narrative (Details) $ in Thousands, shares in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 8.70% |
Common Stock Repurchase from Related Party | $ 16,700 |
Revolving debt | $ 181,389 |
Second Lien Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Premium on voluntary prepayments made in the second year | 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 | $ 162,516 |
Second Lien Term Loan Facility9
Second Lien Term Loan Facility Carrying value of Second Lien Term Loan Facility $ in Thousands | Aug. 07, 2017USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 20.00% |
Debt Instrument, Unamortized Discount | $ 33,368 |
Second Lien Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 12.00% |
Line of Credit Facility, Current Borrowing Capacity | $ 195,884 |
Second Lien Term Loan Facilit10
Second Lien Term Loan Facility Extinguishment of Second Lien Term Loan Facility (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Disclosure [Abstract] | |
Extinguishment of Debt, Amount | $ 214,900 |
Gain (Loss) on Extinguishment of Debt | 49,200 |
Debt Instrument, Unamortized Discount | 32,500 |
Interest Costs Capitalized | 16,200 |
Payments of Debt Extinguishment Costs | $ 500 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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: Three Months Ended March 31, (in thousands, except per share amounts) 2018 2017 Net loss attributable to shareholders $ (120,433 ) $ (7,045 ) Weighted average shares used to calculate basic earnings per share 44,187 48,740 Dilutive effect of stock options, restricted stock and performance shares — — Weighted average shares used to calculate diluted earnings per share 44,187 48,740 Basic loss per share: $ (2.73 ) $ (0.14 ) Diluted loss per share: $ (2.73 ) $ (0.14 ) Because we incurred a net loss in the three months ended March 31, 2018 and 2017 , basic and diluted shares are the same. If we had net income in the three months ended March 31, 2018 and 2017 , diluted shares would include an additional 0.9 million and 0.4 million shares, respectively. We excluded 2.0 million and 1.9 million shares related to stock options from the diluted share calculation for the three months ended March 31, 2018 and 2017 , respectively, because their effect would have been anti-dilutive. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting Disclosure [Text Block] | Three Months Ended March 31, (in thousands) 2018 2017 Gross profit (loss) (1) : Power segment $ 30,909 $ 37,710 Renewable segment (50,449 ) 10,594 Industrial segment 11,269 15,315 Intangible amortization expense included in cost of operations (2,385 ) (5,018 ) (10,656 ) 58,601 Selling, general and administrative ("SG&A") expenses (70,818 ) (65,922 ) Restructuring activities and spin-off transaction costs (6,862 ) (3,032 ) Research and development costs (1,508 ) (2,262 ) Intangible amortization expense included in SG&A (1,108 ) (994 ) Equity in income of investees (11,757 ) 618 Operating income (loss) $ (102,709 ) $ (12,991 ) Three Months Ended March 31, (in thousands) 2018 2017 Adjusted EBITDA Power segment (1) $ 11,240 $ 17,388 Renewable segment (61,681 ) 927 Industrial segment (3,446 ) 532 Corporate (9,056 ) (7,778 ) Research and development costs (1,508 ) (2,262 ) Foreign exchange & other income (expense) 2,819 (373 ) (61,632 ) 8,434 Gain on sale of equity method investment (BWBC) 6,509 — Other than temporary impairment of equity method investment in TBWES (18,362 ) — MTM loss from benefit plans — (1,062 ) Financial advisory services included in SG&A (3,476 ) — Acquisition and integration costs included in SG&A — (1,929 ) Restructuring activities and spin-off transaction costs (6,862 ) (3,032 ) Depreciation & amortization (9,070 ) (11,582 ) Interest expense, net (13,362 ) (1,637 ) Loss before income tax expense (106,255 ) (10,808 ) Income tax expense (benefit) 14,080 (3,967 ) Net loss (120,335 ) (6,841 ) Net income attributable to noncontrolling interest (98 ) (204 ) Net loss attributable to stockholders $ (120,433 ) $ (7,045 ) |
Contracts and Revenue Recogniti
Contracts and Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Contracts and Revenue Recognition [Abstract] | |
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | – REVENUE RECOGNITION AND CONTRACTS Adoption of Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606") On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to all contracts that were not completed as of January 1, 2018. Results for reporting periods beginning on or after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. We recorded a $0.5 million net increase to opening retained earnings as of January 1, 2018 from the cumulative effect of adopting Topic 606 that primarily related to transitioning the timing of certain sales commissions expense. The effect on revenue from adopting Topic 606 was not material for the three months ended March 31, 2018. Revenue recognition A performance obligation is a contractual promise to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. Revenue from goods and services transferred to customers at a point in time, which includes certain aftermarket parts and services primarily in the Power and Industrial segments, accounted for 28% and 29% of our revenue for the three months ended March 31, 2018 and 2017, respectively. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer. Standard commercial payment terms generally apply to these sales. Revenue from products and services transferred to customers over time accounted for 72% and 71% of our revenue for the three months ended March 31, 2018 and 2017, respectively. Revenue recognized over time primarily relates to customized, engineered solutions and construction services from all three of our segments. Typically, revenue is recognized over time using the percentage-of-completion method that uses costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, SG&A expenses. Variable consideration in these contracts includes estimates of liquidated damages, contractual bonuses and penalties, and contract modifications. Substantially all of our revenue recognized over time under the percentage-of-completion method contain a single performance obligation as the interdependent nature of the goods and services provided prevents them from being separately identifiable within the contract. Generally, we try to structure contract milestones to mirror our expected cash outflows over the course of the contract; however, the timing of milestone receipts can greatly affect our overall cash position and have in 2018 in our Renewable segment. Refer to Note 3 for our disaggregation of revenue by product line. Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract, with cumulative adjustment to revenue. We recognize accrued claims in contract revenues for extra work or changes in scope of work to the extent of costs incurred when we believe we have an enforceable right to the modification or claim and the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We generally recognize sales commissions in equal proportion as revenue is recognized. Our sales agreements are structured such that commissions are only payable upon receipt of payment, thus a capitalized asset at contract inception has not been recorded for sales commission as a liability has not been incurred at that point. Contract balances Contracts in progress, a current asset in our condensed consolidated balance sheets, includes revenues and related costs so recorded, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts. Advance billings, a current liability in our consolidated balance sheets, includes advance billings on contracts invoices that exceed accumulated contract costs and revenues and costs recognized under the percentage-of-completion method. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected contract loss is recognized in full in the statement of operations and an accrual for the estimated loss on the uncompleted contract is included in other current liabilities in the balance sheet. In addition, when we determine that an uncompleted contract will not be completed on-time and the contract has liquidated damages provisions, we recognize the estimated liquidated damages we will incur and record them as a reduction of the estimated selling price in the period the change in estimate occurs. Losses accrued in advance of the percentage-of-completion of a contract are included in other accrued liabilities, a current liability, in our consolidated balance sheets. The following represent the components of our contracts in progress and advance billings on contracts included in our consolidated balance sheets: March 31, December 31, (in thousands) 2018 2017 Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 80,663 $ 80,645 Revenues recognized less billings to customers 81,016 80,575 Contracts in progress $ 161,679 $ 161,220 Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 162,115 $ 177,953 Costs of revenue recognized less cost incurred 1,198 3,117 Advance billings on contracts $ 163,313 $ 181,070 Accrued contract losses $ 47,557 $ 40,634 The impact of adopting Topic 606 on components of our contracts in progress and advance billings on contracts was not material at March 31, 2018. Backlog On March 31, 2018 we had $1,763 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 44% , 15% and 42% of our remaining performance obligations as revenue in the remainder of 2018, 2019 and thereafter, respectively. Changes in contract estimates As of March 31, 2018, we have estimated the costs to complete all of our in-process contracts in order to estimate revenues in accordance with the percentage-of-completion method of accounting. However, it is possible that current estimates could change due to unforeseen events, which could result in adjustments to overall contract costs. The risk on fixed-priced contracts is that revenue from the customer does not cover increases in our costs. It is possible that current estimates could materially change for various reasons, including, but not limited to, fluctuations in forecasted labor productivity, transportation, fluctuations in foreign exchange rates or steel and other raw material prices. Increases in costs on our fixed-price contracts could have a material adverse impact on our consolidated financial condition, results of operations and cash flows. Alternatively, reductions in overall contract costs at completion could materially improve our consolidated financial condition, results of operations and cash flows. Variations from estimated contract performance could result in material adjustments to operating results for any fiscal quarter or year. In the three months ended March 31, 2018 and 2017 , 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: Three Months Ended March 31, (in thousands) 2018 2017 Increases in gross profits for changes in estimates for over time contracts $ 5,337 $ 15,092 Decreases in gross profits for changes in estimates for over time contracts (54,865 ) (8,963 ) Net changes in gross profits for changes in estimates for over time contracts $ (49,528 ) $ 6,129 Renewable loss contracts We had four renewable energy contracts in Europe that were loss contracts at December 31, 2016. During the three months ended June 30, 2017, two additional renewable energy contracts in Europe became loss contracts. In the three months ended March 31, 2018 and March 31, 2017, we recorded $52.6 million in net losses and $0.5 million in net gains, respectively, resulting from changes in the estimated revenues and costs to complete certain European renewable energy contracts. These changes in estimates in the three months ended March 31, 2018 and 2017 included an increase in our estimate of anticipated liquidated damages that reduced revenue associated with these six contracts by $13.3 million and a decrease of $2.9 million , respectively. The total anticipated liquidated damages associated with these six contracts was $90.3 million and $77.1 million at March 31, 2018 and December 31, 2017 , respectively. The charges recorded in the three months ended March 31, 2018 were due to revisions in the estimated revenues and costs at completion during the period across the six loss contracts described below. As of March 31, 2018 , the status of these six loss contracts was as follows: The first contract became a loss contract in the second quarter of 2016. As of March 31, 2018 , this contract is approximately 97% 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 in mid-2018. During the quarter ended March 31, 2018 , we recognized additional contract losses of $7.1 million on the contract as a result of differences in actual and estimated costs and schedule delays. Our estimate at completion as of March 31, 2018 includes $10.0 million of total expected liquidated damages. As of March 31, 2018 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our condensed consolidated balance sheet was $2.7 million . In the quarter ended March 31, 2017 , we did not recognize any additional charges from changes in our estimate at completion, and as of March 31, 2017 , this contract had $3.8 million of accrued losses and was 93% complete. The second contract became a loss contract in the fourth quarter of 2016. As of March 31, 2018 , this contract was approximately 87% complete. Commissioning activities began in the first quarter of 2018 and we expect construction will be completed on this contract and that it will startup in mid-2018. During the quarter ended March 31, 2018 , we recognized contract losses of $4.1 million on this contract as a result of changes in construction cost estimates, subcontractor productivity being lower than previous estimates, and additional expected punch list and commissioning cost. Our estimate at completion as of March 31, 2018 includes $20.7 million of total expected liquidated damages due to schedule delays. Our estimate at completion as of March 31, 2018 also includes contractual bonus opportunities for guaranteed higher power output (discussed further below). As of March 31, 2018 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our condensed consolidated balance sheet was $9.4 million . In the quarter ended March 31, 2017 , we recognized gains of $3.8 million from changes in our estimate at completion, and as of March 31, 2017 , this contract had $2.5 million of accrued losses and was 78% complete. The third contract became a loss contract in the fourth quarter of 2016. As of March 31, 2018 , 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 partial takeover was achieved in March 2018. Remaining activities relate to punch list and finalization and are planned to be completed during the customer's next planned outage later in 2018. During the quarter ended March 31, 2018 , we recognized additional contract losses of $1.9 million as a result of changes in the estimated costs at completion. Our estimate at completion as of March 31, 2018 includes $7.4 million of total expected liquidated damages due to schedule delays. As of March 31, 2018 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our condensed consolidated balance sheet was $0.8 million . In the quarter ended March 31, 2017 , we recognized charges of $2.8 million from changes in our estimate at completion, and as of March 31, 2017 , this contract had $3.4 million of accrued losses and was 86% complete. The fourth contract became a loss contract in the fourth quarter of 2016. As of March 31, 2018 , this contract was approximately 87% complete. Commissioning activities began in the first quarter of 2018 and we expect construction will be completed on this contract and that it will startup in mid-2018. During the quarter ended March 31, 2018 , we revised our estimated revenue and costs at completion for this loss contract, which resulted in $12.1 million of additional contract losses due to subcontractor productivity being lower than previous estimates, additional expected punch list and commissioning cost, estimated claim settlements and estimated liquidated damages. Our estimate at completion as of March 31, 2018 includes $16.2 million of total expected liquidated damages due to schedule delays. Our estimate at completion as of March 31, 2018 also includes contractual bonus opportunities for guaranteed higher power output (discussed further below). As of March 31, 2018 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our condensed consolidated balance sheet was $5.7 million . In the quarter ended March 31, 2017 , we recognized gains of $1.9 million from changes in our estimate at completion, and as of March 31, 2017 , this contract had $0.7 million of accrued losses and was 68% complete. The fifth contract became a loss contract in the second quarter of 2017. As of March 31, 2018 , this contract was approximately 61% complete, and we expect construction will be completed on this contract in late 2018 with turnover activities in early 2019. During the quarter ended March 31, 2018 , we revised our estimated revenue and costs at completion for this loss contract, which resulted in $18.2 million of additional contract losses. First quarter 2018 changes in estimate on this fifth contract relate primarily to taking over of the civil scope from our joint venture partner, which entered administration (similar to filing for bankruptcy in the U.S.) in late February 2018 and receiving regulatory release later than expected to begin repairs to the failed steel beam, which further increased costs to complete remaining work streams in a compressed time frame. Our estimate at completion as of March 31, 2018 includes $21.9 million of total expected liquidated damages due to schedule delays. As of March 31, 2018 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our condensed consolidated balance sheet was $23.5 million . Although not a loss contract in the quarter ended March 31, 2017 , we recognized charges of $2.5 million from changes in our estimate at completion, and as of March 31, 2017 , this contract was 48% complete. This fifth project also includes a rejection clause that gives the customer the option to reject the deliverable, recover all monies paid to us and our partner (up to approximately $153 million ), and require us to restore the property to its original state if a certain contractual milestone is not met by September 30, 2018. Meeting the contract milestone by September 30, 2018 will require, among other things, the coordination of and cooperation from various subcontractors. Any material productivity or timing issues relating to those subcontractors may jeopardize our ability to meet the contract milestone. We are working with the customer and expect to satisfy their requirements related to this contractual milestone. Our project plans include accelerating construction work and taking other remedial actions, if necessary, to avoid the exercise of the rejection clause. The sixth contract became a loss contract in the second quarter of 2017. As of March 31, 2018 , this contract was approximately 83% complete, and we expect construction will be completed on this contract and that it will startup in the second half of 2018. During the quarter ended March 31, 2018 , we revised our estimated revenue and costs at completion for this loss contract, which resulted in additional contract losses of $9.3 million due to additional schedule delays, inclusive of liquidated damages, and estimated claim settlements. Our estimate at completion as of December 31, 2017 includes $14.2 million of total expected liquidated damages due to schedule delays. The change in the status of this contract in 2018 was primarily attributable to changes in the estimated costs at completion and schedule delays. As of March 31, 2018 , the reserve for estimated contract losses recorded in "other accrued liabilities" in our condensed consolidated balance sheet was $3.5 million . As of March 31, 2017 , this contract was 55% complete. In September 2017, we identified the failure of a structural steel beam on the fifth contract, 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. Provisional regulatory approval to begin structural repairs to the failed beam was obtained at the end of March 2018 (later than previously estimated) and full approval to proceed with repairs was obtained in April 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 contracts, and although no structural failure occurred on these two other contracts, 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 contracts, including contract delays, are estimated to be approximately $48 million , which is included in the March 31, 2018 estimated losses at completion for these three contracts. 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, and this positive change in estimated cost to complete was fully recognized in 2017 because each were loss contracts. 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 contract discussed above. There was no change in the accrued probable insurance recovery at March 31, 2018 . The insurance recovery represents the full amount available under the insurance policy, and is recorded in accounts receivable - other in our condensed consolidated balance sheet at March 31, 2018 and 2017 . |
Restructuring Activities and Sp
Restructuring Activities and Spin Transaction Costs Restructuring Activities and Spin-Off Transaction Costs (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
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 condensed consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 2,320 $ 2,254 Restructuring expense 5,888 1,970 Payments (2,294 ) (3,527 ) Balance at March 31 $ 5,914 $ 697 Restructuring liabilities are included in other accrued liabilities on our condensed consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 2,320 $ 2,254 Restructuring expense 5,888 1,970 Payments (2,294 ) (3,527 ) Balance at March 31 $ 5,914 $ 697 Accrued restructuring liabilities at March 31, 2018 and 2017 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 three months ended March 31, 2018 and 2017, we recognized $0.6 million and $0.6 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 three months ended March 31, 2018 and 2017, we recognized spin-off costs of $0.4 million and $0.4 million , respectively. 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 three months ended March 31, 2018 and 2017, we recognized spin-off costs of $0.4 million and $0.4 million , respectively. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018 December 31, 2017 Held by foreign entities $ 34,253 $ 54,274 Held by United States entities 3,129 2,393 Cash and cash equivalents $ 37,382 $ 56,667 Reinsurance reserve requirements $ 22,445 $ 21,061 Sale proceeds held in escrow 20,266 — Restricted foreign accounts 6,975 4,919 Restricted cash and cash equivalents $ 49,686 $ 25,980 |
Inventories (Notes)
Inventories (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Text Block] | NOTE 9 – INVENTORIES The components of inventories are as follows: (in thousands) March 31, 2018 December 31, 2017 Raw materials and supplies $ 56,052 $ 60,708 Work in progress 6,454 7,867 Finished goods 15,022 13,587 Total inventories $ 77,528 $ 82,162 |
Equity Method Investments (Note
Equity Method Investments (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Equity Method Investments [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 10 – EQUITY METHOD INVESTMENTS Joint ventures in which we have significant ownership and influence, but not control, are accounted for in our consolidated financial statements using the equity method of accounting. We assess our investments in unconsolidated affiliates for other-than-temporary-impairment when significant changes occur in the investee's business or our investment philosophy. Such changes might include a series of operating losses incurred by the investee that are deemed other than temporary, the inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment or a change in the strategic reasons that were important when we originally entered into the joint venture. If an other-than-temporary-impairment were to occur, we would measure our investment in the unconsolidated affiliate at fair value. Our equity method investment in Babcock & Wilcox Beijing Company, Ltd. ("BWBC") has a manufacturing facility that designs, manufactures, produces and sells various power plant and industrial boilers primarily in China. During the first quarter of 2018, we sold our interest in BWBC to our joint venture partner in China for approximately $21.0 million , resulting in a gain of approximately $6.5 million . As of March 31, 2018, $19.8 million , which are the proceeds from this sale net of withholding tax, are held in escrow and classified as Restricted cash and cash equivalents on the balance sheet. The proceeds were released to us from the escrow account in May 2018. After the sale of BWBC, our primary remaining equity method investment is in Thermax Babcock & Wilcox Energy Solutions Private Limited ("TBWES"), a joint venture in India. TBWES has a manufacturing facility that produces boiler parts and equipment intended primarily for new build coal boiler contracts in India. During the second quarter of 2017, both we and our joint venture partner decided to make a strategic change in the Indian joint venture due to the decline in forecasted market opportunities in India, at which time we recorded in an $18.2 million other-than-temporary-impairment to the expected recoverable value of our investment in the joint venture. During the first quarter of 2018, based on a preliminary agreement to sell our investment in TBWES, we recognized an additional $18.4 million other-than-temporary-impairment. The impairment charge was based on the difference in the carrying value of our investment in TBWES and the preliminary sale price. Additionally, AOCI includes $2.6 million at March 31, 2018 related to cumulative currency translation loss from our investment in TBWES. Our remaining carrying value of TBWES was $7.7 million at March 31, 2018 and $26.0 million at December 31, 2017. |
INTANGIBLE ASSETS (Notes)
INTANGIBLE ASSETS (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS Our intangible assets are as follows: (in thousands) March 31, 2018 December 31, 2017 Definite-lived intangible assets Customer relationships $ 59,701 $ 59,794 Unpatented technology 20,564 20,160 Patented technology 6,533 6,542 Tradename 23,038 22,951 Backlog 30,184 30,160 All other 7,598 7,611 Gross value of definite-lived intangible assets 147,618 147,218 Customer relationships amortization (24,942 ) (23,434 ) Unpatented technology amortization (5,728 ) (5,013 ) Patented technology amortization (2,249 ) (2,213 ) Tradename amortization (5,443 ) (5,097 ) Acquired backlog amortization (29,327 ) (28,695 ) All other amortization (7,546 ) (7,291 ) Accumulated amortization (75,235 ) (71,743 ) Net definite-lived intangible assets $ 72,383 $ 75,475 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: Three months ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 76,780 $ 71,039 Acquisition of Universal (see Note 21) — 19,500 Amortization expense (3,492 ) (6,012 ) Currency translation adjustments and other 400 849 Balance at end of the period $ 73,688 $ 85,376 Amortization of intangible assets is included in cost of operations and SG&A in our condensed consolidated statement of operations as shown in Note 3 , but it is not allocated to segment results. Estimated future intangible asset amortization expense is as follows (in thousands): Year ending Amortization expense Three months ending June 30, 2018 $ 3,372 Three months ending September 30, 2018 $ 2,767 Three months ending December 31, 2018 $ 2,768 Twelve months ending December 31, 2019 $ 10,255 Twelve months ending December 31, 2020 $ 9,106 Twelve months ending December 31, 2021 $ 8,903 Twelve months ending December 31, 2022 $ 7,334 Twelve months ending December 31, 2023 $ 5,856 Thereafter $ 22,022 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018 December 31, 2017 Land $ 8,977 $ 8,859 Buildings 123,293 122,369 Machinery and equipment 218,008 217,791 Property under construction 7,827 6,486 358,105 355,505 Less accumulated depreciation 218,512 213,574 Net property, plant and equipment $ 139,593 $ 141,931 |
Warranty (Notes)
Warranty (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Product Warranty Liability [Table Text Block] | hanges in the carrying amount of our accrued warranty expense are as follows: Three Months Ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 39,020 $ 40,468 Additions 5,004 4,253 Expirations and other changes (1,356 ) (509 ) Increases attributable to business combinations — 1,060 Payments (3,200 ) (2,774 ) Translation and other 576 346 Balance at end of period $ 40,044 $ 42,844 |
Taxes (Notes)
Taxes (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | – PROVISION FOR INCOME TAXES In the three months ended March 31, 2018, income tax expense was $14.1 million , resulting in an effective tax rate of (13.3)% . In the three months ended March 31, 2017, income tax benefit was $4.0 million , with an effective tax rate of 36.7% . Our effective tax rate for the three months ended March 31, 2018 was lower than our statutory rate primarily due to foreign losses in our Renewable segment and disallowed interest expense pursuant to the United States Tax Cuts and Jobs Act (the "Tax Act") that are subject to valuation allowances as well as other nondeductible expenses and unfavorable discrete items of $0.9 million . The discrete items include a valuation allowance on the net deferred tax assets of one of our foreign subsidiaries and the income tax effects of vested and exercised share-based compensation awards. The tax benefit associated with the $18.4 million impairment of our equity method investment in India was offset by a valuation allowance. The effective tax rate for the three months ended March 31, 2018 also reflects the reduced federal corporate income tax rate enacted as part of the Tax Act and the impact of a change in our mix of domestic and foreign earnings. We continue to analyze the different aspects of the Tax Act which could potentially affect the provisional estimates that were recorded at December 31, 2017. As a result of the Rights Offering which was completed on April 30, 2018, we are evaluating if we experienced an ownership change as defined under Internal Revenue Code ("IRC") Section 382. Under IRC Section 382, a company has undergone an ownership change if shareholders owning at least 5% of the company have increased their holdings by more than 50% during the prior three year period. As of May 8, 2018, full information related to shareholder transactions is not available publicly or to us. If we experienced an ownership change, the future utilization of our federal net operating loss and credit carryforwards could be limited to approximately $2.5 million , annually. Additionally, we could record income tax expense of approximately $14 million in the second quarter of 2018 for a partial valuation allowance on the deferred tax assets related to our federal net operating loss and credit carryforwards. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2018 2017 2018 2017 Service cost $ 189 $ 274 $ 4 $ 4 Interest cost 9,757 10,257 97 221 Expected return on plan assets (16,230 ) (14,856 ) — — Amortization of prior service cost 25 25 (646 ) (900 ) Recognized net actuarial loss (gain) — 1,062 — — Net periodic benefit cost (benefit) $ (6,259 ) $ (3,238 ) $ (545 ) $ (675 ) 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. The recognized net actuarial (gain) loss was recorded in our condensed consolidated statements of operations in the "Pension benefit (cost)" line item. We made contributions to our pension and other postretirement benefit plans totaling $3.4 million and $1.4 million during the three months ended March 31, 2018 and 2017, respectively. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 condensed 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. The present value of the payable amounts of $2.5 million and $3.9 million were included in other current accrued liabilities and other noncurrent accrued liabilities, respectively, in our condensed consolidated balance sheets at March 31, 2018. 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 | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (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 $ — 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 Financial Accounting Standards Board ("FASB") Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities March 31, 2018 Level 1 Level 2 Level 3 Commercial paper $ 2,538 $ — $ 2,538 $ — Certificates of deposit 2,995 — 2,995 — Mutual funds 1,330 — 1,330 — Corporate notes and bonds 1,591 1,591 — — United States Government and agency securities 7,516 7,516 — — Total fair value of available-for-sale securities $ 15,970 $ 9,107 $ 6,863 $ — (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 $ — Derivatives March 31, 2018 December 31, 2017 Forward contracts to purchase/sell foreign currencies $ 2,591 $ (432 ) Available-for-sale securities We estimate the fair value of available-for-sale securities based on quoted market prices. Our investments in available-for-sale securities are presented in "other assets" on our condensed consolidated 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 condensed 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 March 31, 2018 and December 31, 2017 . Non-recurring fair value measurements The purchase price allocation associated with the January 11, 2017 acquisition of Universal Acoustic & Emission Technologies, Inc. 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 measurement of the net actuarial gain or loss associated with our pension and other postretirement plans was determined using unobservable inputs (see Note 14 ). These inputs included the estimated discount rate, expected return on plan assets and other actuarial inputs associated with the plan participants. 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 Financial Accounting Standards Board ("FASB") Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities March 31, 2018 Level 1 Level 2 Level 3 Commercial paper $ 2,538 $ — $ 2,538 $ — Certificates of deposit 2,995 — 2,995 — Mutual funds 1,330 — 1,330 — Corporate notes and bonds 1,591 1,591 — — United States Government and agency securities 7,516 7,516 — — Total fair value of available-for-sale securities $ 15,970 $ 9,107 $ 6,863 $ — Derivatives March 31, 2018 December 31, 2017 Forward contracts to purchase/sell foreign currencies $ 2,591 $ (432 ) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Income Taxes Paid (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | During the three months ended March 31, 2018 and 2017 , we recognized the following non-cash activity in our condensed consolidated financial statements: (in thousands) 2018 2017 Accrued capital expenditures in accounts payable $ 300 $ 552 Accreted interest expense on our second lien term loan facility $ 2,369 $ — During the three months ended March 31, 2018 and 2017 , we recognized the following cash activity in our condensed consolidated financial statements: (in thousands) 2018 2017 Income tax payments $ 1,822 $ 399 Interest payments on our U.S. revolving credit facility $ 1,687 $ 528 Interest payments on our second lien term loan facility $ 5,303 $ — During the years ended March 31, 2018 and 2017, interest expense in our condensed consolidated financial statements consisted of the following components: (in thousands) 2018 2017 Components associated with borrowings from: U.S. Revolving Credit Facility $ 2,345 $ 700 Second Lien Term Loan Facility 5,269 — Foreign revolving credit facilities 134 241 7,748 941 Components associated with amortization or accretion of: U.S. Revolving Credit Facility deferred financing fees and commitment fees 3,201 716 Second Lien Term Loan Facility deferred financing fees and discount 2,369 — 5,570 716 Other interest expense 198 93 Total interest expense $ 13,516 $ 1,750 The following table provides a reconciliation of cash, cash equivalents and restricted cash reporting within the consolidated balance sheets that sum to the total of the same amounts in the consolidated statements of cash flows: (in thousands) March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 37,382 $ 56,667 $ 46,270 $ 95,887 Restricted cash and cash equivalents 49,686 25,980 24,960 27,770 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 87,068 $ 82,647 $ 71,230 $ 123,657 During the three months ended March 31, 2018 and 2017 , we recognized the following cash activity in our condensed consolidated financial statements: (in thousands) 2018 2017 Income tax payments $ 1,822 $ 399 Interest payments on our U.S. revolving credit facility $ 1,687 $ 528 Interest payments on our second lien term loan facility $ 5,303 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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: Three Months Ended March 31, (in thousands, except per share amounts) 2018 2017 Net loss attributable to shareholders $ (120,433 ) $ (7,045 ) Weighted average shares used to calculate basic earnings per share 44,187 48,740 Dilutive effect of stock options, restricted stock and performance shares — — Weighted average shares used to calculate diluted earnings per share 44,187 48,740 Basic loss per share: $ (2.73 ) $ (0.14 ) Diluted loss per share: $ (2.73 ) $ (0.14 ) |
Segment Reporting Schedule of O
Segment Reporting Schedule of Operating Results by Segment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (in thousands) 2018 2017 Revenues: Power segment Retrofits & continuous emissions monitoring systems $ 61,983 $ 61,374 New build utility and environmental 12,847 52,691 Aftermarket parts and field engineering services 73,073 75,133 Industrial steam generation 14,906 22,873 Eliminations (3,683 ) (15,775 ) 159,126 196,296 Renewable segment Renewable new build and services 44,711 88,872 Operations and maintenance 15,247 16,664 59,958 105,536 Industrial segment Aftermarket parts and services 19,766 26,592 Environmental solutions 40,254 26,732 Cooling systems 29,021 36,359 Engineered products 5,884 2,534 94,925 92,217 Eliminations (2,652 ) (2,945 ) $ 311,357 $ 391,104 Three Months Ended March 31, (in thousands) 2018 2017 Revenues: Power segment Retrofits & continuous emissions monitoring systems $ 61,983 $ 61,374 New build utility and environmental 12,847 52,691 Aftermarket parts and field engineering services 73,073 75,133 Industrial steam generation 14,906 22,873 Eliminations (3,683 ) (15,775 ) 159,126 196,296 Renewable segment Renewable new build and services 44,711 88,872 Operations and maintenance 15,247 16,664 59,958 105,536 Industrial segment Aftermarket parts and services 19,766 26,592 Environmental solutions 40,254 26,732 Cooling systems 29,021 36,359 Engineered products 5,884 2,534 94,925 92,217 Eliminations (2,652 ) (2,945 ) $ 311,357 $ 391,104 |
Segment Reporting Disclosure [Text Block] | Three Months Ended March 31, (in thousands) 2018 2017 Gross profit (loss) (1) : Power segment $ 30,909 $ 37,710 Renewable segment (50,449 ) 10,594 Industrial segment 11,269 15,315 Intangible amortization expense included in cost of operations (2,385 ) (5,018 ) (10,656 ) 58,601 Selling, general and administrative ("SG&A") expenses (70,818 ) (65,922 ) Restructuring activities and spin-off transaction costs (6,862 ) (3,032 ) Research and development costs (1,508 ) (2,262 ) Intangible amortization expense included in SG&A (1,108 ) (994 ) Equity in income of investees (11,757 ) 618 Operating income (loss) $ (102,709 ) $ (12,991 ) Three Months Ended March 31, (in thousands) 2018 2017 Adjusted EBITDA Power segment (1) $ 11,240 $ 17,388 Renewable segment (61,681 ) 927 Industrial segment (3,446 ) 532 Corporate (9,056 ) (7,778 ) Research and development costs (1,508 ) (2,262 ) Foreign exchange & other income (expense) 2,819 (373 ) (61,632 ) 8,434 Gain on sale of equity method investment (BWBC) 6,509 — Other than temporary impairment of equity method investment in TBWES (18,362 ) — MTM loss from benefit plans — (1,062 ) Financial advisory services included in SG&A (3,476 ) — Acquisition and integration costs included in SG&A — (1,929 ) Restructuring activities and spin-off transaction costs (6,862 ) (3,032 ) Depreciation & amortization (9,070 ) (11,582 ) Interest expense, net (13,362 ) (1,637 ) Loss before income tax expense (106,255 ) (10,808 ) Income tax expense (benefit) 14,080 (3,967 ) Net loss (120,335 ) (6,841 ) Net income attributable to noncontrolling interest (98 ) (204 ) Net loss attributable to stockholders $ (120,433 ) $ (7,045 ) |
Segment Reporting Schedule of R
Segment Reporting Schedule of Revenue by Segment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (in thousands) 2018 2017 Revenues: Power segment Retrofits & continuous emissions monitoring systems $ 61,983 $ 61,374 New build utility and environmental 12,847 52,691 Aftermarket parts and field engineering services 73,073 75,133 Industrial steam generation 14,906 22,873 Eliminations (3,683 ) (15,775 ) 159,126 196,296 Renewable segment Renewable new build and services 44,711 88,872 Operations and maintenance 15,247 16,664 59,958 105,536 Industrial segment Aftermarket parts and services 19,766 26,592 Environmental solutions 40,254 26,732 Cooling systems 29,021 36,359 Engineered products 5,884 2,534 94,925 92,217 Eliminations (2,652 ) (2,945 ) $ 311,357 $ 391,104 Three Months Ended March 31, (in thousands) 2018 2017 Revenues: Power segment Retrofits & continuous emissions monitoring systems $ 61,983 $ 61,374 New build utility and environmental 12,847 52,691 Aftermarket parts and field engineering services 73,073 75,133 Industrial steam generation 14,906 22,873 Eliminations (3,683 ) (15,775 ) 159,126 196,296 Renewable segment Renewable new build and services 44,711 88,872 Operations and maintenance 15,247 16,664 59,958 105,536 Industrial segment Aftermarket parts and services 19,766 26,592 Environmental solutions 40,254 26,732 Cooling systems 29,021 36,359 Engineered products 5,884 2,534 94,925 92,217 Eliminations (2,652 ) (2,945 ) $ 311,357 $ 391,104 |
Segment Reporting Schedule of G
Segment Reporting Schedule of Gross Profit by Segment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | Three Months Ended March 31, (in thousands) 2018 2017 Gross profit (loss) (1) : Power segment $ 30,909 $ 37,710 Renewable segment (50,449 ) 10,594 Industrial segment 11,269 15,315 Intangible amortization expense included in cost of operations (2,385 ) (5,018 ) (10,656 ) 58,601 Selling, general and administrative ("SG&A") expenses (70,818 ) (65,922 ) Restructuring activities and spin-off transaction costs (6,862 ) (3,032 ) Research and development costs (1,508 ) (2,262 ) Intangible amortization expense included in SG&A (1,108 ) (994 ) Equity in income of investees (11,757 ) 618 Operating income (loss) $ (102,709 ) $ (12,991 ) Three Months Ended March 31, (in thousands) 2018 2017 Adjusted EBITDA Power segment (1) $ 11,240 $ 17,388 Renewable segment (61,681 ) 927 Industrial segment (3,446 ) 532 Corporate (9,056 ) (7,778 ) Research and development costs (1,508 ) (2,262 ) Foreign exchange & other income (expense) 2,819 (373 ) (61,632 ) 8,434 Gain on sale of equity method investment (BWBC) 6,509 — Other than temporary impairment of equity method investment in TBWES (18,362 ) — MTM loss from benefit plans — (1,062 ) Financial advisory services included in SG&A (3,476 ) — Acquisition and integration costs included in SG&A — (1,929 ) Restructuring activities and spin-off transaction costs (6,862 ) (3,032 ) Depreciation & amortization (9,070 ) (11,582 ) Interest expense, net (13,362 ) (1,637 ) Loss before income tax expense (106,255 ) (10,808 ) Income tax expense (benefit) 14,080 (3,967 ) Net loss (120,335 ) (6,841 ) Net income attributable to noncontrolling interest (98 ) (204 ) Net loss attributable to stockholders $ (120,433 ) $ (7,045 ) |
Segment Reporting Adjusted EBIT
Segment Reporting Adjusted EBITDA by Segment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (in thousands) 2018 2017 Revenues: Power segment Retrofits & continuous emissions monitoring systems $ 61,983 $ 61,374 New build utility and environmental 12,847 52,691 Aftermarket parts and field engineering services 73,073 75,133 Industrial steam generation 14,906 22,873 Eliminations (3,683 ) (15,775 ) 159,126 196,296 Renewable segment Renewable new build and services 44,711 88,872 Operations and maintenance 15,247 16,664 59,958 105,536 Industrial segment Aftermarket parts and services 19,766 26,592 Environmental solutions 40,254 26,732 Cooling systems 29,021 36,359 Engineered products 5,884 2,534 94,925 92,217 Eliminations (2,652 ) (2,945 ) $ 311,357 $ 391,104 Three Months Ended March 31, (in thousands) 2018 2017 Revenues: Power segment Retrofits & continuous emissions monitoring systems $ 61,983 $ 61,374 New build utility and environmental 12,847 52,691 Aftermarket parts and field engineering services 73,073 75,133 Industrial steam generation 14,906 22,873 Eliminations (3,683 ) (15,775 ) 159,126 196,296 Renewable segment Renewable new build and services 44,711 88,872 Operations and maintenance 15,247 16,664 59,958 105,536 Industrial segment Aftermarket parts and services 19,766 26,592 Environmental solutions 40,254 26,732 Cooling systems 29,021 36,359 Engineered products 5,884 2,534 94,925 92,217 Eliminations (2,652 ) (2,945 ) $ 311,357 $ 391,104 |
Contracts and Revenue Recogni31
Contracts and Revenue Recognition Changes in Estimates in Long Term Contracts (Tables) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
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: March 31, December 31, (in thousands) 2018 2017 Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 80,663 $ 80,645 Revenues recognized less billings to customers 81,016 80,575 Contracts in progress $ 161,679 $ 161,220 Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 162,115 $ 177,953 Costs of revenue recognized less cost incurred 1,198 3,117 Advance billings on contracts $ 163,313 $ 181,070 Accrued contract losses $ 47,557 $ 40,634 |
Proceeds from Insurance Settlement, Operating Activities | $ 15 |
Contracts and Revenue Recogni32
Contracts and Revenue Recognition Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
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: March 31, December 31, (in thousands) 2018 2017 Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 80,663 $ 80,645 Revenues recognized less billings to customers 81,016 80,575 Contracts in progress $ 161,679 $ 161,220 Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 162,115 $ 177,953 Costs of revenue recognized less cost incurred 1,198 3,117 Advance billings on contracts $ 163,313 $ 181,070 Accrued contract losses $ 47,557 $ 40,634 |
Restructuring Activities and 33
Restructuring Activities and Spin Transaction Costs Restructuring liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 condensed consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 2,320 $ 2,254 Restructuring expense 5,888 1,970 Payments (2,294 ) (3,527 ) Balance at March 31 $ 5,914 $ 697 Restructuring liabilities are included in other accrued liabilities on our condensed consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 2,320 $ 2,254 Restructuring expense 5,888 1,970 Payments (2,294 ) (3,527 ) Balance at March 31 $ 5,914 $ 697 Accrued restructuring liabilities at March 31, 2018 and 2017 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 three months ended March 31, 2018 and 2017, we recognized $0.6 million and $0.6 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 three months ended March 31, 2018 and 2017, we recognized spin-off costs of $0.4 million and $0.4 million , respectively. 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 three months ended March 31, 2018 and 2017, we recognized spin-off costs of $0.4 million and $0.4 million , respectively. |
Restructuring Activities and 34
Restructuring Activities and Spin Transaction Costs Spin-off transaction costs (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 condensed consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 2,320 $ 2,254 Restructuring expense 5,888 1,970 Payments (2,294 ) (3,527 ) Balance at March 31 $ 5,914 $ 697 Restructuring liabilities are included in other accrued liabilities on our condensed consolidated balance sheets. Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 2,320 $ 2,254 Restructuring expense 5,888 1,970 Payments (2,294 ) (3,527 ) Balance at March 31 $ 5,914 $ 697 Accrued restructuring liabilities at March 31, 2018 and 2017 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 three months ended March 31, 2018 and 2017, we recognized $0.6 million and $0.6 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 three months ended March 31, 2018 and 2017, we recognized spin-off costs of $0.4 million and $0.4 million , respectively. 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 three months ended March 31, 2018 and 2017, we recognized spin-off costs of $0.4 million and $0.4 million , respectively. |
Comprehensive Income Accumulate
Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gains and losses deferred in accumulated other comprehensive income (loss) ("AOCI") are reclassified and recognized in the condensed consolidated statements of operations once they are realized. The changes in the components of AOCI, net of tax, for the three months ended March 31, 2018 and 2017 were as follows: (in thousands) Currency translation gain (loss) Net unrealized gain (loss) on investments (net of tax) 1 Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2017 $ (27,837 ) $ 38 $ 1,737 $ 3,633 $ (22,429 ) Impact of ASU 2016-1 on changes in the components of AOCI, net of tax 1 — (38 ) — — (38 ) Other comprehensive income (loss) before reclassifications 3,223 — 1,224 (55 ) 4,392 Amounts reclassified from AOCI to net income (loss) (2,044 ) — (1,272 ) (384 ) (3,700 ) Net current-period other comprehensive income (loss) 1,179 — (48 ) (439 ) 692 Balance at March 31, 2018 $ (26,658 ) $ — $ 1,689 $ 3,194 $ (21,775 ) (in thousands) Currency translation gain (loss) Net unrealized gain (loss) on investments (net of tax) Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2016 $ (43,987 ) $ (37 ) $ 802 $ 6,740 $ (36,482 ) Other comprehensive income (loss) before reclassifications 5,417 61 4,587 (44 ) 10,021 Amounts reclassified from AOCI to net income (loss) — (27 ) (3,843 ) (882 ) (4,752 ) Net current-period other comprehensive income (loss) 5,417 34 744 (926 ) 5,269 Balance at March 31, 2017 $ (38,570 ) $ (3 ) $ 1,546 $ 5,814 $ (31,213 ) 1 ASU 2016-1, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities requires investments to be measured at fair value through earnings each reporting period as opposed to changes in fair value being reported in other comprehensive income. The standard is effective as of January 1, 2018 and requires application by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. |
Comprehensive Income (Loss) Note [Text Block] | (in thousands) Currency translation gain (loss) Net unrealized gain (loss) on investments (net of tax) 1 Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2017 $ (27,837 ) $ 38 $ 1,737 $ 3,633 $ (22,429 ) Impact of ASU 2016-1 on changes in the components of AOCI, net of tax 1 — (38 ) — — (38 ) Other comprehensive income (loss) before reclassifications 3,223 — 1,224 (55 ) 4,392 Amounts reclassified from AOCI to net income (loss) (2,044 ) — (1,272 ) (384 ) (3,700 ) Net current-period other comprehensive income (loss) 1,179 — (48 ) (439 ) 692 Balance at March 31, 2018 $ (26,658 ) $ — $ 1,689 $ 3,194 $ (21,775 ) (in thousands) Currency translation gain (loss) Net unrealized gain (loss) on investments (net of tax) Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2016 $ (43,987 ) $ (37 ) $ 802 $ 6,740 $ (36,482 ) Other comprehensive income (loss) before reclassifications 5,417 61 4,587 (44 ) 10,021 Amounts reclassified from AOCI to net income (loss) — (27 ) (3,843 ) (882 ) (4,752 ) Net current-period other comprehensive income (loss) 5,417 34 744 (926 ) 5,269 Balance at March 31, 2017 $ (38,570 ) $ (3 ) $ 1,546 $ 5,814 $ (31,213 ) 1 ASU 2016-1, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities requires investments to be measured at fair value through earnings each reporting period as opposed to changes in fair value being reported in other comprehensive income. The standard is effective as of January 1, 2018 and requires application by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amounts reclassified out of AOCI by component and the affected condensed consolidated statements of operations line items are as follows (in thousands): AOCI component Line items in the Condensed Consolidated Statements of Operations affected by reclassifications from AOCI Three Months Ended March 31, 2018 2017 Release of currency translation gain with the sale of equity method investment Equity in income and impairment of investees $ 2,044 $ — Provision for income taxes — — Net income (loss) $ 2,044 $ — Derivative financial instruments Revenues $ 1,616 $ 5,288 Cost of operations 12 3 Other-net — (393 ) Total before tax 1,628 4,898 Provision for income taxes 356 1,055 Net income (loss) $ 1,272 $ 3,843 Amortization of prior service cost on benefit obligations Benefit plans, net $ 384 $ 873 Provision for income taxes — (9 ) Net income (loss) $ 384 $ 882 Realized gain on investments Other-net $ — $ 43 Provision for income taxes — 16 Net income (loss) $ — $ 27 |
Comprehensive Income Changes in
Comprehensive Income Changes in the components of AOCI (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Gains and losses deferred in accumulated other comprehensive income (loss) ("AOCI") are reclassified and recognized in the condensed consolidated statements of operations once they are realized. The changes in the components of AOCI, net of tax, for the three months ended March 31, 2018 and 2017 were as follows: (in thousands) Currency translation gain (loss) Net unrealized gain (loss) on investments (net of tax) 1 Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2017 $ (27,837 ) $ 38 $ 1,737 $ 3,633 $ (22,429 ) Impact of ASU 2016-1 on changes in the components of AOCI, net of tax 1 — (38 ) — — (38 ) Other comprehensive income (loss) before reclassifications 3,223 — 1,224 (55 ) 4,392 Amounts reclassified from AOCI to net income (loss) (2,044 ) — (1,272 ) (384 ) (3,700 ) Net current-period other comprehensive income (loss) 1,179 — (48 ) (439 ) 692 Balance at March 31, 2018 $ (26,658 ) $ — $ 1,689 $ 3,194 $ (21,775 ) (in thousands) Currency translation gain (loss) Net unrealized gain (loss) on investments (net of tax) Net unrealized gain (loss) on derivative instruments Net unrecognized gain (loss) related to benefit plans (net of tax) Total Balance at December 31, 2016 $ (43,987 ) $ (37 ) $ 802 $ 6,740 $ (36,482 ) Other comprehensive income (loss) before reclassifications 5,417 61 4,587 (44 ) 10,021 Amounts reclassified from AOCI to net income (loss) — (27 ) (3,843 ) (882 ) (4,752 ) Net current-period other comprehensive income (loss) 5,417 34 744 (926 ) 5,269 Balance at March 31, 2017 $ (38,570 ) $ (3 ) $ 1,546 $ 5,814 $ (31,213 ) 1 ASU 2016-1, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities requires investments to be measured at fair value through earnings each reporting period as opposed to changes in fair value being reported in other comprehensive income. The standard is effective as of January 1, 2018 and requires application by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. |
INTANGIBLE ASSETS Intangible As
INTANGIBLE ASSETS Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Our intangible assets are as follows: (in thousands) March 31, 2018 December 31, 2017 Definite-lived intangible assets Customer relationships $ 59,701 $ 59,794 Unpatented technology 20,564 20,160 Patented technology 6,533 6,542 Tradename 23,038 22,951 Backlog 30,184 30,160 All other 7,598 7,611 Gross value of definite-lived intangible assets 147,618 147,218 Customer relationships amortization (24,942 ) (23,434 ) Unpatented technology amortization (5,728 ) (5,013 ) Patented technology amortization (2,249 ) (2,213 ) Tradename amortization (5,443 ) (5,097 ) Acquired backlog amortization (29,327 ) (28,695 ) All other amortization (7,546 ) (7,291 ) Accumulated amortization (75,235 ) (71,743 ) Net definite-lived intangible assets $ 72,383 $ 75,475 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: Three months ended March 31, (in thousands) 2018 2017 Balance at beginning of period $ 76,780 $ 71,039 Acquisition of Universal (see Note 21) — 19,500 Amortization expense (3,492 ) (6,012 ) Currency translation adjustments and other 400 849 Balance at end of the period $ 73,688 $ 85,376 |
Acquisitions Universal Intangib
Acquisitions Universal Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 |
Acquisitions Universal Acquisit
Acquisitions Universal Acquisition Purchase Price Allocation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 |
Pension Plans and Postretirem40
Pension Plans and Postretirement Benefits Recognized Net Actuarial Gain/Loss by Income Statement Line Item (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2018 2017 2018 2017 Service cost $ 189 $ 274 $ 4 $ 4 Interest cost 9,757 10,257 97 221 Expected return on plan assets (16,230 ) (14,856 ) — — Amortization of prior service cost 25 25 (646 ) (900 ) Recognized net actuarial loss (gain) — 1,062 — — Net periodic benefit cost (benefit) $ (6,259 ) $ (3,238 ) $ (545 ) $ (675 ) 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. The recognized net actuarial (gain) loss was recorded in our condensed consolidated statements of operations in the "Pension benefit (cost)" line item. We made contributions to our pension and other postretirement benefit plans totaling $3.4 million and $1.4 million during the three months ended March 31, 2018 and 2017, respectively. |
Pension Plans and Postretirem41
Pension Plans and Postretirement Benefits Components of net periodic benefit cost (benefit) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (benefit) included in net income (loss) are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2018 2017 2018 2017 Service cost $ 189 $ 274 $ 4 $ 4 Interest cost 9,757 10,257 97 221 Expected return on plan assets (16,230 ) (14,856 ) — — Amortization of prior service cost 25 25 (646 ) (900 ) Recognized net actuarial loss (gain) — 1,062 — — Net periodic benefit cost (benefit) $ (6,259 ) $ (3,238 ) $ (545 ) $ (675 ) |
Revolving Debt (Tables)
Revolving Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018 December 31, 2017 United States $ 177,044 $ 94,300 Foreign 4,345 9,173 Total revolving debt $ 181,389 $ 103,473 U.S. 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 which governs the U.S. Revolving Credit Facility. 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, subject to the limits specified in the amendment described below. On February 24, 2017, August 9, 2017, March 1, 2018 and April 10, 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 16 ), (2) modify the definition of adjusted 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 $51.1 million of charges for certain Renewable segment contracts for the quarter ended March 31, 2018 and include in the fiscal quarter ended March 31, 2018 up to $20.0 million of anticipated receipts that will be recorded after March 31, 2018 on account of contractual bonuses and liquidated damages relief, exclude 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 up to $11.0 million of fees and expenses incurred in connection with the March 1, 2018 and April 10, 2018 amendments; (3) require the Company to pledge the equity interests of certain of its wholly-owned foreign subsidiaries, and to cause certain of the Company's wholly-owned foreign subsidiaries to guarantee and provide collateral for the obligations under the Amended Credit Agreement; (4) replace the maximum leverage ratio with a maximum senior debt leverage ratio, (5) decrease the minimum consolidated interest coverage ratio, (6) limit our ability to borrow under the Amended Credit Agreement during the covenant relief period to $220.0 million in the aggregate until, among other things, the Second Lien Term Loan Facility is fully prepaid, (7) reduce commitments under the U.S. Revolving Credit Facility from $600.0 million to $450.0 million ; (8) require us to maintain liquidity (as defined in the Amended Credit Agreement) of at least $65.0 million as of the last business day of any calendar month, (9) require us to repay outstanding borrowings under the U.S. Revolving Credit Facility (without any reduction in commitments) with certain excess cash, (10) remove the Company's ability to reinvest net cash proceeds from asset sales that trigger prepayment requirements; (11) increase the pricing for borrowings and commitment fees under the Amended Credit Agreement, (12) limit our ability to incur debt and liens during the covenant relief period, (13) limit our ability to make acquisitions and investments in third parties during the covenant relief period, (14) prohibit us from paying dividends and undertaking stock repurchases during the covenant relief period (other than our share repurchase from an affiliate of American Industrial Partners ("AIP") (discussed further in Note 16 )), (15) prohibit us from exercising the accordion described below during the covenant relief period, (16) limit our ability to issue financial and commercial letters of credit and the applications for which they may be used under the Amended Credit Agreement, and limit the amount of such incremental letters of credit to $20.0 million until, among other things, the Second Lien Term Loan Facility is fully prepaid, (17) require us to reduce commitments under the Amended Credit Agreement with the proceeds of certain debt issuances and asset sales, (18) beginning with the quarter ended June 30, 2018, limit to no more than $15.0 million any cumulative net income losses attributable to eight specified Vølund contracts, (19) increase reporting obligations and require us to hire a third-party consultant and a chief implementation officer, (20) require us to pay a deferred facility fee as more fully set forth in the March 1, 2018 Amendment, (21) meet certain contract completion milestones in connection with six European Renewable loss contracts and (22) 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 U.S. 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 and certain of our foreign 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. 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 and April 10, 2018 Amendments temporarily waived certain defaults and events of default under our U.S. Revolving Credit Facility that were breached on December 31, 2017 and March 31, 2018 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 Term Loan Facility. The temporary waiver would have ended if the Rights Offering and repayment had not been completed by May 22, 2018. The temporary waiver will also end if other conditions specified in the Amendment occur. Upon any such termination of the waiver, the Company's ability to borrow funds and issue letters of credit under the Amended Credit Agreement 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 U.S. Revolving Credit Facility loans for the three months ended March 31, 2018 was $5.5 million . Included in interest expense was $2.6 million of non-cash amortization of direct financing costs for the three months ended March 31, 2018. A commitment fee of 1.0% per annum is charged on the unused portions of the U.S. Revolving Credit Facility. A letter of credit fee of 2.5% per annum is charged with respect to the amount of each financial letter of credit outstanding, and a letter of credit fee of 1.5% 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. A deferred fee of 2.5% is charged, but may be reduced by up to 1.5% if the Company achieves certain asset sales. 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 completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Term Loan Facility, the maximum permitted senior debt leverage ratio as defined in the Amended Credit Agreement is: • 7.00 :1.0 for the quarter ending March 31, 2018, • 6.75 :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 completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Term Loan Facility, the minimum consolidated interest coverage ratio as defined in the Amended Credit Agreement is: • 1.15 :1.0 for the quarter ending March 31, 2018, • 1.00 :1.0 for the quarter ending June 30, 2018, • 1.00 :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. Consolidated capital expenditures in each fiscal year are limited to $27.5 million . At March 31, 2018 , borrowings under the Amended Credit Agreement and foreign facilities consisted of $181.4 million at an effective interest rate of 8.71% . Usage under the Amended Credit Agreement consisted of $177.0 million of borrowings, $7.7 million of financial letters of credit and $144.6 million of performance letters of credit. After giving effect to the Amendments, at March 31, 2018 , we had approximately $45.3 million available for borrowings or to meet letter of credit requirements primarily based on trailing 12 month adjusted EBITDA (as defined in the Amended Credit Agreement), and our leverage and interest coverage ratios (as defined in the Amended Credit Agreement) were 4.24 and 1.77 , respectively. We expect to amend the U.S. Revolving Credit Facility upon the completion of at least $100 million of asset sales, required on or before March 31, 2019, to update terms and financial covenants to be reflective of the remaining operations. Foreign revolving credit facilities Outside of the United States, we have revolving credit facilities in Turkey that were used to provide working capital to our operations in that country. These foreign revolving credit facilities allow us to borrow up to $4.3 million in aggregate and each have a one year term. At March 31, 2018, we had $4.3 million in borrowings outstanding under these foreign revolving credit facilities at an effective weighted-average interest rate of 3.43% . 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 opened outside of the U.S. Revolving Credit Facility as of March 31, 2018 and December 31, 2017 was $219.4 million and $269.1 million , respectively. The aggregate value of all such letters of credit and bank guarantees that are partially secured by the U.S. Revolving Credit Facility as of March 31, 2018 was $75.1 million . The aggregate value of the letters of credit provided by the U.S. Revolving Credit Facility in support of letters of credit outside of the United States was $41.3 million as of March 31, 2018 . 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 March 31, 2018 , bonds issued and outstanding under these arrangements in support of contracts totaled approximately $439.9 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 March 31, 2018 $5,269 $2,369 $7,638 The carrying value of the Second Lien Term Loan Facility at March 31, 2018 was as follows (in thousands): Face value Unamortized debt discount and direct financing costs Net carrying value $195,884 $33,368 $162,516 |
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) March 31, 2018 December 31, 2017 United States $ 177,044 $ 94,300 Foreign 4,345 9,173 Total revolving debt $ 181,389 $ 103,473 |
Second Lien Term Loan Facilit43
Second Lien Term Loan Facility (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018 December 31, 2017 United States $ 177,044 $ 94,300 Foreign 4,345 9,173 Total revolving debt $ 181,389 $ 103,473 U.S. 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 which governs the U.S. Revolving Credit Facility. 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, subject to the limits specified in the amendment described below. On February 24, 2017, August 9, 2017, March 1, 2018 and April 10, 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 16 ), (2) modify the definition of adjusted 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 $51.1 million of charges for certain Renewable segment contracts for the quarter ended March 31, 2018 and include in the fiscal quarter ended March 31, 2018 up to $20.0 million of anticipated receipts that will be recorded after March 31, 2018 on account of contractual bonuses and liquidated damages relief, exclude 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 up to $11.0 million of fees and expenses incurred in connection with the March 1, 2018 and April 10, 2018 amendments; (3) require the Company to pledge the equity interests of certain of its wholly-owned foreign subsidiaries, and to cause certain of the Company's wholly-owned foreign subsidiaries to guarantee and provide collateral for the obligations under the Amended Credit Agreement; (4) replace the maximum leverage ratio with a maximum senior debt leverage ratio, (5) decrease the minimum consolidated interest coverage ratio, (6) limit our ability to borrow under the Amended Credit Agreement during the covenant relief period to $220.0 million in the aggregate until, among other things, the Second Lien Term Loan Facility is fully prepaid, (7) reduce commitments under the U.S. Revolving Credit Facility from $600.0 million to $450.0 million ; (8) require us to maintain liquidity (as defined in the Amended Credit Agreement) of at least $65.0 million as of the last business day of any calendar month, (9) require us to repay outstanding borrowings under the U.S. Revolving Credit Facility (without any reduction in commitments) with certain excess cash, (10) remove the Company's ability to reinvest net cash proceeds from asset sales that trigger prepayment requirements; (11) increase the pricing for borrowings and commitment fees under the Amended Credit Agreement, (12) limit our ability to incur debt and liens during the covenant relief period, (13) limit our ability to make acquisitions and investments in third parties during the covenant relief period, (14) prohibit us from paying dividends and undertaking stock repurchases during the covenant relief period (other than our share repurchase from an affiliate of American Industrial Partners ("AIP") (discussed further in Note 16 )), (15) prohibit us from exercising the accordion described below during the covenant relief period, (16) limit our ability to issue financial and commercial letters of credit and the applications for which they may be used under the Amended Credit Agreement, and limit the amount of such incremental letters of credit to $20.0 million until, among other things, the Second Lien Term Loan Facility is fully prepaid, (17) require us to reduce commitments under the Amended Credit Agreement with the proceeds of certain debt issuances and asset sales, (18) beginning with the quarter ended June 30, 2018, limit to no more than $15.0 million any cumulative net income losses attributable to eight specified Vølund contracts, (19) increase reporting obligations and require us to hire a third-party consultant and a chief implementation officer, (20) require us to pay a deferred facility fee as more fully set forth in the March 1, 2018 Amendment, (21) meet certain contract completion milestones in connection with six European Renewable loss contracts and (22) 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 U.S. 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 and certain of our foreign 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. 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 and April 10, 2018 Amendments temporarily waived certain defaults and events of default under our U.S. Revolving Credit Facility that were breached on December 31, 2017 and March 31, 2018 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 Term Loan Facility. The temporary waiver would have ended if the Rights Offering and repayment had not been completed by May 22, 2018. The temporary waiver will also end if other conditions specified in the Amendment occur. Upon any such termination of the waiver, the Company's ability to borrow funds and issue letters of credit under the Amended Credit Agreement 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 U.S. Revolving Credit Facility loans for the three months ended March 31, 2018 was $5.5 million . Included in interest expense was $2.6 million of non-cash amortization of direct financing costs for the three months ended March 31, 2018. A commitment fee of 1.0% per annum is charged on the unused portions of the U.S. Revolving Credit Facility. A letter of credit fee of 2.5% per annum is charged with respect to the amount of each financial letter of credit outstanding, and a letter of credit fee of 1.5% 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. A deferred fee of 2.5% is charged, but may be reduced by up to 1.5% if the Company achieves certain asset sales. 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 completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Term Loan Facility, the maximum permitted senior debt leverage ratio as defined in the Amended Credit Agreement is: • 7.00 :1.0 for the quarter ending March 31, 2018, • 6.75 :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 completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Term Loan Facility, the minimum consolidated interest coverage ratio as defined in the Amended Credit Agreement is: • 1.15 :1.0 for the quarter ending March 31, 2018, • 1.00 :1.0 for the quarter ending June 30, 2018, • 1.00 :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. Consolidated capital expenditures in each fiscal year are limited to $27.5 million . At March 31, 2018 , borrowings under the Amended Credit Agreement and foreign facilities consisted of $181.4 million at an effective interest rate of 8.71% . Usage under the Amended Credit Agreement consisted of $177.0 million of borrowings, $7.7 million of financial letters of credit and $144.6 million of performance letters of credit. After giving effect to the Amendments, at March 31, 2018 , we had approximately $45.3 million available for borrowings or to meet letter of credit requirements primarily based on trailing 12 month adjusted EBITDA (as defined in the Amended Credit Agreement), and our leverage and interest coverage ratios (as defined in the Amended Credit Agreement) were 4.24 and 1.77 , respectively. We expect to amend the U.S. Revolving Credit Facility upon the completion of at least $100 million of asset sales, required on or before March 31, 2019, to update terms and financial covenants to be reflective of the remaining operations. Foreign revolving credit facilities Outside of the United States, we have revolving credit facilities in Turkey that were used to provide working capital to our operations in that country. These foreign revolving credit facilities allow us to borrow up to $4.3 million in aggregate and each have a one year term. At March 31, 2018, we had $4.3 million in borrowings outstanding under these foreign revolving credit facilities at an effective weighted-average interest rate of 3.43% . 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 opened outside of the U.S. Revolving Credit Facility as of March 31, 2018 and December 31, 2017 was $219.4 million and $269.1 million , respectively. The aggregate value of all such letters of credit and bank guarantees that are partially secured by the U.S. Revolving Credit Facility as of March 31, 2018 was $75.1 million . The aggregate value of the letters of credit provided by the U.S. Revolving Credit Facility in support of letters of credit outside of the United States was $41.3 million as of March 31, 2018 . 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 March 31, 2018 , bonds issued and outstanding under these arrangements in support of contracts totaled approximately $439.9 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 March 31, 2018 $5,269 $2,369 $7,638 The carrying value of the Second Lien Term Loan Facility at March 31, 2018 was as follows (in thousands): Face value Unamortized debt discount and direct financing costs Net carrying value $195,884 $33,368 $162,516 |
Second Lien Term Loan Facilit44
Second Lien Term Loan Facility Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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) March 31, 2018 December 31, 2017 United States $ 177,044 $ 94,300 Foreign 4,345 9,173 Total revolving debt $ 181,389 $ 103,473 U.S. 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 which governs the U.S. Revolving Credit Facility. 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, subject to the limits specified in the amendment described below. On February 24, 2017, August 9, 2017, March 1, 2018 and April 10, 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 16 ), (2) modify the definition of adjusted 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 $51.1 million of charges for certain Renewable segment contracts for the quarter ended March 31, 2018 and include in the fiscal quarter ended March 31, 2018 up to $20.0 million of anticipated receipts that will be recorded after March 31, 2018 on account of contractual bonuses and liquidated damages relief, exclude 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 up to $11.0 million of fees and expenses incurred in connection with the March 1, 2018 and April 10, 2018 amendments; (3) require the Company to pledge the equity interests of certain of its wholly-owned foreign subsidiaries, and to cause certain of the Company's wholly-owned foreign subsidiaries to guarantee and provide collateral for the obligations under the Amended Credit Agreement; (4) replace the maximum leverage ratio with a maximum senior debt leverage ratio, (5) decrease the minimum consolidated interest coverage ratio, (6) limit our ability to borrow under the Amended Credit Agreement during the covenant relief period to $220.0 million in the aggregate until, among other things, the Second Lien Term Loan Facility is fully prepaid, (7) reduce commitments under the U.S. Revolving Credit Facility from $600.0 million to $450.0 million ; (8) require us to maintain liquidity (as defined in the Amended Credit Agreement) of at least $65.0 million as of the last business day of any calendar month, (9) require us to repay outstanding borrowings under the U.S. Revolving Credit Facility (without any reduction in commitments) with certain excess cash, (10) remove the Company's ability to reinvest net cash proceeds from asset sales that trigger prepayment requirements; (11) increase the pricing for borrowings and commitment fees under the Amended Credit Agreement, (12) limit our ability to incur debt and liens during the covenant relief period, (13) limit our ability to make acquisitions and investments in third parties during the covenant relief period, (14) prohibit us from paying dividends and undertaking stock repurchases during the covenant relief period (other than our share repurchase from an affiliate of American Industrial Partners ("AIP") (discussed further in Note 16 )), (15) prohibit us from exercising the accordion described below during the covenant relief period, (16) limit our ability to issue financial and commercial letters of credit and the applications for which they may be used under the Amended Credit Agreement, and limit the amount of such incremental letters of credit to $20.0 million until, among other things, the Second Lien Term Loan Facility is fully prepaid, (17) require us to reduce commitments under the Amended Credit Agreement with the proceeds of certain debt issuances and asset sales, (18) beginning with the quarter ended June 30, 2018, limit to no more than $15.0 million any cumulative net income losses attributable to eight specified Vølund contracts, (19) increase reporting obligations and require us to hire a third-party consultant and a chief implementation officer, (20) require us to pay a deferred facility fee as more fully set forth in the March 1, 2018 Amendment, (21) meet certain contract completion milestones in connection with six European Renewable loss contracts and (22) 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 U.S. 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 and certain of our foreign 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. 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 and April 10, 2018 Amendments temporarily waived certain defaults and events of default under our U.S. Revolving Credit Facility that were breached on December 31, 2017 and March 31, 2018 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 Term Loan Facility. The temporary waiver would have ended if the Rights Offering and repayment had not been completed by May 22, 2018. The temporary waiver will also end if other conditions specified in the Amendment occur. Upon any such termination of the waiver, the Company's ability to borrow funds and issue letters of credit under the Amended Credit Agreement 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 U.S. Revolving Credit Facility loans for the three months ended March 31, 2018 was $5.5 million . Included in interest expense was $2.6 million of non-cash amortization of direct financing costs for the three months ended March 31, 2018. A commitment fee of 1.0% per annum is charged on the unused portions of the U.S. Revolving Credit Facility. A letter of credit fee of 2.5% per annum is charged with respect to the amount of each financial letter of credit outstanding, and a letter of credit fee of 1.5% 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. A deferred fee of 2.5% is charged, but may be reduced by up to 1.5% if the Company achieves certain asset sales. 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 completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Term Loan Facility, the maximum permitted senior debt leverage ratio as defined in the Amended Credit Agreement is: • 7.00 :1.0 for the quarter ending March 31, 2018, • 6.75 :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 completion of the Rights Offering and the repayment of the outstanding balance of our Second Lien Term Loan Facility, the minimum consolidated interest coverage ratio as defined in the Amended Credit Agreement is: • 1.15 :1.0 for the quarter ending March 31, 2018, • 1.00 :1.0 for the quarter ending June 30, 2018, • 1.00 :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. Consolidated capital expenditures in each fiscal year are limited to $27.5 million . At March 31, 2018 , borrowings under the Amended Credit Agreement and foreign facilities consisted of $181.4 million at an effective interest rate of 8.71% . Usage under the Amended Credit Agreement consisted of $177.0 million of borrowings, $7.7 million of financial letters of credit and $144.6 million of performance letters of credit. After giving effect to the Amendments, at March 31, 2018 , we had approximately $45.3 million available for borrowings or to meet letter of credit requirements primarily based on trailing 12 month adjusted EBITDA (as defined in the Amended Credit Agreement), and our leverage and interest coverage ratios (as defined in the Amended Credit Agreement) were 4.24 and 1.77 , respectively. We expect to amend the U.S. Revolving Credit Facility upon the completion of at least $100 million of asset sales, required on or before March 31, 2019, to update terms and financial covenants to be reflective of the remaining operations. Foreign revolving credit facilities Outside of the United States, we have revolving credit facilities in Turkey that were used to provide working capital to our operations in that country. These foreign revolving credit facilities allow us to borrow up to $4.3 million in aggregate and each have a one year term. At March 31, 2018, we had $4.3 million in borrowings outstanding under these foreign revolving credit facilities at an effective weighted-average interest rate of 3.43% . 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 opened outside of the U.S. Revolving Credit Facility as of March 31, 2018 and December 31, 2017 was $219.4 million and $269.1 million , respectively. The aggregate value of all such letters of credit and bank guarantees that are partially secured by the U.S. Revolving Credit Facility as of March 31, 2018 was $75.1 million . The aggregate value of the letters of credit provided by the U.S. Revolving Credit Facility in support of letters of credit outside of the United States was $41.3 million as of March 31, 2018 . 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 March 31, 2018 , bonds issued and outstanding under these arrangements in support of contracts totaled approximately $439.9 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 March 31, 2018 $5,269 $2,369 $7,638 The carrying value of the Second Lien Term Loan Facility at March 31, 2018 was as follows (in thousands): Face value Unamortized debt discount and direct financing costs Net carrying value $195,884 $33,368 $162,516 |
Derivative Financial Instrument
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and 2017 , we had deferred approximately $1.7 million and $1.6 million , respectively, of net gains on these derivative financial instruments in accumulated other comprehensive income ("AOCI"). At March 31, 2018 , our derivative financial instruments consisted solely of FX forward contracts. The notional value of our FX forward contracts totaled $36.7 million at March 31, 2018 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 U.S. Revolving Credit Facility. Our hedge counterparties have the benefit of the same collateral arrangements and covenants as described under our U.S. 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) March 31, 2018 December 31, 2017 Derivatives designated as hedges: Foreign exchange contracts: Location of FX forward contracts designated as hedges: Accounts receivable-other $ 1,288 $ 1,088 Other assets 1,343 312 Accounts payable 14 105 Derivatives not designated as hedges: Foreign exchange contracts: Location of FX forward contracts not designated as hedges: Accounts receivable-other $ — $ 7 Accounts payable 2 1,722 Other liabilities 23 12 The effects of derivatives on our financial statements are outlined below: Three Months Ended March 31, (in thousands) 2018 2017 Derivatives designated as hedges: Cash flow hedges Foreign exchange contracts Amount of gain (loss) recognized in other comprehensive income $ 1,601 $ 5,901 Effective portion of gain (loss) reclassified from AOCI into earnings by location: Revenues 1,616 5,288 Cost of operations 12 3 Other-net — (393 ) Portion of gain (loss) recognized in income that is excluded from effectiveness testing by location: Other-net (86 ) 241 Derivatives not designated as hedges: Forward contracts Loss recognized in income by location: Other-net $ (25 ) $ (310 ) |
Summary of Derivative Financial Instruments | The following tables summarize our derivative financial instruments: Asset and Liability Derivative (in thousands) March 31, 2018 December 31, 2017 Derivatives designated as hedges: Foreign exchange contracts: Location of FX forward contracts designated as hedges: Accounts receivable-other $ 1,288 $ 1,088 Other assets 1,343 312 Accounts payable 14 105 Derivatives not designated as hedges: Foreign exchange contracts: Location of FX forward contracts not designated as hedges: Accounts receivable-other $ — $ 7 Accounts payable 2 1,722 Other liabilities 23 12 |
Schedule of Effect of Derivative Instruments on Statements of Financial Performance | The effects of derivatives on our financial statements are outlined below: Three Months Ended March 31, (in thousands) 2018 2017 Derivatives designated as hedges: Cash flow hedges Foreign exchange contracts Amount of gain (loss) recognized in other comprehensive income $ 1,601 $ 5,901 Effective portion of gain (loss) reclassified from AOCI into earnings by location: Revenues 1,616 5,288 Cost of operations 12 3 Other-net — (393 ) Portion of gain (loss) recognized in income that is excluded from effectiveness testing by location: Other-net (86 ) 241 Derivatives not designated as hedges: Forward contracts Loss recognized in income by location: Other-net $ (25 ) $ (310 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Text Block] | (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 $ — 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 Financial Accounting Standards Board ("FASB") Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities March 31, 2018 Level 1 Level 2 Level 3 Commercial paper $ 2,538 $ — $ 2,538 $ — Certificates of deposit 2,995 — 2,995 — Mutual funds 1,330 — 1,330 — Corporate notes and bonds 1,591 1,591 — — United States Government and agency securities 7,516 7,516 — — Total fair value of available-for-sale securities $ 15,970 $ 9,107 $ 6,863 $ — (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 $ — Derivatives March 31, 2018 December 31, 2017 Forward contracts to purchase/sell foreign currencies $ 2,591 $ (432 ) Available-for-sale securities We estimate the fair value of available-for-sale securities based on quoted market prices. Our investments in available-for-sale securities are presented in "other assets" on our condensed consolidated 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 condensed 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 March 31, 2018 and December 31, 2017 . Non-recurring fair value measurements The purchase price allocation associated with the January 11, 2017 acquisition of Universal Acoustic & Emission Technologies, Inc. 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 measurement of the net actuarial gain or loss associated with our pension and other postretirement plans was determined using unobservable inputs (see Note 14 ). These inputs included the estimated discount rate, expected return on plan assets and other actuarial inputs associated with the plan participants. 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 Financial Accounting Standards Board ("FASB") Topic Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities March 31, 2018 Level 1 Level 2 Level 3 Commercial paper $ 2,538 $ — $ 2,538 $ — Certificates of deposit 2,995 — 2,995 — Mutual funds 1,330 — 1,330 — Corporate notes and bonds 1,591 1,591 — — United States Government and agency securities 7,516 7,516 — — Total fair value of available-for-sale securities $ 15,970 $ 9,107 $ 6,863 $ — Derivatives March 31, 2018 December 31, 2017 Forward contracts to purchase/sell foreign currencies $ 2,591 $ (432 ) |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | During the three months ended March 31, 2018 and 2017 , we recognized the following non-cash activity in our condensed consolidated financial statements: (in thousands) 2018 2017 Accrued capital expenditures in accounts payable $ 300 $ 552 Accreted interest expense on our second lien term loan facility $ 2,369 $ — During the three months ended March 31, 2018 and 2017 , we recognized the following cash activity in our condensed consolidated financial statements: (in thousands) 2018 2017 Income tax payments $ 1,822 $ 399 Interest payments on our U.S. revolving credit facility $ 1,687 $ 528 Interest payments on our second lien term loan facility $ 5,303 $ — During the years ended March 31, 2018 and 2017, interest expense in our condensed consolidated financial statements consisted of the following components: (in thousands) 2018 2017 Components associated with borrowings from: U.S. Revolving Credit Facility $ 2,345 $ 700 Second Lien Term Loan Facility 5,269 — Foreign revolving credit facilities 134 241 7,748 941 Components associated with amortization or accretion of: U.S. Revolving Credit Facility deferred financing fees and commitment fees 3,201 716 Second Lien Term Loan Facility deferred financing fees and discount 2,369 — 5,570 716 Other interest expense 198 93 Total interest expense $ 13,516 $ 1,750 The following table provides a reconciliation of cash, cash equivalents and restricted cash reporting within the consolidated balance sheets that sum to the total of the same amounts in the consolidated statements of cash flows: (in thousands) March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 37,382 $ 56,667 $ 46,270 $ 95,887 Restricted cash and cash equivalents 49,686 25,980 24,960 27,770 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 87,068 $ 82,647 $ 71,230 $ 123,657 During the three months ended March 31, 2018 and 2017 , we recognized the following cash activity in our condensed consolidated financial statements: (in thousands) 2018 2017 Income tax payments $ 1,822 $ 399 Interest payments on our U.S. revolving credit facility $ 1,687 $ 528 Interest payments on our second lien term loan facility $ 5,303 $ — |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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 | $ 0.9 | $ 0.4 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 1.9 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net loss attributable to stockholders | $ (120,433) | $ (7,045) |
Excluded shares from the WAS to calculated diluted EPS as company was in a net loss position | $ 900 | $ 400 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,000 | 1,900 |
Effect of dilutive securities: | ||
Weighted average shares used to calculate basic earnings per share | 44,187 | 48,740 |
Dilutive effect of stock options, restricted stock and performance shares | 0 | 0 |
Weighted average shares used to calculate diluted earnings per share | 44,187 | 48,740 |
Basic earnings per common share: | ||
Basic earnings (loss) per share from continuing operations | $ (2.73) | $ (0.14) |
Basic earnings (loss) per share | (2.73) | (0.14) |
Basic earnings (loss) per share - discontinued operations | ||
Diluted earnings (loss) per share from Continuing operations | (2.73) | (0.14) |
Diluted earnings (loss) per share | $ (2.73) | $ (0.14) |
Segment Reporting Schedule of50
Segment Reporting Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Net Income (Loss) Attributable to Parent | $ (120,433) | $ (7,045) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (120,335) | (6,841) |
Adjusted EBITDA | (61,632) | 8,434 |
R&D | (1,508) | (2,262) |
Foreign exchange & other income (expense) | (2,819) | 373 |
Industrial [Abstract] | ||
Eliminations | (2,652) | (2,945) |
Gross Profit | (10,656) | 58,601 |
Equity in Income of Investees | (11,757) | 618 |
Other Financial Services Costs | (3,476) | 0 |
Operating Income (Loss) | (102,709) | (12,991) |
Restructuring Charges | (6,862) | (3,032) |
Depreciation, Depletion and Amortization | 9,070 | 11,582 |
Interest Income (Expense), Net | (13,362) | (1,637) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (106,255) | (10,808) |
Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 11,240 | 17,388 |
Power [Abstract] | ||
Retrofits & continuous emissions monitoring systems | 61,983 | 61,374 |
New build utility and environmental | 12,847 | 52,691 |
Aftermarket parts and field engineering services | 73,073 | 75,133 |
Industrial steam generation | 14,906 | 22,873 |
Eliminations (Power) | (3,683) | (15,775) |
Industrial [Abstract] | ||
Gross Profit | 30,909 | 37,710 |
Renewable [Domain] [Domain] | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | (61,681) | 927 |
Renewable [Abstract] | ||
Renewable new build and services | 44,711 | 88,872 |
Operations and maintenance | 15,247 | 16,664 |
Industrial [Abstract] | ||
Gross Profit | (50,449) | 10,594 |
Industrial [Domain] | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | (3,446) | 532 |
Industrial [Abstract] | ||
Industrial aftermarket parts and services | 19,766 | 26,592 |
Environmental solutions | 40,254 | 26,732 |
Cooling systems | 29,021 | 36,359 |
Engineered products | 5,884 | 2,534 |
Gross Profit | 11,269 | 15,315 |
Corporate [Domain] | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | (9,056) | (7,778) |
Selling, General and Administrative Expenses [Member] | ||
Industrial [Abstract] | ||
Amortization of Intangible Assets | (1,108) | (994) |
Cost of Sales [Member] | Intangible Asset Amortization [Member] | ||
Industrial [Abstract] | ||
Amortization of Intangible Assets | $ (2,385) | $ (5,018) |
Segment Reporting Reportable Se
Segment Reporting Reportable Segments (Details) | 3 Months Ended |
Mar. 31, 2018segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Segment Reporting Schedule of52
Segment Reporting Schedule of revenue by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 311,357 | $ 391,104 |
Eliminations | (2,652) | (2,945) |
Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Retrofits & continuous emissions monitoring systems | 61,983 | 61,374 |
New build utility and environmental | 12,847 | 52,691 |
Aftermarket parts and field engineering services | 73,073 | 75,133 |
Industrial steam generation | 14,906 | 22,873 |
Eliminations (Power) | (3,683) | (15,775) |
Revenues | 159,126 | 196,296 |
Renewable [Domain] [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 59,958 | 105,536 |
Renewable new build and services | 44,711 | 88,872 |
Operations and maintenance | 15,247 | 16,664 |
Industrial [Domain] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 94,925 | 92,217 |
Industrial aftermarket parts and services | 19,766 | 26,592 |
Environmental solutions | 40,254 | 26,732 |
Cooling systems | 29,021 | 36,359 |
Engineered products | $ 5,884 | $ 2,534 |
Segment Reporting Schedule of53
Segment Reporting Schedule of Gross Profit by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Gross Profit | $ (10,656) | $ 58,601 |
SG&A less pension MTM adjustment | (70,818) | (65,922) |
Restructuring Charges | (6,862) | (3,032) |
R&D | (1,508) | (2,262) |
Equity in Income of Investees | (11,757) | 618 |
Operating Income (Loss) | (102,709) | (12,991) |
Power [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 30,909 | 37,710 |
Renewable [Domain] [Domain] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | (50,449) | 10,594 |
Industrial [Domain] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 11,269 | 15,315 |
Selling, General and Administrative Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Amortization of Intangible Assets | (1,108) | (994) |
Cost of Sales [Member] | Intangible Asset Amortization [Member] | ||
Segment Reporting Information [Line Items] | ||
Amortization of Intangible Assets | $ (2,385) | $ (5,018) |
Segment Reporting Schedule of A
Segment Reporting Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | $ 61,632 | $ (8,434) | |
Other than temporary impairment on Equity Method Investment | (18,400) | $ (18,193) | 0 |
R&D | (1,508) | (2,262) | |
Foreign exchange & other income (expense) | (2,819) | 373 | |
MTM gain (loss) included in benefit plans | 0 | (1,062) | |
Other Financial Services Costs | (3,476) | 0 | |
Business Combination, Integration Related Costs | 0 | (1,929) | |
Restructuring Charges | (6,862) | (3,032) | |
Depreciation, Depletion and Amortization | (9,070) | (11,582) | |
Interest Income (Expense), Net | (13,362) | (1,637) | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (106,255) | (10,808) | |
Income Tax Expense (Benefit) | 14,080 | (3,967) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (120,335) | (6,841) | |
Net Income (Loss) Attributable to Noncontrolling Interest | (98) | 204 | |
Net Income (Loss) Attributable to Parent | (120,433) | (7,045) | |
Power [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (11,240) | (17,388) | |
Renewable [Domain] [Domain] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 61,681 | (927) | |
Industrial [Domain] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 3,446 | (532) | |
Corporate [Domain] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 9,056 | 7,778 | |
BWBC Investment [Domain] | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 6,500 | $ 0 |
Contracts and Revenue Recogni55
Contracts and Revenue Recognition First European Renewable Project (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (52,600,000) | $ 30,100,000 | $ 115,200,000 | $ 500,000 | $ 98,100,000 |
Liquidated Damages Balance on European Renewable Loss Contracts | 90,300,000 | 77,100,000 | |||
Periodic Changes in Liquidated Damages on European Renewable Loss Contracts | 13,300,000 | (2,900,000) | |||
First European renewable project [Member] | |||||
Percentage of completion on European renewable energy project | 0.97 | 0.93 | |||
Change in construction cost estimates | $ (7,100,000) | ||||
Liquidated damages due to schedule delays | 9,960 | ||||
Accrued Liabilities [Member] | First European renewable project [Member] | |||||
Change in construction cost estimates | $ (2,700,000) | $ 3,800,000 |
Contracts and Revenue Recogni56
Contracts and Revenue Recognition Second European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (52,600,000) | $ 30,100,000 | $ 115,200,000 | $ 500,000 | $ 98,100,000 |
Second European renewable project [Member] [Member] | |||||
Percentage of completion on European renewable energy project | 0.87 | 0.78 | |||
Change in construction cost estimates | $ (4,100,000) | 3,800,000 | |||
Liquidated damages due to schedule delays | 20,670 | ||||
Accrued Liabilities [Member] | Second European renewable project [Member] [Member] | |||||
Change in construction cost estimates | $ (9,400,000) | $ (2,500,000) |
Contracts and Revenue Recogni57
Contracts and Revenue Recognition Third European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (52,600,000) | $ 30,100,000 | $ 115,200,000 | $ 500,000 | $ 98,100,000 |
Third European renewable project [Member] [Member] [Member] | |||||
Percentage of completion on European renewable energy project | 0.98 | 0.86 | |||
Change in construction cost estimates | $ (1,900,000) | (2,800,000) | |||
Liquidated damages due to schedule delays | 7,362 | ||||
Accrued Liabilities [Member] | Third European renewable project [Member] [Member] [Member] | |||||
Change in construction cost estimates | $ (800,000) | $ (3,400,000) |
Contracts and Revenue Recogni58
Contracts and Revenue Recognition Fourth European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (52,600,000) | $ 30,100,000 | $ 115,200,000 | $ 500,000 | $ 98,100,000 |
Fourth European renewable project [Member] | |||||
Percentage of completion on European renewable energy project | 0.87 | 0.68 | |||
Change in construction cost estimates | $ (12,100,000) | 1,900,000 | |||
Liquidated damages due to schedule delays | 16,191 | ||||
Accrued Liabilities [Member] | Fourth European renewable project [Member] | |||||
Change in construction cost estimates | $ (5,700,000) | $ (700,000) |
Contracts and Revenue Recogni59
Contracts and Revenue Recognition Fifth European Renewable Energy Project (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (52,600,000) | $ 30,100,000 | $ 115,200,000 | $ 500,000 | $ 98,100,000 |
Fifth European Renewable project [Member] | |||||
Percentage of completion on European renewable energy project | 0.48 | ||||
Rejection clause | 153,000,000 | ||||
Change in construction cost estimates | (2,500,000) | ||||
Fourth European renewable project [Member] | |||||
Percentage of completion on European renewable energy project | 0.87 | 0.68 | |||
Change in construction cost estimates | $ (12,100,000) | 1,900,000 | |||
Liquidated damages due to schedule delays | 16,191 | ||||
Fifth European renewable project [Domain] | |||||
Percentage of completion on European renewable energy project | $ 0.61 | ||||
Change in construction cost estimates | (18,200,000) | ||||
Structural Steel Beam Costs | $ 47,900,000 | ||||
Liquidated damages due to schedule delays | 21,936 | ||||
Accrued Liabilities [Member] | Fifth European Renewable project [Member] | |||||
Change in construction cost estimates | $ (23,500,000) | ||||
Accrued Liabilities [Member] | Fourth European renewable project [Member] | |||||
Change in construction cost estimates | $ (5,700,000) | $ (700,000) |
Contracts and Revenue Recogni60
Contracts and Revenue Recognition Sixth Renewable European Energy Project (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates | $ (52,600,000) | $ 30,100,000 | $ 115,200,000 | $ 500,000 | $ 98,100,000 |
Sixth European renewable project [Domain] | |||||
Percentage of completion on European renewable energy project | 0.83 | $ 0.55 | |||
Change in construction cost estimates | $ (9,300,000) | ||||
Liquidated damages due to schedule delays | 14,216 | ||||
Accrued Liabilities [Member] | Sixth European renewable project [Domain] | |||||
Change in construction cost estimates | $ (3,500,000) |
Contracts and Revenue Recogni61
Contracts and Revenue Recognition Change in Estimates on Long Term Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Change in construction cost estimates for specified loss contracts | $ (52,600) | $ 30,100 | $ 115,200 | $ 500 | $ 98,100 |
Periodic Changes in Liquidated Damages on European Renewable Loss Contracts | 13,300 | (2,900) | |||
Liquidated Damages Balance on European Renewable Loss Contracts | 90,300 | 77,100 | |||
Increases in estimates for percentage-of-completion contracts | 5,337 | 15,092 | |||
Decreases in estimates for percentage-of-completion contracts | (54,865) | (8,963) | |||
Net changes in estimates for percentage of completion contracts | (49,528) | $ 6,129 | |||
Other renewable energy projects [Member] | |||||
Power Output Bonus Opportunities | $ 19,000 |
Contracts and Revenue Recogni62
Contracts and Revenue Recognition Contracts in progress and Advance Billings on contracts (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Revenue Arrangement [Line Items] | ||
Cost incurred less cost of revenue recognized | $ 80,663 | $ 80,645 |
Revenue recognized less billings to customer | 81,016 | 80,575 |
Contracts in progress | 161,679 | 161,220 |
Billings to customers less revenue recognized | 162,115 | 177,953 |
Costs of revenue recognized less cost incurred | 1,198 | 3,117 |
Advance billings on contracts | $ 163,313 | $ 181,070 |
Contracts and Revenue Recogni63
Contracts and Revenue Recognition Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Revenue Recognition [Abstract] | ||
Cost incurred less cost of revenue recognized asset | $ 80,663 | $ 80,645 |
Revenue recognized in excess of billings to customer | 81,016 | 80,575 |
Costs in Excess of Billings, Current | 161,679 | 161,220 |
Billings less revenue recognized | 162,115 | 177,953 |
Costs of revenue net of costs incurred | 1,198 | 3,117 |
Billings in Excess of Cost | 163,313 | 181,070 |
Accrued Contract Losses | $ 47,557 | $ 40,634 |
Contracts and Revenue Recogni64
Contracts and Revenue Recognition 606 Adoption (Details) $ in Millions | Mar. 31, 2018USD ($) |
Revenue Recognition [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 1 |
Restructuring Activities and 65
Restructuring Activities and Spin Transaction Costs Restructuring liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance at beginning of period | $ 2,320 | $ 2,254 |
Restructuring expense | 5,888 | 1,970 |
Payments | (2,294) | (3,527) |
Balance at December 31 | 5,914 | 697 |
Impaired Long-Lived Assets Held and Used, Asset Name [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs and Asset Impairment Charges | $ (600) | $ 600 |
Restructuring Activities and 66
Restructuring Activities and Spin Transaction Costs Spin-off transaction costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Spinoff [Member] | Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Employee Benefits and Share-based Compensation | $ 0.4 | $ 0.4 |
Comprehensive Income Accumula67
Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (22,429) | $ (36,482) | ||
Other comprehensive income (loss) before reclassifications | 4,392 | 10,021 | ||
Amounts reclassified from AOCI to net income (loss) | (3,700) | (4,752) | ||
Net current-period other comprehensive income | 692 | 5,269 | ||
Balance at end of period | (22,429) | (36,482) | $ (21,775) | $ (31,213) |
Currency translation gain (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (27,837) | (43,987) | ||
Other comprehensive income (loss) before reclassifications | 3,223 | 5,417 | ||
Amounts reclassified from AOCI to net income (loss) | (2,044) | 0 | ||
Net current-period other comprehensive income | 1,179 | 5,417 | ||
Balance at end of period | (27,837) | (43,987) | (26,658) | (38,570) |
Net unrealized gain (loss) on investments (net of tax) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 38 | (37) | ||
Other comprehensive income (loss) before reclassifications | 61 | |||
Amounts reclassified from AOCI to net income (loss) | (27) | |||
Net current-period other comprehensive income | 34 | |||
Balance at end of period | 38 | (37) | 0 | (3) |
Net unrealized gain (loss) on derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 1,737 | 802 | ||
Other comprehensive income (loss) before reclassifications | 1,224 | 4,587 | ||
Amounts reclassified from AOCI to net income (loss) | (1,272) | (3,843) | ||
Net current-period other comprehensive income | (48) | 744 | ||
Balance at end of period | 1,737 | 802 | 1,689 | 1,546 |
Net unrecognized gain (loss) related to benefit plans (net of tax) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 3,633 | 6,740 | ||
Other comprehensive income (loss) before reclassifications | (55) | (44) | ||
Amounts reclassified from AOCI to net income (loss) | (384) | (882) | ||
Net current-period other comprehensive income | (439) | (926) | ||
Balance at end of period | $ 3,633 | $ 6,740 | $ 3,194 | $ 5,814 |
Comprehensive Income Reclassifi
Comprehensive Income Reclassification out of Accumulated other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Equity in income and impairment of investees | $ (11,757) | $ 618 | ||
Other comprehensive income (loss) before reclassifications | 4,392 | 10,021 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3,700) | (4,752) | ||
Other Comprehensive Income (Loss), Net of Tax | 692 | 5,269 | ||
Revenues | 311,357 | 391,104 | ||
Other - net | 2,819 | (371) | ||
Total before tax | (106,255) | (10,808) | ||
Income tax expense (benefit) | 14,080 | (3,967) | ||
Accumulated other comprehensive loss | (21,775) | (31,213) | $ (22,429) | $ (36,482) |
Currency translation gain (loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 3,223 | 5,417 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,044) | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 1,179 | 5,417 | ||
Accumulated other comprehensive loss | (26,658) | (38,570) | (27,837) | (43,987) |
Currency translation gain (loss) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Equity in income and impairment of investees | 2,044 | |||
Income tax expense (benefit) | 0 | 0 | ||
Income (loss) from continuing operations | 2,044 | 0 | ||
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 | 61 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (27) | |||
Other Comprehensive Income (Loss), Net of Tax | 34 | |||
Accumulated other comprehensive loss | 0 | (3) | 38 | (37) |
Net unrealized gain (loss) on derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 1,224 | 4,587 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,272) | (3,843) | ||
Other Comprehensive Income (Loss), Net of Tax | (48) | 744 | ||
Accumulated other comprehensive loss | 1,689 | 1,546 | 1,737 | 802 |
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] | ||||
Equity in income and impairment of investees | 0 | |||
Revenues | 1,616 | 5,288 | ||
Cost of Goods Sold | 12 | 3 | ||
Other - net | 0 | (393) | ||
Total before tax | 1,628 | 4,898 | ||
Income tax expense (benefit) | 356 | 1,055 | ||
Income (loss) from continuing operations | 1,272 | 3,843 | ||
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 | 384 | 873 | ||
Income tax expense (benefit) | 0 | (9) | ||
Income (loss) from continuing operations | 384 | 882 | ||
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 | 43 | |||
Income tax expense (benefit) | 16 | |||
Income (loss) from continuing operations | 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 | (55) | (44) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (384) | (882) | ||
Other Comprehensive Income (Loss), Net of Tax | (439) | (926) | ||
Accumulated other comprehensive loss | 3,194 | $ 5,814 | $ 3,633 | $ 6,740 |
Impact of ASU 2016-1 [Domain] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | $ (38) |
Cash and Cash Equivalents Restr
Cash and Cash Equivalents Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 49,686 | $ 25,980 | $ 24,960 | $ 27,770 |
Reinsurance reserve requirements | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 22,445 | 21,061 | ||
Restricted foreign accounts | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 6,975 | $ 4,919 |
Cash and Cash Equivalents Unres
Cash and Cash Equivalents Unrestricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 37,382 | $ 56,667 | $ 46,270 | $ 95,887 |
Restricted Cash and Cash Equivalents | 49,686 | 25,980 | 24,960 | $ 27,770 |
Restricted Foreign Cash [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted Cash and Cash Equivalents | 6,975 | $ 4,919 | ||
Sale Proceeds Held in Escrow [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 20,266 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Inventories [Abstract] | |||
Raw materials and supplies | $ 56,052 | $ 60,708 | |
Work in progress | 6,454 | 7,867 | |
Finished goods | 15,022 | 13,587 | |
Total inventories | $ 77,528 | $ 82,162 | $ 82,162 |
Equity Method Investments Sale
Equity Method Investments Sale of Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from Divestiture of Interest in Joint Venture | $ 21,078 | |
BWBC Investment [Domain] | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from Divestiture of Interest in Joint Venture | 21,000 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 6,500 | $ 0 |
Equity Method Investments Babco
Equity Method Investments Babcock & Wilcox Beijing Company (BWBC) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income and impairment of investees | $ (11,757) | $ 618 | ||
Investments in unconsolidated affiliates | 8,421 | $ 43,278 | ||
Proceeds from Divestiture of Interest in Joint Venture | 21,078 | |||
Escrow Deposit | 19,800 | |||
Other than temporary impairment on Equity Method Investment | (18,400) | $ (18,193) | 0 | |
BWBC Investment [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from Divestiture of Interest in Joint Venture | 21,000 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 6,500 | $ 0 | ||
Thermax (TBWES) [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated affiliates | $ 7,700 |
Equity Method Investments Therm
Equity Method Investments Thermax (TBWES) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income (loss) of investees | $ (11,757) | $ 618 | ||
Other than temporary impairment on Equity Method Investment | (18,400) | $ (18,193) | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 3,223 | $ 5,417 | ||
Investments in unconsolidated affiliates | 8,421 | $ 43,278 | ||
Thermax (TBWES) [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated affiliates | 7,700 | |||
TBWES [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 2,600 |
INTANGIBLE ASSETS Definite-live
INTANGIBLE ASSETS Definite-lived Intangible Assets (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 147,218,000 | $ 147,618,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (71,743,000) | 75,235,000 |
Finite-Lived Intangible Assets, Net | 75,475,000 | 72,383,000 |
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 | 59,701,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (23,434,000) | (24,942,000) |
Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 20,160,000 | 20,564,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,013,000) | (5,728,200) |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 6,542,000 | 6,533,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,213,000) | (2,249,100) |
Trade names / trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 22,951,000 | 23,038,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,097,000) | (5,443,000) |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 30,160,000 | 30,184,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (28,695,000) | (29,327,200) |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 7,611,000 | 7,598,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,291,000) | $ (7,546,000) |
Universal [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 1,500,000 |
INTANGIBLE ASSETS Carrying Amou
INTANGIBLE ASSETS Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Net (Including Goodwill) | $ 73,688 | $ 85,376 | $ 76,780 | $ 71,039 | |
Finite-lived Intangible Assets Acquired | $ 19,500 | 0 | 19,500 | ||
Amortization of Intangible Assets | (3,492) | 6,012 | |||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | $ 400 | $ 849 |
INTANGIBLE ASSETS Estimated Fut
INTANGIBLE ASSETS Estimated Future Intangible Asset Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Twelve months ending December 31, 2018 | $ 10,255 | |
Twelve months ending December 31, 2019 | 9,106 | |
Twelve months ending December 31, 2021 | 8,903 | |
Twelve months ending December 31, 2021 | 7,334 | |
Twelve months ending December 31, 2022 | 5,856 | |
Thereafter | $ 22,022 | |
Universal [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 1,500 |
Property, Plant and Equipment78
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||
Land | $ 8,977 | $ 8,859 | |
Buildings and Improvements, Gross | 123,293 | 122,369 | |
Machinery and Equipment, Gross | 218,008 | 217,791 | |
Construction in Progress, Gross | 7,827 | 6,486 | |
Property, plant and equipment - gross | 358,105 | 355,505 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 218,512 | 213,574 | |
Property, Plant and Equipment, Net | $ 139,593 | $ 141,931 | $ 141,931 |
Warranty Warranty Expense (Deta
Warranty Warranty Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | ||||
Standard and Extended Product Warranty Accrual | $ 40,044 | $ 42,844 | $ 39,020 | $ 40,468 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 5,004 | 4,253 | ||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | (1,356) | (509) | ||
Standard and Extended Warranty Accrual, increase from Business Acquisitions | 0 | 1,060 | ||
Standard and Extended Product Warranty Accrual, Period Increase (Decrease) | (3,200) | (2,774) | ||
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss) | $ 576 | $ 346 |
Acquisitions Universal (Details
Acquisitions Universal (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 52,547 | |
Cash Acquired from Acquisition | $ 4,379 | ||
Revolving debt | 181,389 | 103,473 | |
Revenues | 311,357 | 391,104 | |
Gross Profit | (10,656) | 58,601 | |
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 | 400 | 1,500 | |
Acquisition employee number | $ 0 | ||
Business Combination, Acquisition Related Costs | $ 1,000 | ||
Universal [Member] | Operating Segments [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | 21,200 | ||
Gross Profit | 4,900 | ||
Universal [Member] | |||
Business Acquisition [Line Items] | |||
Amortization of Intangible Assets | $ 1,500 |
Acquisitions Universal Purchase
Acquisitions Universal Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Business Acquisition [Line Items] | |||
Revenues | $ 311,357 | $ 391,104 | |
Gross Profit | (10,656) | 58,601 | |
Cash | $ 4,379 | ||
Accounts receivable | 11,270 | ||
Contracts in progress | 3,167 | ||
Identifiable intangible assets | 19,500 | $ 0 | $ 19,500 |
Universal [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition employee number | $ 0 |
Acquisitions Universal Intang82
Acquisitions Universal Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 11, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Universal [Member] | |||
Business Acquisition [Line Items] | |||
Amortization of Intangible Assets | $ 1,500 | ||
Universal [Member] | |||
Business Acquisition [Line Items] | |||
Amortization of Intangible Assets | $ 400 | $ 1,500 | |
Business Combination, Acquisition Related Costs | $ 1,000 | ||
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 Form
Acquisitions Universal Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Interest Expense | $ 13,516 | $ 1,750 |
Taxes (Details)
Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
PROVISION FOR INCOME TAXES [Abstract] | |||
Income Tax Expense (Benefit) | $ 14,080 | $ (3,967) | |
Effective Income Tax Rate Reconciliation, Percent | (13.30%) | 36.70% | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 900 | ||
Other than temporary impairment on Equity Method Investment | $ 18,400 | $ 18,193 | $ 0 |
Operating Loss Carryforwards, Limitations on Use | 2.5 | ||
Valuation Allowances and Reserves, Deductions | $ 14,000 |
Pension Plans and Postretirem85
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Contributions | $ 3,400 | $ 1,400 |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 189 | 274 |
Interest cost | (9,757) | (10,257) |
Expected return on plan assets | (16,230) | (14,856) |
Amortization of prior service cost | 25 | 25 |
Mark to market gain (loss) included in cost of operations | 0 | (1,062) |
Net periodic benefit cost (benefit) | (6,259) | (3,238) |
Other benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 4 |
Interest cost | (97) | (221) |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (646) | (900) |
Mark to market gain (loss) included in cost of operations | 0 | 0 |
Net periodic benefit cost (benefit) | $ (545) | $ (675) |
Pension Plans and Postretirem86
Pension Plans and Postretirement Benefits Mark to Market Adjustment (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Postemployment Benefits [Abstract] | |
Defined Benefit Plan, Settlements, Benefit Obligation | $ 0.4 |
Canada Q2 Remeasurement | $ 0.7 |
Revolving Debt Schedule of Revo
Revolving Debt Schedule of Revolving Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Revolving debt | $ 181,389 | $ 103,473 |
Senior Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving debt | 177,044 | 94,300 |
Foreign Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving debt | $ 4,345 | $ 9,173 |
Revolving Debt United States Re
Revolving Debt United States Revolving Credit Facility (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 15 Months Ended | |||||
Aug. 07, 2017 | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016 | Sep. 30, 2018USD ($) | Jun. 30, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||
Letters of credit and bank guarantees partially covered by the US Credit Facility | $ 75,100,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 45,300,000 | ||||||||
Change in construction cost estimates | (52,600,000) | $ 30,100,000 | $ 115,200,000 | $ 500,000 | $ 98,100,000 | ||||
Debt Instrument, Fee Amount | 11,000,000 | ||||||||
Contractual bonuses | 20,000,000 | ||||||||
Line of Credit Facility Possible Increase in Capacity Leverage Ratio | 200.00% | ||||||||
Amortization of Deferred Loan Origination Fees, Net | $ 5,570,000 | 716,000 | |||||||
Line of Credit Facility, Collateral Fees | 0.015 | ||||||||
Line of Credit Facility, Collateral Fees, Amount | $ 1,500,000 | ||||||||
Ratio of Indebtedness to Net Capital | 4.24 | ||||||||
Interest Coverage Ratio | 1.77 | ||||||||
Capital Expenditure limit | $ 27,500,000 | ||||||||
Revolving debt | $ 181,389,000 | 103,473,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 20.00% | 8.70% | |||||||
Letters of Credit Outstanding, Amount | $ 41,300,000 | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Covenant Terms | 450 | 600 | |||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant terms, liquidity | $ 65,000,000 | ||||||||
Covenant description, sale of assets | $ 100,000,000 | ||||||||
Quarter ended September 30, 2018 [Domain] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Coverage Ratio | 1 | ||||||||
Quarter ended December 31, 2018 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of Indebtedness to Net Capital | 4.75 | ||||||||
Quarter ended December 31, 2018 [Domain] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Coverage Ratio | 1.25 | ||||||||
Quarter ended March 31, 2019 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of Indebtedness to Net Capital | 3 | ||||||||
Quarter ended March 31, 2019 [Domain] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Coverage Ratio | 1.50 | ||||||||
Quarter ended December 31, 2017 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Change in construction cost estimates | $ 38,700,000 | ||||||||
Quarter ended March 31, 2018 [Domain] [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Change in construction cost estimates | $ 51,100,000 | ||||||||
Quarter ended March 31, 2018 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of Indebtedness to Net Capital | 7 | ||||||||
Quarter ended March 31, 2018 [Domain] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Coverage Ratio | 1.15 | ||||||||
Quarter ended June 30, 2018 [Domain] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Coverage Ratio | 1 | ||||||||
Quarters ended June 30, 2018 and September 30, 2018 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of Indebtedness to Net Capital | 6.75 | ||||||||
Quarters ending June 30 and September 30, 2019 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of Indebtedness to Net Capital | 2.75 | ||||||||
Quarter ended December 31, 2019 and each quarter thereafter [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of Indebtedness to Net Capital | 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 | ||||||||
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 | $ 177,044,000 | $ 94,300,000 | |||||||
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 | $ 2,582,000 | ||||||||
Credit Facility [Domain] | Senior Secured Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Expense, Debt | 5,546,000 | ||||||||
Financial Standby Letter of Credit [Member] | During Covenant Relief Period [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | ||||||||
Amended Credit Agreement [Member] | During Covenant Relief Period [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 220,000,000 | ||||||||
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 | $ 144,600,000 | ||||||||
Letter of Credit [Member] | Financial Standby Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of Credit Outstanding, Amount | $ 7,700,000 | ||||||||
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 | Mar. 31, 2018 | Aug. 07, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,300 | ||
Revolving debt | $ 181,389 | $ 103,473 | |
Debt Instrument, Interest Rate, Effective Percentage | 8.70% | 20.00% | |
Foreign Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,300 | ||
Revolving debt | $ 4,345 | $ 9,173 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.43% |
Revolving Debt Other Credit Arr
Revolving Debt Other Credit Arrangements (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Letters of credit not secured by the US Credit Facility | $ 219.4 | $ 269.1 |
Letters of Credit Outstanding, Amount | 41.3 | |
Guarantor Obligations, Current Carrying Value | $ 439.9 |
Second Lien Term Loan Facilit91
Second Lien Term Loan Facility Interest Expense (Details) - Second Lien Term Loan [Member] | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 526915100.00% |
Amortization of Debt Issuance Costs and Discounts | $ 2,369,000 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Payments for Legal Settlements | $ 4,200 | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ (1,356) | $ (509) |
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 | Mar. 31, 2018 | Mar. 31, 2017 |
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 | (1,356) | $ (509) | ||||
Standard Product Warranty Accrual, Increase for Warranties Issued | 1,900 | |||||
ARPA pre-judgment interest [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Interest | $ 4,100 | |||||
ARPA Trial [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Payments for Legal Settlements | $ 2,000 | $ 2,500 | $ 2,500 | 7,000 | ||
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 Instrume94
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains deferred on derivative financial instruments in accumulated other comprehensive income (loss) | $ 1,700,000 | $ 1,600,000 |
Cash Flow Hedging | Designated as Hedging Instrument | FX Forward Contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount of foreign currency forward contracts | $ 36,700,000 |
Derivative Financial Instrume95
Derivative Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 1,700,000 | $ 1,600,000 |
Designated as Hedging Instrument | FX Forward Contracts | Accounts receivable-other | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,288,000 | 1,088,000 |
Designated as Hedging Instrument | FX Forward Contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,343,000 | 312,000 |
Designated as Hedging Instrument | FX Forward Contracts | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 14,000 | 105,000 |
Derivatives Not Designated as Hedges | FX Forward Contracts | Accounts receivable-other | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 7,000 |
Derivatives Not Designated as Hedges | FX Forward Contracts | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 2,000 | 1,722,000 |
Derivatives Not Designated as Hedges | FX Forward Contracts | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 23,000 | $ 12,000 |
Cash Flow Hedging | Designated as Hedging Instrument | FX Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of foreign currency forward contracts | $ 36,700,000 |
Derivative Financial Instrume96
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Statements of Financial Performance (Detail) - FX Forward Contracts - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income | $ 1,601 | $ 5,901 |
Designated as Hedging Instrument | Cash Flow Hedging | Revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion of gain (loss) reclassified from accumulated other comprehensive income into earnings | 1,616 | 5,288 |
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 | 12 | 3 |
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 | 0 | (393) |
Portion of gain (loss) recognized in income that is excluded from effectiveness testing | (86) | 241 |
Derivatives Not Designated as Hedges | Other-net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | (25) | (310) |
Other Accounts Receivable [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset | 1,288 | 1,088 |
Other Accounts Receivable [Member] | Derivatives Not Designated as Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset | 0 | 7 |
Other Assets [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset | 1,343 | 312 |
Accounts Payable [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability | 14 | 105 |
Accounts Payable [Member] | Derivatives Not Designated as Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability | 2 | 1,722 |
Other Liabilities [Member] | Derivatives Not Designated as Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability | $ 23 | $ 12 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Available-for-Sale Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | $ 15,970 | $ 15,809 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 2,538 | 1,895 |
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 | 2,995 | 2,398 |
Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,330 | 1,331 |
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 | 1,591 | 4,447 |
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 | 7,516 | 5,738 |
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 | 9,107 | 10,185 |
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 | 1,591 | 4,447 |
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 | 7,516 | 5,738 |
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 | 6,863 | 5,624 |
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 | 2,538 | 1,895 |
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 | 2,995 | 2,398 |
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 | 1,330 | 1,331 |
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 | $ 2,591 | $ (432) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value, Inputs, Level 2 [Member] | FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ 2,591 | $ (432) |
Supplemental Cash Flow Inform99
Supplemental Cash Flow Information Income taxes paid (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||
Income Taxes Paid, Net | $ 1,822 | $ 399 |
US Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Paid | 1,687 | 528 |
Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Paid | $ 5,303 | $ 0 |
Supplemental Cash Flow Infor100
Supplemental Cash Flow Information Accrued capital expenditures in accounts payable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accrued capital expenditures in accounts payable [Abstract] | ||
Accrued capital expenditures in accounts payable | $ 300 | $ 552 |
Accretion Expense | $ 2,369 | $ 0 |
Supplemental Cash Flow Infor101
Supplemental Cash Flow Information Income tax and interest payments on debt obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||
Income Taxes Paid, Net | $ 1,822 | $ 399 |
US Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest payments on our second lien term loan facility | (1,687) | (528) |
Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest payments on our second lien term loan facility | $ (5,303) | $ 0 |
Supplemental Cash Flow Infor102
Supplemental Cash Flow Information Interest Expense (Details) - USD ($) $ in Thousands | Jul. 21, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Interest Expense, Borrowings | $ 7,748 | $ 941 | |
Amortization of Deferred Loan Origination Fees, Net | 5,570 | 716 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 3,223 | $ 5,417 | |
Common Stock, Shares, Issued | 0 | 48,871,997 | |
Other interest expense | $ 198 | $ 93 | |
US Revolving Credit Facility [Member] | |||
Interest Expense, Borrowings | 2,345 | 700 | |
Amortization of deferred financing fees and commitment fees | 3,201 | 716 | |
Amortization of Deferred Loan Origination Fees, Net | 2,582 | ||
Second Lien Term Loan [Member] | |||
Interest Expense, Borrowings | 5,269 | 0 | |
Amortization of Deferred Loan Origination Fees, Net | 2,369 | 0 | |
Foreign Revolving Credit Facility [Member] | |||
Interest Expense, Borrowings | $ 134 | $ 241 | |
ARPA pre-judgment interest [Domain] | |||
Litigation Settlement Interest | $ 4,100 |
Supplemental Cash Flow Infor103
Supplemental Cash Flow Information Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 37,382 | $ 56,667 | $ 46,270 | $ 95,887 |
Restricted Cash and Cash Equivalents | $ 49,686 | $ 25,980 | $ 24,960 | $ 27,770 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 01, 2018 | |
Capital from backstopped Rights Offering Agreement | $ 248.5 | |
Minimum [Member] | ||
Covenant description, sale of assets | $ 100 |
Rights Offering (Details)
Rights Offering (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Apr. 30, 2018 | Apr. 10, 2018 | Mar. 19, 2018 | Mar. 01, 2018 | |
Subsequent Event [Line Items] | |||||
Shares Issued, Price Per Share | $ 2 | $ 3 | |||
Common Stock, Value, Subscriptions | $ 2.8 | $ 1.4 | |||
Capital from backstopped Rights Offering Agreement | $ 248,500,000 | ||||
Extinguishment of Debt, Amount | $ 214,900,000 | ||||
Shares issued during Rights Offering | 124.3 | ||||
Rights Offering Direct Costs | $ 3,800,000 |
Uncategorized Items - bw-201803
Label | Element | Value |
United States [Member] | ||
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 2,393,000 |
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | 3,129,000 |
Cash and Cash Equivalents, Foreign Operations [Member] | ||
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | 54,274,000 |
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 34,253,000 |