Babcock & Wilcox Enterprises, I (BW) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36876
Entity Registrant Name	BABCOCK & WILCOX ENTERPRISES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2783641
Entity Address, Address Line One	1200 East Market Street
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Akron
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44305
City Area Code	(330)
Local Phone Number	753-4511
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,337,832
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001630805
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BW
Security Exchange Name	NYSE
8.125% Senior Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	8.125% Senior Notes due 2026
Trading Symbol	BWSN
Security Exchange Name	NYSE
6.50% Senior Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	6.50% Senior Notes due 2026
Trading Symbol	BWNB
Security Exchange Name	NYSE
7.75% Series A Cumulative Perpetual Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.75% Series A Cumulative Perpetual Preferred Stock
Trading Symbol	BW PRA
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 204,049	$ 168,248
Costs and expenses:
Cost of operations	163,060	131,385
Selling, general and administrative expenses	43,044	40,457
Advisory fees and settlement costs	3,935	3,291
Restructuring activities	94	993
Research and development costs	719	588
Gain on asset disposals, net	(20)	(2,004)
Total costs and expenses	210,832	174,710
Operating loss	(6,783)	(6,462)
Other expense:
Interest expense	(11,267)	(14,223)
Interest income	117	109
Gain on sale of business	0	358
Benefit plans, net	7,452	9,098
Foreign exchange	3,085	(1,209)
Other expense – net	(58)	(278)
Total other expense	(671)	(6,145)
Loss before income tax expense	(7,454)	(12,607)
Income tax expense	1,230	2,836
Net loss	(8,684)	(15,443)
Net loss (income) attributable to non-controlling interest	420	(21)
Net loss attributable to stockholders	(8,264)	(15,464)
Less: Dividend on Series A preferred stock	3,715	0
Net loss attributable to stockholders of common stock	$ (11,979)	$ (15,464)
Basic loss per share (in dollars per share)	$ (0.14)	$ (0.22)
Diluted loss per share (in dollars per share)	$ (0.14)	$ (0.22)
Shares used in the computation of loss per share:
Basic (in shares)	87,992	71,396
Diluted (in shares)	87,992	71,396

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (8,684)	$ (15,443)
Other comprehensive (loss) income:
Currency translation adjustments ("CTA")	(4,285)	(70)
Reclassification of CTA to net loss	0	(4,512)
Benefit obligations:
Pension and post retirement adjustments, net of tax	593	198
Other comprehensive loss	(3,692)	(4,384)
Total comprehensive loss	(12,376)	(19,827)
Comprehensive income attributable to non-controlling interest	461	3
Comprehensive loss attributable to stockholders	$ (11,915)	$ (19,824)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 108,137	$ 224,874
Restricted cash and cash equivalents	8,833	1,841
Accounts receivable – trade, net	170,464	132,068
Accounts receivable – other	39,819	34,553
Contracts in progress	95,972	80,176
Inventories, net	90,401	79,527
Other current assets	27,343	29,395
Total current assets	540,969	582,434
Net property, plant and equipment, and finance lease	77,156	85,627
Goodwill	174,371	116,462
Intangible assets, net	65,452	43,795
Right-of-use assets	30,500	30,163
Other assets	66,251	54,784
Total assets	954,699	913,265
Accounts payable	97,840	85,929
Accrued employee benefits	12,245	12,989
Advance billings on contracts	99,910	68,380
Accrued warranty expense	11,873	12,925
Financing lease liabilities	1,973	2,445
Operating lease liabilities	4,078	3,950
Other accrued liabilities	75,949	54,385
Loans payable	13,433	12,380
Total current liabilities	317,301	253,383
Senior notes	328,870	326,366
Long term loans payable	1,476	1,543
Pension and other postretirement benefit liabilities	174,873	182,730
Non-current finance lease liabilities	29,094	29,369
Non-current operating lease liabilities	27,032	26,685
Other non-current liabilities	32,111	34,567
Total liabilities	910,757	854,643
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 and 7,669 at March 31, 2022 and December 31, 2021, respectively	77	77
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 86,338 and 86,286 at March 31, 2022 and December 31, 2021, respectively	5,111	5,110
Capital in excess of par value	1,520,545	1,518,872
Treasury stock at cost, 1,553 and 1,525 shares at March 31, 2022 and December 31, 2021, respectively	(111,155)	(110,934)
Accumulated deficit	(1,333,133)	(1,321,154)
Accumulated other comprehensive loss	(62,514)	(58,822)
Stockholders' equity attributable to shareholders	18,931	33,149
Non-controlling interest	25,011	25,473
Total stockholders' equity	43,942	58,622
Total liabilities and stockholders' equity	$ 954,699	$ 913,265
Preferred stock, outstanding (in shares)	7,669	7,669
Preferred stock, issued (in shares)	7,669	7,669

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	7,669,000	7,669,000
Preferred stock, outstanding (in shares)	7,669,000	7,669,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	86,338,000	86,286,000
Common stock, outstanding (in shares)	86,338,000	86,286,000
Treasury stock, at cost (in shares)	1,553,000	1,525,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Capital In Excess of Par Value	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive (Loss)	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2020		54,452,000
Beginning balance at Dec. 31, 2020	$ (338,262)	$ 4,784		$ 1,164,436	$ (105,990)	$ (1,350,206)	$ (52,390)	$ 1,104
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,443)					(15,464)		21
Currency translation adjustments	(4,606)						(4,582)	(24)
Pension and post retirement adjustments, net of tax	198						198
Stock-based compensation charges (in shares)		1,725,000
Stock-based compensation charges	1,194	$ 22		4,480	(3,308)
Common stock offering (in shares)		29,487,000
Common stock offering	161,513	$ 295		161,218
Dividends to non-controlling interest	(38)							(38)
Ending balance (in shares) at Mar. 31, 2021		85,664,000
Ending balance at Mar. 31, 2021	$ (195,444)	$ 5,101		1,330,134	(109,298)	(1,365,670)	(56,774)	1,063
Beginning balance (in shares) at Dec. 31, 2021	86,286,000	86,286,000	7,669,000
Beginning balance at Dec. 31, 2021	$ 58,622	$ 5,110	$ 77	1,518,872	(110,934)	(1,321,154)	(58,822)	25,473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,684)					(8,264)		(420)
Currency translation adjustments	(4,326)						(4,285)	(41)
Pension and post retirement adjustments, net of tax	593						593
Stock-based compensation charges (in shares)		52,000
Stock-based compensation charges	1,545	$ 1		1,765	(221)
Dividends to preferred stockholders	(3,715)					(3,715)
Preferred stock, net	(92)			(92)
Dividends to non-controlling interest	$ (1)							(1)
Ending balance (in shares) at Mar. 31, 2022	86,338,000	86,338,000	7,669,000
Ending balance at Mar. 31, 2022	$ 43,942	$ 5,111	$ 77	$ 1,520,545	$ (111,155)	$ (1,333,133)	$ (62,514)	$ 25,011

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (8,684)	$ (15,443)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of long-lived assets	6,202	4,058
Amortization of deferred financing costs and debt discount	834	5,779
Amortization of guaranty fee	231	452
Non-cash operating lease expense	1,174	1,140
Gain on sale of business	0	(358)
Gain on asset disposals	0	(2,005)
(Benefit from) provision for deferred income taxes	(689)	1,557
Prior service cost amortization for pension and postretirement plans	593	198
Stock-based compensation, net of associated income taxes	1,766	4,502
Foreign exchange	(3,085)	1,209
Changes in assets and liabilities:
Accounts receivable	(28,694)	(11,629)
Contracts in progress	(13,334)	(6,911)
Advance billings on contracts	27,532	18,226
Inventories	(2,996)	(1,863)
Income taxes	(7,009)	(1,919)
Accounts payable	11,297	6,246
Accrued and other current liabilities	(11,290)	(17,127)
Accrued contract loss	4,274	(129)
Pension liabilities, accrued postretirement benefits and employee benefits	(10,048)	(33,640)
Other, net	(10,073)	(6,297)
Net cash used in operating activities	(41,999)	(53,954)
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,004)	(1,410)
Acquisition of business, net of cash acquired	(64,914)	0
Proceeds from sale of business and assets, net	0	3,297
Purchases of available-for-sale securities	(1,125)	(3,394)
Sales and maturities of available-for-sale securities	1,674	5,495
Other, net	(15)	534
Net cash (used in) from investing activities	(65,384)	4,522
Cash flows from financing activities:
Issuance of senior notes	2,016	125,000
Borrowings on loan payable	1,342	0
Repayments on loan payable	(31)	0
Repayments under last out term loans	0	(75,000)
Borrowings under U.S. revolving credit facility	0	14,500
Repayments of U.S. revolving credit facility	0	(178,800)
Preferred stock fees	0	0
Payment of preferred stock dividends	(3,715)	0
Shares of common stock returned to treasury stock	(221)	(3,308)
Issuance of common stock, net	0	161,513
Debt issuance costs	(119)	(7,727)
Other, net	(840)	(241)
Net cash (used in) from financing activities	(1,568)	35,937
Effects of exchange rate changes on cash	(794)	4,518
Net decrease in cash, cash equivalents and restricted cash	(109,745)	(8,977)
Cash, cash equivalents and restricted cash, beginning of period	226,715	67,423
Cash, cash equivalents and restricted cash, end of period	$ 116,970	$ 58,446

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION These interim Condensed Consolidated Financial Statements of Babcock & Wilcox Enterprises, Inc. (“B&W,” “management,” “we,” “us,” “our” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report. We have included all adjustments, in the opinion of management, consisting only of normal, recurring adjustments, necessary for a fair presentation of the interim financial statements. We have eliminated all intercompany transactions and accounts. We present the notes to our Condensed Consolidated Financial Statements on the basis of continuing operations, unless otherwise stated. COVID-19 In December 2019, a novel strain of coronavirus, ("COVID-19"), was identified in Wuhan, China and subsequently spread globally. This global pandemic has disrupted business operations, including trade, commerce, financial and credit markets, and daily life throughout the world. Our business has been, and continues to be, adversely impacted by the measures taken and restrictions imposed in the countries in which we operate and by local governments and others to control the spread of this virus. These measures and restrictions have varied widely and have been subject to significant changes from time to time depending on changes in the severity of the virus in these countries and localities. These restrictions, including curtailment of travel and other activity, negatively impact our ability to conduct business. Disruption to our global supply changes from COVID-19 has included impacts to the manufacturing, supply, distribution, transportation and delivery of our products. We also observed significant disruptions of the operations of our logistics, service providers, delays in shipments and negative impacts to pricing of certain of our products. Disruptions and delays in our supply chains as a result of the COVID-19 pandemic could continue to adversely impact our ability to meet our customers’ demands. Additionally, the prioritization of shipments of certain products as a result of the pandemic could cause delays in the shipment or delivery of our products. Such disruptions could result in reduced sales. The volatility and variability of the virus has limited our ability to forecast the impact of COVID-19 on our customers and our business. The ongoing impact of COVID-19, including evolving strains such as the delta and omicron variants, has resulted in the reimposition of certain restrictions and may lead to the implementation of other restrictions in response to efforts to reduce the spread of the virus. These varying and changing events have caused many of the projects we had anticipated to begin during the prior two years to be delayed into 2022 and beyond. Many customers and projects require B&W's employees to travel to customer and project worksites. Certain customers and significant projects are located in areas where travel restrictions have been imposed, certain customers have closed or reduced on-site activities, and timelines for completion of certain projects have, as noted above, been extended into 2022 and beyond. Additionally, out of concern for our employees, even where restrictions permit employees to return to our offices and worksites, we incurred additional costs to protect our employees and advised those who are uncomfortable returning to worksites due to the pandemic that they are not required to do so for an indefinite period of time. The resulting uncertainty concerning, among other things, the spread and economic impact of the virus has also caused significant volatility and, at times, illiquidity in global equity and credit markets. The full extent of the impact of COVID-19 and its variants on our operational and financial performance will depend on future developments, including the ultimate duration and spread of the pandemic and related actions taken by the U.S. government, state and local government officials, and international governments to prevent outbreaks, as well as the availability, effectiveness and acceptance of COVID-19 vaccinations in the U.S. and abroad, all of which are uncertain, out of our control, and cannot be predicted.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted loss per share of our common stock, net of non-controlling interest and dividends on preferred stock: Three Months Ended March 31, (in thousands, except per share amounts) 2022 2021 Net loss attributable to stockholders of common stock $ (11,979) $ (15,464) Weighted average shares used to calculate basic and diluted loss per share 87,992 71,396 Basic loss per share $ (0.14) $ (0.22) Diluted loss per share $ (0.14) $ (0.22) If we were in a net income position during the three months ended March 31, 2022 and 2021, diluted shares would include an additional 0.9 million and 1.6 million shares, respectively. We excluded 0.4 million and 0.4 million shares related to stock options from the diluted share calculation for the three months ended March 31, 2022 and 2021, respectively, because their effect would have been anti-dilutive.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Our operations are assessed based on three reportable market-facing segments as part of the Company's strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders with improved visibility into our renewable and environmental growth platforms. Our reportable segments are as follows: • Babcock & Wilcox Renewable: Cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, solar construction and installation, biomass energy and black liquor systems for the pulp and paper industry. B&W’s leading technologies support a circular economy by diverting waste from landfills to use for power generation and replacing fossil fuels while recovering metals and reducing emissions. • Babcock & Wilcox Environmental: A full suite of best-in-class emissions control and environmental technology solutions for utility, waste to energy, biomass, carbon black and industrial steam generation applications around the world. B&W’s broad experience includes systems for cooling, ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control. • Babcock & Wilcox Thermal: Steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas, and industrial sectors. B&W has an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others. Revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. An analysis of our operations by segment is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Revenues: B&W Renewable segment B&W Renewable $ 19,711 $ 17,997 B&W Renewable Services (1) 8,288 5,260 Vølund 16,336 5,554 Fosler Solar 23,626 — 67,961 28,811 B&W Environmental segment B&W Environmental 18,185 17,433 SPIG 12,060 11,184 GMAB 4,703 2,543 34,948 31,160 B&W Thermal segment B&W Thermal 102,239 108,281 102,239 108,281 Eliminations (1,099) (4) Total Revenues $ 204,049 $ 168,248 (1) B&W Renewable Services' 2021 revenues were reclassed from Vølund's prior year reported amount for year-over-year comparability. Adjusted EBITDA on a consolidated basis is a non-GAAP metric defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented below is consistent with the manner in which the Company's chief operating decision maker ("CODM") reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company uses adjusted EBITDA internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results, the Company believes that its presentation of adjusted EBITDA provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation . Adjusted EBITDA for each segment is presented below with a reconciliation from net loss. Three Months Ended March 31, (in thousands) 2022 2021 Net loss $ (8,684) $ (15,443) Interest expense 12,324 14,509 Income tax expense 1,230 2,836 Depreciation & amortization 6,202 4,058 EBITDA 11,072 5,960 Benefit plans, net (7,452) (9,098) Gain on sales, net (20) (2,362) Stock compensation 1,319 7,829 Restructuring activities and business services transition costs 2,688 993 Advisory fees for settlement costs and liquidity planning 1,032 1,978 Litigation costs 2,528 380 Acquisition pursuit and related costs 843 — Product development (1) 852 — Foreign exchange (3,085) 1,209 Financial advisory services 375 933 Contract step-up purchase price adjustment 1,745 — Loss from business held for sale — 483 Other - net 123 266 Adjusted EBITDA $ 12,020 $ 8,571 (1) Costs associated with development of commercially viable products that are ready to go to market. Three Months Ended March 31, (in thousands) 2022 2021 Adjusted EBITDA B&W Renewable segment $ 1,455 $ 204 B&W Environmental segment 1,439 1,105 B&W Thermal segment 14,154 10,535 Corporate (4,373) (2,685) Research and development costs (655) (588) $ 12,020 $ 8,571 We do not separately identify or report our assets by segment as our CODM does not consider assets by segment to be a critical measure by which performance is measured.

REVENUE RECOGNITION AND CONTRAC

REVENUE RECOGNITION AND CONTRACTS	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION AND CONTRACTS	REVENUE RECOGNITION AND CONTRACTS Revenue Recognition We generate the vast majority of our revenues from the supply of, and aftermarket services for, steam-generating, environmental and auxiliary equipment. We also earn revenue from the supply of custom-engineered cooling systems for steam applications along with related aftermarket services. Revenue from goods and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 19% and 27% of our revenue for the three months ended March 31, 2022 and 2021, respectively. Revenue from products and services transferred to customers over time, which primarily relates to customized, engineered solutions and construction services, accounted for 81% and 73% of our revenue for the three months ended March 31, 2022 and 2021, respectively. Refer to Note 3 for our disaggregation of revenue by product line. Contract Balances The following represents the components of our Contracts in progress and Advance billings on contracts included in our Condensed Consolidated Balance Sheets: (in thousands) March 31, 2022 December 31, 2021 $ Change % Change Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 32,101 $ 35,939 $ (3,838) (11) % Revenues recognized less billings to customers 63,871 44,237 19,634 44 % Contracts in progress $ 95,972 $ 80,176 $ 15,796 20 % Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 100,130 $ 68,615 $ 31,515 46 % Costs of revenue recognized less cost incurred (220) (235) 15 (6) % Advance billings on contracts $ 99,910 $ 68,380 $ 31,530 46 % Net contract balance $ (3,938) $ 11,796 $ (15,734) (133) % Accrued contract losses $ 4,652 $ 378 $ 4,274 1,131 % Backlog On March 31, 2022 we had $721.0 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 61.4%, 15.4% and 23.2% of our remaining performance obligations as revenue in 2022, 2023 and thereafter, respectively. Changes in Contract Estimates In the three months ended March 31, 2022 and 2021, we recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized as follows: Three months ended March 31, (in thousands) 2022 2021 Increases in gross profit for changes in estimates for over time contracts $ 3,341 $ 3,025 Decreases in gross profit for changes in estimates for over time contracts (2,862) (1,358) Net changes in gross profit for changes in estimates for over time contracts $ 479 $ 1,667 B&W Renewable Projects During March 2022, we determined that our Fosler Solar reporting unit had seven projects located in the United States that existed at the time we acquired Fosler on September 30, 2021 which generated losses that arose due to the status of certain construction activities, existing at acquisition date, not adequately disclosed in the sales agreement and not recognized in the financial records of the seller. As of March 31, 2022, we recorded an increase in goodwill of $14.9 million resulting from the

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories are stated at the lower of cost or net realizable value. The components of inventories are as follows: (in thousands) March 31, 2022 December 31, 2021 Raw materials and supplies $ 63,772 $ 56,352 Work in progress 7,212 5,723 Finished goods 19,417 17,452 Total inventories $ 90,401 $ 79,527

PROPERTY, PLANT & EQUIPMENT, &

PROPERTY, PLANT & EQUIPMENT, & FINANCE LEASE	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT & EQUIPMENT, & FINANCE LEASE	PROPERTY, PLANT & EQUIPMENT, & FINANCE LEASES Property, plant and equipment less accumulated depreciation is as follows: (in thousands) March 31, 2022 December 31, 2021 Land $ 1,533 $ 1,489 Buildings 32,681 31,895 Machinery and equipment 145,134 144,325 Property under construction 4,877 12,480 184,225 190,189 Less accumulated depreciation 134,639 133,137 Net property, plant and equipment 49,586 57,052 Finance leases 34,160 34,159 Less finance lease accumulated amortization 6,590 5,584 Net property, plant and equipment, and finance lease $ 77,156 $ 85,627

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL The following summarizes the changes in the net carrying amount of goodwill as of March 31, 2022: (in thousands) B&W B&W Environmental B&W Total Balance at December 31, 2021 $ 79,357 $ 5,667 $ 31,438 $ 116,462 Addition - Fossil Power (1) — — 35,392 35,392 Addition - Optimus Industries (1) — — 11,081 11,081 Measurement period adjustments - Fosler (1)(2) 11,163 — — 11,163 Measurement period adjustments - VODA (1)(2) (61) — — (61) Currency translation adjustments 57 45 232 334 Balance at March 31, 2022 $ 90,516 $ 5,712 $ 78,143 $ 174,371 (1) As described in Note 21, we are in the process of completing the purchase price allocation associated with the Fosler Construction, VODA, Fossil Power and Optimus Industries acquisitions and as a result, the provisional measurements of goodwill associated with these acquisitions are subject to change. (2) Our preliminary purchase price allocation changed due to additional information and further analysis.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Our intangible assets are as follows: (in thousands) March 31, 2022 December 31, 2021 Definite-lived intangible assets (1) Customer relationships $ 67,332 $ 46,903 Unpatented technology 18,591 15,410 Patented technology 3,682 3,103 Tradename 13,383 12,747 Acquired backlog 3,100 3,100 All other 9,128 9,319 Gross value of definite-lived intangible assets 115,216 90,582 Customer relationships amortization (21,820) (20,800) Unpatented technology amortization (8,729) (8,313) Patented technology amortization (2,769) (2,729) Tradename amortization (5,595) (5,425) Acquired backlog (3,100) (1,620) All other amortization (9,056) (9,205) Accumulated amortization (51,069) (48,092) Net definite-lived intangible assets $ 64,147 $ 42,490 Indefinite-lived intangible assets Trademarks and trade names $ 1,305 $ 1,305 Total intangible assets, net $ 65,452 $ 43,795 (1) As described in Note 21, we are in the process of completing the purchase price allocation associated with the Fosler Construction, VODA, Fossil Power and Optimus Industries acquisitions and as a result, the increase in intangible assets associated with these acquisitions are subject to change. The following summarizes the changes in the carrying amount of intangible assets, net: Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ 43,795 $ 23,908 Business acquisitions and adjustments (1) 25,092 — Amortization expense (2,978) (856) Currency translation adjustments (457) (843) Balance at end of the period $ 65,452 $ 22,209 (1) As described in Note 21, we are in the process of completing the purchase price allocation associated with the Fosler Construction, VODA, Fossil Power and Optimus Industries acquisitions and as a result, the increase in intangible assets associated with these acquisitions are subject to change. Amortization of intangible assets is included in Cost of operations and SG&A in our Condensed Consolidated Statement of Operations but is not allocated to segment results. Intangible assets are assessed for impairment on an interim basis when impairment indicators exist. No impairment indicators were identified during the three months ended March 31, 2022. Estimated future intangible asset amortization expense as of March 31, 2022 is as follows (in thousands): Amortization Expense Year ending December 31, 2022 5,990 Year ending December 31, 2023 7,986 Year ending December 31, 2024 7,906 Year ending December 31, 2025 7,089 Year ending December 31, 2026 5,890 Year ending December 31, 2027 5,229 Thereafter 24,057 See Note 21 for intangible assets identified in conjunction with the acquisitions of Fosler Construction, VODA, Fossil Power and Optimus Industries, which are subject to change pending the finalization of the purchase price allocation associated with these acquisitions.

ACCRUED WARRANTY EXPENSE

ACCRUED WARRANTY EXPENSE	3 Months Ended
	Mar. 31, 2022
Product Warranties Disclosures [Abstract]
ACCRUED WARRANTY EXPENSE	ACCRUED WARRANTY EXPENSE We may offer assurance type warranties on products and services that we sell. Changes in the carrying amount of our accrued warranty expense are as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ 12,925 $ 25,399 Additions 1,300 1,475 Expirations and other changes (1,467) (1,318) Payments (193) (5,943) Translation and other (692) (76) Balance at end of period $ 11,873 $ 19,537 We accrue estimated expense included in Cost of operations

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES The Company incurred restructuring charges in the three months ended March 31, 2022, and 2021. The charges primarily consist of severance and related costs to actions taken as part of the Company’s strategic, market-focused organizational and re-branding initiative. The following tables summarizes the restructuring activity incurred by segment: Three Months Ended March 31, Three Months Ended March 31, 2022 2021 (in thousands) Total Severance and related costs Other (1) Total Severance and related Costs Other (1) B&W Renewable segment $ (193) $ (229) $ 36 $ 509 $ 453 $ 56 B&W Environmental segment 69 10 59 89 35 54 B&W Thermal segment 198 50 148 348 12 336 Corporate 20 — 20 47 — 47 $ 94 $ (169) $ 263 $ 993 $ 500 $ 493 Cumulative costs to date $ 45,277 37,083 8,194 (1) Other amounts consist primarily of exit, relocation, COVID-19 related and other costs. 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) 2022 2021 Balance at beginning of period $ 6,561 $ 8,146 Restructuring expense 94 993 Payments (749) (1,117) Balance at end of period $ 5,906 $ 8,022 The payments shown above for the three months ended March 31, 2022 and 2021 relate primarily to severance. Accrued restructuring liabilities at March 31, 2022 and 2021 relate primarily to employee termination benefits.

PENSION PLANS AND OTHER POSTRET

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Components of net periodic cost (benefit) included in net (loss) income are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2022 2021 2022 2021 Interest cost $ 6,664 $ 5,671 $ 49 $ 39 Expected return on plan assets (14,366) (15,009) — — Amortization of prior service cost (credit) 28 28 173 173 Benefit plans, net (1) (7,674) (9,310) 222 212 Service cost included in COS (2) 201 217 5 6 Net periodic benefit cost (benefit) $ (7,473) $ (9,093) $ 227 $ 218 (1) Benefit plans, net , which is presented separately in our Condensed Consolidated Statements of Operations, is not allocated to the segments. (2) Service cost related to a small group of active participants is presented within Cost of operations in our Condensed Consolidated Statements of Operations and is allocated to the B&W Thermal segment. There were no mark-to-market ("MTM") adjustments for our pension and other postretirement benefit plans during the three months ended March 31, 2022 and 2021. We made contributions to our pension and other postretirement benefit plans totaling $0.4 million and $24.0 million during the three months ended March 31, 2022 and 2021, respectively.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Senior Notes 8.125% Senior Notes During 2021, we completed sales of $151.2 million aggregate principal amount of our 8.125% senior notes due 2026 (the “8.125% Senior Notes”) for net proceeds of approximately $146.6 million. In addition to the completed sales, we issued $35.0 million of 8.125% Senior Notes to B. Riley Financial, Inc., a related party, in exchange for a deemed prepayment of our then existing Last Out Term Loan Tranche A-3. The 8.125% Senior Notes bear interest at the rate of 8.125% per annum which is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year, commencing on April 30, 2021. The 8.125% Senior Notes mature on February 28, 2026. On March 31, 2021, we entered into a sales agreement with B. Riley Securities, Inc., a related party, in which we may sell to or through B. Riley Securities, Inc., from time to time, additional 8.125% Senior Notes up to an aggregate principal amount of $150.0 million. The 8.125% Senior Notes have the same terms as (other than date of issuance), form a single series of debt securities with and have the same CUSIP number and are fungible with the initial 8.125% Senior Notes issuance in 2021. During the first quarter of 2022, the Company sold $2.0 million aggregate principal of 8.125% Senior Notes under the sales agreement described above for $2.0 million of net proceeds. 6.50% Senior Notes During 2021, we completed sales of $151.4 million aggregate principal amount of our 6.50% senior notes due in 2026 (the “6.50% Senior Notes”) for net proceeds of approximately $145.8 million. Interest on the 6.50% Senior Notes is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, and commenced on March 31, 2022. The 6.50% Senior Notes mature on December 31, 2026. The components of the Company's senior notes at March 31, 2022 are as follows: Senior Notes (in thousands) 8.125% 6.50% Total Senior notes due 2026 $ 188,200 $ 151,440 $ 339,640 Unamortized deferred financing costs (5,043) (6,297) (11,340) Unamortized premium 570 — 570 Net debt balance $ 183,727 $ 145,143 $ 328,870 Revolving Debt On June 30, 2021, we entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”) with PNC Bank, National Association, as administrative agent (“PNC”) and a letter of credit agreement (the “Letter of Credit Agreement”) with PNC, pursuant to which PNC agreed to issue up to $110 million in letters of credit that is secured in part by cash collateral provided by an affiliate of MSD Partners, MSD PCOF Partners XLV, LLC (“MSD”), as well as a reimbursement, guaranty and security agreement with MSD, as administrative agent, and the cash collateral providers from time to time party thereto, along with certain of our subsidiaries as guarantors, pursuant to which we are obligated to reimburse MSD and any other cash collateral provider to the extent the cash collateral provided by MSD and any other cash collateral provider to secure the Letter of Credit Agreement is drawn to satisfy draws on letters of credit (the “Reimbursement Agreement”) and collectively with the Revolving Credit Agreement and Letter of Credit Agreement, the “Debt Documents” and the facilities thereunder, the “Debt Facilities”). The obligations of the Company under each of the Debt Facilities are guaranteed by certain existing and future domestic and foreign subsidiaries of the Company. B. Riley Financial, Inc. (“B. Riley”), a related party, has provided a guaranty of payment with regard to the Company’s obligations under the Reimbursement Agreement, as described below. The Company expects to use the proceeds and letter of credit availability under the Debt Facilities for working capital purposes and general corporate purposes. The Revolving Credit Agreement matures on June 30, 2025. As of March 31, 2022, no borrowings have occurred under the Revolving Credit Agreement and under the Letter of Credit Agreement, usage consisted of $16.2 million of financial letters of credit and $90.8 million of performance letters of credit. Each of the Debt Facilities has a maturity date of June 30, 2025. The interest rates applicable under the Revolving Credit Agreement float at a rate per annum equal to either (i) a base rate plus 2.0% or (ii) 1 or 3 month reserve-adjusted LIBOR rate plus 3.0%. The interest rates applicable to the Reimbursement Agreement float at a rate per annum equal to either (i) a base rate plus 6.50% or (ii) 1 or 3 month reserve-adjusted LIBOR plus 7.50%. Under the Letter of Credit Agreement, the Company is required to pay letter of credit fees on outstanding letters of credit equal to (i) administrative fees of 0.75% and (ii) fronting fees of 0.25%. Under the Revolving Credit Agreement, the Company is required to pay letter of credit fees on outstanding letters of credit equal to (i) letter of credit commitment fees of 3.0% and (ii) letter of credit fronting fees of 0.25%. Under each of the Revolving Credit Agreement and the Letter of Credit Agreement, we are required to pay a facility fee equal to 0.375% per annum of the unused portion of the Revolving Credit Agreement or the Letter of Credit Agreement, respectively. The Company is permitted to prepay all or any portion of the loans under the Revolving Credit Agreement prior to maturity without premium or penalty. Prepayments under the Reimbursement Agreement shall be subject to a prepayment fee of 2.25% in the first year after closing, 2.0% in the second year after closing and 1.25% in the third year after closing with no prepayment fee payable thereafter. The Company has mandatory prepayment obligations under the Reimbursement Agreement upon the receipt of proceeds from certain dispositions or casualty or condemnation events. The Revolving Credit Agreement and Letter of Credit Agreement require mandatory prepayments to the extent of an over-advance. The obligations under the Debt Facilities are secured by substantially all assets of the Company and each of the guarantors, in each case subject to inter-creditor arrangements. As noted above, the obligations under the Letter of Credit Facility are also secured by the cash collateral provided by MSD and any other cash collateral provider thereunder. The Debt Documents contain certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar financings. The Debt Documents require the Company to comply with certain financial maintenance covenants, including a quarterly fixed charge coverage test of not less than 1.00 to 1.00, a quarterly senior net leverage ratio test of not greater than 2.50 to 1.00, a non-guarantor cash repatriation covenant not to exceed $35 million at any one time, a minimum liquidity covenant of at least $30.0 million at all times, and an annual cap on maintenance capital expenditures of $7.5 million. The Debt Documents also contain customary events of default (subject, in certain instances, to specified grace periods) including, but not limited to, the failure to make payments of interest or premium, if any, on, or principal under the respective facility, the failure to comply with certain covenants and agreements specified in the applicable Debt Agreement, defaults in respect of certain other indebtedness and certain events of insolvency. If any event of default occurs, the principal, premium, if any, interest and any other monetary obligations on all the then outstanding amounts under the Debt Documents may become due and payable immediately. In connection with the Company’s entry into the Debt Documents on June 30, 2021, B. Riley, a related party, entered into a Guaranty Agreement in favor of MSD, in its capacity as administrative agent under the Reimbursement Agreement, for the ratable benefit of MSD, the cash collateral providers and each co-agent or sub-agent appointed by MSD from time to time (the “B. Riley Guaranty”). The B. Riley Guaranty provides for the guarantee of all of the Company’s obligations under the Reimbursement Agreement. The B. Riley Guaranty is enforceable in certain circumstances, including, among others, certain events of default and the acceleration of the Company’s obligations under the Reimbursement Agreement. Under a fee letter with B. Riley, the Company agreed to pay B. Riley $0.9 million per annum in connection with the B. Riley Guaranty. The Company entered into a reimbursement agreement with B. Riley governing the Company’s obligation to reimburse B. Riley to the extent the B. Riley Guaranty is called upon by the agent or lenders under the Reimbursement Agreement. As of March 31, 2022, a subsidiary has borrowed $1.7 million against a $3.5 million line of credit with a variable interest rate on the line of credit of 5.0% per annum. On April 1, 2022, the line of credit was paid in full and terminated. Effective with the Revolving Credit Agreement, the Company entered into on June 30, 2021, the Company has no remaining Last Out Term Loans and no further borrowings thereunder are available. Letters of Credit, Bank Guarantees and Surety Bonds Certain of our 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 outside of our Letter of Credit Agreement as of March 31, 2022 was $48.3 million. The aggregate value of the outstanding letters of credit provided under the Letter of Credit Agreement backstopping letters of credit or bank guarantees was $34.8 million as of March 31, 2022. Of the outstanding letters of credit issued under the Letter of Credit Agreement, $52.0 million are subject to foreign currency revaluation. We have also 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. 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 the underwriters issue in support of some of our contracting activity. As of March 31, 2022, bonds issued and outstanding under these arrangements in support of our contracts totaled approximately $221.5 million. The aggregate value of the letters of credit backstopping surety bonds was $9.2 million. Our ability to obtain and maintain sufficient capacity under our current Debt Facilities is essential to allow us to support the issuance of letters of credit, bank guarantees and surety bonds. Without sufficient capacity, our ability to support contract security requirements in the future will be diminished. Other Indebtedness - Loans Payable As of March 31, 2022, our Denmark subsidiary has three unsecured interest-free loans totaling $3.3 million under a local government loan program related to COVID-19. The loans of $0.8 million, $1.6 million and $0.9 million are payable in April 2022, May 2022 and May 2023, respectively. The loan payable in May 2023 is included in Long term loans payables in our Condensed Consolidated Balance Sheets. Subsequent to March 31, 2022, the loan due April 2022 was repaid on April 1, 2022. As of March 31, 2022, Fosler Construction has two loans totaling $8.9 million. Both loans have a variable interest rate with a minimum rate of 6.0% and are due June 30, 2022. Fosler Construction also has loans, primarily for vehicles and equipment, totaling $0.6 million at March 31, 2022. The vehicle and equipment loans are included in long term loans payables in our Condensed Consolidated Balance Sheets.

PREFERRED STOCK

PREFERRED STOCK	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
PREFERRED STOCK	PREFERRED STOCK In May 2021, we completed a public offering of our 7.75% Series A Cumulative Perpetual Preferred Stock (the "Preferred Stock") pursuant to an underwriting agreement (the “Underwriting Agreement”) between us and B. Riley Securities, Inc.. At the closing, we issued to the public 4,444,700 shares of our Preferred Stock, at an offering price of $25.00 per share for net proceeds of approximately $106.4 million after deducting underwriting discounts, commissions but before expenses. The Preferred Stock has a par value of $0.01 per share and is perpetual and has no maturity date. The Preferred Stock has a cumulative cash dividend, when and as if declared by our Board of Directors, at a rate of 7.75% per year on the liquidation preference amount of $25.00 per share and payable quarterly in arrears. The Preferred Stock ranks, as to dividend rights and rights as to the distribution of assets upon our liquidation, dissolution or winding-up: (1) senior to all classes or series of our common stock and to all other capital stock issued by us expressly designated as ranking junior to the Preferred Stock; (2) on parity with any future class or series of our capital stock expressly designated as ranking on parity with the Preferred Stock; (3) junior to any future class or series of our capital stock expressly designated as ranking senior to the Preferred Stock; and (4) junior to all our existing and future indebtedness. The Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. We will pay cumulative cash dividends on the Preferred Stock when, as and if declared by our Board of Directors, only out of funds legally available for payment of dividends. Dividends on the Preferred Stock will accrue on the stated amount of $25.00 per share of the Preferred Stock at a rate per annum equal to 7.75% (equivalent to $1.9375 per year), payable quarterly in arrears. Dividends on the Preferred Stock declared by our Board of Directors will be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. During the three months ending March 31, 2022, the Company's Board of Directors approved dividends totaling $3.7 million. There are no cumulative undeclared dividends of the Preferred Stock at March 31, 2022. On June 1, 2021, the Company and B. Riley, a related party, entered into an agreement (the “Exchange Agreement”) pursuant to which we (i) issued B. Riley 2,916,880 shares of our Preferred Stock, representing an exchange price of $25.00 per share and paid $0.4 million in cash, and (ii) paid $0.9 million in cash to B. Riley for accrued interest due, in exchange for a deemed prepayment of $73.3 million of our then existing term loans with B. Riley under the Company’s prior A&R Credit Agreement. On July 7, 2021, we entered into a sales agreement with B. Riley Securities, Inc., a related party, in connection with the offer to or through B. Riley Securities, Inc., from time to time, additional shares of Preferred Stock up to an aggregate amount of $76.0 million of Preferred Stock. The Preferred Stock has the same terms and have the same CUSIP number and is fungible with, the Preferred Stock issued during May 2021. For the three months ending March 31, 2022, the Company has sold no additional Preferred Stock pursuant to the sales agreement. As of December 31, 2021, the Company sold $7.7 million aggregate principal amount of Preferred Stock for $7.7 million of net proceeds.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
COMMON STOCK	PREFERRED STOCK In May 2021, we completed a public offering of our 7.75% Series A Cumulative Perpetual Preferred Stock (the "Preferred Stock") pursuant to an underwriting agreement (the “Underwriting Agreement”) between us and B. Riley Securities, Inc.. At the closing, we issued to the public 4,444,700 shares of our Preferred Stock, at an offering price of $25.00 per share for net proceeds of approximately $106.4 million after deducting underwriting discounts, commissions but before expenses. The Preferred Stock has a par value of $0.01 per share and is perpetual and has no maturity date. The Preferred Stock has a cumulative cash dividend, when and as if declared by our Board of Directors, at a rate of 7.75% per year on the liquidation preference amount of $25.00 per share and payable quarterly in arrears. The Preferred Stock ranks, as to dividend rights and rights as to the distribution of assets upon our liquidation, dissolution or winding-up: (1) senior to all classes or series of our common stock and to all other capital stock issued by us expressly designated as ranking junior to the Preferred Stock; (2) on parity with any future class or series of our capital stock expressly designated as ranking on parity with the Preferred Stock; (3) junior to any future class or series of our capital stock expressly designated as ranking senior to the Preferred Stock; and (4) junior to all our existing and future indebtedness. The Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. We will pay cumulative cash dividends on the Preferred Stock when, as and if declared by our Board of Directors, only out of funds legally available for payment of dividends. Dividends on the Preferred Stock will accrue on the stated amount of $25.00 per share of the Preferred Stock at a rate per annum equal to 7.75% (equivalent to $1.9375 per year), payable quarterly in arrears. Dividends on the Preferred Stock declared by our Board of Directors will be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. During the three months ending March 31, 2022, the Company's Board of Directors approved dividends totaling $3.7 million. There are no cumulative undeclared dividends of the Preferred Stock at March 31, 2022. On June 1, 2021, the Company and B. Riley, a related party, entered into an agreement (the “Exchange Agreement”) pursuant to which we (i) issued B. Riley 2,916,880 shares of our Preferred Stock, representing an exchange price of $25.00 per share and paid $0.4 million in cash, and (ii) paid $0.9 million in cash to B. Riley for accrued interest due, in exchange for a deemed prepayment of $73.3 million of our then existing term loans with B. Riley under the Company’s prior A&R Credit Agreement. On July 7, 2021, we entered into a sales agreement with B. Riley Securities, Inc., a related party, in connection with the offer to or through B. Riley Securities, Inc., from time to time, additional shares of Preferred Stock up to an aggregate amount of $76.0 million of Preferred Stock. The Preferred Stock has the same terms and have the same CUSIP number and is fungible with, the Preferred Stock issued during May 2021. For the three months ending March 31, 2022, the Company has sold no additional Preferred Stock pursuant to the sales agreement. As of December 31, 2021, the Company sold $7.7 million aggregate principal amount of Preferred Stock for $7.7 million of net proceeds.

INTEREST EXPENSE AND SUPPLEMENT

INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION	INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION Interest expense in our Condensed Consolidated Financial Statements consisted of the following components: Three Months Ended March 31, (in thousands) 2022 2021 Components associated with borrowings from: Senior notes $ 6,216 $ 1,733 Last Out Term Loans - cash interest — 3,513 U.S. Revolving Credit Facility — 1,416 6,216 6,662 Components associated with amortization or accretion of: Revolving Credit Agreement 1,060 — Senior notes 643 1,468 U.S. Revolving Credit Facility — 4,400 1,703 5,868 Components associated with interest from: Lease liabilities 708 616 Other interest expense 2,640 1,077 3,348 1,693 Total interest expense $ 11,267 $ 14,223 The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) March 31, 2022 December 31, 2021 March 31, 2021 Held by foreign entities $ 35,870 $ 42,070 $ 25,169 Held by U.S. entities 72,267 182,804 28,664 Cash and cash equivalents 108,137 224,874 53,833 Reinsurance reserve requirements 584 443 2,053 Bank guarantee collateral 492 997 2,560 Letters of credit collateral 1,858 401 — Hold-back for acquisition purchase price (1) 5,899 — — Restricted cash and cash equivalents 8,833 1,841 4,613 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 116,970 $ 226,715 $ 58,446 (1) The purchase price for Fossil Power Systems ("FPS") was $59.1 million, including a hold-back of $5.9 million as reflected above. The hold-back is being held in escrow for potential payment of up to the maximum amount twelve months from the February 1, 2022 date of acquisition if the conditions are met. The hold-back amount is included in Restricted cash and cash equivalents and Other accrued liabilities on our Condensed Consolidated Balance Shee ts. The following cash activity is presented as a supplement to our Condensed Consolidated Statements of Cash Flows and is included in Net cash used in operating activities : Three Months Ended March 31, (in thousands) 2022 2021 Income tax payments, net $ 471 $ 1,499 Interest payments - 8.125% Senior Notes due 2026 $ 3,783 $ — Interest payments - 6.50% Senior Notes due 2026 2,926 — Interest payments on our U.S. Revolving Credit Facility — 5,979 Interest payments on our Last Out Term Loans — 3,560 Total cash paid for interest $ 6,709 $ 9,539

PROVISION FOR INCOME TAXES

PROVISION FOR INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXES In the three months ended March 31, 2022, income tax expense was $1.2 million, resulting in an effective tax rate of (16.5)%. In the three months ended March 31, 2021, income tax expense was $2.8 million, resulting in an effective tax rate of (22.5)%. Our effective tax rate for the three months ended March 31, 2022 and 2021 is not reflective of the U.S. statutory rate due to valuation allowances against certain net deferred tax assets and discrete items. We have unfavorable discrete items of $0.4 million for the three months ended March 31, 2022, which primarily represent withholding taxes. We had unfavorable discrete items of $2.5 million in the three months ended March 31, 2021, which primarily represented withholding taxes. We are subject to federal income tax in the United States and numerous countries that have statutory tax rates different than the United States federal statutory rate of 21%. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden, and the United Kingdom, with effective tax rates ranging between approximately 19% and 30%. We provide for income taxes based on the tax laws and rates in the jurisdictions where we conduct operations. These jurisdictions may have regimes of taxation that vary in both nominal rates and the basis on which these rates are applied. Our consolidated effective income tax rate can vary from period to period due to these foreign income tax rate variations, changes in the jurisdictional mix of our income and valuation allowances.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Litigation Relating to Boiler Installation and Supply Contract On December 27, 2019, a complaint was filed against Babcock & Wilcox by P.H. Glatfelter Company (“Glatfelter”) in the United States District Court for the Middle District of Pennsylvania, Case No. 1:19-cv-02215-JPW, alleging claims of breach of contract, fraud, negligent misrepresentation, promissory estoppel and unjust enrichment (the “Glatfelter Litigation”). The complaint alleges damages in excess of $58.9 million. On March 16, 2020 we filed a motion to dismiss, and on December 14, 2020 the court issued its order dismissing the fraud and negligent misrepresentation claims and finding that, in the event that parties’ contract is found to be valid, Plaintiffs’ claims for damages will be subject to the contractual cap on liability (defined as the $11.7 million purchase price subject to certain adjustments). On January 11, 2021, we filed our answer and a counterclaim for breach of contract, seeking damages in excess of $2.9 million. We intend to continue to vigorously litigate the action. However, given the stage of the litigation, it is too early to determine if the outcome of the Glatfelter Litigation will have a material adverse impact on our consolidated financial condition, results of operations or cash flows. Stockholder Derivative and Class Action Litigation On April 14, 2020, a putative B&W stockholder (“Plaintiff”) filed a derivative and class action complaint against certain of the Company’s directors (current and former), executives and significant stockholders (“Defendants”) and the Company (as a nominal defendant). The action was filed in the Delaware Court of Chancery and is captioned Parker v. Avril, et al., C.A. No. 2020-0280-PAF ("Stockholder Litigation"). Plaintiff alleges that Defendants, among other things, did not properly discharge their fiduciary duties in connection with the 2019 rights offering and related transactions. The litigation is currently ongoing and at this time we are unable to determine whether the outcome of the Stockholder Litigation will have a material adverse impact on our consolidated financial condition, results of operations or cash flows, net of any insurance coverage. Russian Invasion of Ukraine We do not currently have contracts directly with Russian entities or businesses and we currently do not do business in Russia directly. We believe the Company’s only involvement with Russia or Russian-entities, involves sales of our products in the amount of approximately $3.1 million by a wholly-owned Italian subsidiary of the Company to non-Russian counterparties who may resell our products to Russian entities or perform services in Russia using our products. The economic sanctions and export-control measures and the ongoing invasion of Ukraine could impact our subsidiary’s rights and responsibilities under the contracts and could result in potential losses to the Company. 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.

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
COMPREHENSIVE INCOME	COMPREHENSIVE INCOME Gains and losses deferred in accumulated other comprehensive income (loss) ("AOCI") are generally 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 first quarter of 2022 and 2021 were as follows: (in thousands) Currency translation loss Net unrecognized loss related to benefit plans (net of tax) Total Balance at December 31, 2021 $ (55,499) $ (3,323) $ (58,822) Other comprehensive loss before reclassifications (4,285) — (4,285) Reclassified from AOCI to net loss — 593 593 Net other comprehensive (loss) income (4,285) 593 (3,692) Balance at March 31, 2022 (59,784) (2,730) (62,514) (in thousands) Currency translation Net unrecognized loss Total Balance at December 31, 2020 $ (47,575) $ (4,815) $ (52,390) Other comprehensive loss before reclassifications (70) — (70) Reclassified from AOCI to net (loss) income (4,512) 198 (4,314) Net other comprehensive (loss) income (4,582) 198 (4,384) Balance at March 31, 2021 $ (52,157) $ (4,617) $ (56,774) 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, 2022 2021 Release of currency translation adjustment with the sale of business Loss on sale of business $ — $ 4,512 Pension and post retirement adjustments, net of tax Benefit plans, net (593) (198) Net (loss) income $ (593) $ 4,314

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic, Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities March 31, 2022 Level 1 Level 2 Corporate notes and bonds $ 8,218 $ 8,218 $ — Mutual funds 673 — 673 United States Government and agency securities 2,933 2,933 — Total fair value of available-for-sale securities $ 11,824 $ 11,151 $ 673 (in thousands) Available-for-sale securities December 31, 2021 Level 1 Level 2 Corporate notes and bonds $ 9,477 $ 9,477 $ — Mutual funds 714 — 714 United States Government and agency securities 2,017 2,017 — Total fair value of available-for-sale securities $ 12,208 $ 11,494 $ 714 Available-For-Sale Securities Our investments in available-for-sale securities are presented in other assets on our Condensed Consolidated Balance Sheets with contractual maturities ranging from 0-5 years. Senior Notes See Note 12 above for a discussion of our senior notes. The fair value of the senior notes is based on readily available quoted market prices as of March 31, 2022. (in thousands) March 31, 2022 Senior Notes Carrying Value Estimated Fair Value 8.125% Senior Notes due 2026 ('BWSN') $ 188,200 $ 197,759 6.50% Senior Notes due 2026 ('BWNB') $ 151,440 $ 144,353 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 Level 2 inputs such as 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 Revolving Debt approximated their carrying value at March 31, 2022. • Warrants. The fair value of the warrants was established using the Black-Scholes option pricing model value approach. • Contingent consideration:

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company believes transactions with related parties were conducted on terms equivalent to those prevailing in an arm's length transaction. Transactions with B. Riley Based on its Schedule 13D filings with the SEC, B. Riley beneficially owns approximately 30.3% of our outstanding common stock as of March 31, 2022. We entered into an agreement with BRPI Executive Consulting, LLC, an affiliate of B. Riley, on November 19, 2018 and amended the agreement on November 9, 2020 to retain the services of Mr. Kenny Young, to serve as our Chief Executive Officer until December 31, 2023, unless terminated by either party with thirty days written notice. Under this agreement, payments are $0.75 million per annum, paid monthly. Subject to the achievement of certain performance objectives as determined by the Compensation Committee of the Board, a bonus or bonuses may also be earned and payable to BRPI Executive Consulting, LLC. Total fees associated with B. Riley related to the services of Mr. Kenny Young were $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively . The public offering of our 8.125% Senior Notes in February 2021, as described in Note 12, was conducted pursuant to an underwriting agreement dated February 10, 2021, between us and B. Riley Securities, Inc., an affiliate of B. Riley, as representative of several underwriters. At the closing date on February 12, 2021, we paid B. Riley Securities, Inc. $5.2 million for underwriting fees and other transaction cost related to the 8.125% Senior Notes offering. The public offering of our common stock, as described in Note 14, was conducted pursuant to an underwriting agreement dated February 9, 2021, between us and B. Riley Securities, Inc., as representative of the several underwriters. Also on February 12, 2021, we paid B. Riley Securities, Inc. $9.5 million for underwriting fees and other transaction costs related to the offering. On February 12, 2021, the Company and B. Riley entered into the Exchange Agreement pursuant to which we agreed to issue to B. Riley $35.0 million aggregate principal amount of 8.125% Senior Notes in exchange for a deemed prepayment of $35.0 million of our existing Tranche A term loan with B. Riley Financial in the Exchange , as described in Note 12 . On March 31, 2021, we entered into a sales agreement with B. Riley Securities, Inc., a related party, in which we may sell, from time to time, up to an aggregated principal amount of $150.0 million of 8.125% Senior N otes due 2026 to or through B. Riley Securities, Inc., as described in Note 12 . As of March 31, 2022, we paid B. Riley Securities, In c. $0.6 million for underwriting fees and other transaction costs related to the offering of which $0.1 million has been paid for the three months ended March 31, 2022. The public offering of our 7.75% Series A Cumulative Perpetual Preferred Stock, as described in Note 13, was conducted pursuant to an underwriting agreement dated May 4, 2021, between us and B. Riley Securities, Inc., as representative of several underwriters. At the closing date on May 2021, we paid B. Riley Securities, Inc. $4.3 million for underwriting fees and other transaction cost related to the Preferred Stock offering. On May 26, 2021, we completed the additional sale of 444,700 shares of our Preferred Stock, related to the grant to the underwriters, as described i n Note 13, and paid B. Riley Securities, Inc. $0.4 million for underwriting fees in conjunction with the transaction. On June 1, 2021, we issued 2,916,880 shares of the Company’s 7.75% Series A Cumulative Perpetual Preferred Stock and paid $0.4 million in cash due to B. Riley, a related party, in exchange for a deemed prepayment of $73.3 million of our then existing Last Out Term Loans and paid $0.9 million in cash for accrued interest, as described in Note 13. On June 30, 2021, we entered into new Debt Facilities, as described in Note 12 . In connection with the Company’s entry into the Debt Facilities, B. Riley Financial, Inc., an affiliate of B. Riley, has provided a guaranty of payment with regard to the Company’s obligations under the Reimbursement Agreement, as describe in Note 12 . Under a fee letter with B. Riley, the Company shall pay B. Riley $0.9 million per annum in connection with the B. Riley Guaranty. On July 7, 2021, we entered into a sales agreement with B. Riley Securities, Inc., a related party, in which we may sell, from time to time, up to an aggregated principal amount of $76.0 million of Preferred Stock to or through B. Riley Securities, Inc., as described in Note 13 . As of March 31, 2022, we paid B. Riley Securities, Inc. $0.2 million for underwriting fees and other transaction costs related to the offering. The public offering of our 6.50% Senior Notes in December 2021, as described in Note 12, was conducted pursuant to an underwriting agreement dated December 8, 2021, between us and B. Riley Securities, Inc., an affiliate of B. Riley, as representative of several underwriters. At the closing date on December 13, 2021, we paid B. Riley Securities, Inc. $5.5 million for underwriting fees and other transaction cost related to the 6.50% Senior Notes offering. On December 17, 2021, B. Riley Financial, Inc. entered into a General Agreement of Indemnity (the "Indemnity Agreement"), between us and AXA-XL and or its affiliated associated and subsidiary companies (collectively the “Surety”). Pursuant to the terms of the Indemnity Agreement, B. Riley will indemnify the Surety for losses the Surety may incur as a result of providing a payment and performance bond in an aggregate amount not to exceed €30.0 million in connection with our proposed performance on a specified project. In consideration of B. Riley's execution of the Indemnity Agreement, we paid B. Riley a fee of $1.7 million following the issuance of the bond by the Surety, which represents approximately 5.0% of the bonded obligations, to be amortized over the term of the agreement. On December 28, 2021, we received a notice that the underwriters of the 6.50% Senior Notes had elected to exercise their overallotment option for an additional $11.4 million in aggregate principal amount of the Senior Notes. At the closing date on December 30, 2021, we paid B. Riley Securities, Inc. $0.5 million for underwriting fees and other transaction cost related to the 6.50% Senior Notes overallotment.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions Fosler Construction On September 30, 2021, we acquired a 60% controlling ownership stake in Illinois-based solar energy contractor Fosler Construction Company Inc. (“Fosler Construction”). Fosler Construction provides commercial, industrial and utility-scale solar services and owns two community solar projects in Illinois that are being developed under the Illinois Solar for All program. Fosler Construction was founded in 1998 with a track record of successfully completing solar projects profitably with union labor while aligning its model with a growing number of renewable project incentives in the U.S. We believe Fosler Construction is positioned to capitalize on the high-growth solar market in the U.S. and that the acquisition aligns with B&W’s aggressive growth and expansion of our clean and renewable energy businesses. Fosler Construction is reported as part of our B&W Renewable segment, and operates under the name Fosler Solar, a Babcock and Wilcox company. The total fair value of consideration for the acquisition is $36.0 million, including $27.2 million in cash plus $8.8 million in estimated fair value of the contingent consideration arrangement. In connection with the acquisition, the Company agreed to pay contingent consideration based on the achievement of targeted revenue thresholds for the year ended December 31, 2022. The range of undiscounted amounts the Company could be required to pay under the contingent consideration arrangement is between $0.0 million and $10.0 million. We estimated fair values primarily using the discounted cash flow method at September 30, 2021 for the preliminary allocation of consideration to the assets acquired and liabilities assumed. During the measurement period, we will continue to obtain information to assist in finalizing the fair value of assets acquired and liabilities assumed, which may differ materially from these preliminary estimates. Any subsequent changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. As of March 31, 2022, we recorded an increase in goodwill of $14.9 million resulting from the initial recognition of $14.5 million of accrued liabilities and $0.4 million of warranty accruals during this acquisition's annual measurement period, as described in Note 4. VODA On November 30, 2021, we acquired 100% ownership of VODA A/S (“VODA”) through our wholly-owned subsidiary, B&W PGG Luxembourg Finance SARL, for approximately $32.9 million. VODA is a Denmark-based multi-brand aftermarket parts and services provider, focusing on energy-producing incineration plants including waste-to-energy, biomass-to-energy or other fuels, providing service, engineering services, spare parts as well as general outage support and management. VODA has extensive experience in incineration technology, boiler and pressure parts, SRO, automation, and performance optimization. VODA is reported as part of our B&W Renewable segment and is included in the B&W Renewable Services product line. We estimated fair values primarily using the discounted cash flow method at November 30, 2021 for the preliminary allocation of consideration to the assets acquired and liabilities assumed. During the measurement period, we will continue to obtain information to assist in finalizing the fair value of assets acquired and liabilities assumed, which may differ materially from these preliminary estimates. Any subsequent changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. Fossil Power Systems On February 1, 2022, we acquired 100% ownership of Fossil Power Systems, Inc. (“FPS”) for approximately $59.1 million, excluding working capital adjustments. The consideration paid for FPS included a hold-back of $5.9 million, payable twelve months from the date of the acquisition if certain conditions of the purchase agreement are met an is recorded on our Condensed Consolidated Balance Sheets in restricted cash and cash equivalents and other accrued liabilitie s. FPS is a leading designer and manufacturer of hydrogen, natural gas and renewable pulp and paper combustion equipment including ignitors, plant controls and safety systems based in Dartmouth, Nova Scotia, Canada and is reported as part of our B&W Thermal segment. We estimated fair values primarily using the discounted cash flow method at February 1, 2022 for the preliminary allocation of consideration to the assets acquired and liabilities assumed. During the measurement period, we will continue to obtain information to assist in finalizing the fair value of assets acquired and liabilities assumed, which may differ materially from these preliminary estimates. Any subsequent changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. Optimus Industries On February 28, 2022, we acquired 100% ownership of Optimus Industries, LLC ("Optimus Industries") for approximately $19.0 million, excluding working capital adjustments. Optimus Industries designs and manufactures waste heat recovery products for use in power generation, petrochemical, and process industries, including package boilers, watertube and firetube waste heat boilers, economizers, superheaters, waste heat recovery equipment and units for sulfuric acid plants and is based in Tulsa, Oklahoma and Chanute, Kansas. Optimus Industries is reported as part of our B&W Thermal segment. The fair values for the Optimus Industries acquisition have not been completed as of the filing date of this Quarterly report. We will estimate fair values primarily using the discounted cash flow method at February 28, 2022 for the preliminary allocation of consideration to the assets acquired and liabilities assumed. During the measurement period, we will obtain information to assist in finalizing the fair value of assets acquired and liabilities assumed, which may differ materially from these preliminary estimates. Any subsequent changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. Purchase Price Allocations The provisional measurements noted in the tables below are preliminary and subject to modification in the future. The preliminary purchase price allocation to assets acquired and liabilities assumed in the acquisitions were: Fosler Construction (in thousands) Initial Allocation of Consideration Measurement Period Adjustments Updated Preliminary Allocation Accounts receivable $ 1,904 $ 121 $ 2,025 Contracts in progress 1,363 9,433 10,796 Other current assets 1,137 (304) 833 Property, plant and equipment 9,527 (7,860) 1,667 Goodwill (1) (4) 43,230 19,912 63,142 Other assets 17,497 (4,600) 12,897 Right of use assets 1,093 — 1,093 Debt (7,625) — (7,625) Current liabilities (4) (5,073) (15,829) (20,902) Advance billings on contracts (1,557) 238 (1,319) Non-current lease liabilities (1,730) — (1,730) Other non-current liabilities (4,112) 3,218 (894) Non-controlling interest (2) (22,262) (1,734) (23,996) Net acquisition cost $ 33,392 $ 2,595 $ 35,987 (1) Goodwill is calculated as the excess of the purchase price over the net assets acquired. With respect to the Fosler Construction acquisition, goodwill represents Fosler's ability to significantly expand EPC and O&M services among new customers across the U.S. by leveraging B&W's access to capital and geographic reach. (2) The fair value of the non-controlling interest was derived based on the fair value of the 60% controlling interest acquired by B&W. The transaction price paid by B&W reflects a Level 2 input involving an observable transaction involving an ownership interest in Fosler Construction. Also, as described above, a portion of the purchase consideration relates to the contingent consideration. (3) Our preliminary purchase price allocation changed due to additional information and further analysis. (4) Our preliminary goodwill and current liabilities adjustments increased $14.5 million due to additional accrued liabilities recognized attributable to the Fosler projects described in Note 4. VODA ( in thousands) Initial Allocation of Consideration Measurement Period Adjustments Updated Preliminary Allocation Cash $ 4,737 $ — $ 4,737 Accounts receivable 5,654 — 5,654 Contracts in progress 258 — 258 Other current assets 825 — 825 Property, plant and equipment 253 — 253 Goodwill (1) 17,176 (61) 17,115 Other assets 14,321 — 14,321 Right of use assets 433 — 433 Current liabilities (5,181) — (5,181) Advance billings on contracts (2,036) — (2,036) Non-current lease liabilities (302) — (302) Other non-current liabilities (3,264) — (3,264) Net acquisition cost $ 32,874 $ (61) $ 32,813 (1) Goodwill is calculated as the excess of the purchase price over the net assets acquired. With respect to the VODA acquisition, goodwill represents VODA's ability to significantly expand within the aftermarket parts and services industries by leveraging B&W's access to capital and existing platform within the renewable service market. Goodwill is not expected to be deductible for U.S federal income tax purposes. (2) Our preliminary purchase price allocation changed due to additional information and further analysis. Purchase Price Allocation at March 31, 2022 (in thousands) Fossil Power Systems Optimus Industries (2) Cash $ 1,869 $ 5,338 Accounts receivable 2,624 5,165 Contracts in progress 370 2,598 Other current assets 3,228 2,115 Property, plant and equipment 178 2,441 Goodwill (1) 35,392 11,081 Other assets 25,092 12 Right of use assets 1,115 94 Current liabilities (1,792) (4,240) Advance billings on contracts (645) (3,779) Non-current lease liabilities (989) (2) Other non-current liabilities (7,384) (1,858) Net acquisition cost $ 59,058 $ 18,965 (1) Goodwill is calculated as the excess of the purchase price over the net assets acquired. With respect to the FPS acquisition, goodwill represents FPS's ability to significantly expand services among new customers by leveraging cross-selling opportunities and recognizing general cost synergies. (2) With respect to Optimus Industries, the fair value analysis has not been completed. We will update the purchase price allocations after the fair value analysis has been completed. Intangible assets are included in other assets above and consists of the following: Fosler Construction VODA (in thousands) Estimated Acquisition Date Fair Value Weighted Average Estimated Useful Life Estimated Acquisition Date Fair Value Weighted Average Estimated Useful Life Customer Relationships $ 9,400 12 years $ 13,855 11 years Tradename — — 228 3 years Backlog 3,100 5 months — — Total intangible assets (1) $ 12,500 $ 14,083 Fossil Power Systems Estimated Acquisition Date Fair Value Weighted Average Estimated Useful Life Customer Relationships $ 20,451 9 years Tradename 787 14 years Patented Technology 578 12 years Unpatented Technology 3,276 12 years Total intangible assets (1) $ 25,092 (1) Intangible assets were valued using the income approach, which includes significant assumptions around future revenue growth, profitability, discount rates and customer attrition. Such assumptions are classified as level 3 inputs within the fair value hierarchy. Costs related to our acquisitions of Fosler, VODA, Fossil Power Systems, and Optimus Industries, which were recorded as a component of our operating expenses in our Condensed Consolidated Statements of Operations, consists of the following: For the Three Months Ended (in thousands) March 31, 2022 Fosler Construction $ 195 VODA 140 FPS 31 Optimus Industries 69 Total $ 435 Divestitures Certain real property assets for the Copley, Ohio location were sold on March 15, 2021 for $4.0 million. We received $3.3 million of net proceeds after adjustments and recognized a gain on sale of $1.9 million. In conjunction with the sale, we executed a leaseback agreement commencing March 16, 2021 which expires on March 31, 2033. Certain real property assets for the Lancaster, Ohio location were sold on August 13, 2021 for $18.9 million. We received $15.8 million of net proceeds after adjustments and expenses and recognized a gain on sale of $13.9 million. In conjunction with the sale, we executed a leaseback agreement commencing August 13, 2021 which expires on August 31, 2041. Effective March 5, 2021, we sold all of the issued and outstanding capital stock of Diamond Power Machine (Hubei) Co., Inc, for $2.8 million. We received $2.0 million in gross proceeds before expenses and recorded an $0.8 million favorable contract asset for the amortization period from March 8, 2021 through December 31, 2023. For the twelve months ended December 31, 2021, we recognized a $1.8 million pre-tax loss, inclusive of the recognition of $4.5 million of currency translation adjustment, on the sale of the business and after consideration of certain working capital adjustments that are in dispute. Additional adjustments may be necessary as this is finalized.

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS We adopted the following accounting standard during the first quarter of 2022: In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) . The amendments in this update simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity by removing major separation models required under current U.S. GAAP. The amendments also improve the consistency of diluted earnings per share calculations. The impact of this standard on our Condensed Consolidated Financial Statements was immaterial. New accounting standards not yet adopted that could affect our Condensed Consolidated Financial Statements in the future are summarized as follows: In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendment in this update provides an exception to fair value measurement for contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination. As a result, contract assets and contract liabilities will be recognized and measured by the acquirer in accordance with ASC 606, Revenue from Contracts with Customers. The amendment also improves consistency in revenue recognition in the post-acquisition period for acquired contracts as compared to contracts entered into after the business combination. The amendment in this update is effective for public business entities in January 2023; all other entities have an additional year to adopt. Early adoption is permitted; however, if the new guidance is adopted in an interim period, it is required to be applied retrospectively to all business combinations within the year of adoption. This amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are currently evaluating the impact of the standard on our condensed consolidated financial statements. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326: Financial Instruments - Credit Losses. This update is an amendment to the new credit losses standard, ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , that was issued in June 2016 and clarifies that operating lease receivables are not within the scope of Topic 326. The new credit losses standard changes the accounting for credit losses for certain instruments. The new measurement approach is based on expected losses, commonly referred to as the current expected credit loss ("CECL") model, and applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investment in leases, and reinsurance and trade receivables, as well as certain off-balance sheet credit exposures, such as loan commitments. The standard also changes the impairment model for available-for-sale debt securities. The provisions of this standard will primarily impact the allowance for doubtful accounts on our trade receivables, contracts in progress, and potentially our impairment model for available-for-sale debt securities (to the extent we have any upon adoption). For public, smaller reporting companies, this standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are currently evaluating the impact of both standards on our Condensed Consolidated Financial Statements.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
New accounting standards	We adopted the following accounting standard during the first quarter of 2022: In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) . The amendments in this update simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity by removing major separation models required under current U.S. GAAP. The amendments also improve the consistency of diluted earnings per share calculations. The impact of this standard on our Condensed Consolidated Financial Statements was immaterial. New accounting standards not yet adopted that could affect our Condensed Consolidated Financial Statements in the future are summarized as follows: In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendment in this update provides an exception to fair value measurement for contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination. As a result, contract assets and contract liabilities will be recognized and measured by the acquirer in accordance with ASC 606, Revenue from Contracts with Customers. The amendment also improves consistency in revenue recognition in the post-acquisition period for acquired contracts as compared to contracts entered into after the business combination. The amendment in this update is effective for public business entities in January 2023; all other entities have an additional year to adopt. Early adoption is permitted; however, if the new guidance is adopted in an interim period, it is required to be applied retrospectively to all business combinations within the year of adoption. This amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are currently evaluating the impact of the standard on our condensed consolidated financial statements. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326: Financial Instruments - Credit Losses. This update is an amendment to the new credit losses standard, ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , that was issued in June 2016 and clarifies that operating lease receivables are not within the scope of Topic 326. The new credit losses standard changes the accounting for credit losses for certain instruments. The new measurement approach is based on expected losses, commonly referred to as the current expected credit loss ("CECL") model, and applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investment in leases, and reinsurance and trade receivables, as well as certain off-balance sheet credit exposures, such as loan commitments. The standard also changes the impairment model for available-for-sale debt securities. The provisions of this standard will primarily impact the allowance for doubtful accounts on our trade receivables, contracts in progress, and potentially our impairment model for available-for-sale debt securities (to the extent we have any upon adoption). For public, smaller reporting companies, this standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are currently evaluating the impact of both standards on our Condensed Consolidated Financial Statements.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Loss Per Share	The following table sets forth the computation of basic and diluted loss per share of our common stock, net of non-controlling interest and dividends on preferred stock: Three Months Ended March 31, (in thousands, except per share amounts) 2022 2021 Net loss attributable to stockholders of common stock $ (11,979) $ (15,464) Weighted average shares used to calculate basic and diluted loss per share 87,992 71,396 Basic loss per share $ (0.14) $ (0.22) Diluted loss per share $ (0.14) $ (0.22)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. An analysis of our operations by segment is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Revenues: B&W Renewable segment B&W Renewable $ 19,711 $ 17,997 B&W Renewable Services (1) 8,288 5,260 Vølund 16,336 5,554 Fosler Solar 23,626 — 67,961 28,811 B&W Environmental segment B&W Environmental 18,185 17,433 SPIG 12,060 11,184 GMAB 4,703 2,543 34,948 31,160 B&W Thermal segment B&W Thermal 102,239 108,281 102,239 108,281 Eliminations (1,099) (4) Total Revenues $ 204,049 $ 168,248 (1) B&W Renewable Services' 2021 revenues were reclassed from Vølund's prior year reported amount for year-over-year comparability.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Adjusted EBITDA for each segment is presented below with a reconciliation from net loss. Three Months Ended March 31, (in thousands) 2022 2021 Net loss $ (8,684) $ (15,443) Interest expense 12,324 14,509 Income tax expense 1,230 2,836 Depreciation & amortization 6,202 4,058 EBITDA 11,072 5,960 Benefit plans, net (7,452) (9,098) Gain on sales, net (20) (2,362) Stock compensation 1,319 7,829 Restructuring activities and business services transition costs 2,688 993 Advisory fees for settlement costs and liquidity planning 1,032 1,978 Litigation costs 2,528 380 Acquisition pursuit and related costs 843 — Product development (1) 852 — Foreign exchange (3,085) 1,209 Financial advisory services 375 933 Contract step-up purchase price adjustment 1,745 — Loss from business held for sale — 483 Other - net 123 266 Adjusted EBITDA $ 12,020 $ 8,571 (1) Costs associated with development of commercially viable products that are ready to go to market. Three Months Ended March 31, (in thousands) 2022 2021 Adjusted EBITDA B&W Renewable segment $ 1,455 $ 204 B&W Environmental segment 1,439 1,105 B&W Thermal segment 14,154 10,535 Corporate (4,373) (2,685) Research and development costs (655) (588) $ 12,020 $ 8,571

REVENUE RECOGNITION AND CONTR_2

REVENUE RECOGNITION AND CONTRACTS (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Contracts in Progress and Advance Billings on Contracts	The following represents the components of our Contracts in progress and Advance billings on contracts included in our Condensed Consolidated Balance Sheets: (in thousands) March 31, 2022 December 31, 2021 $ Change % Change Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 32,101 $ 35,939 $ (3,838) (11) % Revenues recognized less billings to customers 63,871 44,237 19,634 44 % Contracts in progress $ 95,972 $ 80,176 $ 15,796 20 % Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 100,130 $ 68,615 $ 31,515 46 % Costs of revenue recognized less cost incurred (220) (235) 15 (6) % Advance billings on contracts $ 99,910 $ 68,380 $ 31,530 46 % Net contract balance $ (3,938) $ 11,796 $ (15,734) (133) % Accrued contract losses $ 4,652 $ 378 $ 4,274 1,131 %
Schedule of Recognized Changes in Estimated Gross Profit	In the three months ended March 31, 2022 and 2021, we recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized as follows: Three months ended March 31, (in thousands) 2022 2021 Increases in gross profit for changes in estimates for over time contracts $ 3,341 $ 3,025 Decreases in gross profit for changes in estimates for over time contracts (2,862) (1,358) Net changes in gross profit for changes in estimates for over time contracts $ 479 $ 1,667

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The components of inventories are as follows: (in thousands) March 31, 2022 December 31, 2021 Raw materials and supplies $ 63,772 $ 56,352 Work in progress 7,212 5,723 Finished goods 19,417 17,452 Total inventories $ 90,401 $ 79,527

PROPERTY, PLANT & EQUIPMENT, _2

PROPERTY, PLANT & EQUIPMENT, & FINANCE LEASE (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment and Finance Lease	Property, plant and equipment less accumulated depreciation is as follows: (in thousands) March 31, 2022 December 31, 2021 Land $ 1,533 $ 1,489 Buildings 32,681 31,895 Machinery and equipment 145,134 144,325 Property under construction 4,877 12,480 184,225 190,189 Less accumulated depreciation 134,639 133,137 Net property, plant and equipment 49,586 57,052 Finance leases 34,160 34,159 Less finance lease accumulated amortization 6,590 5,584 Net property, plant and equipment, and finance lease $ 77,156 $ 85,627

GOODWILL (Tables)

GOODWILL (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following summarizes the changes in the net carrying amount of goodwill as of March 31, 2022: (in thousands) B&W B&W Environmental B&W Total Balance at December 31, 2021 $ 79,357 $ 5,667 $ 31,438 $ 116,462 Addition - Fossil Power (1) — — 35,392 35,392 Addition - Optimus Industries (1) — — 11,081 11,081 Measurement period adjustments - Fosler (1)(2) 11,163 — — 11,163 Measurement period adjustments - VODA (1)(2) (61) — — (61) Currency translation adjustments 57 45 232 334 Balance at March 31, 2022 $ 90,516 $ 5,712 $ 78,143 $ 174,371 (1) As described in Note 21, we are in the process of completing the purchase price allocation associated with the Fosler Construction, VODA, Fossil Power and Optimus Industries acquisitions and as a result, the provisional measurements of goodwill associated with these acquisitions are subject to change. (2) Our preliminary purchase price allocation changed due to additional information and further analysis.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Our intangible assets are as follows: (in thousands) March 31, 2022 December 31, 2021 Definite-lived intangible assets (1) Customer relationships $ 67,332 $ 46,903 Unpatented technology 18,591 15,410 Patented technology 3,682 3,103 Tradename 13,383 12,747 Acquired backlog 3,100 3,100 All other 9,128 9,319 Gross value of definite-lived intangible assets 115,216 90,582 Customer relationships amortization (21,820) (20,800) Unpatented technology amortization (8,729) (8,313) Patented technology amortization (2,769) (2,729) Tradename amortization (5,595) (5,425) Acquired backlog (3,100) (1,620) All other amortization (9,056) (9,205) Accumulated amortization (51,069) (48,092) Net definite-lived intangible assets $ 64,147 $ 42,490 Indefinite-lived intangible assets Trademarks and trade names $ 1,305 $ 1,305 Total intangible assets, net $ 65,452 $ 43,795
Schedule of Finite-Lived Intangible Assets	The following summarizes the changes in the carrying amount of intangible assets, net: Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ 43,795 $ 23,908 Business acquisitions and adjustments (1) 25,092 — Amortization expense (2,978) (856) Currency translation adjustments (457) (843) Balance at end of the period $ 65,452 $ 22,209
Schedule of Indefinite-Lived Intangible Assets	The following summarizes the changes in the carrying amount of intangible assets, net: Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ 43,795 $ 23,908 Business acquisitions and adjustments (1) 25,092 — Amortization expense (2,978) (856) Currency translation adjustments (457) (843) Balance at end of the period $ 65,452 $ 22,209
Schedule of Estimated Future Intangible Asset Amortization Expense	Estimated future intangible asset amortization expense as of March 31, 2022 is as follows (in thousands): Amortization Expense Year ending December 31, 2022 5,990 Year ending December 31, 2023 7,986 Year ending December 31, 2024 7,906 Year ending December 31, 2025 7,089 Year ending December 31, 2026 5,890 Year ending December 31, 2027 5,229 Thereafter 24,057

ACCRUED WARRANTY EXPENSE (Table

ACCRUED WARRANTY EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2022
Product Warranties Disclosures [Abstract]
Schedule of Changes in Carrying Amount of Accrued Warranty Expense	Changes in the carrying amount of our accrued warranty expense are as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ 12,925 $ 25,399 Additions 1,300 1,475 Expirations and other changes (1,467) (1,318) Payments (193) (5,943) Translation and other (692) (76) Balance at end of period $ 11,873 $ 19,537

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Summary of Restructuring Activity	The following tables summarizes the restructuring activity incurred by segment: Three Months Ended March 31, Three Months Ended March 31, 2022 2021 (in thousands) Total Severance and related costs Other (1) Total Severance and related Costs Other (1) B&W Renewable segment $ (193) $ (229) $ 36 $ 509 $ 453 $ 56 B&W Environmental segment 69 10 59 89 35 54 B&W Thermal segment 198 50 148 348 12 336 Corporate 20 — 20 47 — 47 $ 94 $ (169) $ 263 $ 993 $ 500 $ 493 Cumulative costs to date $ 45,277 37,083 8,194
Activity Related to the Restructuring Liabilities	Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ 6,561 $ 8,146 Restructuring expense 94 993 Payments (749) (1,117) Balance at end of period $ 5,906 $ 8,022

PENSION PLANS AND OTHER POSTR_2

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Components of net periodic cost (benefit) included in net (loss) income are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2022 2021 2022 2021 Interest cost $ 6,664 $ 5,671 $ 49 $ 39 Expected return on plan assets (14,366) (15,009) — — Amortization of prior service cost (credit) 28 28 173 173 Benefit plans, net (1) (7,674) (9,310) 222 212 Service cost included in COS (2) 201 217 5 6 Net periodic benefit cost (benefit) $ (7,473) $ (9,093) $ 227 $ 218 (1) Benefit plans, net , which is presented separately in our Condensed Consolidated Statements of Operations, is not allocated to the segments. (2) Service cost related to a small group of active participants is presented within Cost of operations in our Condensed Consolidated Statements of Operations and is allocated to the B&W Thermal segment.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Components of Senior Notes	The components of the Company's senior notes at March 31, 2022 are as follows: Senior Notes (in thousands) 8.125% 6.50% Total Senior notes due 2026 $ 188,200 $ 151,440 $ 339,640 Unamortized deferred financing costs (5,043) (6,297) (11,340) Unamortized premium 570 — 570 Net debt balance $ 183,727 $ 145,143 $ 328,870

INTEREST EXPENSE AND SUPPLEME_2

INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of Interest Expenses	Interest expense in our Condensed Consolidated Financial Statements consisted of the following components: Three Months Ended March 31, (in thousands) 2022 2021 Components associated with borrowings from: Senior notes $ 6,216 $ 1,733 Last Out Term Loans - cash interest — 3,513 U.S. Revolving Credit Facility — 1,416 6,216 6,662 Components associated with amortization or accretion of: Revolving Credit Agreement 1,060 — Senior notes 643 1,468 U.S. Revolving Credit Facility — 4,400 1,703 5,868 Components associated with interest from: Lease liabilities 708 616 Other interest expense 2,640 1,077 3,348 1,693 Total interest expense $ 11,267 $ 14,223
Schedule of Cash and Cash Equivalents Reconciliation	The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) March 31, 2022 December 31, 2021 March 31, 2021 Held by foreign entities $ 35,870 $ 42,070 $ 25,169 Held by U.S. entities 72,267 182,804 28,664 Cash and cash equivalents 108,137 224,874 53,833 Reinsurance reserve requirements 584 443 2,053 Bank guarantee collateral 492 997 2,560 Letters of credit collateral 1,858 401 — Hold-back for acquisition purchase price (1) 5,899 — — Restricted cash and cash equivalents 8,833 1,841 4,613 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 116,970 $ 226,715 $ 58,446 (1) The purchase price for Fossil Power Systems ("FPS") was $59.1 million, including a hold-back of $5.9 million as reflected above. The hold-back is being held in escrow for potential payment of up to the maximum amount twelve months from the February 1, 2022 date of acquisition if the conditions are met. The hold-back amount is included in Restricted cash and cash equivalents and Other accrued liabilities on our Condensed Consolidated Balance Shee
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of Cash and cash equivalents and Restricted cash and cash equivalents reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) March 31, 2022 December 31, 2021 March 31, 2021 Held by foreign entities $ 35,870 $ 42,070 $ 25,169 Held by U.S. entities 72,267 182,804 28,664 Cash and cash equivalents 108,137 224,874 53,833 Reinsurance reserve requirements 584 443 2,053 Bank guarantee collateral 492 997 2,560 Letters of credit collateral 1,858 401 — Hold-back for acquisition purchase price (1) 5,899 — — Restricted cash and cash equivalents 8,833 1,841 4,613 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 116,970 $ 226,715 $ 58,446 (1) The purchase price for Fossil Power Systems ("FPS") was $59.1 million, including a hold-back of $5.9 million as reflected above. The hold-back is being held in escrow for potential payment of up to the maximum amount twelve months from the February 1, 2022 date of acquisition if the conditions are met. The hold-back amount is included in Restricted cash and cash equivalents and Other accrued liabilities on our Condensed Consolidated Balance Shee
Schedule of Supplemental Cash Flow Disclosures	The following cash activity is presented as a supplement to our Condensed Consolidated Statements of Cash Flows and is included in Net cash used in operating activities : Three Months Ended March 31, (in thousands) 2022 2021 Income tax payments, net $ 471 $ 1,499 Interest payments - 8.125% Senior Notes due 2026 $ 3,783 $ — Interest payments - 6.50% Senior Notes due 2026 2,926 — Interest payments on our U.S. Revolving Credit Facility — 5,979 Interest payments on our Last Out Term Loans — 3,560 Total cash paid for interest $ 6,709 $ 9,539

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The changes in the components of AOCI, net of tax, for the first quarter of 2022 and 2021 were as follows: (in thousands) Currency translation loss Net unrecognized loss related to benefit plans (net of tax) Total Balance at December 31, 2021 $ (55,499) $ (3,323) $ (58,822) Other comprehensive loss before reclassifications (4,285) — (4,285) Reclassified from AOCI to net loss — 593 593 Net other comprehensive (loss) income (4,285) 593 (3,692) Balance at March 31, 2022 (59,784) (2,730) (62,514) (in thousands) Currency translation Net unrecognized loss Total Balance at December 31, 2020 $ (47,575) $ (4,815) $ (52,390) Other comprehensive loss before reclassifications (70) — (70) Reclassified from AOCI to net (loss) income (4,512) 198 (4,314) Net other comprehensive (loss) income (4,582) 198 (4,384) Balance at March 31, 2021 $ (52,157) $ (4,617) $ (56,774)
Schedule of Reclassification out of Accumulated Other Comprehensive Income	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, 2022 2021 Release of currency translation adjustment with the sale of business Loss on sale of business $ — $ 4,512 Pension and post retirement adjustments, net of tax Benefit plans, net (593) (198) Net (loss) income $ (593) $ 4,314

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic, Fair Value Measurements and Disclosures ). (in thousands) Available-for-sale securities March 31, 2022 Level 1 Level 2 Corporate notes and bonds $ 8,218 $ 8,218 $ — Mutual funds 673 — 673 United States Government and agency securities 2,933 2,933 — Total fair value of available-for-sale securities $ 11,824 $ 11,151 $ 673 (in thousands) Available-for-sale securities December 31, 2021 Level 1 Level 2 Corporate notes and bonds $ 9,477 $ 9,477 $ — Mutual funds 714 — 714 United States Government and agency securities 2,017 2,017 — Total fair value of available-for-sale securities $ 12,208 $ 11,494 $ 714 (in thousands) March 31, 2022 Senior Notes Carrying Value Estimated Fair Value 8.125% Senior Notes due 2026 ('BWSN') $ 188,200 $ 197,759 6.50% Senior Notes due 2026 ('BWNB') $ 151,440 $ 144,353

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary purchase price allocation to assets acquired and liabilities assumed in the acquisitions were: Fosler Construction (in thousands) Initial Allocation of Consideration Measurement Period Adjustments Updated Preliminary Allocation Accounts receivable $ 1,904 $ 121 $ 2,025 Contracts in progress 1,363 9,433 10,796 Other current assets 1,137 (304) 833 Property, plant and equipment 9,527 (7,860) 1,667 Goodwill (1) (4) 43,230 19,912 63,142 Other assets 17,497 (4,600) 12,897 Right of use assets 1,093 — 1,093 Debt (7,625) — (7,625) Current liabilities (4) (5,073) (15,829) (20,902) Advance billings on contracts (1,557) 238 (1,319) Non-current lease liabilities (1,730) — (1,730) Other non-current liabilities (4,112) 3,218 (894) Non-controlling interest (2) (22,262) (1,734) (23,996) Net acquisition cost $ 33,392 $ 2,595 $ 35,987 (1) Goodwill is calculated as the excess of the purchase price over the net assets acquired. With respect to the Fosler Construction acquisition, goodwill represents Fosler's ability to significantly expand EPC and O&M services among new customers across the U.S. by leveraging B&W's access to capital and geographic reach. (2) The fair value of the non-controlling interest was derived based on the fair value of the 60% controlling interest acquired by B&W. The transaction price paid by B&W reflects a Level 2 input involving an observable transaction involving an ownership interest in Fosler Construction. Also, as described above, a portion of the purchase consideration relates to the contingent consideration. (3) Our preliminary purchase price allocation changed due to additional information and further analysis. (4) Our preliminary goodwill and current liabilities adjustments increased $14.5 million due to additional accrued liabilities recognized attributable to the Fosler projects described in Note 4. VODA ( in thousands) Initial Allocation of Consideration Measurement Period Adjustments Updated Preliminary Allocation Cash $ 4,737 $ — $ 4,737 Accounts receivable 5,654 — 5,654 Contracts in progress 258 — 258 Other current assets 825 — 825 Property, plant and equipment 253 — 253 Goodwill (1) 17,176 (61) 17,115 Other assets 14,321 — 14,321 Right of use assets 433 — 433 Current liabilities (5,181) — (5,181) Advance billings on contracts (2,036) — (2,036) Non-current lease liabilities (302) — (302) Other non-current liabilities (3,264) — (3,264) Net acquisition cost $ 32,874 $ (61) $ 32,813 (1) Goodwill is calculated as the excess of the purchase price over the net assets acquired. With respect to the VODA acquisition, goodwill represents VODA's ability to significantly expand within the aftermarket parts and services industries by leveraging B&W's access to capital and existing platform within the renewable service market. Goodwill is not expected to be deductible for U.S federal income tax purposes. (2) Our preliminary purchase price allocation changed due to additional information and further analysis. Purchase Price Allocation at March 31, 2022 (in thousands) Fossil Power Systems Optimus Industries (2) Cash $ 1,869 $ 5,338 Accounts receivable 2,624 5,165 Contracts in progress 370 2,598 Other current assets 3,228 2,115 Property, plant and equipment 178 2,441 Goodwill (1) 35,392 11,081 Other assets 25,092 12 Right of use assets 1,115 94 Current liabilities (1,792) (4,240) Advance billings on contracts (645) (3,779) Non-current lease liabilities (989) (2) Other non-current liabilities (7,384) (1,858) Net acquisition cost $ 59,058 $ 18,965 (1) Goodwill is calculated as the excess of the purchase price over the net assets acquired. With respect to the FPS acquisition, goodwill represents FPS's ability to significantly expand services among new customers by leveraging cross-selling opportunities and recognizing general cost synergies. (2)
Schedule of Finite-Lived Intangible Assets Acquired in Business Combination	Intangible assets are included in other assets above and consists of the following: Fosler Construction VODA (in thousands) Estimated Acquisition Date Fair Value Weighted Average Estimated Useful Life Estimated Acquisition Date Fair Value Weighted Average Estimated Useful Life Customer Relationships $ 9,400 12 years $ 13,855 11 years Tradename — — 228 3 years Backlog 3,100 5 months — — Total intangible assets (1) $ 12,500 $ 14,083 Fossil Power Systems Estimated Acquisition Date Fair Value Weighted Average Estimated Useful Life Customer Relationships $ 20,451 9 years Tradename 787 14 years Patented Technology 578 12 years Unpatented Technology 3,276 12 years Total intangible assets (1) $ 25,092 (1) Intangible assets were valued using the income approach, which includes significant assumptions around future revenue growth, profitability, discount rates and customer attrition. Such assumptions are classified as level 3 inputs within the fair value hierarchy.
Schedule of Business Acquisitions	Costs related to our acquisitions of Fosler, VODA, Fossil Power Systems, and Optimus Industries, which were recorded as a component of our operating expenses in our Condensed Consolidated Statements of Operations, consists of the following: For the Three Months Ended (in thousands) March 31, 2022 Fosler Construction $ 195 VODA 140 FPS 31 Optimus Industries 69 Total $ 435

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to stockholders of common stock, basic	$ (11,979)	$ (15,464)
Net loss attributable to stockholders of common stock, diluted	$ (11,979)	$ (15,464)
Weighted average shares used to calculate basic loss per share (in shares)	87,992	71,396
Weighted average shares used to calculate diluted loss per share (in shares)	87,992	71,396
Basic loss per share (in dollars per share)	$ (0.14)	$ (0.22)
Diluted loss per share (in dollars per share)	$ (0.14)	$ (0.22)

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Excluded shares that would have been included with net income (in shares)	0.9	1.6
Antidilutive securities excluded from computing of earnings per share (in shares)	0.4	0.4

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 204,049	$ 168,248
Eliminations
Segment Reporting Information [Line Items]
Revenues	(1,099)	(4)
B&W Renewable segment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	67,961	28,811
B&W Renewable segment | B&W Renewable | Operating Segments
Segment Reporting Information [Line Items]
Revenues	19,711	17,997
B&W Renewable segment | B&W Renewable Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,288	5,260
B&W Renewable segment | Vølund | Operating Segments
Segment Reporting Information [Line Items]
Revenues	16,336	5,554
B&W Renewable segment | Fosler Solar | Operating Segments
Segment Reporting Information [Line Items]
Revenues	23,626	0
B&W Environmental segment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	34,948	31,160
B&W Environmental segment | B&W Environmental | Operating Segments
Segment Reporting Information [Line Items]
Revenues	18,185	17,433
B&W Environmental segment | SPIG | Operating Segments
Segment Reporting Information [Line Items]
Revenues	12,060	11,184
B&W Environmental segment | GMAB | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,703	2,543
B&W Thermal segment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	102,239	108,281
B&W Thermal segment | B&W Thermal | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 102,239	$ 108,281

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Adjusted EBITDA to Consolidated Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net loss	$ (8,684)	$ (15,443)
Interest expense	12,324	14,509
Income tax expense	1,230	2,836
Depreciation & amortization	6,202	4,058
EBITDA	11,072	5,960
Benefit plans, net	(7,452)	(9,098)
Gain on sales, net	(20)	(2,362)
Stock compensation	1,319	7,829
Restructuring activities and business services transition costs	2,688	993
Advisory fees for settlement costs and liquidity planning	1,032	1,978
Litigation costs	2,528	380
Acquisition pursuit and related costs	843	0
Product development	852	0
Foreign exchange	(3,085)	1,209
Financial advisory services	375	933
Contract step-up purchase price adjustment	1,745	0
Loss from business held for sale	0	483
Other expense – net	123	266
Adjusted EBITDA	12,020	8,571
Operating Segments | B&W Renewable segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,455	204
Operating Segments | B&W Environmental
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,439	1,105
Operating Segments | B&W Thermal segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	14,154	10,535
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(4,373)	(2,685)
Research and development costs
Segment Reporting Information [Line Items]
Research and development costs	$ (655)	$ (588)

REVENUE RECOGNITION AND CONTR_3

REVENUE RECOGNITION AND CONTRACTS - Revenue Recognition (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Transferred at Point in Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of revenue	19.00%	27.00%
Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of revenue	81.00%	73.00%

REVENUE RECOGNITION AND CONTR_4

REVENUE RECOGNITION AND CONTRACTS - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Contract assets - included in contracts in progress:
Contract assets - included in contracts in progress	$ 95,972	$ 80,176
Contract assets - included in contracts in progress, $ change	$ 15,796
Contract assets - included in contracts in progress, % change	20.00%
Contract liabilities - included in advance billings on contracts:
Contract liabilities - included in advance billings on contracts	$ 99,910	68,380
Contract liabilities - included in advance billings on contracts, $ change	$ 31,530
Contract liabilities - included in advance billings on contracts, % change	46.00%
Net contract balance	$ (3,938)	11,796
Net contract balance, $ change	$ (15,734)
Net contract balance, % change	(133.00%)
Accrued contract losses	$ 4,652	378
Accrued contract losses, $ change	$ 4,274
Accrued contract losses, % change	1131.00%
Billings to customers less revenues recognized
Contract liabilities - included in advance billings on contracts:
Contract liabilities - included in advance billings on contracts	$ 100,130	68,615
Contract liabilities - included in advance billings on contracts, $ change	$ 31,515
Contract liabilities - included in advance billings on contracts, % change	46.00%
Costs of revenue recognized less cost incurred
Contract liabilities - included in advance billings on contracts:
Contract liabilities - included in advance billings on contracts	$ (220)	(235)
Contract liabilities - included in advance billings on contracts, $ change	$ 15
Contract liabilities - included in advance billings on contracts, % change	(6.00%)
Costs incurred less costs of revenue recognized
Contract assets - included in contracts in progress:
Contract assets - included in contracts in progress	$ 32,101	35,939
Contract assets - included in contracts in progress, $ change	$ (3,838)
Contract assets - included in contracts in progress, % change	(11.00%)
Revenues recognized less billings to customers
Contract assets - included in contracts in progress:
Contract assets - included in contracts in progress	$ 63,871	$ 44,237
Contract assets - included in contracts in progress, $ change	$ 19,634
Contract assets - included in contracts in progress, % change	44.00%

REVENUE RECOGNITION AND CONTR_5

REVENUE RECOGNITION AND CONTRACTS - Backlog (Details) $ in Millions	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 721
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations (as a percent)	61.40%
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations (as a percent)	15.40%
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations (as a percent)	23.20%
Expected timing of satisfaction, period

REVENUE RECOGNITION AND CONTR_6

REVENUE RECOGNITION AND CONTRACTS - Changes in Contract Estimates (Details) - Transferred over Time - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Increases in gross profit for changes in estimates for over time contracts	$ 3,341	$ 3,025
Decreases in gross profit for changes in estimates for over time contracts	(2,862)	(1,358)
Net changes in gross profit for changes in estimates for over time contracts	$ 479	$ 1,667

REVENUE RECOGNITION AND CONTR_7

REVENUE RECOGNITION AND CONTRACTS - B&W Renewable Projects (Details) - Fosler Construction $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2022USD ($)project	Mar. 31, 2022USD ($)	Mar. 31, 2022USD ($)
Disaggregation of Revenue [Line Items]
Purchase price allocation adjustments	$ 14,900	$ 11,163	$ 19,912
Measurement period adjustment, goodwill and current liabilities change	14,500		$ 14,500
Measurement period adjustment, warranty accruals	$ 400
Fosler Solar Reporting Unit
Disaggregation of Revenue [Line Items]
Number of projects | project	7

INVENTORIES - Components of Inv

INVENTORIES - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 63,772	$ 56,352
Work in progress	7,212	5,723
Finished goods	19,417	17,452
Total inventories	$ 90,401	$ 79,527

PROPERTY, PLANT & EQUIPMENT, _3

PROPERTY, PLANT & EQUIPMENT, & FINANCE LEASE (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	$ 184,225	$ 190,189
Less accumulated depreciation	134,639	133,137
Net property, plant and equipment	49,586	57,052
Finance leases	34,160	34,159
Less finance lease accumulated amortization	6,590	5,584
Net property, plant and equipment, and finance lease	77,156	85,627
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	1,533	1,489
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	32,681	31,895
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	145,134	144,325
Property under construction
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	$ 4,877	$ 12,480

GOODWILL (Details)

GOODWILL (Details) - USD ($)	1 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2022
Goodwill [Roll Forward]
Beginning balance		$ 116,462,000
Currency translation adjustments		334,000
Ending balance	$ 174,371,000	174,371,000	$ 174,371,000	$ 174,371,000
Goodwill impairment		0
B&W Renewable segment
Goodwill [Roll Forward]
Beginning balance		79,357,000
Currency translation adjustments		57,000
Ending balance	90,516,000	90,516,000	90,516,000	90,516,000
B&W Environmental
Goodwill [Roll Forward]
Beginning balance		5,667,000
Currency translation adjustments		45,000
Ending balance	5,712,000	5,712,000	5,712,000	5,712,000
B&W Thermal segment
Goodwill [Roll Forward]
Beginning balance		31,438,000
Currency translation adjustments		232,000
Ending balance	78,143,000	78,143,000	78,143,000	78,143,000
Fossil Power
Goodwill [Roll Forward]
Addition		35,392,000
Fossil Power | B&W Renewable segment
Goodwill [Roll Forward]
Addition		0
Fossil Power | B&W Environmental
Goodwill [Roll Forward]
Addition		0
Fossil Power | B&W Thermal segment
Goodwill [Roll Forward]
Addition		35,392,000
Optimus Industries
Goodwill [Roll Forward]
Addition		11,081,000
Ending balance	11,081,000	11,081,000	11,081,000	11,081,000
Optimus Industries | B&W Renewable segment
Goodwill [Roll Forward]
Addition		0
Optimus Industries | B&W Environmental
Goodwill [Roll Forward]
Addition		0
Optimus Industries | B&W Thermal segment
Goodwill [Roll Forward]
Addition		11,081,000
Fosler Construction
Goodwill [Roll Forward]
Beginning balance				43,230,000
Measurement period adjustment, goodwill	14,900,000	11,163,000		19,912,000
Ending balance	63,142,000	63,142,000	63,142,000	63,142,000
Fosler Construction | B&W Renewable segment
Goodwill [Roll Forward]
Measurement period adjustment, goodwill		11,163,000
Fosler Construction | B&W Environmental
Goodwill [Roll Forward]
Measurement period adjustment, goodwill		0
Fosler Construction | B&W Thermal segment
Goodwill [Roll Forward]
Measurement period adjustment, goodwill		0
VODA
Goodwill [Roll Forward]
Beginning balance			17,176,000
Measurement period adjustment, goodwill		(61,000)	(61,000)
Ending balance	$ 17,115,000	17,115,000	$ 17,115,000	$ 17,115,000
VODA | B&W Renewable segment
Goodwill [Roll Forward]
Measurement period adjustment, goodwill		(61,000)
VODA | B&W Environmental
Goodwill [Roll Forward]
Measurement period adjustment, goodwill		0
VODA | B&W Thermal segment
Goodwill [Roll Forward]
Measurement period adjustment, goodwill		$ 0

INTANGIBLE ASSETS - Intangible

INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Definite-lived intangible assets
Gross value of definite-lived intangible assets	$ 115,216	$ 90,582
Accumulated amortization	(51,069)	(48,092)
Net definite-lived intangible assets	64,147	42,490
Indefinite-lived intangible assets
Total intangible assets, net	65,452	43,795	$ 22,209	$ 23,908
Trademarks and trade names
Indefinite-lived intangible assets
Trademarks and trade names	1,305	1,305
Customer relationships
Definite-lived intangible assets
Gross value of definite-lived intangible assets	67,332	46,903
Accumulated amortization	(21,820)	(20,800)
Unpatented technology
Definite-lived intangible assets
Gross value of definite-lived intangible assets	18,591	15,410
Accumulated amortization	(8,729)	(8,313)
Patented technology
Definite-lived intangible assets
Gross value of definite-lived intangible assets	3,682	3,103
Accumulated amortization	(2,769)	(2,729)
Tradename
Definite-lived intangible assets
Gross value of definite-lived intangible assets	13,383	12,747
Accumulated amortization	(5,595)	(5,425)
Acquired backlog
Definite-lived intangible assets
Gross value of definite-lived intangible assets	3,100	3,100
Accumulated amortization	(3,100)	(1,620)
All other
Definite-lived intangible assets
Gross value of definite-lived intangible assets	9,128	9,319
Accumulated amortization	$ (9,056)	$ (9,205)

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Changes in Carrying Amount of Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Intangible Assets [Roll Forward]
Balance at beginning of period	$ 43,795,000	$ 23,908,000
Business acquisitions and adjustments	25,092,000	0
Amortization expense	(2,978,000)	(856,000)
Currency translation adjustments	(457,000)	(843,000)
Balance at end of the period	65,452,000	$ 22,209,000
Goodwill impairment	$ 0

INTANGIBLE ASSETS - Estimated F

INTANGIBLE ASSETS - Estimated Future Intangible Asset Amortization (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Year ending December 31, 2022	$ 5,990
Year ending December 31, 2023	7,986
Year ending December 31, 2024	7,906
Year ending December 31, 2025	7,089
Year ending December 31, 2026	5,890
Year ending December 31, 2027	5,229
Thereafter	$ 24,057

ACCRUED WARRANTY EXPENSE (Detai

ACCRUED WARRANTY EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Extended Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 12,925	$ 25,399
Additions	1,300	1,475
Expirations and other changes	(1,467)	(1,318)
Payments	(193)	(5,943)
Translation and other	(692)	(76)
Balance at end of period	11,873	$ 19,537
Fosler Construction
Movement in Extended Product Warranty Accrual [Roll Forward]
Additions	$ 400

RESTRUCTURING ACTIVITIES - Summ

RESTRUCTURING ACTIVITIES - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring activities	$ 94	$ 993
Cumulative costs to date	45,277
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring activities	(169)	500
Cumulative costs to date	37,083
Other
Restructuring Cost and Reserve [Line Items]
Restructuring activities	263	493
Cumulative costs to date	8,194
Operating Segments | B&W Renewable segment
Restructuring Cost and Reserve [Line Items]
Restructuring activities	(193)	509
Operating Segments | B&W Renewable segment | Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring activities	(229)	453
Operating Segments | B&W Renewable segment | Other
Restructuring Cost and Reserve [Line Items]
Restructuring activities	36	56
Operating Segments | B&W Environmental segment
Restructuring Cost and Reserve [Line Items]
Restructuring activities	69	89
Operating Segments | B&W Environmental segment | Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring activities	10	35
Operating Segments | B&W Environmental segment | Other
Restructuring Cost and Reserve [Line Items]
Restructuring activities	59	54
Operating Segments | B&W Thermal segment
Restructuring Cost and Reserve [Line Items]
Restructuring activities	198	348
Operating Segments | B&W Thermal segment | Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring activities	50	12
Operating Segments | B&W Thermal segment | Other
Restructuring Cost and Reserve [Line Items]
Restructuring activities	148	336
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring activities	20	47
Corporate | Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring activities	0	0
Corporate | Other
Restructuring Cost and Reserve [Line Items]
Restructuring activities	$ 20	$ 47

RESTRUCTURING ACTIVITIES - Rest

RESTRUCTURING ACTIVITIES - Restructuring Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 6,561	$ 8,146
Restructuring expense	94	993
Payments	(749)	(1,117)
Balance at end of period	$ 5,906	$ 8,022

PENSION PLANS AND OTHER POSTR_3

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 6,664	$ 5,671
Expected return on plan assets	(14,366)	(15,009)
Amortization of prior service cost (credit)	28	28
Benefit plans, net	(7,674)	(9,310)
Service cost included in COS	201	217
Net periodic benefit cost (benefit)	(7,473)	(9,093)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	49	39
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	173	173
Benefit plans, net	222	212
Service cost included in COS	5	6
Net periodic benefit cost (benefit)	$ 227	$ 218

PENSION PLANS AND OTHER POSTR_4

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Pension and other postretirement benefit plans	$ 0.4	$ 24

DEBT - Senior notes (Details)

DEBT - Senior notes (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 30, 2021	Dec. 28, 2021	Feb. 12, 2021
Debt Instrument [Line Items]
Issuance of senior notes	$ 2,016,000	$ 125,000,000
B. Riley Financial, Inc. | Senior notes
Debt Instrument [Line Items]
Debt face amount						$ 35,000,000
8.125% Senior Notes due 2026 | Senior notes
Debt Instrument [Line Items]
Issuance of senior notes	2,000,000		$ 151,200,000
Debt interest rate per annum						8.125%
Proceeds from issuance of debt, net			146,600,000
Aggregate principal amount of Senior Notes sold	$ 2,000,000
8.125% Senior Notes due 2026 | B. Riley Securities, Inc. | Senior notes
Debt Instrument [Line Items]
Debt face amount		$ 150,000,000
6.50% Senior Notes | Senior notes
Debt Instrument [Line Items]
Issuance of senior notes			$ 151,400,000
Debt interest rate per annum			6.50%	6.50%	6.50%
Proceeds from issuance of debt, net			$ 145,800,000
Debt face amount					$ 11,400,000

DEBT - Components of The Senior

DEBT - Components of The Senior Notes (Details) - Senior notes $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Senior notes due 2026	$ 339,640
Unamortized deferred financing costs	(11,340)
Unamortized premium	570
Net debt balance	328,870
8.125% Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes due 2026	188,200
Unamortized deferred financing costs	(5,043)
Unamortized premium	570
Net debt balance	183,727
6.50% Senior Notes
Debt Instrument [Line Items]
Senior notes due 2026	151,440
Unamortized deferred financing costs	(6,297)
Unamortized premium	0
Net debt balance	$ 145,143

DEBT - Revolving Debt (Details)

DEBT - Revolving Debt (Details)	3 Months Ended
	Mar. 31, 2022USD ($)	Jun. 30, 2021USD ($)
Subsidiaries
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 3,500,000
Borrowings under credit facilities	$ 1,700,000
Fixed rate per annum	5.00%
Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 110,000,000
Administrative fees, percentage	0.75%
Fronting fees, percentage	0.25%
Commitment fee percentage	3.00%
Letter of credit fronting fees, percentage	0.25%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit amount	$ 0
Commitment fee, percentage	0.375%
Revolving credit facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Prior A&R Credit Agreement
Debt Instrument [Line Items]
Quarterly fixed charge coverage test ratio (no less than)	1
Maximum senior leverage ratio	2.50
Non-guarantor cash repatriation covenant	$ 35,000,000
Minimum liquidity covenant	30,000,000
Annual cap maintenance capital expenditures	7,500,000
Prior A&R Credit Agreement | Financial letters of credit
Debt Instrument [Line Items]
Letters of credit outstanding amount	16,200,000
Prior A&R Credit Agreement | Performance letters of credit
Debt Instrument [Line Items]
Letters of credit outstanding amount	$ 90,800,000
Reimbursement agreement | First year after closing
Debt Instrument [Line Items]
Prepayment fees, percentage	2.25%
Reimbursement agreement | Second year after closing
Debt Instrument [Line Items]
Prepayment fees, percentage	2.00%
Reimbursement agreement | Third year after closing
Debt Instrument [Line Items]
Prepayment fees, percentage	1.25%
Reimbursement agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	6.50%
Reimbursement agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	7.50%
B. Riley Financial, Inc. | Reimbursement agreement
Debt Instrument [Line Items]
Annual fees agreed for guaranty		$ 900,000

DEBT - Letters of Credit, Bank

DEBT - Letters of Credit, Bank Guarantees and Surety Bonds (Details) $ in Millions	Mar. 31, 2022USD ($)
Surety Bond
Debt Instrument [Line Items]
Letters of credit outstanding amount	$ 9.2
Guarantor obligations	221.5
Letters of Credit, and Bank Guarantees
Debt Instrument [Line Items]
Line of credit amount	48.3
Letters of credit outstanding amount	34.8
Letters of credit outstanding amount subject to foreign currency revaluation	$ 52

DEBT - Other Indebtedness - Loa

DEBT - Other Indebtedness - Loans Payable (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)loan
Debt Instrument [Line Items]
Unsecured interest free loans	$ 3.3
Unsecured Debt
Debt Instrument [Line Items]
Number of debt instrument | loan	3
Fosler Construction | Loans Payable
Debt Instrument [Line Items]
Number of debt instrument | loan	2
Long-term debt	$ 8.9
Fixed rate per annum	6.00%
Loan payable in April 2022
Debt Instrument [Line Items]
Unsecured interest free loans	$ 0.8
Loans payable in May 2022
Debt Instrument [Line Items]
Unsecured interest free loans	1.6
Loan payable in May 2023
Debt Instrument [Line Items]
Unsecured interest free loans	0.9
Vehicle and Equipment Loans | Fosler Construction | Loans Payable
Debt Instrument [Line Items]
Long-term debt	$ 0.6

PREFERRED STOCK (Details)

PREFERRED STOCK (Details) - USD ($)	Jun. 01, 2021	May 26, 2021	Feb. 12, 2021	May 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Jul. 07, 2021
Debt Instrument [Line Items]
Sale of stock, number of shares issued (in shares)			29,487,180
Preferred stock, par value (in dollars per share)					$ 0.01	$ 0.01
Dividends paid					$ 3,700,000
Sale of stock, consideration received			$ 163,000,000
B. Riley Securities, Inc.
Debt Instrument [Line Items]
Stock sale agreement, aggregate amount offered (up to)							$ 76,000,000
Last Out Term Loan Tranche A-3 | B. Riley Financial, Inc.
Debt Instrument [Line Items]
Payment to related party in exchange for debt prepayment	$ 400,000
Cash paid for accrued interest	900,000
Debt prepayment amount	$ 73,300,000
7.75% Series A Cumulative Perpetual Preferred Stock
Debt Instrument [Line Items]
Preferred stock, dividend rate				7.75%
Sale of stock, number of shares issued (in shares)		444,700		4,444,700
Price per share (In dollars per share)				$ 25
Proceeds from sale of preferred stock				$ 106,400,000		$ 7,700,000
Preferred stock, par value (in dollars per share)				$ 0.01
Liquidation preference (in dollars per share)				25
Preferred stock, equivalent dividend per year (in dollars per share)				$ 1.9375
Cumulative undeclared dividends of the preferred stock					$ 0
Sale of stock, consideration received						$ 7,700,000
7.75% Series A Cumulative Perpetual Preferred Stock | B. Riley Financial, Inc.
Debt Instrument [Line Items]
Sale of stock, number of shares issued (in shares)	2,916,880
Price per share (In dollars per share)	$ 25

COMMON STOCK (Details)

COMMON STOCK (Details) $ in Millions	Feb. 12, 2021USD ($)shares
Equity [Abstract]
Sale of stock, number of shares issued (in shares) | shares	29,487,180
Sale of stock, consideration received | $	$ 163

INTEREST EXPENSE AND SUPPLEME_3

INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION - Summary of Interest Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Interest expense on borrowings	$ 6,216	$ 6,662
Interest expense associated with amortization (accretion) of debt instruments	1,703	5,868
Lease liabilities	708	616
Other interest expense	2,640	1,077
Finance lease interest expense and other	3,348	1,693
Total interest expense	11,267	14,223
Senior notes
Debt Instrument [Line Items]
Interest expense on borrowings	6,216	1,733
Interest expense associated with amortization (accretion) of debt instruments	643	1,468
Last Out Term Loans - cash interest
Debt Instrument [Line Items]
Interest expense on borrowings	0	3,513
U.S. Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on borrowings	0	1,416
Interest expense associated with amortization (accretion) of debt instruments	0	4,400
Revolving Credit Agreement
Debt Instrument [Line Items]
Interest expense associated with amortization (accretion) of debt instruments	$ 1,060	$ 0

INTEREST EXPENSE AND SUPPLEME_4

INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Cash and Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Feb. 01, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		$ 108,137	$ 224,874	$ 53,833
Restricted cash and cash equivalents		8,833	1,841	4,613
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows		116,970	226,715	58,446	$ 67,423
Fossil Power Systems
Cash and Cash Equivalents [Line Items]
Business combination, consideration transferred	$ 59,100
Held by foreign entities
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		35,870	42,070	25,169
Held by U.S. entities
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		72,267	182,804	28,664
Reinsurance reserve requirements
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents		584	443	2,053
Bank guarantee collateral
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents		492	997	2,560
Letters of credit collateral
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents		1,858	401	0
Hold-back for acquisition purchase price (1)
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents		$ 5,899	$ 0	$ 0

INTEREST EXPENSE AND SUPPLEME_5

INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 30, 2021	Dec. 28, 2021	Feb. 12, 2021
Debt Instrument [Line Items]
Income tax payments, net	$ 471	$ 1,499
Total cash paid for interest	6,709	9,539
U.S. Revolving Credit Facility
Debt Instrument [Line Items]
Total cash paid for interest	0	5,979
Interest payments on our Last Out Term Loans
Debt Instrument [Line Items]
Total cash paid for interest	0	3,560
8.125% Senior Notes due 2026 | Senior notes
Debt Instrument [Line Items]
Fixed rate per annum						8.125%
Total cash paid for interest	3,783	0
6.50% Senior Notes due 2026 | Senior notes
Debt Instrument [Line Items]
Fixed rate per annum			6.50%	6.50%	6.50%
Total cash paid for interest	$ 2,926	$ 0

PROVISION FOR INCOME TAXES (Det

PROVISION FOR INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Tax Credit Carryforward [Line Items]
Income tax expense	$ 1,230	$ 2,836
Effective tax rate	(16.50%)	(22.50%)
Unfavorable discrete items	$ 400	$ 2,500
Minimum | Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Effective tax rate	19.00%
Maximum | Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Effective tax rate	30.00%

CONTINGENCIES (Details)

CONTINGENCIES (Details) - USD ($) $ in Thousands	Jan. 11, 2021	Dec. 14, 2020	Dec. 27, 2019	Mar. 31, 2022	Mar. 31, 2021
Loss Contingencies [Line Items]
Loss contingency, damages sought, contractual cap		$ 11,700
Revenues				$ 204,049	$ 168,248
Affiliated Entity | Wholly-Owned Italian Subsidiary | Russian Invasion Of Ukraine
Loss Contingencies [Line Items]
Revenues				$ 3,100
Pending Litigation
Loss Contingencies [Line Items]
Alleged damages	$ 2,900		$ 58,900

COMPREHENSIVE INCOME - Accumula

COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 58,622	$ (338,262)
Other comprehensive loss before reclassifications	(4,285)	(70)
Reclassified from AOCI to net (loss) income	593	(4,314)
Other comprehensive loss	(3,692)	(4,384)
Ending balance	43,942	(195,444)
Accumulated Other Comprehensive (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(58,822)	(52,390)
Ending balance	(62,514)	(56,774)
Currency translation loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(55,499)	(47,575)
Other comprehensive loss before reclassifications	(4,285)	(70)
Reclassified from AOCI to net (loss) income	0	(4,512)
Other comprehensive loss	(4,285)	(4,582)
Ending balance	(59,784)	(52,157)
Net unrecognized loss related to benefit plans (net of tax)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,323)	(4,815)
Other comprehensive loss before reclassifications	0	0
Reclassified from AOCI to net (loss) income	593	198
Other comprehensive loss	593	198
Ending balance	$ (2,730)	$ (4,617)

COMPREHENSIVE INCOME - Reclassi

COMPREHENSIVE INCOME - Reclassification out of Accumulated other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of business	$ 0	$ 358
Benefit plans, net	7,452	9,098
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net (loss) income	(593)	4,314
Reclassification out of Accumulated Other Comprehensive Income | Release of currency translation adjustment with the sale of business
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of business	0	4,512
Reclassification out of Accumulated Other Comprehensive Income | Pension and post retirement adjustments, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Benefit plans, net	$ (593)	$ (198)

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Available-for-Sale Securities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	$ 11,824	$ 12,208
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	11,151	11,494
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	673	714
Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	8,218	9,477
Corporate notes and bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	8,218	9,477
Corporate notes and bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	0	0
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	673	714
Mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	0	0
Mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	673	714
United States Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	2,933	2,017
United States Government and agency securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	2,933	2,017
United States Government and agency securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of available-for-sale securities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Mar. 31, 2022
Fosler Construction
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, value, high, low	$ 0
Contingent consideration, value, high	$ 10
Contingent earn-out liability		$ 9.6
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities contractual maturities		0 years
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities contractual maturities		5 years

FAIR VALUE MEASUREMENTS - Senio

FAIR VALUE MEASUREMENTS - Senior Notes (Details) - Senior notes - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 30, 2021	Dec. 28, 2021	Feb. 12, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 339,640
8.125% Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate per annum					8.125%
Carrying Value	188,200
Estimated Fair Value	197,759
6.50% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate per annum		6.50%	6.50%	6.50%
Carrying Value	151,440
Estimated Fair Value	$ 144,353

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) € in Millions

Mar. 31, 2022USD ($)

Dec. 30, 2021USD ($)

Dec. 17, 2021USD ($)

Dec. 17, 2021EUR (€)

Dec. 13, 2021USD ($)

Jun. 01, 2021USD ($)shares

May 26, 2021USD ($)shares

May 07, 2021USD ($)

Feb. 12, 2021USD ($)shares

Nov. 19, 2018USD ($)

May 31, 2021shares

Mar. 31, 2022USD ($)

Mar. 31, 2021USD ($)

Mar. 31, 2022USD ($)

Dec. 31, 2021

Dec. 28, 2021USD ($)

Jul. 07, 2021USD ($)

Jun. 30, 2021USD ($)

Related Party Transaction [Line Items]

Payment of debt issuance costs

$ 119,000

$ 7,727,000

Sale of stock, number of shares issued (in shares) | shares

29,487,180

Last Out Term Loan Tranche A | Senior notes

Related Party Transaction [Line Items]

Debt instrument, allowed prepayment, amount

$ 35,000,000

8.125% Senior Notes due 2026 | Senior notes

Related Party Transaction [Line Items]

Debt interest rate per annum

8.125%

6.50% Senior Notes | Senior notes

Related Party Transaction [Line Items]

Debt interest rate per annum

6.50%

6.50%

6.50%

Debt face amount

$ 11,400,000

Underwriting fees and other transaction cost related to overallotment

$ 500,000

7.75% Series A Cumulative Perpetual Preferred Stock

Related Party Transaction [Line Items]

Preferred stock, dividend rate

7.75%

Sale of stock, number of shares issued (in shares) | shares

444,700

4,444,700

BPRI Executive Consulting, LLC | Financial advisory services

Related Party Transaction [Line Items]

Related party transaction, period with written notice to terminate agreement

30 days

Related party transaction monthly payments

$ 750,000

B. Riley Financial, Inc.

Related Party Transaction [Line Items]

Total fees

200,000

200,000

Performance bond amount | €

€ 30

Indemnity rider fee

$ 1,700,000

Indemnity rider fee, percentage of bonded obligation

5.00%

5.00%

B. Riley Financial, Inc. | Reimbursement agreement

Related Party Transaction [Line Items]

Annual fees agreed for guaranty

$ 900,000

B. Riley Financial, Inc. | Senior notes

Related Party Transaction [Line Items]

Debt face amount

$ 35,000,000

B. Riley Financial, Inc. | Last Out Term Loan Tranche A-3

Related Party Transaction [Line Items]

Payment to related party in exchange for debt prepayment

$ 400,000

Cash paid for accrued interest

900,000

Debt prepayment amount

$ 73,300,000

B. Riley Financial, Inc. | 7.75% Series A Cumulative Perpetual Preferred Stock

Related Party Transaction [Line Items]

Sale of stock, number of shares issued (in shares) | shares

2,916,880

B. Riley Securities, Inc.

Related Party Transaction [Line Items]

Payments of stock issuance costs

$ 200,000

9,500,000

Stock sale agreement, aggregate amount offered (up to)

$ 76,000,000

B. Riley Securities, Inc. | Senior notes

Related Party Transaction [Line Items]

Payment of debt issuance costs

$ 5,200,000

B. Riley Securities, Inc. | 8.125% Senior Notes due 2026 | Senior notes

Related Party Transaction [Line Items]

Payment of debt issuance costs

$ 100,000

$ 600,000

Debt face amount

$ 150,000,000

B. Riley Securities, Inc. | 6.50% Senior Notes | Senior notes

Related Party Transaction [Line Items]

Payment of debt issuance costs

$ 5,500,000

B. Riley Securities, Inc. | 7.75% Series A Cumulative Perpetual Preferred Stock

Related Party Transaction [Line Items]

Payment of debt issuance costs

$ 400,000

$ 4,300,000

Babcock & Wilcox Enterprises, Inc. | B. Riley Capital Management, LLC

Related Party Transaction [Line Items]

Ownership percent of common stock

30.30%

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ in Thousands	Feb. 28, 2022USD ($)	Feb. 01, 2022USD ($)	Nov. 30, 2021USD ($)	Sep. 30, 2021USD ($)project	Aug. 13, 2021USD ($)	Mar. 15, 2021USD ($)	Mar. 08, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Mar. 05, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of certain fixed assets, gross					$ 18,900	$ 4,000
Proceeds from sale of certain fixed assets, net					15,800	3,300
Gain on sale of fixed assets					$ 13,900	$ 1,900		$ 0	$ 358
Proceeds from sale of business and assets, net								0	3,297
Loss on sale of business								$ 0	$ (358)
Disposal Group, Disposed of by Sale | Diamond Power Machine (Hubei) Co., Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from divestitures											$ 2,800
Proceeds from sale of business and assets, net							$ 2,000
Favorable contract asset recognized							$ 800
Loss on sale of business										$ 1,800
CTA related to business disposal										$ 4,500
Fosler Construction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of community solar projects | project				2
Fosler Construction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage acquired				60.00%						60.00%
Business combination, consideration transferred				$ 36,000
Payments to acquire businesses				27,200
Business combination, contingent consideration, fair value				8,800
Contingent consideration, value, high, low				0
Contingent consideration, value, high				$ 10,000
VODA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage acquired			100.00%
Business combination, consideration transferred			$ 32,900
Fossil Power Systems
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage acquired		100.00%
Business combination, consideration transferred		$ 59,100
Business combination, consideration hold-back amount		$ 5,900
Business combination, consideration hold-back period		12 months
Optimus Industries
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage acquired	100.00%
Business combination, consideration transferred	$ 19,000

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Purchase Price Allocation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2022	Feb. 28, 2022	Feb. 01, 2022	Dec. 31, 2021	Nov. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 174,371	$ 174,371	$ 174,371	$ 174,371			$ 116,462
Fosler Construction
Business Acquisition [Line Items]
Accounts receivable	2,025	2,025	2,025	2,025					$ 1,904
Contracts in progress	10,796	10,796	10,796	10,796					1,363
Other current assets	833	833	833	833					1,137
Property, plant and equipment	1,667	1,667	1,667	1,667					9,527
Goodwill	63,142	63,142	63,142	63,142					43,230
Other assets	12,897	12,897	12,897	12,897					17,497
Right of use assets	1,093	1,093	1,093	1,093					1,093
Debt	(7,625)	(7,625)	(7,625)	(7,625)					(7,625)
Current liabilities	(20,902)	(20,902)	(20,902)	(20,902)					(5,073)
Advance billings on contracts	(1,319)	(1,319)	(1,319)	(1,319)					(1,557)
Non-current lease liabilities	(1,730)	(1,730)	(1,730)	(1,730)					(1,730)
Other non-current liabilities	(894)	(894)	(894)	(894)					(4,112)
Non-controlling interest	(23,996)	(23,996)	(23,996)	(23,996)					(22,262)
Net acquisition cost	35,987	35,987	35,987	35,987					$ 33,392
Measurement period adjustment, accounts receivable				121
Measurement period adjustment, contracts in progress				9,433
Measurement period adjustment, other current assets				(304)
Measurement period adjustment, property, plant, and equipment				(7,860)
Measurement period adjustment, goodwill	14,900	11,163		19,912
Measurement period adjustment, other noncurrent assets				(4,600)
Measurement period adjustment, current liabilities				(15,829)
Measurement period adjustment, Adjustment, advance billings on contracts				238
Measurement period adjustment, noncurrent liabilities, other				3,218
Measurement period adjustment, non-controlling interest				(1,734)
Measurement period adjustment, net acquisition cost				2,595
Business acquisition, percentage acquired							60.00%		60.00%
Measurement period adjustment, goodwill and current liabilities change	14,500			14,500
VODA
Business Acquisition [Line Items]
Cash	4,737	4,737	4,737	4,737				$ 4,737
Accounts receivable	5,654	5,654	5,654	5,654				5,654
Contracts in progress	258	258	258	258				258
Other current assets	825	825	825	825				825
Property, plant and equipment	253	253	253	253				253
Goodwill	17,115	17,115	17,115	17,115				17,176
Other assets	14,321	14,321	14,321	14,321				14,321
Right of use assets	433	433	433	433				433
Current liabilities	(5,181)	(5,181)	(5,181)	(5,181)				(5,181)
Advance billings on contracts	(2,036)	(2,036)	(2,036)	(2,036)				(2,036)
Non-current lease liabilities	(302)	(302)	(302)	(302)				(302)
Other non-current liabilities	(3,264)	(3,264)	(3,264)	(3,264)				(3,264)
Net acquisition cost	32,813	32,813	32,813	32,813				$ 32,874
Measurement period adjustment, goodwill		(61)	(61)
Measurement period adjustment, net acquisition cost			(61)
Business acquisition, percentage acquired								100.00%
Fossil Power Systems
Business Acquisition [Line Items]
Cash	1,869	1,869	1,869	1,869
Accounts receivable	2,624	2,624	2,624	2,624
Contracts in progress	370	370	370	370
Other current assets	3,228	3,228	3,228	3,228
Property, plant and equipment	178	178	178	178
Goodwill	35,392	35,392	35,392	35,392
Other assets	25,092	25,092	25,092	25,092
Right of use assets	1,115	1,115	1,115	1,115
Current liabilities	(1,792)	(1,792)	(1,792)	(1,792)
Advance billings on contracts	(645)	(645)	(645)	(645)
Non-current lease liabilities	(989)	(989)	(989)	(989)
Other non-current liabilities	(7,384)	(7,384)	(7,384)	(7,384)
Net acquisition cost	59,058	59,058	59,058	59,058
Business acquisition, percentage acquired						100.00%
Optimus Industries
Business Acquisition [Line Items]
Cash	5,338	5,338	5,338	5,338
Accounts receivable	5,165	5,165	5,165	5,165
Contracts in progress	2,598	2,598	2,598	2,598
Other current assets	2,115	2,115	2,115	2,115
Property, plant and equipment	2,441	2,441	2,441	2,441
Goodwill	11,081	11,081	11,081	11,081
Other assets	12	12	12	12
Right of use assets	94	94	94	94
Current liabilities	(4,240)	(4,240)	(4,240)	(4,240)
Advance billings on contracts	(3,779)	(3,779)	(3,779)	(3,779)
Non-current lease liabilities	(2)	(2)	(2)	(2)
Other non-current liabilities	(1,858)	(1,858)	(1,858)	(1,858)
Net acquisition cost	$ 18,965	$ 18,965	$ 18,965	$ 18,965
Business acquisition, percentage acquired					100.00%

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Feb. 01, 2022	Nov. 30, 2021	Sep. 30, 2021
Fosler Construction
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value			$ 12,500
VODA
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value		$ 14,083
Fossil Power Systems
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value	$ 25,092
Customer relationships | Fosler Construction
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value			$ 9,400
Weighted average estimated useful life (in years)			12 years
Customer relationships | VODA
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value		$ 13,855
Weighted average estimated useful life (in years)		11 years
Customer relationships | Fossil Power Systems
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value	$ 20,451
Weighted average estimated useful life (in years)	9 years
Tradename | VODA
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value		$ 228
Weighted average estimated useful life (in years)		3 years
Tradename | Fossil Power Systems
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value	$ 787
Weighted average estimated useful life (in years)	14 years
Backlog | Fosler Construction
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value			$ 3,100
Weighted average estimated useful life (in years)			5 months
Patented Technology | Fossil Power Systems
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value	$ 578
Weighted average estimated useful life (in years)	12 years
Unpatented technology | Fossil Power Systems
Business Acquisition [Line Items]
Estimated Acquisition Date Fair Value	$ 3,276
Weighted average estimated useful life (in years)	12 years

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Schedule of component our operating expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Acquisition pursuit and related costs	$ 843	$ 0
Operating Expense
Business Acquisition [Line Items]
Acquisition pursuit and related costs	435
Fosler Construction | Operating Expense
Business Acquisition [Line Items]
Acquisition pursuit and related costs	195
VODA | Operating Expense
Business Acquisition [Line Items]
Acquisition pursuit and related costs	140
Fossil Power Systems | Operating Expense
Business Acquisition [Line Items]
Acquisition pursuit and related costs	31
Optimus Industries | Operating Expense
Business Acquisition [Line Items]
Acquisition pursuit and related costs	$ 69