Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 91,012,045 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001630805 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock, $0.01 par value | ||
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, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 207,556 | $ 241,258 |
Costs and expenses: | ||
Cost of operations | 159,075 | 189,329 |
Selling, general and administrative expenses | 41,438 | 48,014 |
Restructuring activities | 1,580 | 384 |
Research and development costs | 1,081 | 1,308 |
Loss on asset disposals, net | 53 | 937 |
Total costs and expenses | 203,227 | 239,972 |
Operating income | 4,329 | 1,286 |
Other (expense) income: | ||
Interest expense | (12,834) | (12,656) |
Interest income | 307 | 113 |
Loss on debt extinguishment | (5,071) | 0 |
Benefit plans, net | 96 | (109) |
Foreign exchange | (1,333) | (461) |
Other expense – net | 0 | (369) |
Total other expense, net | (18,835) | (13,482) |
Loss before income tax expense | (14,506) | (12,196) |
Income tax expense | 1,293 | 490 |
Loss from continuing operations | (15,799) | (12,686) |
(Loss) income from discontinued operations, net of tax | (992) | 211 |
Net loss | (16,791) | (12,475) |
Net income attributable to non-controlling interest | (42) | (21) |
Net loss attributable to stockholders | (16,833) | (12,496) |
Less: Dividend on Series A preferred stock | 3,714 | 3,715 |
Net (loss) income attributable to stockholders of common stock, basic | (20,547) | (16,211) |
Net (loss) income attributable to stockholders of common stock, diluted | $ (20,547) | $ (16,211) |
Continuing operations, basic (in dollars per share) | $ (0.22) | $ (0.18) |
Continuing operations, dilute (in dollars per share) | (0.22) | (0.18) |
Discontinued operations, basic (in dollars per share) | (0.01) | 0 |
Discontinued operations, diluted (in dollars per share) | (0.01) | 0 |
Basic loss per share (in dollars per share) | (0.23) | (0.18) |
Diluted loss per share (in dollars per share) | $ (0.23) | $ (0.18) |
Basic shares used in the computation of loss per share (in shares) | 89,479 | 88,733 |
Diluted shares used in the computation of loss per share (in shares) | 89,479 | 88,733 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (16,791) | $ (12,475) |
Other comprehensive (loss) income: | ||
Currency translation adjustments ("CTA") | (3,125) | 4,592 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||
Pension and post retirement adjustments, net of tax | 231 | 223 |
Other comprehensive (loss) income | (2,894) | 4,815 |
Total comprehensive loss | (19,685) | (7,660) |
Comprehensive (income) loss attributable to non-controlling interest | (67) | 14 |
Comprehensive loss attributable to stockholders | $ (19,752) | $ (7,646) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 43,881 | $ 65,304 |
Current restricted cash and cash equivalents | 16,935 | 5,737 |
Accounts receivable – trade, net | 124,398 | 144,016 |
Accounts receivable – other | 29,930 | 36,179 |
Contracts in progress | 107,431 | 90,054 |
Inventories, net | 112,407 | 113,890 |
Other current assets | 22,975 | 23,918 |
Current assets held for sale | 24,266 | 18,495 |
Total current assets | 482,223 | 497,593 |
Net property, plant and equipment and finance leases | 78,514 | 78,369 |
Goodwill | 100,655 | 101,956 |
Intangible assets, net | 42,816 | 45,627 |
Right-of-use assets | 28,641 | 28,192 |
Long-term restricted cash | 41,636 | 297 |
Deferred tax assets | 2,094 | 2,105 |
Other assets | 18,944 | 21,559 |
Total assets | 795,523 | 775,698 |
Accounts payable | 129,535 | 127,491 |
Accrued employee benefits | 11,246 | 10,797 |
Advance billings on contracts | 74,861 | 81,098 |
Accrued warranty expense | 7,160 | 7,634 |
Financing lease liabilities | 1,400 | 1,367 |
Operating lease liabilities | 3,804 | 3,932 |
Other accrued liabilities | 65,268 | 68,090 |
Loans payable | 4,473 | 6,174 |
Current liabilities held for sale | 35,179 | 43,614 |
Total current liabilities | 332,926 | 350,197 |
Senior notes | 338,388 | 337,869 |
Loans payable, net of current portion | 98,727 | 35,442 |
Pension and other postretirement benefit liabilities | 172,174 | 172,911 |
Finance lease liabilities, net of current portion | 25,839 | 26,206 |
Operating lease liabilities, net of current portion | 25,990 | 25,350 |
Deferred tax liability | 12,991 | 12,991 |
Other non-current liabilities | 10,955 | 15,082 |
Total liabilities | 1,017,990 | 976,048 |
Stockholders' deficit: | ||
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at March 31, 2024 and December 31, 2023 | 77 | 77 |
Common stock, par value $0.01 per share, authorized shares of 500,000; outstanding shares of 89,480 and 89,449 at March 31, 2024 and December 31, 2023, respectively | 5,149 | 5,148 |
Capital in excess of par value | $ 1,547,671 | $ 1,546,281 |
Treasury stock, at cost (in shares) | 2,139,000 | 2,139,000 |
Treasury stock at cost, 2,139 shares at March 31, 2024 and December 31, 2023 | $ (115,164) | $ (115,164) |
Accumulated deficit | (1,591,489) | (1,570,942) |
Accumulated other comprehensive loss | (69,255) | (66,361) |
Stockholders' deficit attributable to shareholders | (223,011) | (200,961) |
Non-controlling interest | 544 | 611 |
Total stockholders' deficit | (222,467) | (200,350) |
Total liabilities and stockholders' deficit | $ 795,523 | $ 775,698 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 89,480,000 | 89,449,000 |
Common stock, outstanding (in shares) | 89,480,000 | 89,449,000 |
Treasury stock, at cost (in shares) | 2,139,000 | 2,139,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' 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 of common stock (in shares) at Dec. 31, 2022 | 88,700,000 | |||||||
Beginning balance at Dec. 31, 2022 | $ (2,089) | $ 5,138 | $ 77 | $ 1,537,625 | $ (113,753) | $ (1,358,875) | $ (72,786) | $ 485 |
Beginning balance of preferred stock (in shares) at Dec. 31, 2022 | 7,669,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (12,475) | (12,496) | 21 | |||||
Currency translation adjustments | 4,557 | 4,592 | (35) | |||||
Pension and post retirement adjustments, net of tax | 223 | 223 | ||||||
Stock-based compensation charges (in shares) | 45,000 | |||||||
Stock-based compensation charges | 3,294 | $ 1 | 3,357 | (64) | ||||
Dividends to preferred shareholders | (3,715) | (3,715) | ||||||
Dividends to non-controlling interest | (1) | (1) | ||||||
Ending balance of common stock (in shares) at Mar. 31, 2023 | 88,745,000 | |||||||
Ending balance at Mar. 31, 2023 | $ (10,206) | $ 5,139 | $ 77 | 1,540,982 | (113,817) | (1,375,086) | (67,971) | 470 |
Ending balance of preferred stock (in shares) at Mar. 31, 2023 | 7,669,000 | |||||||
Beginning balance of common stock (in shares) at Dec. 31, 2023 | 89,449,000 | 89,449,000 | ||||||
Beginning balance at Dec. 31, 2023 | $ (200,350) | $ 5,148 | $ 77 | 1,546,281 | (115,164) | (1,570,942) | (66,361) | 611 |
Beginning balance of preferred stock (in shares) at Dec. 31, 2023 | 7,669,000 | 7,669,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | $ (16,791) | (16,833) | 42 | |||||
Currency translation adjustments | (3,234) | (3,125) | (109) | |||||
Pension and post retirement adjustments, net of tax | 231 | 231 | ||||||
Stock-based compensation charges (in shares) | 31,000 | |||||||
Stock-based compensation charges | 1,391 | $ 1 | 1,390 | |||||
Dividends to preferred shareholders | $ (3,714) | (3,714) | ||||||
Ending balance of common stock (in shares) at Mar. 31, 2024 | 89,480,000 | 89,480,000 | ||||||
Ending balance at Mar. 31, 2024 | $ (222,467) | $ 5,149 | $ 77 | $ 1,547,671 | $ (115,164) | $ (1,591,489) | $ (69,255) | $ 544 |
Ending balance of preferred stock (in shares) at Mar. 31, 2024 | 7,669,000 | 7,669,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Cash flows from operating activities: | |||
Net loss from continuing operations | $ (15,799) | $ (12,686) | |
Net (loss) income from discontinued operations | (992) | 211 | |
Net loss | (16,791) | (12,475) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization of long-lived assets | 4,843 | 5,365 | |
Amortization of deferred financing costs and debt discount | 740 | 1,388 | |
Amortization of guaranty fee | 608 | 231 | |
Non-cash operating lease expense | 1,804 | 566 | |
Loss on debt extinguishment | 5,071 | 0 | |
Loss on asset disposals | 81 | 941 | |
Provision for (benefit from) deferred income taxes | 2,514 | (1,870) | |
Prior service cost amortization for pension and postretirement plans | 231 | 223 | |
Stock-based compensation | 1,391 | 3,357 | |
Foreign exchange | 1,333 | 461 | |
Changes in operating assets and liabilities: | |||
Accounts receivable - trade, net and other | 17,997 | (5,522) | |
Contracts in progress | (21,515) | (29,042) | |
Advance billings on contracts | (6,350) | 3,581 | |
Inventories, net | 3,100 | (7,594) | |
Income taxes | 2,889 | 2,055 | |
Accounts payable | (1,758) | 29,639 | |
Accrued and other current liabilities | (8,351) | 2,682 | |
Accrued contract loss | (2,784) | (665) | |
Pension liabilities, accrued postretirement benefits and employee benefits | 176 | (4,328) | |
Other, net | (167) | (1,874) | |
Net cash used in operating activities: | (14,938) | (12,881) | |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (3,394) | (2,208) | |
Purchases of available-for-sale securities | (1,624) | (2,021) | |
Sales and maturities of available-for-sale securities | 2,147 | 2,072 | |
Other, net | 22 | 0 | |
Net cash used in investing activities | (2,849) | (2,157) | |
Cash flows from financing activities: | |||
Issuance of senior notes | 0 | 8 | |
Borrowings on loan payable | 90,352 | 0 | |
Repayments on loan payable | (28,802) | (1,658) | |
Payment of holdback funds from acquisition | (2,950) | 0 | |
Finance lease payments | (332) | (286) | |
Payment of preferred stock dividends | (3,714) | (3,715) | |
Shares of common stock returned to treasury stock | 0 | (64) | |
Debt issuance costs | (3,146) | (139) | |
Other, net | (111) | 0 | |
Net cash provided by (used in) financing activities | 51,297 | (5,854) | |
Effects of exchange rate changes on cash | (2,427) | (1,500) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 31,083 | (22,392) | |
Cash, cash equivalents and restricted cash at beginning of period | 71,369 | 113,460 | |
Cash, cash equivalents and restricted cash at end of period | [1] | 102,452 | 91,068 |
Schedule of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 43,881 | 62,760 | |
Current restricted cash | 16,935 | 6,911 | |
Long-term restricted cash | 41,636 | 21,397 | |
Total Cash, cash equivalents and restricted cash | [1] | 102,452 | 91,068 |
Supplemental cash flow information: | |||
Income taxes paid, net | 2,318 | 1,551 | |
Interest paid | $ 7,089 | $ 6,382 | |
[1] (1) Includes cash held at discontinued operations of $— million and $0.03 million at March 31, 2024 and 2023, respectively. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Cash Flows [Abstract] | ||
Cash | $ 30 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
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 GAAP and SEC instructions for interim financial information, and should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2023. The Notes to Condensed Consolidated Financial Statements are presented on the basis of continuing operations, unless otherwise stated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these Condensed Consolidated Financial Statements contain all estimates and adjustments, consisting of normal recurring adjustments, required to fairly present the financial position, results of operations, and cash flows for the periods presented. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2024. There have been no material changes to our significant accounting policies included in the Annual Report on Form 10-K for the year ended December 31, 2023. Non-controlling interests are presented in the Condensed Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (non-controlling interests) in partially-owned subsidiaries have similar economic interests in a single entity. As a result, investments in non-controlling interests are reported as equity in the Condensed Consolidated Financial Statements. Additionally, the Condensed Consolidated Financial Statements include 100% of a controlled subsidiary’s earnings, rather than only our share. Transactions between the parent company and non-controlling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control. Liquidity and Going Concern The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We have recurring operating losses primarily due to losses recognized on our B&W Solar business as described in Note 4 to the Consolidated Financial Statements included in Part II, Item 8 of our Form 10-K filed on March 15, 2024 as well as higher debt service costs. Our assessment of our ability to fund future operations is inherently subjective, judgment-based and susceptible to change based on future events. Currently, with existing cash on hand and available liquidity, we are projecting insufficient liquidity to fund operations through one year following the date that this Quarterly Report is issued. These conditions and events raise substantial doubt about our ability to continue as a going concern. In response to the conditions, we are implementing several strategies to obtain the required funding for future operations and are considering other alternative measures to improve cash flow, including suspension of the dividend on our Preferred Stock. The following actions occurred during the three months ended March 31, 2024: • entered into advanced negotiations related to the sale of one of our non-strategic businesses. Proceeds from the sale are expected to be approximately $40.0 million to $46.0 million, subject to due diligence and continuing negotiations. We cannot provide any assurances that such transaction will close or that proceeds will not be more or less than we anticipate; • initiated the process to sell certain of our other non-strategic businesses; • filed for a waiver of required minimum contributions to the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "U.S. Plan"), that if granted, would reduce cash funding requirements in 2024 and would increase contributions annually over the subsequent five-year period. We cannot provide any assurances that such waiver will be granted; • initiated the process to sell several non-core real estate assets; • initiated the sale of common shares pursuant to our At-The-Market Offering; and • negotiated the settlement of a liability to the former owner of B&W Solar at a discount, resulting in future cash savings of $7.2 million. Based on our ability to raise funds through the actions noted above and our Cash and cash equivalents as of March 31, 2024, we have concluded it is probable that such actions would provide sufficient liquidity to fund operations for the next twelve months following the date of this Quarterly Report. As a result, it is probable that our cash flow improvement plans and anticipated proceeds from the sale of non-strategic assets alleviate the substantial doubt about our ability to continue as a going concern. Operations Our operations are assessed based on three reportable market-facing segments consistent with our strategic initiative to accelerate growth and provide stakeholders improved visibility into our renewable and environmental growth platforms. Our reportable segments are as follows: • Babcock & Wilcox Renewable: Technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass-to-energy and black liquor systems for the pulp and paper industry. Our technologies support a circular economy, 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 emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications around the world. Our 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. We have an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others. For financial information about our segments see Note 4 to the Condensed Consolidated Financial Statements. |
LOSS PER SHARE
LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | 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) 2024 2023 Loss from continuing operations $ (15,799) $ (12,686) Net loss attributable to non-controlling interest (42) (21) Less: Dividend on Series A preferred stock 3,714 3,715 Loss from continuing operations attributable to stockholders of common stock (19,555) (16,422) (Loss) income from discontinued operations, net of tax (992) 211 Net loss attributable to stockholders of common stock $ (20,547) $ (16,211) Weighted average shares used to calculate basic and diluted loss per share 89,479 88,733 Basic and diluted loss per share: Continuing operations $ (0.22) $ (0.18) Discontinued operations (0.01) $ — Basic and diluted loss per share $ (0.23) $ (0.18) Basic and diluted weighted average shares are the same because we incurred a net loss in the three months ended March 31, 2024 and 2023 . For the three months ended March 31, 2024 if we had net income, we would have had no additional dilutive shares. If we had net income for the three months ended March 31, 2023 we would have included 0.4 million in diluted shares. We would have excluded 2.4 million and 2.2 million shares related to stock options from the diluted share calculation for the three months ended March 31, 2024 and 2023 , respectively, bec |
ASSETS HELD FOR SALE AND DISCON
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS During the third quarter of 2023, we committed to a plan to sell our B&W Solar business resulting in a significant change that would impact our operations. As of September 30, 2023, we met all of the criteria for the assets and liabilities of this business, formerly part of our B&W Renewable segment, to be accounted for as held for sale. In addition, we also determined that the operations of the B&W Solar business qualified as a discontinued operation, primarily based upon its significance to our current and historic operating losses. We continued to meet the criteria to account for the B&W Solar business as held for sale and discontinued operations as of March 31, 2024. The following table summarizes the operating results of the disposal group included in discontinued operations in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, (in thousands) 2024 2023 Revenues $ 11,373 $ 15,989 Cost of operations 10,366 14,442 Selling general and administrative expenses 1,699 1,468 Restructuring expenses 35 — Total costs and expenses 12,100 15,910 Operating (loss) income (727) 79 Other (expense) income (265) 132 (Loss) income from discontinued operations (992) 211 (Loss) income from discontinued operations, net of tax $ (992) $ 211 The following table provides the major classes of assets and liabilities of the disposal group included in assets held for sale and liabilities held for sale in the Condensed Consolidated Balance Sheets: (in thousands) March 31, 2024 December 31, 2023 Cash $ — $ 31 Contracts in progress 5,957 4,538 Accounts receivable - trade 7,558 3,272 Other assets, net 67 62 Total current assets 13,582 7,903 Net property, plant and equipment and finance leases 2,780 2,683 Intangible assets, net 7,833 7,833 Right-of-use assets 71 76 Total non-current assets 10,684 10,592 Total assets of disposal group $ 24,266 $ 18,495 Loans payable, current $ 489 $ 502 Operating lease liabilities, current 24 23 Accounts payable 20,976 26,298 Accrued employee benefits 284 231 Advance billings on contracts 5,452 5,961 Accrued warranty expense 1,067 1,078 Other current liabilities 4,420 8,101 Total current liabilities 32,712 42,194 Loans payable, net of current portion 1,296 1,308 Other non-current liabilities 1,171 112 Total non-current liabilities 2,467 1,420 Total liabilities of disposal group $ 35,179 $ 43,614 Reported as: Current assets of discontinued operations $ 24,266 $ 18,495 Current liabilities of discontinued operations $ 35,179 $ 43,614 The significant components included in the Condensed Consolidated Statements of Cash Flows for the discontinued operations are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Depreciation and amortization of long-lived assets $ — $ 96 Changes in operating assets and liabilities: Accounts receivable (4,286) (4,515) Contracts in progress (1,419) (3,473) Accounts payable (5,322) 7,452 Purchase of property, plant and equipment (127) (15) Contracts During the three months ended March 31, 2024, seven contracts were terminated, resulting in gross profit of $1.2 million. There were no new loss contracts during the three months ended March 31, 2024. During the three months ended March 31, 2023, one B&W Solar project became a loss contract, and the related loss was immaterial to the condensed consolidated financial statements. Changes in Contract Estimates During the three months ended March 31, 2024 and 2023 B&W Solar recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized below: Three Months Ended March 31, (in thousands) 2024 2023 Increases in gross profit for changes in estimates (1) $ 2,212 $ 824 Decreases in gross profit for changes in estimates (147) (1,510) Net changes in gross profit for changes in estimates $ 2,065 $ (686) (1) Includes the $1.2 million contract termination benefit noted above. Backlog B&W Solar backlog was $72.4 million and $99.0 million at March 31, 2024 and December 31, 2023, respectively. The decrease was primarily driven by contract terminations of $17.0 million and revenue recognized of $11.4 million, partially offset by new bookings during the quarter. We expect to recognize substantially all of the remaining performance obligations as revenue during the year ended December 31, 2024. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING We assess our operations based on three reportable segments as described in Note 1 to the Condensed Consolidated Financial Statements. An analysis of our operations by segment is as follows: Three Months Ended March 31, (in thousands) 2024 2023 Revenues: B&W Renewable segment B&W Renewable $ 29,590 $ 49,132 B&W Renewable Services 18,461 16,310 Vølund 4,230 18,681 52,281 84,123 B&W Environmental segment B&W Environmental 26,708 20,361 SPIG 18,561 16,605 GMAB 3,085 2,474 48,354 39,440 B&W Thermal segment B&W Thermal 110,187 119,236 110,187 119,236 Eliminations (3,266) (1,541) Total Revenues $ 207,556 $ 241,258 At a segment level, the adjusted EBITDA presented below is consistent with the manner in which our 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 arising from the sale of non-income producing assets, net pension benefits, restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs, costs related to financial consulting, research and development costs, product development costs, costs and operating income from contracts being terminated, and other costs that may not be directly controllable by segment management and are not allocated to the segment. The following table is provided to reconcile our segment performance metrics to loss before income tax expense. Three Months Ended March 31, (in thousands) 2024 2023 (1) B&W Renewable segment adjusted EBITDA $ 1,658 $ 4,322 B&W Environmental segment adjusted EBITDA 3,326 1,906 B&W Thermal segment adjusted EBITDA 13,672 13,733 Corporate (6,005) (5,080) R&D expenses (116) (1,307) Interest expense (12,527) (12,543) Depreciation & amortization (4,409) (5,269) Benefit plans, net 96 (109) Loss on sales, net (53) (937) Settlements and related legal costs, net 4,087 2,463 Loss on debt extinguishment (5,071) — Stock compensation (1,350) (3,227) Restructuring expense and business services transition (1,580) (960) Acquisition pursuit and related costs (84) (134) Product development (1,619) (1,370) Foreign exchange (1,333) (461) Financial advisory services (214) — Contract disposal (585) (1,387) Letter of credit fees (2,388) (1,643) Other- net (11) (193) Loss before income tax expense (14,506) (12,196) (1) Certain 2023 amounts have been reclassified in the reconciliation to conform to the 2024 presentation. We do not separately identify or report 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, 2024 | |
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 and related aftermarket services. A performance obligation is a contractual promise to transfer a distinct product or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. Revenue from products and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 22% and 17% of revenue for the three months ended March 31, 2024 and 2023 , respectively. Revenue from products and services transferred to customers over time, which primarily relates to customized, engi neered solutions and construction services, accounted for 78% and 83% of revenue for the three months ended March 31, 2024 and 2023 , re spectively. Refer to Note 4 to the Condensed Consolidated Financial Statements for further disaggregation of revenue. Contract Balances The following represents the components of the Contracts in progress and Advance billings on contracts included in the Condensed Consolidated Balance Sheets: (in thousands) March 31, 2024 December 31, 2023 $ Change % Change Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 47,431 $ 37,556 $ 9,875 26 % Revenues recognized less billings to customers 60,000 52,498 7,502 14 % Contracts in progress $ 107,431 $ 90,054 $ 17,377 19 % Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 68,393 $ 76,032 $ (7,639) (10) % Costs of revenue recognized less cost incurred 6,468 5,066 1,402 28 % Advance billings on contracts $ 74,861 $ 81,098 $ (6,237) (8) % Net contract balance $ 32,570 $ 8,956 $ 23,614 264 % Accrued contract losses $ 363 $ 522 $ (159) (30) % Backlog At March 31, 2024 we had $650.4 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 64%, 17% and 19% of the remaining performance obligations as revenue in 2024, 2025 and thereafter, respectively. Changes in Contract Estimates During each of the three months ended March 31, 2024 and 2023, 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) 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 6,964 $ 5,401 Decreases in gross profit for changes in estimates for over time contracts (3,891) (4,243) Net changes in gross profit for changes in estimates for over time contracts $ 3,073 $ 1,158 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Raw materials and supplies $ 91,394 $ 90,116 Work in progress 4,834 6,604 Finished goods 16,179 17,170 Total inventories $ 112,407 $ 113,890 |
PROPERTY, PLANT & EQUIPMENT & F
PROPERTY, PLANT & EQUIPMENT & FINANCE LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT & EQUIPMENT & FINANCE LEASES | PROPERTY, PLANT & EQUIPMENT & FINANCE LEASES Property, plant and equipment less accumulated depreciation is as follows: (in thousands) March 31, 2024 December 31, 2023 Land $ 2,579 $ 2,608 Buildings 34,577 34,832 Machinery and equipment 152,858 152,700 Property under construction 16,097 13,780 206,111 203,920 Less accumulated depreciation 149,452 147,929 Net property, plant and equipment 56,659 55,991 Finance leases 30,653 30,656 Less finance lease accumulated amortization 8,798 8,278 Net property, plant and equipment, and finance leases $ 78,514 $ 78,369 |
GOODWILL
GOODWILL | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Goodwill represents the excess of the consideration transferred over the fair value of net assets, including identifiable intangible assets, at the acquisition date. Goodwill is assessed for impairment annually on October 1 or more frequently if events or changes in circumstances indicate a potential impairment exists. There were no indicators of goodwill impairment identified for the quarter ended March 31, 2024. The following summarizes the changes in the net carrying amount of goodwill as of March 31, 2024: (in thousands) B&W B&W Environmental B&W Total Balance at December 31, 2023 $ 25,805 $ 5,637 $ 70,514 $ 101,956 Currency translation adjustments (262) (236) (803) (1,301) Balance at March 31, 2024 $ 25,543 $ 5,401 $ 69,711 $ 100,655 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Intangible assets are as follows: (in thousands) March 31, 2024 December 31, 2023 Definite-lived intangible assets Customer relationships $ 58,952 $ 59,543 Unpatented technology 18,258 18,416 Patented technology 3,645 3,677 Tradename 13,479 13,595 All other 9,680 9,763 Gross value of definite-lived intangible assets 104,014 104,994 Customer relationships amortization (31,011) (29,820) Unpatented technology amortization (12,141) (11,764) Patented technology amortization (3,070) (3,030) Tradename amortization (7,044) (6,892) All other amortization (9,462) (9,391) Accumulated amortization (62,728) (60,897) Net definite-lived intangible assets $ 41,286 $ 44,097 Indefinite-lived intangible assets Trademarks and trade names $ 1,530 $ 1,530 Total intangible assets, net $ 42,816 $ 45,627 The following summarizes the changes in the carrying amount of intangible assets, net: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 45,627 $ 51,564 Amortization expense (1,831) (1,839) Currency translation adjustments (980) 554 Balance at end of the period $ 42,816 $ 50,279 Amortization of intangible assets is included in Cost of operations and Selling, general and administrative expenses in the Condensed Consolidated Statement of Operations but is not allocated to segment results. Estimated future intangible asset amortization expense as of March 31, 2024 is as follows: (in thousands) Amortization Expense Year ending December 31, 2024 5,668 Year ending December 31, 2025 6,685 Year ending December 31, 2026 5,530 Year ending December 31, 2027 4,916 Year ending December 31, 2028 4,633 Thereafter 13,854 |
ACCRUED WARRANTY EXPENSE
ACCRUED WARRANTY EXPENSE | 3 Months Ended |
Mar. 31, 2024 | |
Product Warranties Disclosures [Abstract] | |
ACCRUED WARRANTY EXPENSE | ACCRUED WARRANTY EXPENSE We may offer assurance type warranties on products and services sold to customers. Changes in the carrying amount of accrued warranty expense are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 7,634 $ 9,568 Additions 515 1,901 Expirations and other changes (392) (1,358) Payments (460) (253) Translation and other (137) 52 Balance at end of period $ 7,160 $ 9,910 We record estimated expense included in Cost of operations on the Condensed Consolidated Statements of Operations to satisfy contractual warranty requirements when we recognize the associated revenues on the related contracts, or in the case of a loss contract, the full amount of the estimated warranty cost is accrued when the contract becomes a loss contract. In addition, we record specific adjustments when we expect the actual warranty costs to significantly differ from the estimates. Such changes could have a material effect on our financial position, results of operations and cash flows. |
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING ACTIVITIES | RESTRUCTURING ACTIVITIES We incurred restructuring charges (benefits) in each of the three months ended March 31, 2024 and 2023. The charges (benefits) primarily consist of legal fees and costs related to actions taken as part of our ongoing strategic, market-focused organizational and re-branding initiative. The following table summarizes the restructuring activity incurred by segment: Three Months Ended March 31, Three Months Ended March 31, 2024 2023 (in thousands) Total Severance and related costs Other (1) Total Severance and related costs (benefit) Other (1) B&W Renewable $ 834 $ 159 $ 675 $ (89) $ (89) $ — B&W Environmental 185 59 126 20 1 19 B&W Thermal 560 200 360 3 3 — Corporate 1 — 1 450 — 450 $ 1,580 $ 418 $ 1,162 $ 384 $ (85) $ 469 (1) Other amounts consist primarily of facility closure costs and other costs that are not considered as severance. Restructuring liabilities are included in Other accrued liabilities in the Condensed Consolidated Balance Sheets. Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 2,505 $ 1,615 Restructuring expense 1,580 384 Payments and other (1,966) 37 Balance at end of period $ 2,119 $ 2,036 The payments shown above for the three months ended March 31, 2024 and 2023 relate primarily to severance and facility closure costs. Accrued restructuring liabilities at March 31, 2024 and 2023 relate primarily to employee termination benefits. |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Components of net periodic benefit cost (benefit) included in net loss are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2024 2023 2024 2023 Interest cost $ 10,808 $ 11,489 $ 70 $ 92 Expected return on plan assets (11,200) (11,697) — — Amortization of prior service cost 53 52 173 173 Benefit plans, net (1) (339) (156) 243 265 Service cost included in COS (2) 171 144 4 4 Net periodic benefit cost (benefit) $ (168) $ (12) $ 247 $ 269 (1) Benefit plans, net, which is presented separately in the 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 the Condensed Consolidated Statements of Operations and is recorded at the B&W Thermal segment level. There were no MTM adjustments for the pension and other postretirement benefit plans during the three months ended March 31, 2024 and 2023. We made contributions to the pension and other postretirement benefit plans totaling $0.3 million during t he three months ended March 31, 2024 and |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES Senior Notes The components of senior notes outstanding at March 31, 2024 are as follows: Senior Notes (in thousands) 8.125% 6.50% Total Senior notes due 2026 $ 193,035 $ 151,440 $ 344,475 Unamortized deferred financing costs (2,631) (3,732) (6,363) Unamortized premium 276 — 276 Net debt balance $ 190,680 $ 147,708 $ 338,388 The components of senior notes outstanding at December 31, 2023 are as follows: Senior Notes (in thousands) 8.125% 6.50% Total Senior notes due 2026 $ 193,035 $ 151,440 $ 344,475 Unamortized deferred financing costs (2,899) (4,019) (6,918) Unamortized premium 312 — 312 Net debt balance $ 190,448 $ 147,421 $ 337,869 Revolving and Letter of Credit Agreements with Axos We entered into a credit agreement in January 2024, with certain of our subsidiaries as guarantors, the lenders party thereto from time to time and Axos, as administrative agent, swingline lender and letter of credit issuer (the "Credit Agreement"). The Credit Agreement provides for an up to $150.0 million asset-based revolving credit facility (with availability subject to a borrowing base calculation) ("Credit Facility"), including a $100.0 million letter of credit sublimit. Our obligations under the Credit Agreement are guaranteed by certain of our domestic and foreign subsidiaries. B. Riley has provided a guaranty of payment with regard to our obligations under the Credit Agreement, as further described below. We used and expect to use the proceeds and letter of credit availability under the Credit Agreement to (i) pay off our prior revolving credit facility with PNC, (ii) provide for working capital needs, (iii) provide cash collateral to secure letters of credit to be issued under the Credit Agreement, and (iv) provide for general corporate purposes. The Credit Agreement has a maturity date of January 18, 2027, provided that if as of August 30, 2025 the 8.125% Senior Notes and 6.50% Senior Notes have not been refinanced pursuant to a Permitted Refinancing, as defined in the Credit Agreement, or the maturity date has not otherwise been extended to a date on or after July 18, 2027, then the maturity date of the Credit Agreement is August 30, 2025. The interest rates applicable under the Credit Agreement are: (i) with respect to SOFR Loans, (a) SOFR plus 5.25% if the outstanding principal amount of loans is equal to or less than $100.0 million or (b) SOFR plus 4.00% if the outstanding principal amount of loans is equal to or greater than $100.0 million; (ii) with respect to Base Rate Loans, the greater of (a) the Federal Funds Rate plus 2.00% plus the Applicable Margin, (b) the prime rate as designated by Axos plus the Applicable Margin, and (c) Daily Simple SOFR plus 1.00% plus the Applicable Margin; and (iii) with respect to the default rate under the Credit Agreement, the then-existing interest rate plus 2.00%. In connection with the Credit Agreement, we are required to pay (i) an origination fee of $1.5 million, (ii) a commitment fee equal to 0.50% per annum multiplied by the positive difference by which the Aggregate Revolving Commitments exceed the Total Revolvings Outstanding (as defined in the Credit Agreement), subject to adjustment, (iii) a facility fee equal to the Applicable Margin for SOFR Loans multiplied by the positive difference by which the actual daily amount of L/C Obligations the Administrative Agent is then holding Specified Cash Collateral exceeds the actual daily Outstanding Amount of Revolving Loans, and (iv) a collateral monitoring fee of $1,000 per month. We are permitted to prepay all or any portion of the loans under the Credit Agreement prior to maturity subject to the payment of an early termination fee. The Credit Agreement requires mandatory prepayments under certain circumstances, including in the event of an overadvance. The obligations under the Credit Agreement are secured by substantially all assets of B&W and each of the guarantors, in each case subject to intercreditor arrangements. The Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar financings. The Credit Agreement requires us to comply with certain financial maintenance covenants, including a quarterly fixed charge coverage test, a quarterly total net leverage ratio test, a cash repatriation covenant, a minimum liquidity covenant, an annual cap on maintenance capital expenditures and a limit on unrestricted cash. The Credit Agreement also contains 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 Credit Agreement, the failure to comply with certain covenants and agreements specified in the Credit Agreement, defaults in respect of certain other indebtedness, and certain events of insolvency. If any event of default occurs, Axos may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding amounts under the Credit Agreement may become due and payable immediately. At March 31, 2024, we are in compliance with all financial and other covenants contained in the Credit Agreement. In connection with our entry into the Credit Agreement, we entered into with B. Riley (i) a guaranty agreement in favor of (a) Axos, in its capacity as administrative agent under the Credit Agreement, for the ratable benefit of the Secured Parties and (b) such Secured Parties (the “B. Riley Guaranty”) and (ii) a fee and reimbursement agreement, made by B. Riley and accepted and agreed to by us (the “B. Riley Fee Agreement”). The B. Riley Guaranty provides for the guarantee of all of our obligations under the Credit Agreement. The B. Riley Guaranty is enforceable in certain circumstances, including, among others, certain events of default and the acceleration of our obligations under the Credit Agreement. The B. Riley Fee Agreement provides, among other things, for an annual fee to be paid to B. Riley by us in an annual amount equal to 2.00% of Aggregate Revolving Commitments under the Credit Agreement (or approximately $3 million) as consideration for B. Riley’s agreements and commitments under the B. Riley Guaranty. The B. Riley Fee Agreement also requires us to reimburse B. Riley to the extent the B. Riley Guaranty is called upon by the agent or lenders under the Credit Agreement and requires us to execute a junior secured promissory note with respect to the same within 60 days after the execution of the B. Riley Fee Agreement (or such other date as B. Riley may agree to). On April 30, 2024, we, along with certain subsidiaries as guarantors, the lenders party to the Credit Agreement , and Axos, as administrative agent, entered into the First Amendment to Credit Agreement (the “First Amendment”). The First Amendment, among other things, amends the terms of the Credit Agreement to increase the amounts available to be borrowed based on inventory in the borrowing base under the Credit Agreement (the "Increased Inventory Period"). In 2024, the Increased Inventory Period commences on April 30 and ends on July 31 and would provide approximately $6.0 million additional available borrowings under the Credit Agreement. The Increased Inventory Period is available to us upon our election in subsequent years (subject to a $75,000 fee if we make such an election) and commences on March 1 and ends on July 31. At March 31, 2024, we had a total of $90.1 million outstanding on the Axos Credit Agreement, which includes $36.8 million drawn on the revolving credit portion of the facility and $53.3 million drawn on the letter of credit portion. At March 31, 2024, cash collateralizing the letters of credit totaling $53.3 million is classified as Restricted cash, of which $11.9 million is classified as current and $41.4 million as long-term. As of March 31, 2024, Loans payable in the Condensed Consolidated Balance Sheets totaled $103.2 million, net of debt issuance costs of $0.5 million, of which $4.5 million is classified as current and $98.7 million as long-term loans payable in the Consolidated Balance Sheets. In addition to the amounts outstanding on our revolving debt facilities, Loans payable also includes $12.1 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions. As of December 31, 2023, we had Loans payable of $41.6 million, net of debt issuance costs of $0.5 million, of which $6.2 million is classified as current and $35.4 million as long-term loans payable in the Consolidated Balance Sheets. Included in these amounts was approximately $12.3 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions. Revolving and Letter of Credit Agreements with PNC and MSD In June 2021, we entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”) with PNC, as administrative agent and a letter of credit agreement (the “Letter of Credit Agreement”) with PNC, pursuant to which PNC agreed to issue up to $110.0 million in letters of credit that is secured in part by cash collateral provided by 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 Facilities”). Our obligations under the Debt Facilities were guaranteed by certain of our existing and future domestic and foreign subsidiaries. B. Riley, a related party, provided a guaranty of payment with regard to our obligations under the Reimbursement Agreement. The Debt Facilities were effectively replaced by the Axos Credit Agreement in January 2024. The Revolving Credit Agreement was terminated in connection with our entry into the Axos Credit Agreement and we are transitioning letters of credit outstanding under the Letter of Credit Agreement and Reimbursement Agreement to the Axos Credit Agreement. We believe all outstanding letters of credit will be transitioned to the Axos Credit Agreement by June 30, 2024, at which time the Letter of Credit Agreement and Reimbursement Agreement is expected to be terminated. We recognized a Loss on debt extinguishment of $5.1 million in the three months ended March 31, 2024 related to the write-off of unamortized deferred financing fees on the Revolving Credit Agreement. The Letter of Credit Agreement requires fees on outstanding letters of credit equal to (i) administrative fees of 0.75% and (ii) fronting fees of 0.25%. Prepayments under the Reimbursement Agreement are 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. We have mandatory prepayment obligations under the Reimbursement Agreement upon the receipt of proceeds from certain dispositions or casualty or condemnation events. The obligations under the Debt Facilities are secured by substantially all of our assets 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 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 then-outstanding amounts under the Debt Facilities may become due and payable immediately. In November 2023, we entered into Amendment No. 3 to the Reimbursement Agreement (the “Third Amended Reimbursement Agreement”), which modified certain financial maintenance covenants for future periods beginning with the fiscal quarter ended on September 30, 2023. The Third Amended Reimbursement Agreement also imposed a leverage condition to the payment of dividends on preferred equity, which required us to provide a quality of earnings report and pay a $1.0 million fee to MSD prior to paying a dividend for the fiscal quarter ending December 31, 2023. The interest rates applicable to the Third Amended Reimbursement Agreement float at a rate per annum equal to SOFR plus 10% through December 31, 2023, SOFR plus 11% from January 1, 2024 through June 30, 2024 and will increase by 50 basis points as of the first day of each fiscal quarter thereafter. In March 2024, we entered into Amendment No. 4 to the Reimbursement Agreement (the "Fourth Amended Reimbursement Agreement"), which modified certain financial maintenance covenants for periods beginning with the fiscal quarter ended on December 31, 2023. The Fixed Charge Coverage Ratio was amended to 0.93 to 1.0 for the fiscal quarter ending December 31, 2023, 0.82 to 1.0 for the fiscal quarter ending March 31, 2024, 0.90 to 1.0 for the fiscal quarter ending June 30, 2024, 0.95 to 1.0 for the fiscal quarter ending September 30, 2024, 1.1 to 1.0 for the fiscal quarter ending December 31, 2024, and 1.25 to 1.0 for the fiscal quarter ending March 31, 2025 and thereafter. The Senior Net Leverage Ratio condition to payment of any Permitted Restricted Payments, as defined in the Fourth Amended Reimbursement Agreement, was amended to 1.45 to 1.0 for the four quarter fiscal measurement period ending as of December 31, 2023 and 1.25 to 1.0 thereafter. The Fourth Amended Reimbursement Agreement also amends the minimum cash flow covenants set forth in the Reimbursement Agreement to no less than $10.0 million as of December 31, 2023 (for the preceding fiscal quarter), no less than $15.0 million as of December 31, 2024 (for the preceding fiscal year), and no less than $25.0 million as of December 31 of each fiscal year thereafter. The Applicable Margin with respect to Delayed Draw Term Loans and Cash Collateral Commitment Fees will increase by an additional 0.50% on each of April 30, 2024, July 1, 2024, October 1, 2024, January 1, 2025 and April 1, 2025 in each case if the Obligations are in excess of $15 million on the applicable date. At March 31, 2024, we are in compliance with all financial and other covenants contained in the Letter of Credit Agreement and Reimbursement Agreement. A summary of usage of letters of credit under the domestic facilities is as follows. Due to the timing of the transition of our Letter of Credit Arrangements from PNC and MSD to Axos, balances as of March 31, 2024 are primarily with Axos and balances as of March 31, 2023 are with PNC and MSD. March 31, 2024 2023 Letters of credit under domestic facilities: Performance letters of credit $ 68,059 $ 93,213 Financial letters of credit 11,511 13,648 Total outstanding $ 79,570 $ 106,861 Backstopped letters of credit $ 17,169 $ 32,397 Surety backstopped letters of credit $ 15,329 $ 14,149 Letters of credit subject to currency revaluation $ 47,954 $ 68,435 Other Letters of credit, bank guarantees and surety bonds Certain of our subsidiaries, that are 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. We have posted surety bonds to support contractual obligations to customers relating to certain contracts. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion. These bonds generally indemnify customers should we fail to perform our obligations under our 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. The following table provides a summary of outstanding letters of credit issued outside of the domestic facilities, and outstanding surety bonds: March 31, 2024 2023 Letters of credit under non-domestic facilities 39,041 52,970 Surety Bonds $ 146,838 $ 269,444 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. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK Preferred Stock During the three months ending March 31, 2024, our Board of Directors approved dividends tota ling $3.7 million t o holders of the Preferred Stock . There were no cumulative undeclared dividends of the Preferred Stock at March 31, 2024, and all declared dividends have been paid as of April 1, 2024. Common Stock On April 10, 2024, we entered into a sales agreement (the “Sales Agreement”) with B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC (together, the “Agents”), in connection with the offer and sale from time to time of shares of our common stock, having an aggregate offering price of up to $50.0 million through the Agents. As of May 3, 2024, 1.5 million shares have been sold pursuant to the Sales Agreement. Refer to Note 22 to the Condensed Consolidated Financial Statements for additional discussion of the Sales Agreement. |
INTEREST EXPENSE
INTEREST EXPENSE | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
INTEREST EXPENSE | INTEREST EXPENSE Interest expense in the Condensed Consolidated Financial Statements consisted of the following components: Three Months Ended March 31, (in thousands) 2024 2023 Components associated with borrowings from: Senior notes $ 6,271 $ 6,328 Revolving Credit Facility 1,532 — 7,803 6,328 Components associated with amortization or accretion of: Revolving Credit Facility 1,149 984 Senior notes 644 619 1,793 1,603 Components associated with interest from: Lease liabilities 548 724 Letter of Credit interest and fees 2,189 2,822 Other interest expense 501 1,179 3,238 4,725 Total interest expense $ 12,834 $ 12,656 The following table provides a reconciliation of Cash, cash equivalents and Current and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) March 31, 2024 December 31, 2023 Held by foreign entities $ 25,943 $ 44,388 Held by U.S. entities 17,938 20,947 Cash and cash equivalents 43,881 65,335 Reinsurance reserve requirements $ 642 380 Project indemnity collateral (1) 2,012 — Bank guarantee collateral 1,779 1,823 Letters of credit collateral (2) 53,839 584 Hold-back for acquisition purchase price (3) — 2,950 Escrow for long-term project (4) 299 297 Current and Long-term restricted cash and cash equivalents 58,571 6,034 Total Cash, cash equivalents and restricted cash $ 102,452 $ 71,369 (1) We added $2.0 million in project indemnity restricted cash collateral for a letter of credit agreement during the first quarter of 2024. (2) Beginning in January 2024, we drew $53.3 million on the Axos Credit Agreement for letter of credit collateral, which is reflected in Current and Long-term restricted cash in the Condensed Consolidated Balance Sheets. (3) The purchase price for FPS was $59.2 million, and included an initial hold-back of $5.9 million which was included in Current restricted cash and cash equivalents and Other accrued liabilities in the Condensed Consolidated Balance Sheets. The final payment was made in the amount of $3.0 million during the first quarter of 2024. (4) |
PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
PROVISION FOR INCOME TAXES | PROVISION FOR INCOME TAXES In the three months ended March 31, 2024, income tax expense from continuing operations was $1.3 million, resulting in an effective tax rate of (8.9)%. In the three months ended March 31, 2023, income tax expense from continuing operations was $0.5 million, resulting in an effective tax rate of (4.0)%. The effective tax rate for the three months ended March 31, 2024 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 $0.5 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively, which primarily represent 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 have operations. These jurisdictions may have regimes of taxation that vary in both nominal rates and the basis on which these rates are applied. The 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, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Litigation Relating to Boiler Installation and Supply Contract On December 27, 2019, a complaint was filed against us 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. On January 11, 2021, we filed an answer and a counterclaim for breach of contract, seeking damages in excess of $2.9 million. On November 30, 2022, we and Glatfelter each filed cross-motions for summary judgment. On June 21, 2023, the court granted our motion in part, dismissing Glatfelter’s promissory estoppel and unjust enrichment claims, dismissing Babcock & Wilcox Enterprises, Inc. entirely (Glatfelter's remaining claim is asserted against The Babcock & Wilcox Company), and finding that 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), and denied Glatfelter’s motion for summary judgment. The case is now set for trial on August 5, 2024. We intend to continue to vigorously litigate the action. However, given the uncertainty inherent in the litigation, it is too early to determine if the outcome of the Glatfelter Litigation will have a material adverse impact on our financial position, results of operations or cash flows. Other Due to the nature of our business, from time to time, we are 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 prior experience, except as disclosed above, we do not expect that any of these other litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and 2023 were as follows: (in thousands) Currency translation loss Net unrecognized loss related to benefit plans (net of tax) Total Balance at December 31, 2023 $ (64,778) $ (1,583) $ (66,361) Other comprehensive (loss) income before reclassifications (3,125) 231 (2,894) Balance at March 31, 2024 $ (67,903) $ (1,352) $ (69,255) (in thousands) Currency translation Net unrecognized loss Total Balance at December 31, 2022 $ (70,333) $ (2,453) $ (72,786) Other comprehensive income before reclassifications 4,592 223 4,815 Balance at March 31, 2023 $ (65,741) $ (2,230) $ (67,971) 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, 2024 2023 Pension and post retirement adjustments, net of tax Benefit plans, net 231 223 Net Income (Loss) $ 231 $ 223 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables summarize 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 ASC 820, Fair Value Measurements and Disclosures ). Available-For-Sale Securities (in thousands) March 31, 2024 Level 1 Level 2 Corporate notes and bonds $ 4,308 $ 4,308 $ — Mutual funds — — — United States Government and agency securities 2,200 2,200 — Total fair value of available-for-sale securities $ 6,508 $ 6,508 $ — (in thousands) December 31, 2023 Level 1 Level 2 Corporate notes and bonds $ 3,144 $ 3,144 $ — Mutual funds 3 — 3 United States Government and agency securities 3,906 3,906 — Total fair value of available-for-sale securities $ 7,053 $ 7,050 $ 3 Investments in available-for-sale securities are presented in Other assets in the Condensed Consolidated Balance Sheets with contractual maturities ranging from 0-5 years. Senior Notes See Note 13 to the Condensed Consolidated Financial Statements for a discussion of the senior notes. The fair value of the senior notes is based on readily available quoted market prices as of March 31, 2024: (in thousands) March 31, 2024 Senior Notes Carrying Value Estimated Fair Value 8.125% Senior Notes due 2026 ("BWSN") $ 193,035 $ 126,245 6.50% Senior Notes due 2026 ("BWNB") $ 151,440 $ 84,443 Other Financial Instruments We used the following methods and assumptions in estimating fair value amounts for other financial instruments: • Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts reported in the accompanying Condensed Consolidated Balance Sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair value due to their highly liquid nature. • Revolving Debt |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS We believe transactions with related parties were conducted on terms equivalent to those prevailing in an arm's length transaction. Transactions with B. Riley Based on Schedule 13D filings with the SEC, B. Riley beneficially owns approxim ately 32.4% of our outstanding common stock as of March 31, 2024. B. Riley currently has the right to nominate one member of our Board of Directors pursuant to the investor rights agreement we entered into with B. Riley in April 2019. The investor rights agreement also provides pre-emptive rights to B. Riley with respect to certain future issuances of our equity securities. As described further in Note 22, in April 2024, we entered into a sales agreement with B. Riley Securities, Inc., among others, in connection with the offer and sale from time to time of shares of our common stock. B. Riley will be entitled to compensation equal to 3.0% of the gross proceeds from each sale of the shares sold through it as the designated Agent. As described in Note 13 to the Condensed Consolidated Financial Statements, in connection with our entry into the Axos Credit Agreement in January 2024, we entered into a guaranty agreement and a fee and reimbursement agreement with B. Riley. The B. Riley Guaranty provides for the guarantee of all of our obligations under the Credit Agreement. The B. Riley Guaranty is enforceable in certain circumstances, including, among others, certain events of default and the acceleration of our obligations under the Credit Agreement. The B. Riley Fee Agreement provides, among other things, for us to pay an annual fee to B. Riley equal to 2.00% of Aggregate Revolving Commitments under the Credit Agreement (or approximately $3 million) as consideration for B. Riley’s agreements and commitments under the B. Riley Guaranty. The B. Riley Fee Agreement also requires us to reimburse B. Riley to the extent the B. Riley Guaranty is called upon by the agent or lenders under the Credit Agreement and requires us to execute a junior secured promissory note with respect to the same within 60 days after the execution of the B. Riley Fee Agreement (or such other date as B. Riley may agree to). |
NEW ACCOUNTING PRONOUNCEMENTS A
NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS | NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS New accounting standards to be adopted We consider the applicability and impact of all issued ASUs. Certain recently issued ASUs were assessed and determined to be not applicable. New accounting standards not yet adopted that could affect the Condensed Consolidated Financial Statements in the future are summarized as follows: In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative . The new guidance is intended to align U.S. GAAP and SEC requirements while facilitating the application of U.S. GAAP for all entities. The effective date of ASU 2023-06 depends on (1) whether an entity is already subject to the SEC's current disclosure requirements and (2) whether and, if so, when the SEC removed related requirements from its regulations. For entities that are already subject to the SEC's current disclosure requirements, the effective date for each amendment will be the date on which the SEC's removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If the SEC has not removed the related requirements from its regulations by June 30, 2027, the amendments made by ASU 2023-06 will be removed from the Codification and will not become effective for any entity. We are currently evaluating the impact of this standard on the Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the ASC 280 disclosure requirements for interim periods. The ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under the ASU. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on the Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The standard is intended to benefit investors by providing more detailed income tax disclosures to assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Adoption of the standard will only impact the income tax disclosures and is not expected to be material to the Condensed Consolidated Financial Statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENT On April 10, 2024, we entered into a sales agreement (the "Sales Agreement") with B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC (together, the "Agents"), in connection with the offer and sale from time to time of shares of our common stock, having an aggregate offering price of up to $50.0 million through the Agents. Any shares to be offered and sold under the Sales Agreement will be issued and sold pursuant to our previously filed and currently effective registration statement on Form S-3 initially filed with the SEC on November 8, 2021 and declared effective by the SEC on November 22, 2021. A prospectus supplement relating to the offering of the Shares was filed with the SEC on April 10, 2024. The shares may be offered and sold through the Agents over a period of time and from time to time by any method that is deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Agents are not required to sell any specific aggregate principal amount of our shares but will act as our sales agents using commercially reasonable efforts consistent with their normal trading and sales practices, on our mutually agreed terms with the Agents. Under the Sales Agreement, the designated Agent will be entitled to compensation equal to 3.0% of the gross proceeds from each sale of the shares sold through it as the designated Agent. The amount of net proceeds we will receive from this offering, if any, will depend upon the actual aggregate principal amount of the shares sold, after deduction of the Agents’ commission and any transaction fees. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and net proceeds to us, if any, are not determinable at this time. The Sales Agreement contains customary representations, warranties and covenants of the Company, indemnification obligations of the Company and the Agents, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. Through May 3, 2024, we have sold 1.5 million shares pursuant to the Sales Agreement. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern | Liquidity and Going Concern The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We have recurring operating losses primarily due to losses recognized on our B&W Solar business as described in Note 4 to the Consolidated Financial Statements included in Part II, Item 8 of our Form 10-K filed on March 15, 2024 as well as higher debt service costs. Our assessment of our ability to fund future operations is inherently subjective, judgment-based and susceptible to change based on future events. Currently, with existing cash on hand and available liquidity, we are projecting insufficient liquidity to fund operations through one year following the date that this Quarterly Report is issued. These conditions and events raise substantial doubt about our ability to continue as a going concern. In response to the conditions, we are implementing several strategies to obtain the required funding for future operations and are considering other alternative measures to improve cash flow, including suspension of the dividend on our Preferred Stock. The following actions occurred during the three months ended March 31, 2024: • entered into advanced negotiations related to the sale of one of our non-strategic businesses. Proceeds from the sale are expected to be approximately $40.0 million to $46.0 million, subject to due diligence and continuing negotiations. We cannot provide any assurances that such transaction will close or that proceeds will not be more or less than we anticipate; • initiated the process to sell certain of our other non-strategic businesses; • filed for a waiver of required minimum contributions to the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "U.S. Plan"), that if granted, would reduce cash funding requirements in 2024 and would increase contributions annually over the subsequent five-year period. We cannot provide any assurances that such waiver will be granted; • initiated the process to sell several non-core real estate assets; • initiated the sale of common shares pursuant to our At-The-Market Offering; and • negotiated the settlement of a liability to the former owner of B&W Solar at a discount, resulting in future cash savings of $7.2 million. Based on our ability to raise funds through the actions noted above and our Cash and cash equivalents as of March 31, 2024, we have concluded it is probable that such actions would provide sufficient liquidity to fund operations for the next twelve months following the date of this Quarterly Report. As a result, it is probable that our cash flow improvement plans and anticipated proceeds from the sale of non-strategic assets alleviate the substantial doubt about our ability to continue as a going concern. |
Operations | Operations Our operations are assessed based on three reportable market-facing segments consistent with our strategic initiative to accelerate growth and provide stakeholders improved visibility into our renewable and environmental growth platforms. Our reportable segments are as follows: • Babcock & Wilcox Renewable: Technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass-to-energy and black liquor systems for the pulp and paper industry. Our technologies support a circular economy, 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 emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications around the world. Our 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. We have an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others. For financial information about our segments see Note 4 to the Condensed Consolidated Financial Statements. |
New accounting standards to be adopted | New accounting standards to be adopted We consider the applicability and impact of all issued ASUs. Certain recently issued ASUs were assessed and determined to be not applicable. New accounting standards not yet adopted that could affect the Condensed Consolidated Financial Statements in the future are summarized as follows: In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative . The new guidance is intended to align U.S. GAAP and SEC requirements while facilitating the application of U.S. GAAP for all entities. The effective date of ASU 2023-06 depends on (1) whether an entity is already subject to the SEC's current disclosure requirements and (2) whether and, if so, when the SEC removed related requirements from its regulations. For entities that are already subject to the SEC's current disclosure requirements, the effective date for each amendment will be the date on which the SEC's removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If the SEC has not removed the related requirements from its regulations by June 30, 2027, the amendments made by ASU 2023-06 will be removed from the Codification and will not become effective for any entity. We are currently evaluating the impact of this standard on the Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the ASC 280 disclosure requirements for interim periods. The ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures under the ASU. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on the Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The standard is intended to benefit investors by providing more detailed income tax disclosures to assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Adoption of the standard will only impact the income tax disclosures and is not expected to be material to the Condensed Consolidated Financial Statements. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted (Loss) 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) 2024 2023 Loss from continuing operations $ (15,799) $ (12,686) Net loss attributable to non-controlling interest (42) (21) Less: Dividend on Series A preferred stock 3,714 3,715 Loss from continuing operations attributable to stockholders of common stock (19,555) (16,422) (Loss) income from discontinued operations, net of tax (992) 211 Net loss attributable to stockholders of common stock $ (20,547) $ (16,211) Weighted average shares used to calculate basic and diluted loss per share 89,479 88,733 Basic and diluted loss per share: Continuing operations $ (0.22) $ (0.18) Discontinued operations (0.01) $ — Basic and diluted loss per share $ (0.23) $ (0.18) |
ASSETS HELD FOR SALE AND DISC_2
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table summarizes the operating results of the disposal group included in discontinued operations in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, (in thousands) 2024 2023 Revenues $ 11,373 $ 15,989 Cost of operations 10,366 14,442 Selling general and administrative expenses 1,699 1,468 Restructuring expenses 35 — Total costs and expenses 12,100 15,910 Operating (loss) income (727) 79 Other (expense) income (265) 132 (Loss) income from discontinued operations (992) 211 (Loss) income from discontinued operations, net of tax $ (992) $ 211 The following table provides the major classes of assets and liabilities of the disposal group included in assets held for sale and liabilities held for sale in the Condensed Consolidated Balance Sheets: (in thousands) March 31, 2024 December 31, 2023 Cash $ — $ 31 Contracts in progress 5,957 4,538 Accounts receivable - trade 7,558 3,272 Other assets, net 67 62 Total current assets 13,582 7,903 Net property, plant and equipment and finance leases 2,780 2,683 Intangible assets, net 7,833 7,833 Right-of-use assets 71 76 Total non-current assets 10,684 10,592 Total assets of disposal group $ 24,266 $ 18,495 Loans payable, current $ 489 $ 502 Operating lease liabilities, current 24 23 Accounts payable 20,976 26,298 Accrued employee benefits 284 231 Advance billings on contracts 5,452 5,961 Accrued warranty expense 1,067 1,078 Other current liabilities 4,420 8,101 Total current liabilities 32,712 42,194 Loans payable, net of current portion 1,296 1,308 Other non-current liabilities 1,171 112 Total non-current liabilities 2,467 1,420 Total liabilities of disposal group $ 35,179 $ 43,614 Reported as: Current assets of discontinued operations $ 24,266 $ 18,495 Current liabilities of discontinued operations $ 35,179 $ 43,614 The significant components included in the Condensed Consolidated Statements of Cash Flows for the discontinued operations are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Depreciation and amortization of long-lived assets $ — $ 96 Changes in operating assets and liabilities: Accounts receivable (4,286) (4,515) Contracts in progress (1,419) (3,473) Accounts payable (5,322) 7,452 Purchase of property, plant and equipment (127) (15) |
Schedule of Recognized Changes in Estimated Gross Profit | During the three months ended March 31, 2024 and 2023 B&W Solar recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized below: Three Months Ended March 31, (in thousands) 2024 2023 Increases in gross profit for changes in estimates (1) $ 2,212 $ 824 Decreases in gross profit for changes in estimates (147) (1,510) Net changes in gross profit for changes in estimates $ 2,065 $ (686) During each of the three months ended March 31, 2024 and 2023, 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) 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 6,964 $ 5,401 Decreases in gross profit for changes in estimates for over time contracts (3,891) (4,243) Net changes in gross profit for changes in estimates for over time contracts $ 3,073 $ 1,158 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | An analysis of our operations by segment is as follows: Three Months Ended March 31, (in thousands) 2024 2023 Revenues: B&W Renewable segment B&W Renewable $ 29,590 $ 49,132 B&W Renewable Services 18,461 16,310 Vølund 4,230 18,681 52,281 84,123 B&W Environmental segment B&W Environmental 26,708 20,361 SPIG 18,561 16,605 GMAB 3,085 2,474 48,354 39,440 B&W Thermal segment B&W Thermal 110,187 119,236 110,187 119,236 Eliminations (3,266) (1,541) Total Revenues $ 207,556 $ 241,258 |
Schedule of Reconciliation from Net (Loss) Income to Adjusted EBITDA | The following table is provided to reconcile our segment performance metrics to loss before income tax expense. Three Months Ended March 31, (in thousands) 2024 2023 (1) B&W Renewable segment adjusted EBITDA $ 1,658 $ 4,322 B&W Environmental segment adjusted EBITDA 3,326 1,906 B&W Thermal segment adjusted EBITDA 13,672 13,733 Corporate (6,005) (5,080) R&D expenses (116) (1,307) Interest expense (12,527) (12,543) Depreciation & amortization (4,409) (5,269) Benefit plans, net 96 (109) Loss on sales, net (53) (937) Settlements and related legal costs, net 4,087 2,463 Loss on debt extinguishment (5,071) — Stock compensation (1,350) (3,227) Restructuring expense and business services transition (1,580) (960) Acquisition pursuit and related costs (84) (134) Product development (1,619) (1,370) Foreign exchange (1,333) (461) Financial advisory services (214) — Contract disposal (585) (1,387) Letter of credit fees (2,388) (1,643) Other- net (11) (193) Loss before income tax expense (14,506) (12,196) (1) Certain 2023 amounts have been reclassified in the reconciliation to conform to the 2024 presentation. |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contracts in Progress and Advance Billings on Contracts | The following represents the components of the Contracts in progress and Advance billings on contracts included in the Condensed Consolidated Balance Sheets: (in thousands) March 31, 2024 December 31, 2023 $ Change % Change Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 47,431 $ 37,556 $ 9,875 26 % Revenues recognized less billings to customers 60,000 52,498 7,502 14 % Contracts in progress $ 107,431 $ 90,054 $ 17,377 19 % Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 68,393 $ 76,032 $ (7,639) (10) % Costs of revenue recognized less cost incurred 6,468 5,066 1,402 28 % Advance billings on contracts $ 74,861 $ 81,098 $ (6,237) (8) % Net contract balance $ 32,570 $ 8,956 $ 23,614 264 % Accrued contract losses $ 363 $ 522 $ (159) (30) % |
Schedule of Recognized Changes in Estimated Gross Profit | During the three months ended March 31, 2024 and 2023 B&W Solar recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized below: Three Months Ended March 31, (in thousands) 2024 2023 Increases in gross profit for changes in estimates (1) $ 2,212 $ 824 Decreases in gross profit for changes in estimates (147) (1,510) Net changes in gross profit for changes in estimates $ 2,065 $ (686) During each of the three months ended March 31, 2024 and 2023, 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) 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 6,964 $ 5,401 Decreases in gross profit for changes in estimates for over time contracts (3,891) (4,243) Net changes in gross profit for changes in estimates for over time contracts $ 3,073 $ 1,158 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | The components of inventories are as follows: (in thousands) March 31, 2024 December 31, 2023 Raw materials and supplies $ 91,394 $ 90,116 Work in progress 4,834 6,604 Finished goods 16,179 17,170 Total inventories $ 112,407 $ 113,890 |
PROPERTY, PLANT & EQUIPMENT &_2
PROPERTY, PLANT & EQUIPMENT & FINANCE LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment less accumulated depreciation is as follows: (in thousands) March 31, 2024 December 31, 2023 Land $ 2,579 $ 2,608 Buildings 34,577 34,832 Machinery and equipment 152,858 152,700 Property under construction 16,097 13,780 206,111 203,920 Less accumulated depreciation 149,452 147,929 Net property, plant and equipment 56,659 55,991 Finance leases 30,653 30,656 Less finance lease accumulated amortization 8,798 8,278 Net property, plant and equipment, and finance leases $ 78,514 $ 78,369 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: (in thousands) B&W B&W Environmental B&W Total Balance at December 31, 2023 $ 25,805 $ 5,637 $ 70,514 $ 101,956 Currency translation adjustments (262) (236) (803) (1,301) Balance at March 31, 2024 $ 25,543 $ 5,401 $ 69,711 $ 100,655 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets are as follows: (in thousands) March 31, 2024 December 31, 2023 Definite-lived intangible assets Customer relationships $ 58,952 $ 59,543 Unpatented technology 18,258 18,416 Patented technology 3,645 3,677 Tradename 13,479 13,595 All other 9,680 9,763 Gross value of definite-lived intangible assets 104,014 104,994 Customer relationships amortization (31,011) (29,820) Unpatented technology amortization (12,141) (11,764) Patented technology amortization (3,070) (3,030) Tradename amortization (7,044) (6,892) All other amortization (9,462) (9,391) Accumulated amortization (62,728) (60,897) Net definite-lived intangible assets $ 41,286 $ 44,097 Indefinite-lived intangible assets Trademarks and trade names $ 1,530 $ 1,530 Total intangible assets, net $ 42,816 $ 45,627 |
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) 2024 2023 Balance at beginning of period $ 45,627 $ 51,564 Amortization expense (1,831) (1,839) Currency translation adjustments (980) 554 Balance at end of the period $ 42,816 $ 50,279 |
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) 2024 2023 Balance at beginning of period $ 45,627 $ 51,564 Amortization expense (1,831) (1,839) Currency translation adjustments (980) 554 Balance at end of the period $ 42,816 $ 50,279 |
Schedule of Estimated Future Intangible Asset Amortization Expense | Estimated future intangible asset amortization expense as of March 31, 2024 is as follows: (in thousands) Amortization Expense Year ending December 31, 2024 5,668 Year ending December 31, 2025 6,685 Year ending December 31, 2026 5,530 Year ending December 31, 2027 4,916 Year ending December 31, 2028 4,633 Thereafter 13,854 |
ACCRUED WARRANTY EXPENSE (Table
ACCRUED WARRANTY EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Changes in Carrying Amount of Accrued Warranty Expense | Changes in the carrying amount of accrued warranty expense are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 7,634 $ 9,568 Additions 515 1,901 Expirations and other changes (392) (1,358) Payments (460) (253) Translation and other (137) 52 Balance at end of period $ 7,160 $ 9,910 |
RESTRUCTURING ACTIVITIES (Table
RESTRUCTURING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Activity | The following table summarizes the restructuring activity incurred by segment: Three Months Ended March 31, Three Months Ended March 31, 2024 2023 (in thousands) Total Severance and related costs Other (1) Total Severance and related costs (benefit) Other (1) B&W Renewable $ 834 $ 159 $ 675 $ (89) $ (89) $ — B&W Environmental 185 59 126 20 1 19 B&W Thermal 560 200 360 3 3 — Corporate 1 — 1 450 — 450 $ 1,580 $ 418 $ 1,162 $ 384 $ (85) $ 469 (1) Other amounts consist primarily of facility closure costs and other costs that are not considered as severance. |
Activity Related to the Restructuring Liabilities | Activity related to the restructuring liabilities is as follows: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 2,505 $ 1,615 Restructuring expense 1,580 384 Payments and other (1,966) 37 Balance at end of period $ 2,119 $ 2,036 |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Components of net periodic benefit cost (benefit) included in net loss are as follows: Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2024 2023 2024 2023 Interest cost $ 10,808 $ 11,489 $ 70 $ 92 Expected return on plan assets (11,200) (11,697) — — Amortization of prior service cost 53 52 173 173 Benefit plans, net (1) (339) (156) 243 265 Service cost included in COS (2) 171 144 4 4 Net periodic benefit cost (benefit) $ (168) $ (12) $ 247 $ 269 (1) Benefit plans, net, which is presented separately in the 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 the Condensed Consolidated Statements of Operations and is recorded at the B&W Thermal segment level. |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Senior Notes | The components of senior notes outstanding at March 31, 2024 are as follows: Senior Notes (in thousands) 8.125% 6.50% Total Senior notes due 2026 $ 193,035 $ 151,440 $ 344,475 Unamortized deferred financing costs (2,631) (3,732) (6,363) Unamortized premium 276 — 276 Net debt balance $ 190,680 $ 147,708 $ 338,388 The components of senior notes outstanding at December 31, 2023 are as follows: Senior Notes (in thousands) 8.125% 6.50% Total Senior notes due 2026 $ 193,035 $ 151,440 $ 344,475 Unamortized deferred financing costs (2,899) (4,019) (6,918) Unamortized premium 312 — 312 Net debt balance $ 190,448 $ 147,421 $ 337,869 |
Schedule of Long-Term Debt Instruments | A summary of usage of letters of credit under the domestic facilities is as follows. Due to the timing of the transition of our Letter of Credit Arrangements from PNC and MSD to Axos, balances as of March 31, 2024 are primarily with Axos and balances as of March 31, 2023 are with PNC and MSD. March 31, 2024 2023 Letters of credit under domestic facilities: Performance letters of credit $ 68,059 $ 93,213 Financial letters of credit 11,511 13,648 Total outstanding $ 79,570 $ 106,861 Backstopped letters of credit $ 17,169 $ 32,397 Surety backstopped letters of credit $ 15,329 $ 14,149 Letters of credit subject to currency revaluation $ 47,954 $ 68,435 |
Schedule of Line of Credit Facilities | The following table provides a summary of outstanding letters of credit issued outside of the domestic facilities, and outstanding surety bonds: March 31, 2024 2023 Letters of credit under non-domestic facilities 39,041 52,970 Surety Bonds $ 146,838 $ 269,444 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Interest Expenses | Interest expense in the Condensed Consolidated Financial Statements consisted of the following components: Three Months Ended March 31, (in thousands) 2024 2023 Components associated with borrowings from: Senior notes $ 6,271 $ 6,328 Revolving Credit Facility 1,532 — 7,803 6,328 Components associated with amortization or accretion of: Revolving Credit Facility 1,149 984 Senior notes 644 619 1,793 1,603 Components associated with interest from: Lease liabilities 548 724 Letter of Credit interest and fees 2,189 2,822 Other interest expense 501 1,179 3,238 4,725 Total interest expense $ 12,834 $ 12,656 |
Schedule of Cash and Cash Equivalents Reconciliation | The following table provides a reconciliation of Cash, cash equivalents and Current and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) March 31, 2024 December 31, 2023 Held by foreign entities $ 25,943 $ 44,388 Held by U.S. entities 17,938 20,947 Cash and cash equivalents 43,881 65,335 Reinsurance reserve requirements $ 642 380 Project indemnity collateral (1) 2,012 — Bank guarantee collateral 1,779 1,823 Letters of credit collateral (2) 53,839 584 Hold-back for acquisition purchase price (3) — 2,950 Escrow for long-term project (4) 299 297 Current and Long-term restricted cash and cash equivalents 58,571 6,034 Total Cash, cash equivalents and restricted cash $ 102,452 $ 71,369 (1) We added $2.0 million in project indemnity restricted cash collateral for a letter of credit agreement during the first quarter of 2024. (2) Beginning in January 2024, we drew $53.3 million on the Axos Credit Agreement for letter of credit collateral, which is reflected in Current and Long-term restricted cash in the Condensed Consolidated Balance Sheets. (3) The purchase price for FPS was $59.2 million, and included an initial hold-back of $5.9 million which was included in Current restricted cash and cash equivalents and Other accrued liabilities in the Condensed Consolidated Balance Sheets. The final payment was made in the amount of $3.0 million during the first quarter of 2024. (4) |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of Cash, cash equivalents and Current and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) March 31, 2024 December 31, 2023 Held by foreign entities $ 25,943 $ 44,388 Held by U.S. entities 17,938 20,947 Cash and cash equivalents 43,881 65,335 Reinsurance reserve requirements $ 642 380 Project indemnity collateral (1) 2,012 — Bank guarantee collateral 1,779 1,823 Letters of credit collateral (2) 53,839 584 Hold-back for acquisition purchase price (3) — 2,950 Escrow for long-term project (4) 299 297 Current and Long-term restricted cash and cash equivalents 58,571 6,034 Total Cash, cash equivalents and restricted cash $ 102,452 $ 71,369 (1) We added $2.0 million in project indemnity restricted cash collateral for a letter of credit agreement during the first quarter of 2024. (2) Beginning in January 2024, we drew $53.3 million on the Axos Credit Agreement for letter of credit collateral, which is reflected in Current and Long-term restricted cash in the Condensed Consolidated Balance Sheets. (3) The purchase price for FPS was $59.2 million, and included an initial hold-back of $5.9 million which was included in Current restricted cash and cash equivalents and Other accrued liabilities in the Condensed Consolidated Balance Sheets. The final payment was made in the amount of $3.0 million during the first quarter of 2024. (4) |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The changes in the components of AOCI, net of tax, for the three months ended March 31, 2024 and 2023 were as follows: (in thousands) Currency translation loss Net unrecognized loss related to benefit plans (net of tax) Total Balance at December 31, 2023 $ (64,778) $ (1,583) $ (66,361) Other comprehensive (loss) income before reclassifications (3,125) 231 (2,894) Balance at March 31, 2024 $ (67,903) $ (1,352) $ (69,255) (in thousands) Currency translation Net unrecognized loss Total Balance at December 31, 2022 $ (70,333) $ (2,453) $ (72,786) Other comprehensive income before reclassifications 4,592 223 4,815 Balance at March 31, 2023 $ (65,741) $ (2,230) $ (67,971) |
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, 2024 2023 Pension and post retirement adjustments, net of tax Benefit plans, net 231 223 Net Income (Loss) $ 231 $ 223 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | The following tables summarize 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 ASC 820, Fair Value Measurements and Disclosures ). Available-For-Sale Securities (in thousands) March 31, 2024 Level 1 Level 2 Corporate notes and bonds $ 4,308 $ 4,308 $ — Mutual funds — — — United States Government and agency securities 2,200 2,200 — Total fair value of available-for-sale securities $ 6,508 $ 6,508 $ — (in thousands) December 31, 2023 Level 1 Level 2 Corporate notes and bonds $ 3,144 $ 3,144 $ — Mutual funds 3 — 3 United States Government and agency securities 3,906 3,906 — Total fair value of available-for-sale securities $ 7,053 $ 7,050 $ 3 (in thousands) March 31, 2024 Senior Notes Carrying Value Estimated Fair Value 8.125% Senior Notes due 2026 ("BWSN") $ 193,035 $ 126,245 6.50% Senior Notes due 2026 ("BWNB") $ 151,440 $ 84,443 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) segement | |
Accounting Policies [Abstract] | |
Defined benefit plan, period of payment increase | 5 years |
Number of reportable segments | segement | 3 |
Future potential savings | $ | $ 7,200 |
LOSS PER SHARE - Computation of
LOSS PER SHARE - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Loss from continuing operations | $ (15,799) | $ (12,686) |
Net loss attributable to non-controlling interest | (42) | (21) |
Less: Dividend on Series A preferred stock | 3,714 | 3,715 |
Income (loss) from continuing operations attributable to stockholders of common stock, basic | (19,555) | (16,422) |
Income (loss) from continuing operations attributable to stockholders of common stock, diluted | (19,555) | (16,422) |
(Loss) income from discontinued operations, net of tax, basic | (992) | 211 |
(Loss) income from discontinued operations, net of tax, diluted | (992) | 211 |
Net (loss) income attributable to stockholders of common stock, basic | (20,547) | (16,211) |
Net (loss) income attributable to stockholders of common stock, diluted | $ (20,547) | $ (16,211) |
Weighted average shares used to calculate basic loss income per share (in shares) | 89,479 | 88,733 |
Weighted average shares used to calculate diluted earnings loss per share (in shares) | 89,479 | 88,733 |
Continuing operations, basic (in dollars per share) | $ (0.22) | $ (0.18) |
Continuing operations, dilute (in dollars per share) | (0.22) | (0.18) |
Discontinued operations, basic (in dollars per share) | (0.01) | 0 |
Discontinued operations, diluted (in dollars per share) | (0.01) | 0 |
Basic loss per share (in dollars per share) | (0.23) | (0.18) |
Diluted loss per share (in dollars per share) | $ (0.23) | $ (0.18) |
LOSS PER SHARE - Narrative (Det
LOSS PER SHARE - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Excluded shares that would have been included with net income (in shares) | 0 | 0.4 |
Antidilutive securities excluded from computing of earnings per share (in shares) | 2.4 | 2.2 |
ASSETS HELD FOR SALE AND DISC_3
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Included in Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
(Loss) income from discontinued operations, net of tax | $ (992) | $ 211 |
B&W Solar | Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 11,373 | 15,989 |
Cost of operations | 10,366 | 14,442 |
Selling general and administrative expenses | 1,699 | 1,468 |
Restructuring expenses | 35 | 0 |
Total costs and expenses | 12,100 | 15,910 |
Operating (loss) income | (727) | 79 |
Other (expense) income | (265) | 132 |
(Loss) income from discontinued operations | (992) | 211 |
(Loss) income from discontinued operations, net of tax | $ (992) | $ 211 |
ASSETS HELD FOR SALE AND DISC_4
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Major Classes of Assets and Liabilities in Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash | $ 30 | $ 0 | |
Accrued warranty expense | 1,067 | $ 1,078 | |
Current assets held for sale | 24,266 | 18,495 | |
Current liabilities held for sale | 35,179 | 43,614 | |
B&W Solar | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash | 0 | 31 | |
Contracts in progress | 5,957 | 4,538 | |
Accounts receivable - trade | 7,558 | 3,272 | |
Other assets, net | 67 | 62 | |
Total current assets | 13,582 | 7,903 | |
Net property, plant and equipment and finance leases | 2,780 | 2,683 | |
Intangible assets, net | 7,833 | 7,833 | |
Right-of-use assets | 71 | 76 | |
Total non-current assets | 10,684 | 10,592 | |
Total assets of disposal group | 24,266 | 18,495 | |
Loans payable, current | 489 | 502 | |
Operating lease liabilities, current | 24 | 23 | |
Accounts payable | 20,976 | 26,298 | |
Accrued employee benefits | 284 | 231 | |
Advance billings on contracts | 5,452 | 5,961 | |
Other current liabilities | 4,420 | 8,101 | |
Total current liabilities | 32,712 | 42,194 | |
Loans payable, net of current portion | 1,296 | 1,308 | |
Other non-current liabilities | 1,171 | 112 | |
Total non-current liabilities | 2,467 | 1,420 | |
Total liabilities of disposal group | 35,179 | 43,614 | |
Current assets held for sale | 24,266 | 18,495 | |
Current liabilities held for sale | $ 35,179 | $ 43,614 |
ASSETS HELD FOR SALE AND DISC_5
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Included in Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization of long-lived assets | $ 4,843 | $ 5,365 |
Contracts in progress | (21,515) | (29,042) |
Accounts payable | 1,758 | (29,639) |
Purchase of property, plant and equipment | (3,394) | (2,208) |
Discontinued Operations, Held-for-sale | B&W Solar | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization of long-lived assets | 0 | 96 |
Accounts receivable | (4,286) | (4,515) |
Contracts in progress | (1,419) | (3,473) |
Accounts payable | (5,322) | 7,452 |
Purchase of property, plant and equipment | $ (127) | $ (15) |
ASSETS HELD FOR SALE AND DISC_6
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) - Discontinued Operations, Held-for-sale $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) contract | Mar. 31, 2023 USD ($) contract | Dec. 31, 2023 USD ($) | |
Backlog | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Billings to customers less revenues recognized | $ 11,400 | ||
B&W Solar | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contracts in loss position terminated | contract | 7 | ||
Revenues | $ 11,373 | $ 15,989 | |
Cost of operations | $ 10,366 | $ 14,442 | |
Disposal group, including discontinued operation, number of contracts in loss position | contract | 0 | 1,000 | |
B&W Solar | Contracts In A Loss Position | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $ 1,200 | ||
B&W Solar | Backlog | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Billings to customers less revenues recognized | 72,400 | $ 99,000 | |
Loss on contract termination | $ (17,000) |
ASSETS HELD FOR SALE AND DISC_7
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Changes in Contract Estimates (Details) - Transferred over Time - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Increases in gross profit for changes in estimates for over time contracts | $ 6,964 | $ 5,401 |
Decreases in gross profit for changes in estimates for over time contracts | (3,891) | (4,243) |
Net changes in gross profit for changes in estimates for over time contracts | 3,073 | 1,158 |
B&W Solar | ||
Disaggregation of Revenue [Line Items] | ||
Increases in gross profit for changes in estimates for over time contracts | 2,212 | 824 |
Decreases in gross profit for changes in estimates for over time contracts | (147) | (1,510) |
Net changes in gross profit for changes in estimates for over time contracts | $ 2,065 | $ (686) |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segement | |
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, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 207,556 | $ 241,258 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (3,266) | (1,541) |
B&W Renewable segment | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 52,281 | 84,123 |
B&W Renewable segment | B&W Renewable | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 29,590 | 49,132 |
B&W Renewable segment | B&W Renewable Services | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 18,461 | 16,310 |
B&W Renewable segment | Vølund | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,230 | 18,681 |
B&W Environmental segment | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 48,354 | 39,440 |
B&W Environmental segment | B&W Environmental | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 26,708 | 20,361 |
B&W Environmental segment | SPIG | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 18,561 | 16,605 |
B&W Environmental segment | GMAB | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,085 | 2,474 |
B&W Thermal segment | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 110,187 | 119,236 |
B&W Thermal segment | B&W Thermal | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 110,187 | $ 119,236 |
SEGMENT REPORTING - Reconciliat
SEGMENT REPORTING - Reconciliation of Adjusted EBITDA to Consolidated Net Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Benefit plans, net | $ 96 | $ (109) |
Loss on debt extinguishment | (5,071) | 0 |
Foreign exchange | (1,333) | (461) |
Loss before income tax expense | (14,506) | (12,196) |
Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Interest expense | (12,527) | (12,543) |
Depreciation & amortization | (4,409) | (5,269) |
Benefit plans, net | 96 | (109) |
Loss on sales, net | (53) | (937) |
Settlements and related legal costs, net | 4,087 | 2,463 |
Loss on debt extinguishment | (5,071) | 0 |
Stock compensation | (1,350) | (3,227) |
Restructuring expense and business services transition | (1,580) | (960) |
Acquisition pursuit and related costs | (84) | (134) |
Product development | (1,619) | (1,370) |
Foreign exchange | (1,333) | (461) |
Financial advisory services | (214) | 0 |
Contract disposal | (585) | (1,387) |
Letter of credit fees | (2,388) | (1,643) |
Other- net | (11) | (193) |
Operating Segments | B&W Renewable | Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 1,658 | 4,322 |
Operating Segments | B&W Environmental | Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 3,326 | 1,906 |
Operating Segments | B&W Thermal segment | Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 13,672 | 13,733 |
Corporate | Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | (6,005) | (5,080) |
R&D expenses | Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
R&D expenses | $ (116) | $ (1,307) |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACTS - Revenue Recognition (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Transferred at Point in Time | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percent of revenue | 22% | 17% |
Transferred over Time | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percent of revenue | 78% | 83% |
REVENUE RECOGNITION AND CONTR_4
REVENUE RECOGNITION AND CONTRACTS - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Contract assets - included in contracts in progress: | ||
Contract assets - included in contracts in progress | $ 107,431 | $ 90,054 |
Contract assets - included in contracts in progress, change | $ 17,377 | |
Contract assets - included in contracts in progress, change | 19% | |
Contract liabilities - included in advance billings on contracts: | ||
Contract liabilities - included in advance billings on contracts | $ 74,861 | 81,098 |
Contract liabilities - included in advance billings on contracts, change | $ (6,237) | |
Contract liabilities - included in advance billings on contracts, change | (8.00%) | |
Net contract balance | $ 32,570 | 8,956 |
Net contract balance, change | $ 23,614 | |
Net contract balance, percent change | 264% | |
Accrued contract losses | $ 363 | 522 |
Accrued contract losses, change | $ (159) | |
Accrued contract losses, percent change | (30.00%) | |
Billings to customers less revenues recognized | ||
Contract liabilities - included in advance billings on contracts: | ||
Contract liabilities - included in advance billings on contracts | $ 68,393 | 76,032 |
Contract liabilities - included in advance billings on contracts, change | $ (7,639) | |
Contract liabilities - included in advance billings on contracts, change | (10.00%) | |
Costs of revenue recognized less cost incurred | ||
Contract liabilities - included in advance billings on contracts: | ||
Contract liabilities - included in advance billings on contracts | $ 6,468 | 5,066 |
Contract liabilities - included in advance billings on contracts, change | $ 1,402 | |
Contract liabilities - included in advance billings on contracts, change | 28% | |
Costs incurred less costs of revenue recognized | ||
Contract assets - included in contracts in progress: | ||
Contract assets - included in contracts in progress | $ 47,431 | 37,556 |
Contract assets - included in contracts in progress, change | $ 9,875 | |
Contract assets - included in contracts in progress, change | 26% | |
Revenues recognized less billings to customers | ||
Contract assets - included in contracts in progress: | ||
Contract assets - included in contracts in progress | $ 60,000 | $ 52,498 |
Contract assets - included in contracts in progress, change | $ 7,502 | |
Contract assets - included in contracts in progress, change | 14% |
REVENUE RECOGNITION AND CONTR_5
REVENUE RECOGNITION AND CONTRACTS - Backlog (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 650.4 |
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) | 64% |
Expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations (as a percent) | 17% |
Expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations (as a percent) | 19% |
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, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Increases in gross profit for changes in estimates for over time contracts | $ 6,964 | $ 5,401 |
Decreases in gross profit for changes in estimates for over time contracts | (3,891) | (4,243) |
Net changes in gross profit for changes in estimates for over time contracts | $ 3,073 | $ 1,158 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 91,394 | $ 90,116 |
Work in progress | 4,834 | 6,604 |
Finished goods | 16,179 | 17,170 |
Total inventories | $ 112,407 | $ 113,890 |
PROPERTY, PLANT & EQUIPMENT &_3
PROPERTY, PLANT & EQUIPMENT & FINANCE LEASES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | $ 206,111 | $ 203,920 |
Less accumulated depreciation | 149,452 | 147,929 |
Net property, plant and equipment | 56,659 | 55,991 |
Finance leases | 30,653 | 30,656 |
Less finance lease accumulated amortization | 8,798 | 8,278 |
Net property, plant and equipment, and finance leases | 78,514 | 78,369 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | 2,579 | 2,608 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | 34,577 | 34,832 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | 152,858 | 152,700 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | $ 16,097 | $ 13,780 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill impairment charge | $ 0 |
GOODWILL - Carrying Amount of G
GOODWILL - Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 101,956 |
Currency translation adjustments | (1,301) |
Ending balance | 100,655 |
B&W Renewable | |
Goodwill [Roll Forward] | |
Beginning balance | 25,805 |
Currency translation adjustments | (262) |
Ending balance | 25,543 |
B&W Environmental | |
Goodwill [Roll Forward] | |
Beginning balance | 5,637 |
Currency translation adjustments | (236) |
Ending balance | 5,401 |
B&W Thermal | |
Goodwill [Roll Forward] | |
Beginning balance | 70,514 |
Currency translation adjustments | (803) |
Ending balance | $ 69,711 |
INTANGIBLE ASSETS - Intangible
INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross value of definite-lived intangible assets | $ 104,014 | $ 104,994 | ||
Accumulated amortization | (62,728) | (60,897) | ||
Net definite-lived intangible assets | 41,286 | 44,097 | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Total intangible assets, net | 42,816 | 45,627 | $ 50,279 | $ 51,564 |
Trademarks and trade names | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Trademarks and trade names | 1,530 | 1,530 | ||
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross value of definite-lived intangible assets | 58,952 | 59,543 | ||
Accumulated amortization | (31,011) | (29,820) | ||
Unpatented technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross value of definite-lived intangible assets | 18,258 | 18,416 | ||
Accumulated amortization | (12,141) | (11,764) | ||
Patented technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross value of definite-lived intangible assets | 3,645 | 3,677 | ||
Accumulated amortization | (3,070) | (3,030) | ||
Tradename | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross value of definite-lived intangible assets | 13,479 | 13,595 | ||
Accumulated amortization | (7,044) | (6,892) | ||
All other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross value of definite-lived intangible assets | 9,680 | 9,763 | ||
Accumulated amortization | $ (9,462) | $ (9,391) |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Changes in Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 45,627 | $ 51,564 |
Amortization expense | (1,831) | (1,839) |
Currency translation adjustments | (980) | 554 |
Balance at end of the period | $ 42,816 | $ 50,279 |
INTANGIBLE ASSETS - Estimated F
INTANGIBLE ASSETS - Estimated Future Intangible Asset Amortization (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Year ending December 31, 2024 | $ 5,668 |
Year ending December 31, 2025 | 6,685 |
Year ending December 31, 2026 | 5,530 |
Year ending December 31, 2027 | 4,916 |
Year ending December 31, 2028 | 4,633 |
Thereafter | $ 13,854 |
ACCRUED WARRANTY EXPENSE (Detai
ACCRUED WARRANTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 7,634 | $ 9,568 |
Additions | 515 | 1,901 |
Expirations and other changes | (392) | (1,358) |
Payments | (460) | (253) |
Translation and other | (137) | 52 |
Balance at end of period | $ 7,160 | $ 9,910 |
RESTRUCTURING ACTIVITIES - Summ
RESTRUCTURING ACTIVITIES - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | $ 1,580 | $ 384 |
Severance and related costs (benefit) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 418 | (85) |
Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 1,162 | 469 |
Operating Segments | B&W Renewable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 834 | (89) |
Operating Segments | B&W Renewable | Severance and related costs (benefit) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 159 | (89) |
Operating Segments | B&W Renewable | Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 675 | 0 |
Operating Segments | B&W Environmental | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 185 | 20 |
Operating Segments | B&W Environmental | Severance and related costs (benefit) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 59 | 1 |
Operating Segments | B&W Environmental | Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 126 | 19 |
Operating Segments | B&W Thermal | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 560 | 3 |
Operating Segments | B&W Thermal | Severance and related costs (benefit) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 200 | 3 |
Operating Segments | B&W Thermal | Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 360 | 0 |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 1 | 450 |
Corporate | Severance and related costs (benefit) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | 0 | 0 |
Corporate | Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring activities | $ 1 | $ 450 |
RESTRUCTURING ACTIVITIES - Rest
RESTRUCTURING ACTIVITIES - Restructuring Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 2,505 | $ 1,615 |
Restructuring expense | 1,580 | 384 |
Payments and other | (1,966) | 37 |
Balance at end of period | $ 2,119 | $ 2,036 |
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, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 10,808 | $ 11,489 |
Expected return on plan assets | (11,200) | (11,697) |
Amortization of prior service cost | 53 | 52 |
Benefit plans, net | (339) | (156) |
Service cost included in COS | 171 | 144 |
Net periodic benefit cost (benefit) | (168) | (12) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 70 | 92 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 173 | 173 |
Benefit plans, net | 243 | 265 |
Service cost included in COS | 4 | 4 |
Net periodic benefit cost (benefit) | $ 247 | $ 269 |
PENSION PLANS AND OTHER POSTR_4
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||
Pension and other postretirement benefit plans | $ 0.3 | $ 0.3 |
DEBT AND CREDIT FACILITIES - Co
DEBT AND CREDIT FACILITIES - Components of The Senior Notes (Details) - Senior notes - USD ($) $ in Thousands | Mar. 31, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||||
Carrying value | $ 344,475 | $ 344,475 | ||
Unamortized deferred financing costs | (6,363) | (6,918) | ||
Unamortized premium | 276 | 312 | ||
Net debt balance | $ 338,388 | $ 337,869 | ||
8.125% Senior Notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Fixed rate per annum | 8.125% | 8.125% | 8.125% | 8.125% |
Carrying value | $ 193,035 | $ 193,035 | ||
Unamortized deferred financing costs | (2,631) | (2,899) | ||
Unamortized premium | 276 | 312 | ||
Net debt balance | $ 190,680 | $ 190,448 | ||
6.50% Senior Notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Fixed rate per annum | 6.50% | 6.50% | 6.50% | 6.50% |
Carrying value | $ 151,440 | $ 151,440 | ||
Unamortized deferred financing costs | (3,732) | (4,019) | ||
Unamortized premium | 0 | 0 | ||
Net debt balance | $ 147,708 | $ 147,421 |
DEBT AND CREDIT FACILITIES - Re
DEBT AND CREDIT FACILITIES - Revolving and Letter of Agreement with Axos (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Jan. 31, 2024 | Jul. 31, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2021 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | $ 79,570,000 | $ 106,861,000 | |||||
Loans payable | 103,200,000 | $ 41,600,000 | |||||
Debt issuance costs, net | 500,000 | 500,000 | |||||
Loans payable | 4,473,000 | 6,174,000 | |||||
Loans payable, net of current portion | 98,727,000 | $ 35,442,000 | |||||
Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Collateral amount | 53,300,000 | ||||||
Credit Agreement | Restricted Cash, Current | |||||||
Debt Instrument [Line Items] | |||||||
Collateral amount | 11,900,000 | ||||||
Credit Agreement | Restricted Cash Noncurrent | |||||||
Debt Instrument [Line Items] | |||||||
Collateral amount | 41,400,000 | ||||||
Credit Agreement | Debt Instrument, Covenant, Two | Secured Overnight Financing Rate Plus | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4% | ||||||
Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit amount | $ 90,100,000 | ||||||
8.125% Senior Notes due 2026 ("BWSN") | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate per annum | 8.125% | 8.125% | 8.125% | 8.125% | |||
6.50% Senior Notes due 2026 | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate per annum | 6.50% | 6.50% | 6.50% | 6.50% | |||
Sale-Leaseback Financing Transactions | |||||||
Debt Instrument [Line Items] | |||||||
Loans payable | $ 12,100,000 | $ 12,300,000 | |||||
Debt issuance costs, net | 500,000 | $ 500,000 | |||||
Revolving credit facility | Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2% | ||||||
Debt instrument, collateral monitoring fee, amount | $ 1,000 | ||||||
Line of credit amount | 36,800,000 | ||||||
Revolving credit facility | Credit Agreement | Annual Fee | |||||||
Debt Instrument [Line Items] | |||||||
Related party, annual fee percent | 2% | ||||||
Related party transaction | $ 3,000,000 | ||||||
Related party transaction, period execute a junior secured promissory note | 60 days | ||||||
Revolving credit facility | Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2% | ||||||
Revolving credit facility | Credit Agreement | Daily Simple Secured Overnight Financing Rate (SOFR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1% | ||||||
Revolving credit facility | Credit Agreement | Debt Instrument, Covenant, One | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, covenant, outstanding amount | $ 100,000,000 | ||||||
Revolving credit facility | Credit Agreement | Debt Instrument, Covenant, One | Secured Overnight Financing Rate Plus | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.25% | ||||||
Revolving credit facility | Credit Agreement | Debt Instrument, Covenant, Two | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, covenant, outstanding amount | $ 100,000,000 | ||||||
Revolving credit facility | Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 150,000,000 | ||||||
Amendment fee amount | $ 1,500,000 | ||||||
Commitment fee for unused capacity, percentage | 0.50% | ||||||
Increase limit | $ 6,000,000 | ||||||
Revolving credit facility | Credit Agreement | Line of Credit | Forecast | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Accordion feature fee | $ 75,000 | ||||||
Letter of credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 100,000,000 | $ 110,000,000 | |||||
Letter of credit | Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | $ 53,300,000 |
DEBT AND CREDIT FACILITIES - _2
DEBT AND CREDIT FACILITIES - Revolving and Letter of Credit Agreements with PNC and MSD (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2023 | Apr. 01, 2026 | Jan. 01, 2025 | Oct. 01, 2024 | Jul. 01, 2024 | Apr. 30, 2024 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on debt extinguishment | $ 5,071,000 | $ 0 | ||||||||||||||||||
Third Amended Reimbursement Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, dividend payment fee | $ 1,000,000 | |||||||||||||||||||
Third Amended Reimbursement Agreement | Secured Overnight Financing Rate Plus | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 10% | |||||||||||||||||||
Third Amended Reimbursement Agreement | Secured Overnight Financing Rate Plus | Forecast | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread period increase | 0.50% | |||||||||||||||||||
Third Amended Reimbursement Agreement | Secured Overnight Financing Rate Plus | Forecast | Subsequent Event | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 11% | |||||||||||||||||||
Fourth Amended Reimbursement Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, fixed charge coverage ratio | 82% | 93% | ||||||||||||||||||
Debt instrument, covenant, senior net leverage ratio | 125% | 145% | ||||||||||||||||||
Debt instrument, covenant, minimum cash flow requirement | $ 10,000,000 | |||||||||||||||||||
Debt instrument, covenant, obligation threshold amount | $ 15,000,000 | |||||||||||||||||||
Fourth Amended Reimbursement Agreement | Subsequent Event | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, collateral commitment fees, percentage | 0.50% | |||||||||||||||||||
Fourth Amended Reimbursement Agreement | Forecast | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, fixed charge coverage ratio | 125% | 110% | 95% | 90% | ||||||||||||||||
Debt instrument, covenant, minimum cash flow requirement | $ 15,000,000 | |||||||||||||||||||
Debt instrument, collateral commitment fees, percentage | 0.50% | 0.50% | 0.50% | 0.50% | ||||||||||||||||
Fourth Amended Reimbursement Agreement | Forecast | Subsequent Event | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, minimum cash flow requirement | $ 25,000,000 | |||||||||||||||||||
Letter of credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | $ 110,000,000 | ||||||||||||||||||
Administrative fees, percentage | 0.75% | |||||||||||||||||||
Fronting fees, percentage | 0.25% | |||||||||||||||||||
Revolving credit facility | Credit Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 2% | |||||||||||||||||||
Revolving credit facility | Credit Agreement | Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||||||||||||||
Loss on debt extinguishment | $ 5,100,000 | |||||||||||||||||||
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% | |||||||||||||||||||
Reimbursement agreement | Third year after closing | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Prepayment fees, percentage | 1.25% |
DEBT AND CREDIT FACILITIES - Le
DEBT AND CREDIT FACILITIES - Letters of Credit Under the Domestic Facilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | $ 79,570 | $ 106,861 |
Backstopped Bonds | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 17,169 | 32,397 |
Surety Bonds | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 15,329 | 14,149 |
Letters of credit subject to currency revaluation | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 47,954 | 68,435 |
Performance letters of credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 68,059 | 93,213 |
Financial letters of credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | $ 11,511 | $ 13,648 |
DEBT AND CREDIT FACILITIES - Su
DEBT AND CREDIT FACILITIES - Surety Bonds to Support Contractual Obligations to Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Letters of credit under non-domestic facilities | ||
Debt Instrument [Line Items] | ||
Line of credit amount | $ 39,041 | $ 52,970 |
Surety Bonds | ||
Debt Instrument [Line Items] | ||
Guarantor obligations | $ 146,838 | $ 269,444 |
CAPITAL STOCK - Preferred Stock
CAPITAL STOCK - Preferred Stock (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Debt Instrument [Line Items] | |
Dividends paid | $ 3,700,000 |
7.75% Series A Cumulative Perpetual Preferred Stock | |
Debt Instrument [Line Items] | |
Cumulative undeclared dividends of the preferred stock | $ 0 |
INTEREST EXPENSE - Summary of I
INTEREST EXPENSE - Summary of Interest Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||
Interest expense on borrowings | $ 7,803 | $ 6,328 |
Interest expense associated with amortization (accretion) of debt instruments | 1,793 | 1,603 |
Lease liabilities | 548 | 724 |
Letter of Credit interest and fees | 2,189 | 2,822 |
Other interest expense | 501 | 1,179 |
Finance lease interest expense and other | 3,238 | 4,725 |
Total interest expense | 12,834 | 12,656 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Interest expense on borrowings | 6,271 | 6,328 |
Interest expense associated with amortization (accretion) of debt instruments | 644 | 619 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Interest expense on borrowings | 1,532 | 0 |
Interest expense associated with amortization (accretion) of debt instruments | $ 1,149 | $ 984 |
INTEREST EXPENSE - Schedule of
INTEREST EXPENSE - Schedule of Cash and Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||
Feb. 01, 2022 | Jan. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 15, 2021 | |||
Cash and Cash Equivalents [Line Items] | ||||||||||
Cash and cash equivalents | $ 65,335 | $ 43,881 | $ 62,760 | |||||||
Current and Long-term restricted cash and cash equivalents | 6,034 | 58,571 | ||||||||
Total Cash, cash equivalents and restricted cash | 71,369 | 102,452 | [1] | 91,068 | [1] | $ 113,460 | ||||
Escrow deposit | $ 11,400 | |||||||||
Cash | 30 | $ 0 | ||||||||
Revolving credit facility | Credit Agreement | Annual Fee | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Proceeds from borrowings | $ 53,300 | |||||||||
Forecast | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Cash | $ 300 | |||||||||
Fossil Power Systems | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Business combination, consideration transferred | $ 59,200 | 3,000 | ||||||||
Held by foreign entities | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Cash and cash equivalents | 44,388 | 25,943 | ||||||||
Held by U.S. entities | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Cash and cash equivalents | 20,947 | 17,938 | ||||||||
Reinsurance reserve requirements | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Current and Long-term restricted cash and cash equivalents | 380 | 642 | ||||||||
Project indemnity collateral | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Current and Long-term restricted cash and cash equivalents | 0 | 2,012 | ||||||||
Bank guarantee collateral | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Current and Long-term restricted cash and cash equivalents | 1,823 | 1,779 | ||||||||
Letters of Credit Collateral | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Current and Long-term restricted cash and cash equivalents | 584 | 53,839 | ||||||||
Hold-back for acquisition purchase price | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Current and Long-term restricted cash and cash equivalents | $ 5,900 | 2,950 | 0 | |||||||
Escrow for long-term project | ||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||
Current and Long-term restricted cash and cash equivalents | $ 297 | $ 299 | ||||||||
[1] (1) Includes cash held at discontinued operations of $— million and $0.03 million at March 31, 2024 and 2023, respectively. |
INTEREST EXPENSE - Additional I
INTEREST EXPENSE - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Line Items] | ||
Current and Long-term restricted cash and cash equivalents | $ 58,571 | $ 6,034 |
Letters of Credit Collateral | ||
Cash and Cash Equivalents [Line Items] | ||
Current and Long-term restricted cash and cash equivalents | $ 53,839 | $ 584 |
PROVISION FOR INCOME TAXES (Det
PROVISION FOR INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Tax Credit Carryforward [Line Items] | ||
Income tax expense | $ 1,293 | $ 490 |
Effective tax rate | (8.90%) | (4.00%) |
Unfavorable discrete items | $ 500 | $ 200 |
Minimum | Foreign Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Effective tax rate | 19% | |
Maximum | Foreign Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Effective tax rate | 30% |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Millions | Jun. 21, 2023 | Jan. 11, 2021 | Dec. 27, 2019 |
Loss Contingencies [Line Items] | |||
Loss contingency, damages sought, contractual cap | $ 11.7 | ||
Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Alleged damages | $ 2.9 | $ 58.9 |
COMPREHENSIVE INCOME - Accumula
COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ (200,350) | $ (2,089) |
Other comprehensive (loss) income before reclassifications | (2,894) | 4,815 |
Ending balance | (222,467) | (10,206) |
Accumulated Other Comprehensive (Loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (66,361) | (72,786) |
Ending balance | (69,255) | (67,971) |
Currency translation loss | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (64,778) | (70,333) |
Other comprehensive (loss) income before reclassifications | (3,125) | 4,592 |
Ending balance | (67,903) | (65,741) |
Net unrecognized loss related to benefit plans (net of tax) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (1,583) | (2,453) |
Other comprehensive (loss) income before reclassifications | 231 | 223 |
Ending balance | $ (1,352) | $ (2,230) |
COMPREHENSIVE INCOME - Reclassi
COMPREHENSIVE INCOME - Reclassification out of Accumulated other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Benefit plans, net | $ 96 | $ (109) |
Net Income (Loss) | (15,799) | (12,686) |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Income (Loss) | 231 | 223 |
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 | $ 231 | $ 223 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Available-for-Sale Securities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of available-for-sale securities | $ 6,508 | $ 7,053 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of available-for-sale securities | 6,508 | 7,050 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of available-for-sale securities | 0 | 3 |
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 | 4,308 | 3,144 |
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 | 4,308 | 3,144 |
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 | 0 | 3 |
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 | 0 | 3 |
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 | 2,200 | 3,906 |
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 | 2,200 | 3,906 |
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) - contract | Mar. 31, 2024 | Mar. 31, 2023 |
Discontinued Operations, Held-for-sale | B&W Solar | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Disposal group, including discontinued operation, number of contracts in loss position | 0 | 1,000 |
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, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | $ 344,475 | $ 344,475 | ||
8.125% Senior Notes due 2026 ("BWSN") | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed rate per annum | 8.125% | 8.125% | 8.125% | 8.125% |
Carrying Value | $ 193,035 | $ 193,035 | ||
Estimated Fair Value | $ 126,245 | |||
6.50% Senior Notes due 2026 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed rate per annum | 6.50% | 6.50% | 6.50% | 6.50% |
Carrying Value | $ 151,440 | $ 151,440 | ||
Estimated Fair Value | $ 84,443 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2018 | Mar. 31, 2024 | Apr. 30, 2024 | Jan. 31, 2024 | |
Revolving credit facility | Credit Agreement | Annual Fee | ||||
Related Party Transaction [Line Items] | ||||
Related party, annual fee percent | 2% | |||
Related party transaction | $ 3,000 | |||
Related party transaction, period execute a junior secured promissory note | 60 days | |||
B. Riley Securities, Inc. | Affiliated Entity | Subsequent Event | ||||
Related Party Transaction [Line Items] | ||||
Related party, compensation gross sale percent | 3% | |||
BPRI Executive Consulting, LLC | Revolving credit facility | Credit Agreement | Annual Fee | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, period execute a junior secured promissory note | 60 days | |||
BPRI Executive Consulting, LLC | Affiliated Entity | 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 | |||
Babcock & Wilcox Enterprises, Inc. | B. Riley Capital Management, LLC | ||||
Related Party Transaction [Line Items] | ||||
Ownership percent of common stock | 32.40% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) shares in Millions, $ in Millions | May 03, 2024 | Apr. 10, 2024 |
Over-Allotment Option | ||
Subsequent Event [Line Items] | ||
Sale of stock, compensation agreement, percent of gross proceeds | 3% | |
B. Riley Securities, Inc. | Affiliated Entity | ||
Subsequent Event [Line Items] | ||
Stock sale agreement, aggregate amount offered (up to) | $ 50 | |
Sale of stock, number of shares issued (in shares) | 1.5 |