Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 92,195,934 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001630805 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | BW | |
Security Exchange Name | NYSE | |
8.125% Senior Notes due 2026 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.125% Senior Notes due 2026 | |
Trading Symbol | BWSN | |
Security Exchange Name | NYSE | |
6.50% Senior Notes due 2026 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.50% Senior Notes due 2026 | |
Trading Symbol | BWNB | |
Security Exchange Name | NYSE | |
7.75% Series A Cumulative Perpetual Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 7.75% Series A Cumulative Perpetual Preferred Stock | |
Trading Symbol | BW PRA | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenues | $ 233,642 | $ 291,515 | $ 441,198 | $ 532,773 |
Costs and expenses: | ||||
Cost of operations | 179,152 | 228,352 | 338,227 | 417,681 |
Selling, general and administrative expenses | 50,525 | 49,772 | 91,963 | 97,786 |
Restructuring activities | 767 | 1,021 | 2,347 | 1,405 |
Research and development costs | 1,180 | 924 | 2,261 | 2,232 |
Gain on sale of business | (40,174) | 0 | (40,174) | 0 |
(Gain) loss on asset disposals, net | (7) | (955) | 46 | (18) |
Total costs and expenses | 191,443 | 279,114 | 394,670 | 519,086 |
Operating income | 42,199 | 12,401 | 46,528 | 13,687 |
Other (expense) income: | ||||
Interest expense | (12,534) | (11,176) | (25,368) | (23,832) |
Interest income | 285 | 478 | 592 | 591 |
Loss on debt extinguishment | (1,053) | 0 | (6,124) | 0 |
Benefit plans, net | 92 | (138) | 188 | (247) |
Foreign exchange | 499 | 1,154 | (834) | 693 |
Other income (expense) – net | 426 | (264) | 426 | (633) |
Total other expense, net | (12,285) | (9,946) | (31,120) | (23,428) |
Income (loss) before income tax expense | 29,914 | 2,455 | 15,408 | (9,741) |
Income tax expense | 4,692 | 1,861 | 5,985 | 2,351 |
Income (loss) from continuing operations | 25,222 | 594 | 9,423 | (12,092) |
Income (loss) from discontinued operations, net of tax | 142 | (5,606) | (850) | (5,395) |
Net income (loss) | 25,364 | (5,012) | 8,573 | (17,487) |
Net income attributable to non-controlling interest | (49) | (76) | (91) | (97) |
Net income (loss) attributable to stockholders | 25,315 | (5,088) | 8,482 | (17,584) |
Less: Dividend on Series A preferred stock | 3,715 | 3,715 | 7,429 | 7,430 |
Net income (loss) attributable to stockholders of common stock, basic | 21,600 | (8,803) | 1,053 | (25,014) |
Net income (loss) attributable to stockholders of common stock, diluted | $ 21,600 | $ (8,803) | $ 1,053 | $ (25,014) |
Basic earnings (loss) per share: | ||||
Continuing operations, basic (in dollars per share) | $ 0.24 | $ (0.04) | $ 0.02 | $ (0.22) |
Discontinued operations, basic (in dollars per share) | 0 | (0.06) | (0.01) | (0.06) |
Basic earnings (loss) per share (in dollars per share) | 0.24 | (0.10) | 0.01 | (0.28) |
Diluted earnings (loss) per share: | ||||
Continuing operations, diluted (in dollars per share) | 0.24 | (0.04) | 0.02 | (0.22) |
Discontinued operations, diluted (in dollars per share) | 0 | (0.06) | (0.01) | (0.06) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.24 | $ (0.10) | $ 0.01 | $ (0.28) |
Shares used in the computation of basic earnings (loss) per share (in shares) | 91,049 | 88,783 | 90,264 | 88,758 |
Shares used in the computation of diluted earnings (loss) per share (in shares) | 91,152 | 88,783 | 90,324 | 88,758 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 25,364 | $ (5,012) | $ 8,573 | $ (17,487) |
Other comprehensive loss: | ||||
Currency translation adjustments ("CTA") | (2,266) | 3,527 | (5,391) | 8,119 |
Reclassification of CTA to net income (loss) | 1,201 | 0 | 1,201 | 0 |
Benefit obligations: | ||||
Pension and post retirement adjustments, net of tax | 232 | 222 | 463 | 445 |
Other comprehensive income (loss) | (833) | 3,749 | (3,727) | 8,564 |
Total comprehensive income (loss) | 24,531 | (1,263) | 4,846 | (8,923) |
Comprehensive (income) loss attributable to non-controlling interest | (40) | 27 | (26) | 41 |
Comprehensive income (loss) attributable to stockholders | $ 24,491 | $ (1,236) | $ 4,820 | $ (8,882) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 95,466 | $ 65,304 |
Current restricted cash | 75,332 | 5,737 |
Accounts receivable – trade, net | 124,967 | 144,016 |
Accounts receivable – other | 25,945 | 36,179 |
Contracts in progress | 88,644 | 90,054 |
Inventories, net | 110,309 | 113,890 |
Other current assets | 24,958 | 23,918 |
Current assets held for sale | 28,941 | 18,495 |
Total current assets | 574,562 | 497,593 |
Net property, plant and equipment and finance leases | 78,168 | 78,369 |
Goodwill | 83,842 | 101,956 |
Intangible assets, net | 30,518 | 45,627 |
Right-of-use assets | 27,632 | 28,192 |
Long-term restricted cash | 31,291 | 297 |
Deferred tax assets | 2,094 | 2,105 |
Other assets | 21,015 | 21,559 |
Total assets | 849,122 | 775,698 |
Accounts payable | 147,350 | 127,491 |
Accrued employee benefits | 11,850 | 10,797 |
Advance billings on contracts | 63,255 | 81,098 |
Accrued warranty expense | 6,695 | 7,634 |
Financing lease liabilities | 1,434 | 1,367 |
Operating lease liabilities | 3,532 | 3,932 |
Other accrued liabilities | 53,690 | 68,090 |
Loans payable | 3,475 | 6,174 |
Current liabilities held for sale | 42,609 | 43,614 |
Total current liabilities | 333,890 | 350,197 |
Senior notes | 339,024 | 337,869 |
Loans payable, net of current portion | 134,308 | 35,442 |
Pension and other postretirement benefit liabilities | 167,979 | 172,911 |
Finance lease liabilities, net of current portion | 25,465 | 26,206 |
Operating lease liabilities, net of current portion | 25,331 | 25,350 |
Deferred tax liability | 10,545 | 12,991 |
Other noncurrent liabilities | 10,924 | 15,082 |
Total liabilities | 1,047,466 | 976,048 |
Stockholders' deficit: | ||
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares 7,669 at both June 30, 2024 and December 31, 2023 | 77 | 77 |
Common stock, par value $0.01 per share, authorized shares of 500,000; outstanding shares of 92,010 and 89,449 at June 30, 2024 and December 31, 2023, respectively | 5,174 | 5,148 |
Capital in excess of par value | 1,550,977 | 1,546,281 |
Treasury stock at cost, 2,154 and 2,139 shares at June 30, 2024 and December 31, 2023, respectively | (115,180) | (115,164) |
Accumulated deficit | (1,569,889) | (1,570,942) |
Accumulated other comprehensive loss | (70,088) | (66,361) |
Stockholders' deficit attributable to shareholders | (198,929) | (200,961) |
Non-controlling interest | 585 | 611 |
Total stockholders' deficit | (198,344) | (200,350) |
Total liabilities and stockholders' deficit | $ 849,122 | $ 775,698 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 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, outstanding (in shares) | 92,010,000 | 89,449,000 |
Treasury stock, at cost (in shares) | 2,154,000 | 2,139,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - 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 income (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 stockholders | (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, 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 income (loss) | (17,487) | |||||||
Pension and post retirement adjustments, net of tax | 445 | |||||||
Ending balance of common stock (in shares) at Jun. 30, 2023 | 88,828,000 | |||||||
Ending balance at Jun. 30, 2023 | (13,020) | $ 5,139 | $ 77 | 1,543,167 | (113,818) | (1,383,889) | (64,222) | 526 |
Ending balance of preferred stock (in shares) at Jun. 30, 2023 | 7,669,000 | |||||||
Beginning balance of common stock (in shares) at Mar. 31, 2023 | 88,745,000 | |||||||
Beginning balance at Mar. 31, 2023 | (10,206) | $ 5,139 | $ 77 | 1,540,982 | (113,817) | (1,375,086) | (67,971) | 470 |
Beginning balance of preferred stock (in shares) at Mar. 31, 2023 | 7,669,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (5,012) | (5,088) | 76 | |||||
Currency translation adjustments | 3,507 | 3,527 | (20) | |||||
Pension and post retirement adjustments, net of tax | 222 | 222 | ||||||
Stock-based compensation charges (in shares) | 83,000 | |||||||
Stock-based compensation charges | 2,184 | 2,185 | (1) | |||||
Dividends to preferred stockholders | (3,715) | (3,715) | ||||||
Ending balance of common stock (in shares) at Jun. 30, 2023 | 88,828,000 | |||||||
Ending balance at Jun. 30, 2023 | $ (13,020) | $ 5,139 | $ 77 | 1,543,167 | (113,818) | (1,383,889) | (64,222) | 526 |
Ending balance of preferred stock (in shares) at Jun. 30, 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 income (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 | 0 | ||||
Dividends to preferred stockholders | (3,714) | (3,714) | ||||||
Ending balance of common stock (in shares) at Mar. 31, 2024 | 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 | |||||||
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 income (loss) | $ 8,573 | |||||||
Pension and post retirement adjustments, net of tax | $ 463 | |||||||
Ending balance of common stock (in shares) at Jun. 30, 2024 | 92,010,000 | 92,010,000 | ||||||
Ending balance at Jun. 30, 2024 | $ (198,344) | $ 5,174 | $ 77 | 1,550,977 | (115,180) | (1,569,889) | (70,088) | 585 |
Ending balance of preferred stock (in shares) at Jun. 30, 2024 | 7,669,000 | 7,669,000 | ||||||
Beginning balance of common stock (in shares) at Mar. 31, 2024 | 89,480,000 | |||||||
Beginning balance at Mar. 31, 2024 | $ (222,467) | $ 5,149 | $ 77 | 1,547,671 | (115,164) | (1,591,489) | (69,255) | 544 |
Beginning balance of preferred stock (in shares) at Mar. 31, 2024 | 7,669,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 25,364 | 25,315 | 49 | |||||
Currency translation adjustments | (1,073) | (1,065) | (8) | |||||
Pension and post retirement adjustments, net of tax | 232 | 232 | ||||||
Stock-based compensation charges (in shares) | 126,000 | |||||||
Stock-based compensation charges | 1,258 | $ 1 | 1,273 | (16) | ||||
Dividends to preferred stockholders | (3,715) | (3,715) | ||||||
Common stock offering, net (in shares) | 2,404,000 | |||||||
Common stock offering, net | $ 2,057 | $ 24 | 2,033 | |||||
Ending balance of common stock (in shares) at Jun. 30, 2024 | 92,010,000 | 92,010,000 | ||||||
Ending balance at Jun. 30, 2024 | $ (198,344) | $ 5,174 | $ 77 | $ 1,550,977 | $ (115,180) | $ (1,569,889) | $ (70,088) | $ 585 |
Ending balance of preferred stock (in shares) at Jun. 30, 2024 | 7,669,000 | 7,669,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) from continuing operations | $ 9,423 | $ (12,092) |
Net loss from discontinued operations | (850) | (5,395) |
Net income (loss) | 8,573 | (17,487) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization of long-lived assets | 9,517 | 11,259 |
Amortization of deferred financing costs and debt discount | 2,508 | 2,806 |
Amortization of guaranty fee | 1,367 | 464 |
Non-cash operating lease expense | 3,655 | 3,289 |
Loss on debt extinguishment | 6,124 | 0 |
Gain on sale of business | (40,174) | 0 |
Loss on asset disposals | 47 | 339 |
Provision for (benefit from) deferred income taxes | 2,514 | (1,696) |
Prior service cost amortization for pension and postretirement plans | 462 | 446 |
Stock-based compensation | 2,689 | 5,571 |
Foreign exchange | 834 | (693) |
Changes in operating assets and liabilities: | ||
Accounts receivable - trade, net and other | (7,523) | (10,482) |
Contracts in progress | (17,362) | (40,849) |
Advance billings on contracts | (14,950) | 6,377 |
Inventories, net | 472 | (15,728) |
Income taxes | 4,649 | (4,297) |
Accounts payable | 35,287 | 40,541 |
Accrued and other current liabilities | (11,968) | 3,219 |
Accrued contract loss | (4,659) | (1,280) |
Pension liabilities, accrued postretirement benefits and employee benefits | (2,374) | (4,681) |
Other, net | (6,273) | 631 |
Net cash used in operating activities | (26,585) | (22,251) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (7,970) | (5,594) |
Purchases of available-for-sale securities | (3,194) | (3,949) |
Sales and maturities of available-for-sale securities | 3,723 | 5,379 |
Proceeds from sale of business and assets, net | 83,477 | 0 |
Other, net | (160) | 0 |
Net cash provided by (used in) investing activities | 75,876 | (4,164) |
Cash flows from financing activities: | ||
Borrowings on loan payable | 138,961 | 16,165 |
Repayments on loan payable | (43,164) | (12,049) |
Finance lease payments | (673) | (584) |
Payment of holdback funds from acquisition | (2,950) | 0 |
Payment of preferred stock dividends | (7,429) | (7,431) |
Shares of common stock returned to treasury stock | (16) | (65) |
Issuance of common stock, net | 2,033 | 0 |
Debt issuance costs | (5,064) | 0 |
Other, net | (78) | (280) |
Net cash provided by (used in) financing activities | 81,620 | (4,244) |
Effects of exchange rate changes on cash | (191) | 1,078 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 130,720 | (29,581) |
Cash, cash equivalents and restricted cash at beginning of period | 71,369 | 113,460 |
Cash, cash equivalents and restricted cash at end of period | 202,089 | 83,879 |
Schedule of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 95,466 | 55,035 |
Current restricted cash | 75,332 | 18,338 |
Long-term restricted cash | 31,291 | 10,506 |
Total cash, cash equivalents and restricted cash at end of period | 202,089 | 83,879 |
Supplemental Cash flow information: | ||
Income taxes paid, net | 4,253 | 3,264 |
Interest paid | $ 16,226 | $ 12,764 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the 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 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 historically incurred operating losses, primarily due to losses recognized on our B&W Solar business as well as higher debt service costs and recurring cash deficits from operating activities. 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. As described below, it is probable that our alternative measures contemplated, cost savings plans and anticipated proceeds from the sale of non-strategic assets alleviate the 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 and delaying development of new products, which together we expect would reduce our annual cash spending by approximately $25 million. The following actions were completed through the issuance date of this Quarterly Report: • sold our B&W Renewable Service A/S business for net proceeds of $83.5 million on June 28, 2024 (described in Note 3 to the Condensed Consolidated Financial Statements); • completed the sale of a non-core facility for net proceeds of $4.2 million; • sold 2.4 million common shares pursuant to our At-The-Market Offering (described in Note 15 to the Condensed Consolidated Financial Statements) for net proceeds of $2.0 million; • 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; and, • initiated a company-wide cost savings plan with targeted annual savings of $30.0 million, $25.0 million of which has been achieved to date. The following strategies are ongoing to further increase available liquidity: • continued advanced negotiations related to the sale of three additional non-strategic businesses, which are expected to generate significant proceeds that will be used to meaningfully reduce outstanding debt; and, • 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. Based on our ability to raise funds through the actions noted above and our Cash and cash equivalents as of June 30, 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. 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 5 to the Condensed Consolidated Financial Statements. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (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 June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Net income (loss) from continuing operations $ 25,222 $ 594 $ 9,423 $ (12,092) Net income attributable to non-controlling interest (49) (76) (91) (97) Less: Dividend on Series A preferred stock 3,715 3,715 7,429 7,430 Income (loss) from continuing operations attributable to stockholders of common stock 21,458 (3,197) 1,903 (19,619) Income (loss) from discontinued operations, net of tax 142 (5,606) (850) (5,395) Net income (loss) attributable to stockholders of common stock $ 21,600 $ (8,803) $ 1,053 $ (25,014) Weighted average shares used to calculate basic earnings (loss) per share 91,049 88,783 90,264 88,758 Dilutive effect of stock options, restricted stock and performance units 103 — 60 — Weighted average shares used to calculate diluted earnings (loss) per share 91,152 88,783 90,324 88,758 Basic earnings (loss) per common share: Continuing operations $ 0.24 $ (0.04) $ 0.02 $ (0.22) Discontinued operations $ — $ (0.06) $ (0.01) $ (0.06) Basic earnings (loss) per common share $ 0.24 $ (0.10) $ 0.01 $ (0.28) Diluted earnings (loss) per share: Continuing operations $ 0.24 $ (0.04) $ 0.02 $ (0.22) Discontinued operations — (0.06) (0.01) (0.06) Diluted earnings (loss) per share $ 0.24 $ (0.10) $ 0.01 $ (0.28) We incurred a net loss in the three- and six-month periods ended June 30, 2023, therefore the basic and diluted shares are the same for those periods. If we had net income attributable to stockholders of common stock in the three months ended June 30, 2023, diluted shar es would have included an additional 0.5 million shares, respectively. If we had net income in the six months ended June 30, 2023, diluted shares would have included an additional 0.4 million shares. We excluded 2.0 million and 1.1 million shares related to stock options from the diluted share calculation for the three months ended June 30, 2024 and 2023, respectively, because their effect would have been anti-dilutive. We excluded 2.2 million and 1.7 million shares related to stock options from the diluted share calculation from the six months ended June 30, 2024 and 2023, respectively, because their effect would have been anti-dilutive. |
DIVESTITURE
DIVESTITURE | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURE | DIVESTITURE On June 28, 2024, we, through our B&W PGG Luxembourg Finance Sárl subsidiary, entered into an agreement to sell the entire issued and outstanding share capital of our subsidiary, Babcock & Wilcox Renewable Service A/S (“BWRS”), to Hitachi Zosen Inova AG (“Buyer”). The Sale of BWRS to the Buyer was completed the same day. We received net cash proceeds of $83.5 million and recorded a gain on the sale of the business of $40.2 million 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 June 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenues $ 22,478 $ 13,672 $ 33,851 $ 29,661 Cost of operations 21,324 15,863 31,690 30,305 General and administrative expenses 784 2,883 2,483 4,351 Restructuring expenses — — 35 — Loss on asset disposals, net — 353 — 353 Total costs and expenses 22,108 19,099 34,208 35,009 Operating income (loss) 370 (5,427) (357) (5,348) Other expense (228) (179) (493) (47) Income (loss) from discontinued operations before tax 142 (5,606) (850) (5,395) Benefit from income taxes — — — — Income (loss) from discontinued operations, net of tax $ 142 $ (5,606) $ (850) $ (5,395) 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) June 30, 2024 December 31, 2023 Cash $ — $ 31 Contracts in progress 9,678 4,538 Accounts receivable - trade 8,366 3,272 Other assets, net 242 62 Total current assets 18,286 7,903 Net property, plant and equipment and finance leases 2,755 2,683 Intangible assets, net 7,833 7,833 Right-of-use assets 67 76 Total non-current assets 10,655 10,592 Total assets of disposal group $ 28,941 $ 18,495 Loans payable, current $ 550 $ 502 Operating lease liabilities, current 24 23 Accounts payable 34,766 26,298 Accrued employee benefits 65 231 Advance billings on contracts 1,699 5,961 Accrued warranty expense 1,040 1,078 Other current liabilities 2,452 8,101 Total current liabilities 40,596 42,194 Loans payable, net of current portion 909 1,308 Non-current operating lease liabilities 42 — Other non-current liabilities 1,062 112 Total non-current liabilities 2,013 1,420 Total liabilities of disposal group $ 42,609 $ 43,614 Reported as: Current assets of discontinued operations $ 28,941 $ 18,495 Current liabilities of discontinued operations $ 42,609 $ 43,614 The significant components included in the Condensed Consolidated Statements of Cash Flows for the discontinued operations are as follows: Six Months Ended June 30, (in thousands) 2024 2023 Depreciation and amortization of long-lived assets $ — $ 158 Changes in operating assets and liabilities: Accounts receivable (5,094) (3,511) Contracts in progress (5,140) (6,057) Accounts payable 8,468 11,046 Purchase of property, plant and equipment (72) (845) Contracts During the six months ended June 30, 2024, seven contracts were terminated, resulting in gross profit of $1.2 million. There were no new loss contracts during the six months ended June 30, 2024. Changes in Contract Estimates During each of the three- and six-month periods ended June 30, 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 as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 35 $ 113 $ 2,247 $ 937 Decreases in gross profit for changes in estimates for over time contracts 5 (2,074) (142) (3,584) Net changes in gross profit for changes in estimates for over time contracts $ 40 $ (1,961) $ 2,105 $ (2,647) Backlog B&W Solar backlog was $49.3 million and $99.0 million at June 30, 2024 and December 31, 2023, respectively. The decrease was primarily driven by contract terminations of $17.0 million and revenue recognized of $33.8 million, partially offset by increases to existing contracts during the first six months of 2024. We expect to recognize substantially all of the remaining performance obligations as revenue during the year ended December 31, 2024. |
ASSETS AND LIABILITIES HELD FOR
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | DIVESTITURE On June 28, 2024, we, through our B&W PGG Luxembourg Finance Sárl subsidiary, entered into an agreement to sell the entire issued and outstanding share capital of our subsidiary, Babcock & Wilcox Renewable Service A/S (“BWRS”), to Hitachi Zosen Inova AG (“Buyer”). The Sale of BWRS to the Buyer was completed the same day. We received net cash proceeds of $83.5 million and recorded a gain on the sale of the business of $40.2 million 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 June 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenues $ 22,478 $ 13,672 $ 33,851 $ 29,661 Cost of operations 21,324 15,863 31,690 30,305 General and administrative expenses 784 2,883 2,483 4,351 Restructuring expenses — — 35 — Loss on asset disposals, net — 353 — 353 Total costs and expenses 22,108 19,099 34,208 35,009 Operating income (loss) 370 (5,427) (357) (5,348) Other expense (228) (179) (493) (47) Income (loss) from discontinued operations before tax 142 (5,606) (850) (5,395) Benefit from income taxes — — — — Income (loss) from discontinued operations, net of tax $ 142 $ (5,606) $ (850) $ (5,395) 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) June 30, 2024 December 31, 2023 Cash $ — $ 31 Contracts in progress 9,678 4,538 Accounts receivable - trade 8,366 3,272 Other assets, net 242 62 Total current assets 18,286 7,903 Net property, plant and equipment and finance leases 2,755 2,683 Intangible assets, net 7,833 7,833 Right-of-use assets 67 76 Total non-current assets 10,655 10,592 Total assets of disposal group $ 28,941 $ 18,495 Loans payable, current $ 550 $ 502 Operating lease liabilities, current 24 23 Accounts payable 34,766 26,298 Accrued employee benefits 65 231 Advance billings on contracts 1,699 5,961 Accrued warranty expense 1,040 1,078 Other current liabilities 2,452 8,101 Total current liabilities 40,596 42,194 Loans payable, net of current portion 909 1,308 Non-current operating lease liabilities 42 — Other non-current liabilities 1,062 112 Total non-current liabilities 2,013 1,420 Total liabilities of disposal group $ 42,609 $ 43,614 Reported as: Current assets of discontinued operations $ 28,941 $ 18,495 Current liabilities of discontinued operations $ 42,609 $ 43,614 The significant components included in the Condensed Consolidated Statements of Cash Flows for the discontinued operations are as follows: Six Months Ended June 30, (in thousands) 2024 2023 Depreciation and amortization of long-lived assets $ — $ 158 Changes in operating assets and liabilities: Accounts receivable (5,094) (3,511) Contracts in progress (5,140) (6,057) Accounts payable 8,468 11,046 Purchase of property, plant and equipment (72) (845) Contracts During the six months ended June 30, 2024, seven contracts were terminated, resulting in gross profit of $1.2 million. There were no new loss contracts during the six months ended June 30, 2024. Changes in Contract Estimates During each of the three- and six-month periods ended June 30, 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 as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 35 $ 113 $ 2,247 $ 937 Decreases in gross profit for changes in estimates for over time contracts 5 (2,074) (142) (3,584) Net changes in gross profit for changes in estimates for over time contracts $ 40 $ (1,961) $ 2,105 $ (2,647) Backlog B&W Solar backlog was $49.3 million and $99.0 million at June 30, 2024 and December 31, 2023, respectively. The decrease was primarily driven by contract terminations of $17.0 million and revenue recognized of $33.8 million, partially offset by increases to existing contracts during the first six months of 2024. We expect to recognize substantially all of the remaining performance obligations as revenue during the year ended December 31, 2024. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenues: B&W Renewable segment B&W Renewable $ 29,353 $ 44,166 $ 58,943 $ 93,298 B&W Renewable Services 27,335 25,811 45,796 42,121 Vølund 4,265 15,242 8,495 33,923 TOTAL 60,953 85,219 113,234 169,342 B&W Environmental segment B&W Environmental 26,863 21,451 53,571 41,812 SPIG 23,000 23,634 41,561 40,239 GMAB 6,366 3,605 9,451 6,079 TOTAL 56,229 48,690 104,583 88,130 B&W Thermal segment B&W Thermal 120,189 158,010 230,376 277,246 TOTAL 120,189 158,010 230,376 277,246 Eliminations (3,729) (404) (6,995) (1,945) Total Revenues $ 233,642 $ 291,515 $ 441,198 $ 532,773 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, costs and operating income from contracts being disposed, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Adjusted EBITDA B&W Renewable segment - Adjusted EBITDA $ 7,691 $ 4,721 $ 9,349 $ 9,043 B&W Environmental segment - Adjusted EBITDA 6,749 3,394 10,075 5,300 B&W Thermal segment - Adjusted EBITDA 13,006 24,367 26,678 38,100 Corporate (3,974) (5,486) (9,979) (10,568) R&D expenses (211) (893) (327) (2,200) Interest expense (12,249) (10,698) (24,776) (23,241) Depreciation & amortization (4,595) (5,116) (9,004) (10,385) Gain on sale of business 40,174 — 40,174 — Benefit plans, net 92 (138) 188 (247) Gain (loss) on asset sales, net 7 955 (46) 18 Settlement and related legal costs (7,354) — (3,267) 2,463 Loss on debt extinguishment (1,053) — (6,124) — Stock compensation (1,310) (2,271) (2,660) (5,498) Restructuring expense and business services transition (767) (1,022) (2,347) (1,982) Product development (1,440) (1,048) (3,059) (2,418) Foreign exchange 499 1,154 (834) 693 Contract disposal (3,473) (2,693) (4,058) (4,080) Letter of credit fees (2,251) (2,035) (4,639) (3,678) Other-net 373 (736) 64 (1,061) Income (loss) before income tax expense $ 29,914 $ 2,455 $ 15,408 $ (9,741) We do not separately identify or report assets by segment as the 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 | 6 Months Ended |
Jun. 30, 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 along with related aftermarket services. A performance obligation is a contractual promise to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. Revenue from products and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 19% and 21% of our revenue for the three months ended June 30, 2024 and 2023, and 20% and 24% of our revenue for the six months ended June 30, 2024 and 2023, respectively . Revenue from products and services transferred to customers over time, which primarily relates to customized, engineered solutions and construction services, accounted for 81% and 79% of our revenue for the three months ended June 30, 2024 and 2023, respectively, and 80% and 76% of our revenue for the six months ended June 30, 2024 and 2023, respectively . Refer to Note 5 to the Condensed Consolidated Financial Statements for further disaggregation of revenue. Contract Balances The following represents the components of our contracts in progress and advance billings on contracts included in the Condensed Consolidated Balance Sheets: (in thousands) June 30, 2024 December 31, 2023 $ Change % Change Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 40,437 $ 37,556 $ 2,881 8 % Revenues recognized less billings to customers 48,207 52,498 (4,291) (8) % Contracts in progress $ 88,644 $ 90,054 $ (1,410) (2) % Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 49,840 $ 76,032 $ (26,192) (34) % Costs of revenue recognized less cost incurred 13,415 5,066 8,349 165 % Advance billings on contracts $ 63,255 $ 81,098 $ (17,843) (22) % Net contract balance $ 25,389 $ 8,956 $ 16,433 183 % Accrued contract losses $ 148 $ 522 $ (374) (72) % Backlog On June 30, 2024, we had $472.4 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 53.0%, 25.0% and 22.0% of ou r remaining performance obligations as revenue in 2024, 2025 and thereafter, respectively. Changes in Contract Estimates During each of the three- and six-month periods ended June 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 2,995 $ 1,947 $ 9,959 $ 7,348 Decreases in gross profit for changes in estimates for over time contracts (4,730) (2,920) (8,621) (7,163) Net changes in gross profit for changes in estimates for over time contracts $ (1,735) $ (973) $ 1,338 $ 185 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost or net realizable value. Certain raw material inventory is sold to our customers directly and without further processing. The components of inventories are as follows: (in thousands) June 30, 2024 December 31, 2023 Raw materials and supplies $ 87,963 $ 90,116 Work in progress 4,093 6,604 Finished goods 18,253 17,170 Total inventories $ 110,309 $ 113,890 |
PROPERTY, PLANT, EQUIPMENT & FI
PROPERTY, PLANT, EQUIPMENT & FINANCE LEASES | 6 Months Ended |
Jun. 30, 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) June 30, 2024 December 31, 2023 Land $ 2,612 $ 2,608 Buildings 33,728 34,832 Machinery and equipment 151,108 152,700 Property under construction 19,025 13,780 206,473 203,920 Less accumulated depreciation 149,638 147,929 Net property, plant and equipment 56,835 55,991 Finance leases 30,651 30,656 Less finance lease accumulated amortization 9,318 8,278 Net property, plant and equipment, and finance leases $ 78,168 $ 78,369 |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 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 during the three or six months ended June 30, 2024. As previously discussed in Note 3 to the Condensed Consolidated Financial Statements, we divested our BWRS business in the three months ended June 30, 2024, resulting in a decrease to goodwill. The following summarizes the changes in the net carrying amount of goodwill as of June 30, 2024: (in thousands) B&W B&W Environmental B&W Total Balance at December 31, 2023 $ 25,805 $ 5,637 $ 70,514 $ 101,956 Divestiture of BWRS (16,281) — — (16,281) Currency translation adjustments (368) (332) (1,133) (1,833) Balance at June 30, 2024 $ 9,156 $ 5,305 $ 69,381 $ 83,842 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Intangible assets are as follows: (in thousands) June 30, 2024 December 31, 2023 Definite-lived intangible assets Customer relationships $ 45,667 $ 59,543 Unpatented technology 18,198 18,416 Patented technology 3,634 3,677 Trade name 13,219 13,595 All other 9,648 9,763 Gross value of definite-lived intangible assets 90,366 104,994 Customer relationships amortization (29,214) (29,820) Unpatented technology amortization (12,510) (11,764) Patented technology amortization (3,110) (3,030) Tradename amortization (7,015) (6,892) All other amortization (9,529) (9,391) Accumulated amortization (61,378) (60,897) Net definite-lived intangible assets $ 28,988 $ 44,097 Indefinite-lived intangible assets Trademarks and trade names $ 1,530 $ 1,530 Total intangible assets, net $ 30,518 $ 45,627 The following summarizes the changes in the carrying amount of intangible assets, net: Six Months Ended June 30, (in thousands) 2024 2023 Balance at beginning of period $ 45,627 $ 51,564 Divestiture of BWRS (10,128) — Amortization expense (3,629) (3,693) Currency translation adjustments (1,352) 1,164 Balance at end of the period $ 30,518 $ 49,035 Amortization of intangible assets is included in Cost of operations and SG&A in the Condensed Consolidated Statements of Operations but is not allocated to segment results. Estimated future intangible asset amortization expense as of June 30, 2024 is as follows (in thousands): Amortization Expense Year ending December 31, 2024 3,445 Year ending December 31, 2025 5,414 Year ending December 31, 2026 4,268 Year ending December 31, 2027 3,654 Year ending December 31, 2028 3,372 Thereafter 8,835 |
ACCRUED WARRANTY EXPENSE
ACCRUED WARRANTY EXPENSE | 6 Months Ended |
Jun. 30, 2024 | |
Product Warranties Disclosures [Abstract] | |
ACCRUED WARRANTY EXPENSE | ACCRUED WARRANTY EXPENSE We may offer assurance type warranties on products and services that we sell. Changes in the carrying amount of accrued warranty expense are as follows: Six Months Ended June 30, (in thousands) 2024 2023 Balance at beginning of period $ 7,634 $ 9,568 Additions 1,449 3,694 Expirations and other changes (1,201) (1,582) Payments (1,064) (1,360) Translation and other (123) 23 Balance at end of period $ 6,695 $ 10,343 We record estimated expense in Cost of operations in 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 costs is accrued when the contract becomes a loss contract. |
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING ACTIVITIES | RESTRUCTURING ACTIVITIES We incurred restructuring charges (benefits) in each of the three and six months ended June 30, 2024 and 2023. The charges (benefits) primarily consist of costs related to actions taken as part of ongoing strategic, market-focused organizational and re-branding initiatives. The following tables summarize the restructuring activity incurred by segment: Three Months Ended June 30, 2024 2023 (in thousands) Total Severance and related costs Other (1) Total Severance and related costs Other (1) B&W Renewable segment $ 667 $ 43 $ 624 $ 477 $ 152 $ 325 B&W Environmental segment 28 11 17 164 — 164 B&W Thermal segment 72 47 25 830 — 830 Corporate — — — (450) — (450) $ 767 $ 101 $ 666 $ 1,021 $ 152 $ 869 Six Months Ended June 30, 2024 2023 (in thousands) Total Severance and related costs Other (1) Total Severance and related costs Other (1) B&W Renewable segment $ 1,502 $ 202 $ 1,300 $ 388 $ 63 $ 325 B&W Environmental segment 213 70 143 184 1 183 B&W Thermal segment 632 247 385 833 3 830 $ 2,347 $ 519 $ 1,828 $ 1,405 $ 67 $ 1,338 (1) Other amounts consist primarily of costs associated with the exit of the B&W Renewable segment from operations in Denmark. 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 2,119 $ 2,036 $ 2,505 $ 1,615 Restructuring expense 767 1,021 2,347 1,405 Payments (1,873) (1,124) (3,839) (1,087) Balance at end of period $ 1,013 $ 1,933 $ 1,013 $ 1,933 The payments shown above for the three and six months ended June 30, 2024 and 2023 relate primarily to severance costs. Accrued restructuring liabilities at June 30, 2024 and 2023 relate primarily to employee termination benefits. |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Components of net periodic cost (benefit) included in net loss are as follows: Pension Benefits Other Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Interest cost $ 10,804 $ 11,526 $ 21,612 $ 23,015 $ 70 $ 92 $ 140 $ 184 Expected return on plan assets (11,192) (11,706) (22,392) (23,403) — — — — Amortization of prior service cost 53 53 106 105 173 173 346 346 Benefit plans, net (1) (335) (127) (674) (283) 243 265 486 530 Service cost included in COS (2) 170 145 341 289 5 4 9 184 Net periodic cost (benefit) $ (165) $ 18 $ (333) $ 6 $ 248 $ 269 $ 495 $ 714 (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 our pension and other postretirement benefit plans during the three and six months ended June 30, 2024 and 2023. |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES Senior Notes The components of the Company's senior notes outstanding at June 30, 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 (2,297) (3,394) (5,691) Unamortized premium 240 — 240 Net debt balance $ 190,978 $ 148,046 $ 339,024 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 the 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 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 October 31, 2025, as amended by the Second Amendment to Credit Agreement ("Second Amendment"), 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 October 31, 2025. See Note 23 to the Condensed Consolidated Financial Statements for further discussion of the Second Amendment. 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 June 30, 2024, after giving consideration to the Third Amendment discussed below, 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. On July 3, 2024, we, with certain of our subsidiaries as guarantors, the lenders party to the Credit Agreement, and Axos, as administrative agent, entered into the Second Amendment. Pursuant to the Second Amendment, Axos and the Lenders party to the Credit Agreement consented to the Company’s engagement in certain specified sales of the assets of specified subsidiaries of the Company (such sales, the “Specified Transactions”), and agreed that the consummation of any Specified Transaction would not result in an event of default under the Credit Agreement. As a condition to the forgoing consent and agreements, we agreed to a usage structure for the net cash proceeds from the Specified Transactions. The Second Amendment also sunsets the option to increase the amounts available to be borrowed based on inventory in the borrowing base provided in the First Amendment and extended the maturity date under the agreement from August 30, 2025 to October 31, 2025 in the event that the Indebtedness under any of the Company’s unsecured notes has not been refinanced pursuant to a permitted refinancing under the agreement. The maturity date of the Credit Agreement otherwise remains January 18, 2027. See Note 23 to the Condensed Consolidated Financial Statements for further discussion of the Second Amendment. On August 7, 2024, we, with certain of our subsidiaries as guarantors, the lenders party to the Credit Agreement, and Axos, as administrative agent, entered into the Third Amendment to Credit Agreement ("Third Amendment"). The Third Amendment amended the definition of Consolidated Adjusted EBITDA to (i) exclude certain costs incurred in connection with the settlement of the Glatfelter Litigation; and (ii) add back certain contributions currently required to be made by us or our Subsidiaries to the U.S. Plan, up to an aggregate maximum of $15 million. At June 30, 2024, we had a total of $125.8 million outstanding on the Axos Credit Agreement, which includes $46.6 million drawn on the revolving credit portion of the facility and $79.2 million drawn on the letter of credit portion. At June 30, 2024, cash collateralizing the letters of credit totaling $79.2 million is classified as Restricted cash, of which $48.2 million is classified as current and $31.0 million as long-term. As of June 30, 2024, Loans payable in the Condensed Consolidated Balance Sheets totaled $137.8 million, net of debt issuance costs of $0.5 million, of which $3.5 million is classified as current and $134.3 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 $11.8 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 Credit Agreement in January 2024. The Revolving Credit Agreement was terminated in connection with our entry into the Credit Agreement and we are transitioning letters of credit outstanding under the Letter of Credit Agreement and Reimbursement Agreement to the Credit Agreement. At June 30, 2024, there was approximately $1.6 million in remaining outstanding letters of credit under the Letter of Credit Agreement. We believe all outstanding letters of credit will be transitioned to the Credit Agreement by September 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 $1.1 million and $6.1 million in the three and six months ended June 30, 2024, related to the write-off of unamortized deferred financing fees and other costs incurred to exit the Debt Facilities. 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 SOFR 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 June 30, 2024 are primarily with Axos and balances as of June 30, 2023 are with PNC and MSD. June 30, 2024 2023 Letters of credit under domestic facilities: Performance letters of credit $ 63,490 $ 88,883 Financial letters of credit 13,222 15,010 Total outstanding $ 76,712 $ 103,893 Backstopped letters of credit $ 17,039 $ 32,862 Surety backstopped letters of credit $ 13,177 $ 10,918 Letters of credit subject to currency revaluation $ 40,773 $ 64,462 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: June 30, 2024 2023 Letters of credit under non-domestic facilities 36,539 52,177 Surety Bonds $ 144,277 $ 205,894 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 | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK Preferred Stock During the six months ended June 30, 2024, our Board of Directors approved dividends tota ling $7.4 million t o holders of the Preferred Stock . There were no cumulative undeclared dividends of the Preferred Stock at June 30, 2024, and all declared dividends have been paid as of July 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 (such offering, the “At-the-Market” offering). As of June 30, 2024 |
INTEREST EXPENSE
INTEREST EXPENSE | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Components associated with borrowings from: Senior notes $ 6,420 $ 6,425 $ 12,691 $ 12,753 Revolving Credit Facility $ 1,429 $ — 2,961 $ — 7,849 6,425 15,652 12,753 Components associated with amortization or accretion of: Revolving Credit Agreement 1,476 1,164 2,625 2,148 Senior notes 650 630 1,294 1,249 2,126 1,794 3,919 3,397 Components associated with interest from: Lease liabilities 555 597 1,103 1,321 Letter of Credit interest and fees 1,823 2,360 4,012 5,176 Other interest expense 181 — 682 1,185 2,559 2,957 5,797 7,682 Total interest expense $ 12,534 $ 11,176 $ 25,368 $ 23,832 The following table provides a reconciliation of Cash, cash equivalents and Short-term and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) June 30, 2024 December 31, 2023 Held by foreign entities $ 50,718 $ 44,388 Held by U.S. entities 44,748 20,947 Cash and cash equivalents 95,466 65,335 Reinsurance reserve requirements 119 380 Project indemnity collateral 215 — Bank guarantee collateral 1,766 1,823 Letters of credit collateral (1) 89,222 584 Pension obligations 15,000 — Hold-back for acquisition purchase price (2) — 2,950 Escrow for long-term project (3) 301 297 Current and Long-term restricted cash 106,623 6,034 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 202,089 $ 71,369 (1) Beginning in January 2024, we drew $79.2 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. (2) 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. (3) |
PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
PROVISION FOR INCOME TAXES | PROVISION FOR INCOME TAXES In the three months ended June 30, 2024, income tax expense from continuing operations was $4.7 million, resulting in an effective tax rate of 15.7%. In the three months ended June 30, 2023, income tax expense from continuing operations was $1.9 million, resulting in an effective tax rate of 75.8%. In the six months ended June 30, 2024, income tax expense from continuing operations was $6.0 million, resulting in an effective tax rate of 38.8%. In the six months ended June 30, 2023, income tax expense from continuing operations was $2.4 million, resulting in an effective tax rate of (24.1)%. Our effective tax rate for the three and six months ended June 30, 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 relating to continuing operations of $1.1 million and $1.6 million for the three and six months ended June 30, 2024, which primarily represent withholding taxes and the tax consequences associated with the sale of BWRS. We had discrete items relating to continuing operations of $(0.4) million and $(0.2) million for the three and six months ended June 30, 2023, which primarily represented withholding taxes and return-to-accrual adjustments. We are subject to federal income tax in the United States and numerous countries that have statutory tax rates different than the United States federal statutory rate of 21%. The most significant of these foreign operations are located in Canada, Denmark, Germany, Italy, Mexico, Sweden, and the United Kingdom, with effective tax rates ranging between approximately 19% and 30% We provide for income taxes based on the tax laws and rates in the jurisdictions where we conduct operations. These jurisdictions may have regimes of taxation that vary in both nominal rates and the basis on which these rates are applied. Our consolidated effective income tax rate can vary from period to period due to these foreign income tax rate variations, changes in the jurisdictional mix of our income, and valuation allowances. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 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 Babcock & Wilcox by P.H. Glatfelter Company (“Glatfelter”) in the United States District Court for the Middle District of Pennsylvania, Case No. 1:19-cv-02215-JPW, alleging claims of breach of contract, fraud, negligent misrepresentation, promissory estoppel and unjust enrichment (the “Glatfelter Litigation”). The complaint alleges damages in excess of $58.9 million. On March 16, 2020 we filed a motion to dismiss, and on December 14, 2020 the court issued its order dismissing the fraud and negligent misrepresentation claims. 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, and denied Glatfelter’s motion for summary judgment. On August 3, 2024, we and Glatfelter agreed in principle to resolve the Glatfelter Litigation (the “Proposed Glatfelter Settlement Agreement”). Pursuant to the Proposed Glatfelter Settlement Agreement, we would pay Glatfelter a total sum of $6.5 million (the “Proposed Settlement Amount”), to be paid in six consecutive monthly installments beginning on or about September 1, 2024. The Proposed Settlement Amount will be subject to a letter of credit backstopping the payments, and the final settlement agreement is expected to contain customary confidentiality and non-disparagement provisions. The amount to be paid is fully accrued and reflected in Other accrued liabilities in the Condensed Consolidated Balance Sheets at June 30, 2024. 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 condensed consolidated financial condition, results of operations or cash flows. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS 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 currency translation loss reclassification of AOCI to net loss is a result of the sale of BWRS in the current year quarter. The changes in the components of AOCI, net of tax, for six months ended June 30, 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 income (loss) before reclassifications (3,125) — (3,125) Reclassification of AOCI to net loss — 231 231 Net other comprehensive income (loss) (3,125) 231 (2,894) Balance at March 31, 2024 $ (67,903) $ (1,352) $ (69,255) Other comprehensive income (loss) before reclassifications (2,266) — (2,266) Reclassification of AOCI to net income (loss) 1,201 232 1,433 Net other comprehensive income (loss) (1,065) 232 (833) Balance at June 30, 2024 $ (68,968) $ (1,120) $ (70,088) (in thousands) Currency translation loss Net unrecognized loss related to benefit plans (net of tax) Total Balance at December 31, 2022 $ (70,333) $ (2,453) $ (72,786) Other comprehensive income before reclassifications 4,592 — 4,592 Reclassification of AOCI to net loss — 223 223 Net other comprehensive income 4,592 223 4,815 Balance at March 31, 2023 $ (65,741) $ (2,230) $ (67,971) Other comprehensive income before reclassifications 3,527 — 3,527 Reclassification of AOCI to net income (loss) — 222 222 Net other comprehensive income 3,527 222 3,749 Balance at June 30, 2023 $ (62,214) $ (2,008) $ (64,222) The amounts reclassified out of AOCI by component and the affected Condensed Consolidated Statements of Operations line items are as follows: AOCI component Line items in the Condensed Consolidated Statements of Operations affected by reclassifications from AOCI Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Release of currency translation adjustment with the sale of business Gain on sale of business $ 1,201 $ — $ 1,201 $ — Pension and post retirement adjustments, net of tax Benefit plans, net 232 221 463 445 Net (loss) income $ 1,433 $ 221 $ 1,664 $ 445 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic, Fair Value Measurements and Disclosures ). As of June 30, 2024 and December 31, 2023 we had no "Level 3" inputs. Available-For-Sale Securities Investments in available-for-sale securities are presented in Other assets in the Condensed Consolidated Balance Sheets with contractual maturities ranging from 0 to 5 years. (in thousands) Available-for-sale securities June 30, 2024 Level 1 Level 2 Corporate notes and bonds $ 4,846 $ 4,846 $ — Mutual funds — — — United States Government and agency securities 1,838 1,838 — Total fair value of available-for-sale securities $ 6,684 $ 6,684 $ — (in thousands) Available-for-sale securities 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 Senior Notes See Note 14 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 June 30, 2024. (in thousands) June 30, 2024 Senior Notes Carrying Value Estimated Fair Value 8.125% Senior Notes due 2026 ('BWSN') $ 193,035 $ 152,498 6.50% Senior Notes due 2026 ('BWNB') $ 151,440 $ 104,615 Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments: • Cash and cash equivalents and restricted cash . The carrying amounts that have been reported in the accompanying Condensed Consolidated Balance Sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. • Loans payable |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 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 To our knowledge, B. Riley beneficially owns approxim ately 31.3% of the Company's outstanding common stock as of June 30, 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 in Note 15 to the Condensed Consolidated Financial Statements, 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 is 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 14 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). We entered into an agreement with BRPI Executive Consulting, LLC, an affiliate of B. Riley, in November 2018 and amended the agreement in November 2020 and December 2023 to retain the services of Mr. Kenneth Young, to serve as our Chief Executive Officer until December 31, 2028, unless terminated by either party with thirty days written notice. Under this agreement, payments are $0.75 million per annum, paid monthly. Subject to the achievement of certain performance objectives as determined by the Compensation Committee of the Board of Directors, a bonus or bonuses may also be earned and payable to BRPI Executive Consulting, LLC. See Note 23 to the Condensed Consolidated Financial Statements for information regarding a Registration Rights Agreement entered into with B. Riley in July 2024. |
NEW ACCOUNTING PRONOUNCEMENTS A
NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Second Amendment to Credit Agreement On July 3, 2024, we, with certain of our subsidiaries as guarantors, the lenders party to the Credit Agreement, and Axos, as administrative agent, entered into the Second Amendment. Pursuant to the Second Amendment, Axos and the Lenders party to the Credit Agreement consented to the Company’s engagement in the Specified Transactions, and agreed that the consummation of any Specified Transaction would not result in an event of default under the Credit Agreement. As a condition to the forgoing consent and agreements, the Company agreed to apply the net cash proceeds from the Specified Transactions in the following order, irrespective of the order of consummation of the Specified Transactions: (i) to the repayment of revolving loans under the Credit Agreement, in an aggregate amount equal to $10,000,000 (the “Specified Revolver Paydown”); (ii) to the repayment of liabilities in respect of the certain pension plans of the Company and its subsidiaries, in an aggregate amount equal to $15,000,000; (iii) to the repayment of letter of credit borrowings or advances, or if no such amounts are outstanding, to the cash collateralization of existing letter of credit obligations, in an aggregate amount equal to $10,000,000; (iv) to PNC in an amount not exceeding $1,600,000 in connection with the repayment and/or cash collateralization of certain existing facilities; (v) to the repayment of revolving loans under the Credit Agreement, in an aggregate amount equal to $54,000,000 (which amounts may be reborrowed in whole or in part to the extent permitted under the Credit Agreement at such time and may be used for purposes permitted under the Credit Agreement, including for working capital needs); (vi) to the repayment of the Senior Notes due 2026 or any additional unsecured senior notes issued under the Company’s unsecured notes indenture, in an aggregate amount equal to $193,000,000; and (vii) the remainder to be retained by the Company to finance working capital, capital expenditures and acquisitions and for general corporate purposes (including the payment of fees and expenses). The Second Amendment further amended the Credit Agreement by sunsetting the option to increase the amounts available to be borrowed based on inventory in the borrowing base under the Credit Agreement following the Specified Revolver Paydown, and extended the maturity date under the agreement from August 30, 2025 to October 31, 2025 in the event that the Indebtedness under any of the Company’s unsecured notes has not been refinanced pursuant to a permitted refinancing under the agreement. The maturity date of the Credit Agreement otherwise remains January 18, 2027. Registration Rights Agreement |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Liquidity | Liquidity 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 historically incurred operating losses, primarily due to losses recognized on our B&W Solar business as well as higher debt service costs and recurring cash deficits from operating activities. 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. As described below, it is probable that our alternative measures contemplated, cost savings plans and anticipated proceeds from the sale of non-strategic assets alleviate the 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 and delaying development of new products, which together we expect would reduce our annual cash spending by approximately $25 million. The following actions were completed through the issuance date of this Quarterly Report: • sold our B&W Renewable Service A/S business for net proceeds of $83.5 million on June 28, 2024 (described in Note 3 to the Condensed Consolidated Financial Statements); • completed the sale of a non-core facility for net proceeds of $4.2 million; • sold 2.4 million common shares pursuant to our At-The-Market Offering (described in Note 15 to the Condensed Consolidated Financial Statements) for net proceeds of $2.0 million; • 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; and, • initiated a company-wide cost savings plan with targeted annual savings of $30.0 million, $25.0 million of which has been achieved to date. The following strategies are ongoing to further increase available liquidity: • continued advanced negotiations related to the sale of three additional non-strategic businesses, which are expected to generate significant proceeds that will be used to meaningfully reduce outstanding debt; and, • 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. |
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 5 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. |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of 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 June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Net income (loss) from continuing operations $ 25,222 $ 594 $ 9,423 $ (12,092) Net income attributable to non-controlling interest (49) (76) (91) (97) Less: Dividend on Series A preferred stock 3,715 3,715 7,429 7,430 Income (loss) from continuing operations attributable to stockholders of common stock 21,458 (3,197) 1,903 (19,619) Income (loss) from discontinued operations, net of tax 142 (5,606) (850) (5,395) Net income (loss) attributable to stockholders of common stock $ 21,600 $ (8,803) $ 1,053 $ (25,014) Weighted average shares used to calculate basic earnings (loss) per share 91,049 88,783 90,264 88,758 Dilutive effect of stock options, restricted stock and performance units 103 — 60 — Weighted average shares used to calculate diluted earnings (loss) per share 91,152 88,783 90,324 88,758 Basic earnings (loss) per common share: Continuing operations $ 0.24 $ (0.04) $ 0.02 $ (0.22) Discontinued operations $ — $ (0.06) $ (0.01) $ (0.06) Basic earnings (loss) per common share $ 0.24 $ (0.10) $ 0.01 $ (0.28) Diluted earnings (loss) per share: Continuing operations $ 0.24 $ (0.04) $ 0.02 $ (0.22) Discontinued operations — (0.06) (0.01) (0.06) Diluted earnings (loss) per share $ 0.24 $ (0.10) $ 0.01 $ (0.28) |
ASSETS AND LIABILITIES HELD F_2
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenues $ 22,478 $ 13,672 $ 33,851 $ 29,661 Cost of operations 21,324 15,863 31,690 30,305 General and administrative expenses 784 2,883 2,483 4,351 Restructuring expenses — — 35 — Loss on asset disposals, net — 353 — 353 Total costs and expenses 22,108 19,099 34,208 35,009 Operating income (loss) 370 (5,427) (357) (5,348) Other expense (228) (179) (493) (47) Income (loss) from discontinued operations before tax 142 (5,606) (850) (5,395) Benefit from income taxes — — — — Income (loss) from discontinued operations, net of tax $ 142 $ (5,606) $ (850) $ (5,395) 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) June 30, 2024 December 31, 2023 Cash $ — $ 31 Contracts in progress 9,678 4,538 Accounts receivable - trade 8,366 3,272 Other assets, net 242 62 Total current assets 18,286 7,903 Net property, plant and equipment and finance leases 2,755 2,683 Intangible assets, net 7,833 7,833 Right-of-use assets 67 76 Total non-current assets 10,655 10,592 Total assets of disposal group $ 28,941 $ 18,495 Loans payable, current $ 550 $ 502 Operating lease liabilities, current 24 23 Accounts payable 34,766 26,298 Accrued employee benefits 65 231 Advance billings on contracts 1,699 5,961 Accrued warranty expense 1,040 1,078 Other current liabilities 2,452 8,101 Total current liabilities 40,596 42,194 Loans payable, net of current portion 909 1,308 Non-current operating lease liabilities 42 — Other non-current liabilities 1,062 112 Total non-current liabilities 2,013 1,420 Total liabilities of disposal group $ 42,609 $ 43,614 Reported as: Current assets of discontinued operations $ 28,941 $ 18,495 Current liabilities of discontinued operations $ 42,609 $ 43,614 The significant components included in the Condensed Consolidated Statements of Cash Flows for the discontinued operations are as follows: Six Months Ended June 30, (in thousands) 2024 2023 Depreciation and amortization of long-lived assets $ — $ 158 Changes in operating assets and liabilities: Accounts receivable (5,094) (3,511) Contracts in progress (5,140) (6,057) Accounts payable 8,468 11,046 Purchase of property, plant and equipment (72) (845) |
Schedule of Recognized Changes in Estimated Gross Profit | During each of the three- and six-month periods ended June 30, 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 as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 35 $ 113 $ 2,247 $ 937 Decreases in gross profit for changes in estimates for over time contracts 5 (2,074) (142) (3,584) Net changes in gross profit for changes in estimates for over time contracts $ 40 $ (1,961) $ 2,105 $ (2,647) During each of the three- and six-month periods ended June 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 2,995 $ 1,947 $ 9,959 $ 7,348 Decreases in gross profit for changes in estimates for over time contracts (4,730) (2,920) (8,621) (7,163) Net changes in gross profit for changes in estimates for over time contracts $ (1,735) $ (973) $ 1,338 $ 185 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | An analysis of our operations by segment is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenues: B&W Renewable segment B&W Renewable $ 29,353 $ 44,166 $ 58,943 $ 93,298 B&W Renewable Services 27,335 25,811 45,796 42,121 Vølund 4,265 15,242 8,495 33,923 TOTAL 60,953 85,219 113,234 169,342 B&W Environmental segment B&W Environmental 26,863 21,451 53,571 41,812 SPIG 23,000 23,634 41,561 40,239 GMAB 6,366 3,605 9,451 6,079 TOTAL 56,229 48,690 104,583 88,130 B&W Thermal segment B&W Thermal 120,189 158,010 230,376 277,246 TOTAL 120,189 158,010 230,376 277,246 Eliminations (3,729) (404) (6,995) (1,945) Total Revenues $ 233,642 $ 291,515 $ 441,198 $ 532,773 |
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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Adjusted EBITDA B&W Renewable segment - Adjusted EBITDA $ 7,691 $ 4,721 $ 9,349 $ 9,043 B&W Environmental segment - Adjusted EBITDA 6,749 3,394 10,075 5,300 B&W Thermal segment - Adjusted EBITDA 13,006 24,367 26,678 38,100 Corporate (3,974) (5,486) (9,979) (10,568) R&D expenses (211) (893) (327) (2,200) Interest expense (12,249) (10,698) (24,776) (23,241) Depreciation & amortization (4,595) (5,116) (9,004) (10,385) Gain on sale of business 40,174 — 40,174 — Benefit plans, net 92 (138) 188 (247) Gain (loss) on asset sales, net 7 955 (46) 18 Settlement and related legal costs (7,354) — (3,267) 2,463 Loss on debt extinguishment (1,053) — (6,124) — Stock compensation (1,310) (2,271) (2,660) (5,498) Restructuring expense and business services transition (767) (1,022) (2,347) (1,982) Product development (1,440) (1,048) (3,059) (2,418) Foreign exchange 499 1,154 (834) 693 Contract disposal (3,473) (2,693) (4,058) (4,080) Letter of credit fees (2,251) (2,035) (4,639) (3,678) Other-net 373 (736) 64 (1,061) Income (loss) before income tax expense $ 29,914 $ 2,455 $ 15,408 $ (9,741) |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contracts in Progress and Advance Billings on Contracts | The following represents the components of our contracts in progress and advance billings on contracts included in the Condensed Consolidated Balance Sheets: (in thousands) June 30, 2024 December 31, 2023 $ Change % Change Contract assets - included in contracts in progress: Costs incurred less costs of revenue recognized $ 40,437 $ 37,556 $ 2,881 8 % Revenues recognized less billings to customers 48,207 52,498 (4,291) (8) % Contracts in progress $ 88,644 $ 90,054 $ (1,410) (2) % Contract liabilities - included in advance billings on contracts: Billings to customers less revenues recognized $ 49,840 $ 76,032 $ (26,192) (34) % Costs of revenue recognized less cost incurred 13,415 5,066 8,349 165 % Advance billings on contracts $ 63,255 $ 81,098 $ (17,843) (22) % Net contract balance $ 25,389 $ 8,956 $ 16,433 183 % Accrued contract losses $ 148 $ 522 $ (374) (72) % |
Schedule of Recognized Changes in Estimated Gross Profit | During each of the three- and six-month periods ended June 30, 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 as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 35 $ 113 $ 2,247 $ 937 Decreases in gross profit for changes in estimates for over time contracts 5 (2,074) (142) (3,584) Net changes in gross profit for changes in estimates for over time contracts $ 40 $ (1,961) $ 2,105 $ (2,647) During each of the three- and six-month periods ended June 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increases in gross profit for changes in estimates for over time contracts $ 2,995 $ 1,947 $ 9,959 $ 7,348 Decreases in gross profit for changes in estimates for over time contracts (4,730) (2,920) (8,621) (7,163) Net changes in gross profit for changes in estimates for over time contracts $ (1,735) $ (973) $ 1,338 $ 185 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | The components of inventories are as follows: (in thousands) June 30, 2024 December 31, 2023 Raw materials and supplies $ 87,963 $ 90,116 Work in progress 4,093 6,604 Finished goods 18,253 17,170 Total inventories $ 110,309 $ 113,890 |
PROPERTY, PLANT, EQUIPMENT & _2
PROPERTY, PLANT, EQUIPMENT & FINANCE LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment less accumulated depreciation is as follows: (in thousands) June 30, 2024 December 31, 2023 Land $ 2,612 $ 2,608 Buildings 33,728 34,832 Machinery and equipment 151,108 152,700 Property under construction 19,025 13,780 206,473 203,920 Less accumulated depreciation 149,638 147,929 Net property, plant and equipment 56,835 55,991 Finance leases 30,651 30,656 Less finance lease accumulated amortization 9,318 8,278 Net property, plant and equipment, and finance leases $ 78,168 $ 78,369 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following summarizes the changes in the net carrying amount of goodwill as of June 30, 2024: (in thousands) B&W B&W Environmental B&W Total Balance at December 31, 2023 $ 25,805 $ 5,637 $ 70,514 $ 101,956 Divestiture of BWRS (16,281) — — (16,281) Currency translation adjustments (368) (332) (1,133) (1,833) Balance at June 30, 2024 $ 9,156 $ 5,305 $ 69,381 $ 83,842 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets are as follows: (in thousands) June 30, 2024 December 31, 2023 Definite-lived intangible assets Customer relationships $ 45,667 $ 59,543 Unpatented technology 18,198 18,416 Patented technology 3,634 3,677 Trade name 13,219 13,595 All other 9,648 9,763 Gross value of definite-lived intangible assets 90,366 104,994 Customer relationships amortization (29,214) (29,820) Unpatented technology amortization (12,510) (11,764) Patented technology amortization (3,110) (3,030) Tradename amortization (7,015) (6,892) All other amortization (9,529) (9,391) Accumulated amortization (61,378) (60,897) Net definite-lived intangible assets $ 28,988 $ 44,097 Indefinite-lived intangible assets Trademarks and trade names $ 1,530 $ 1,530 Total intangible assets, net $ 30,518 $ 45,627 |
Schedule of Finite-Lived Intangible Assets | The following summarizes the changes in the carrying amount of intangible assets, net: Six Months Ended June 30, (in thousands) 2024 2023 Balance at beginning of period $ 45,627 $ 51,564 Divestiture of BWRS (10,128) — Amortization expense (3,629) (3,693) Currency translation adjustments (1,352) 1,164 Balance at end of the period $ 30,518 $ 49,035 |
Schedule of Indefinite-Lived Intangible Assets | The following summarizes the changes in the carrying amount of intangible assets, net: Six Months Ended June 30, (in thousands) 2024 2023 Balance at beginning of period $ 45,627 $ 51,564 Divestiture of BWRS (10,128) — Amortization expense (3,629) (3,693) Currency translation adjustments (1,352) 1,164 Balance at end of the period $ 30,518 $ 49,035 |
Schedule of Estimated Future Intangible Asset Amortization Expense | Estimated future intangible asset amortization expense as of June 30, 2024 is as follows (in thousands): Amortization Expense Year ending December 31, 2024 3,445 Year ending December 31, 2025 5,414 Year ending December 31, 2026 4,268 Year ending December 31, 2027 3,654 Year ending December 31, 2028 3,372 Thereafter 8,835 |
ACCRUED WARRANTY EXPENSE (Table
ACCRUED WARRANTY EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 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: Six Months Ended June 30, (in thousands) 2024 2023 Balance at beginning of period $ 7,634 $ 9,568 Additions 1,449 3,694 Expirations and other changes (1,201) (1,582) Payments (1,064) (1,360) Translation and other (123) 23 Balance at end of period $ 6,695 $ 10,343 |
RESTRUCTURING ACTIVITIES (Table
RESTRUCTURING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Activity | The following tables summarize the restructuring activity incurred by segment: Three Months Ended June 30, 2024 2023 (in thousands) Total Severance and related costs Other (1) Total Severance and related costs Other (1) B&W Renewable segment $ 667 $ 43 $ 624 $ 477 $ 152 $ 325 B&W Environmental segment 28 11 17 164 — 164 B&W Thermal segment 72 47 25 830 — 830 Corporate — — — (450) — (450) $ 767 $ 101 $ 666 $ 1,021 $ 152 $ 869 Six Months Ended June 30, 2024 2023 (in thousands) Total Severance and related costs Other (1) Total Severance and related costs Other (1) B&W Renewable segment $ 1,502 $ 202 $ 1,300 $ 388 $ 63 $ 325 B&W Environmental segment 213 70 143 184 1 183 B&W Thermal segment 632 247 385 833 3 830 $ 2,347 $ 519 $ 1,828 $ 1,405 $ 67 $ 1,338 (1) |
Schedule of Activity Related to the Restructuring Liabilities | Activity related to the restructuring liabilities is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 2,119 $ 2,036 $ 2,505 $ 1,615 Restructuring expense 767 1,021 2,347 1,405 Payments (1,873) (1,124) (3,839) (1,087) Balance at end of period $ 1,013 $ 1,933 $ 1,013 $ 1,933 |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Components of net periodic cost (benefit) included in net loss are as follows: Pension Benefits Other Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Interest cost $ 10,804 $ 11,526 $ 21,612 $ 23,015 $ 70 $ 92 $ 140 $ 184 Expected return on plan assets (11,192) (11,706) (22,392) (23,403) — — — — Amortization of prior service cost 53 53 106 105 173 173 346 346 Benefit plans, net (1) (335) (127) (674) (283) 243 265 486 530 Service cost included in COS (2) 170 145 341 289 5 4 9 184 Net periodic cost (benefit) $ (165) $ 18 $ (333) $ 6 $ 248 $ 269 $ 495 $ 714 (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) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Senior Notes Outstanding | The components of the Company's senior notes outstanding at June 30, 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 (2,297) (3,394) (5,691) Unamortized premium 240 — 240 Net debt balance $ 190,978 $ 148,046 $ 339,024 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 June 30, 2024 are primarily with Axos and balances as of June 30, 2023 are with PNC and MSD. June 30, 2024 2023 Letters of credit under domestic facilities: Performance letters of credit $ 63,490 $ 88,883 Financial letters of credit 13,222 15,010 Total outstanding $ 76,712 $ 103,893 Backstopped letters of credit $ 17,039 $ 32,862 Surety backstopped letters of credit $ 13,177 $ 10,918 Letters of credit subject to currency revaluation $ 40,773 $ 64,462 |
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: June 30, 2024 2023 Letters of credit under non-domestic facilities 36,539 52,177 Surety Bonds $ 144,277 $ 205,894 |
INTEREST EXPENSE (Tables)
INTEREST EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Components associated with borrowings from: Senior notes $ 6,420 $ 6,425 $ 12,691 $ 12,753 Revolving Credit Facility $ 1,429 $ — 2,961 $ — 7,849 6,425 15,652 12,753 Components associated with amortization or accretion of: Revolving Credit Agreement 1,476 1,164 2,625 2,148 Senior notes 650 630 1,294 1,249 2,126 1,794 3,919 3,397 Components associated with interest from: Lease liabilities 555 597 1,103 1,321 Letter of Credit interest and fees 1,823 2,360 4,012 5,176 Other interest expense 181 — 682 1,185 2,559 2,957 5,797 7,682 Total interest expense $ 12,534 $ 11,176 $ 25,368 $ 23,832 |
Schedule of Cash and Cash Equivalents Reconciliation | The following table provides a reconciliation of Cash, cash equivalents and Short-term and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) June 30, 2024 December 31, 2023 Held by foreign entities $ 50,718 $ 44,388 Held by U.S. entities 44,748 20,947 Cash and cash equivalents 95,466 65,335 Reinsurance reserve requirements 119 380 Project indemnity collateral 215 — Bank guarantee collateral 1,766 1,823 Letters of credit collateral (1) 89,222 584 Pension obligations 15,000 — Hold-back for acquisition purchase price (2) — 2,950 Escrow for long-term project (3) 301 297 Current and Long-term restricted cash 106,623 6,034 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 202,089 $ 71,369 (1) Beginning in January 2024, we drew $79.2 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. (2) 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. (3) |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of Cash, cash equivalents and Short-term and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: (in thousands) June 30, 2024 December 31, 2023 Held by foreign entities $ 50,718 $ 44,388 Held by U.S. entities 44,748 20,947 Cash and cash equivalents 95,466 65,335 Reinsurance reserve requirements 119 380 Project indemnity collateral 215 — Bank guarantee collateral 1,766 1,823 Letters of credit collateral (1) 89,222 584 Pension obligations 15,000 — Hold-back for acquisition purchase price (2) — 2,950 Escrow for long-term project (3) 301 297 Current and Long-term restricted cash 106,623 6,034 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 202,089 $ 71,369 (1) Beginning in January 2024, we drew $79.2 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. (2) 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. (3) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The changes in the components of AOCI, net of tax, for six months ended June 30, 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 income (loss) before reclassifications (3,125) — (3,125) Reclassification of AOCI to net loss — 231 231 Net other comprehensive income (loss) (3,125) 231 (2,894) Balance at March 31, 2024 $ (67,903) $ (1,352) $ (69,255) Other comprehensive income (loss) before reclassifications (2,266) — (2,266) Reclassification of AOCI to net income (loss) 1,201 232 1,433 Net other comprehensive income (loss) (1,065) 232 (833) Balance at June 30, 2024 $ (68,968) $ (1,120) $ (70,088) (in thousands) Currency translation loss Net unrecognized loss related to benefit plans (net of tax) Total Balance at December 31, 2022 $ (70,333) $ (2,453) $ (72,786) Other comprehensive income before reclassifications 4,592 — 4,592 Reclassification of AOCI to net loss — 223 223 Net other comprehensive income 4,592 223 4,815 Balance at March 31, 2023 $ (65,741) $ (2,230) $ (67,971) Other comprehensive income before reclassifications 3,527 — 3,527 Reclassification of AOCI to net income (loss) — 222 222 Net other comprehensive income 3,527 222 3,749 Balance at June 30, 2023 $ (62,214) $ (2,008) $ (64,222) |
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: AOCI component Line items in the Condensed Consolidated Statements of Operations affected by reclassifications from AOCI Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Release of currency translation adjustment with the sale of business Gain on sale of business $ 1,201 $ — $ 1,201 $ — Pension and post retirement adjustments, net of tax Benefit plans, net 232 221 463 445 Net (loss) income $ 1,433 $ 221 $ 1,664 $ 445 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | The following tables summarize our financial assets and liabilities carried at fair value, all of which were valued from readily available prices or using inputs based upon quoted prices for similar instruments in active markets (known as "Level 1" and "Level 2" inputs, respectively, in the fair value hierarchy established by the FASB Topic, Fair Value Measurements and Disclosures ). As of June 30, 2024 and December 31, 2023 we had no "Level 3" inputs. Available-For-Sale Securities Investments in available-for-sale securities are presented in Other assets in the Condensed Consolidated Balance Sheets with contractual maturities ranging from 0 to 5 years. (in thousands) Available-for-sale securities June 30, 2024 Level 1 Level 2 Corporate notes and bonds $ 4,846 $ 4,846 $ — Mutual funds — — — United States Government and agency securities 1,838 1,838 — Total fair value of available-for-sale securities $ 6,684 $ 6,684 $ — (in thousands) Available-for-sale securities 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) June 30, 2024 Senior Notes Carrying Value Estimated Fair Value 8.125% Senior Notes due 2026 ('BWSN') $ 193,035 $ 152,498 6.50% Senior Notes due 2026 ('BWNB') $ 151,440 $ 104,615 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands, shares in Millions | 6 Months Ended | ||
Jun. 28, 2024 USD ($) | Jun. 30, 2024 USD ($) segement shares | Jun. 30, 2023 USD ($) | |
Reduction in expense | $ 25,000 | ||
Proceeds from sale of business and assets, net | 83,477 | $ 0 | |
Future potential savings | $ 7,200 | ||
Defined benefit plan, period of payment increase | 5 years | ||
Number of reportable segments | segement | 3 | ||
Cost Savings Plan | |||
Expected severance costs | $ 30,000 | ||
Annual savings anticipated by restructuring plan, incurred | $ 25,000 | ||
At-The-Market Offering | |||
Sale of stock, number of shares issued (in shares) | shares | 2.4 | ||
Sale of stock, consideration received | $ 2,000 | ||
Disposal Group, Disposed of by Sale | Babcock & Wilcox Renewable Service A/S (“BWRS”) | |||
Proceeds from sale of business and assets, net | $ 83,500 | ||
Disposal Group, Disposed of by Sale | Non -Core Facility | |||
Proceeds from sale of business and assets, net | $ 4,200 |
EARNINGS (LOSS) PER SHARE - Com
EARNINGS (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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 25,222 | $ 594 | $ 9,423 | $ (12,092) |
Net income attributable to non-controlling interest | (49) | (76) | (91) | (97) |
Less: Dividend on Series A preferred stock | 3,715 | 3,715 | 7,429 | 7,430 |
Income (loss) from continuing operations attributable to stockholders of common stock | 21,458 | (3,197) | 1,903 | (19,619) |
Income (loss) from continuing operations attributable to stockholders of common stock | 21,458 | (3,197) | 1,903 | (19,619) |
Loss from discontinued operations, net of tax, basic | 142 | (5,606) | (850) | (5,395) |
Loss from discontinued operations, net of tax, dilute | 142 | (5,606) | (850) | (5,395) |
Net income (loss) attributable to stockholders of common stock, basic | 21,600 | (8,803) | 1,053 | (25,014) |
Net income (loss) attributable to stockholders of common stock, diluted | $ 21,600 | $ (8,803) | $ 1,053 | $ (25,014) |
Weighted average shares used to calculate basic earnings (loss) per share (in shares) | 91,049 | 88,783 | 90,264 | 88,758 |
Dilutive effect of stock options, restricted stock and performance units (in shares) | 103 | 0 | 60 | 0 |
Weighted average shares used to calculate diluted earnings (loss) per share (in shares) | 91,152 | 88,783 | 90,324 | 88,758 |
Basic earnings (loss) per common share: | ||||
Continuing operations, basic (in dollars per share) | $ 0.24 | $ (0.04) | $ 0.02 | $ (0.22) |
Discontinued operations, basic (in dollars per share) | 0 | (0.06) | (0.01) | (0.06) |
Basic earnings (loss) per share (in dollars per share) | 0.24 | (0.10) | 0.01 | (0.28) |
Diluted earnings (loss) per share: | ||||
Continuing operations, diluted (in dollars per share) | 0.24 | (0.04) | 0.02 | (0.22) |
Discontinued operations, diluted (in dollars per share) | 0 | (0.06) | (0.01) | (0.06) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.24 | $ (0.10) | $ 0.01 | $ (0.28) |
EARNINGS (LOSS) PER SHARE - Nar
EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Excluded shares that would have been included with net income (in shares) | 0.5 | 0.4 | ||
Antidilutive securities excluded from computing of earnings per share (in shares) | 2 | 1.1 | 2.2 | 1.7 |
DIVESTITURE (Details)
DIVESTITURE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | $ 40,174 | $ 0 | $ 40,174 | $ 0 | |
Proceeds from sale of business and assets, net | $ 83,477 | $ 0 | |||
Babcock & Wilcox Renewable Service A/S (“BWRS”) | Disposal Group, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | $ 40,200 | ||||
Proceeds from sale of business and assets, net | $ 83,500 |
ASSETS AND LIABILITIES HELD F_3
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Included in Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $ 142 | $ (5,606) | $ (850) | $ (5,395) |
B&W Solar | Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 22,478 | 13,672 | 33,851 | 29,661 |
Cost of operations | 21,324 | 15,863 | 31,690 | 30,305 |
General and administrative expenses | 784 | 2,883 | 2,483 | 4,351 |
Restructuring expenses | 0 | 0 | 35 | 0 |
Loss on asset disposals, net | 0 | 353 | 0 | 353 |
Total costs and expenses | 22,108 | 19,099 | 34,208 | 35,009 |
Operating income (loss) | 370 | (5,427) | (357) | (5,348) |
Other expense | (228) | (179) | (493) | (47) |
Income (loss) from discontinued operations before tax | 142 | (5,606) | (850) | (5,395) |
Benefit from income taxes | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations, net of tax | $ 142 | $ (5,606) | $ (850) | $ (5,395) |
ASSETS AND LIABILITIES HELD F_4
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Major Classes of Assets and Liabilities in Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets of discontinued operations | $ 28,941 | $ 18,495 |
Current liabilities of discontinued operations | 42,609 | 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 | 9,678 | 4,538 |
Accounts receivable - trade | 8,366 | 3,272 |
Other assets, net | 242 | 62 |
Total current assets | 18,286 | 7,903 |
Net property, plant and equipment and finance leases | 2,755 | 2,683 |
Intangible assets, net | 7,833 | 7,833 |
Right-of-use assets | 67 | 76 |
Total non-current assets | 10,655 | 10,592 |
Total assets of disposal group | 28,941 | 18,495 |
Loans payable, current | 550 | 502 |
Operating lease liabilities, current | 24 | 23 |
Accounts payable | 34,766 | 26,298 |
Accrued employee benefits | 65 | 231 |
Advance billings on contracts | 1,699 | 5,961 |
Accrued warranty expense | 1,040 | 1,078 |
Other current liabilities | 2,452 | 8,101 |
Total current liabilities | 40,596 | 42,194 |
Loans payable, net of current portion | 909 | 1,308 |
Non-current operating lease liabilities | 42 | 0 |
Other non-current liabilities | 1,062 | 112 |
Total non-current liabilities | 2,013 | 1,420 |
Total liabilities of disposal group | 42,609 | 43,614 |
Current assets of discontinued operations | 28,941 | 18,495 |
Current liabilities of discontinued operations | $ 42,609 | $ 43,614 |
ASSETS AND LIABILITIES HELD F_5
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Included in Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization of long-lived assets | $ 9,517 | $ 11,259 |
Contracts in progress | (17,362) | (40,849) |
Accounts payable | (35,287) | (40,541) |
Purchase of property, plant and equipment | (7,970) | (5,594) |
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 | 158 |
Accounts receivable | (5,094) | (3,511) |
Contracts in progress | (5,140) | (6,057) |
Accounts payable | 8,468 | 11,046 |
Purchase of property, plant and equipment | $ (72) | $ (845) |
ASSETS AND LIABILITIES HELD F_6
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) contract | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue, remaining performance obligation, amount | $ 472,400 | $ 472,400 | |||
Discontinued Operations, Held-for-sale | 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 | 22,478 | $ 13,672 | $ 33,851 | $ 29,661 | |
Number of contracts in a loss position | contract | 0 | ||||
Backlog | Discontinued Operations, Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Billings to customers less revenues recognized | $ 33,800 | ||||
Backlog | Discontinued Operations, Held-for-sale | B&W Solar | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenues | 1,200 | ||||
Revenue, remaining performance obligation, amount | $ 49,300 | 49,300 | $ 99,000 | ||
Loss on contract termination | $ 17,000 |
ASSETS AND LIABILITIES HELD F_7
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Changes in Contract Estimates (Details) - Transferred over Time - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Increases in gross profit for changes in estimates for over time contracts | $ 2,995 | $ 1,947 | $ 9,959 | $ 7,348 |
Decreases in gross profit for changes in estimates for over time contracts | (4,730) | (2,920) | (8,621) | (7,163) |
Net changes in gross profit for changes in estimates for over time contracts | (1,735) | (973) | 1,338 | 185 |
B&W Solar | ||||
Disaggregation of Revenue [Line Items] | ||||
Increases in gross profit for changes in estimates for over time contracts | 35 | 113 | 2,247 | 937 |
Decreases in gross profit for changes in estimates for over time contracts | 5 | (2,074) | (142) | (3,584) |
Net changes in gross profit for changes in estimates for over time contracts | $ 40 | $ (1,961) | $ 2,105 | $ (2,647) |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 233,642 | $ 291,515 | $ 441,198 | $ 532,773 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (3,729) | (404) | (6,995) | (1,945) |
B&W Renewable segment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 60,953 | 85,219 | 113,234 | 169,342 |
B&W Renewable segment | B&W Renewable | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 29,353 | 44,166 | 58,943 | 93,298 |
B&W Renewable segment | B&W Renewable Services | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 27,335 | 25,811 | 45,796 | 42,121 |
B&W Renewable segment | Vølund | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,265 | 15,242 | 8,495 | 33,923 |
B&W Environmental segment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 56,229 | 48,690 | 104,583 | 88,130 |
B&W Environmental segment | B&W Environmental | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 26,863 | 21,451 | 53,571 | 41,812 |
B&W Environmental segment | SPIG | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 23,000 | 23,634 | 41,561 | 40,239 |
B&W Environmental segment | GMAB | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,366 | 3,605 | 9,451 | 6,079 |
B&W Thermal segment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 120,189 | 158,010 | 230,376 | 277,246 |
B&W Thermal segment | B&W Thermal | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 120,189 | $ 158,010 | $ 230,376 | $ 277,246 |
SEGMENT REPORTING - Reconciliat
SEGMENT REPORTING - Reconciliation of Adjusted EBITDA to Consolidated Net Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Gain on sale of business | $ 40,174 | $ 0 | $ 40,174 | $ 0 |
Benefit plans, net | 92 | (138) | 188 | (247) |
Loss on debt extinguishment | (1,053) | 0 | (6,124) | 0 |
Foreign exchange | 499 | 1,154 | (834) | 693 |
Income (loss) before income tax expense | 29,914 | 2,455 | 15,408 | (9,741) |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | (12,249) | (10,698) | (24,776) | (23,241) |
Depreciation & amortization | (4,595) | (5,116) | (9,004) | (10,385) |
Gain on sale of business | 40,174 | 0 | 40,174 | 0 |
Benefit plans, net | 92 | (138) | 188 | (247) |
Gain (loss) on asset sales, net | 7 | 955 | (46) | 18 |
Settlement and related legal costs | (7,354) | 0 | (3,267) | 2,463 |
Loss on debt extinguishment | (1,053) | 0 | (6,124) | 0 |
Stock compensation | (1,310) | (2,271) | (2,660) | (5,498) |
Restructuring expense and business services transition | (767) | (1,022) | (2,347) | (1,982) |
Product development | (1,440) | (1,048) | (3,059) | (2,418) |
Foreign exchange | 499 | 1,154 | (834) | 693 |
Contract disposal | (3,473) | (2,693) | (4,058) | (4,080) |
Letter of credit fees | (2,251) | (2,035) | (4,639) | (3,678) |
Other-net | 373 | (736) | 64 | (1,061) |
Operating Segments | B&W Renewable segment | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 7,691 | 4,721 | 9,349 | 9,043 |
Operating Segments | B&W Environmental | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 6,749 | 3,394 | 10,075 | 5,300 |
Operating Segments | B&W Thermal segment | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 13,006 | 24,367 | 26,678 | 38,100 |
Corporate | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | (3,974) | (5,486) | (9,979) | (10,568) |
Research and development costs | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
R&D expenses | $ (211) | $ (893) | $ (327) | $ (2,200) |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACTS - Revenue Recognition (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Transferred at Point in Time | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Percent of revenue | 19% | 21% | 20% | 24% |
Transferred over Time | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Percent of revenue | 81% | 79% | 80% | 76% |
REVENUE RECOGNITION AND CONTR_4
REVENUE RECOGNITION AND CONTRACTS - Contract Balances (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Contract assets - included in contracts in progress: | ||
Contract assets - included in contracts in progress | $ 88,644 | $ 90,054 |
Contract assets - included in contracts in progress, change | $ (1,410) | |
Contract assets - included in contracts in progress, percent change | (2.00%) | |
Contract liabilities - included in advance billings on contracts: | ||
Contract liabilities - included in advance billings on contracts | $ 63,255 | 81,098 |
Contract liabilities - included in advance billings on contracts, change | $ (17,843) | |
Contract liabilities - included in advance billings on contracts, percent change | (22.00%) | |
Net contract balance | $ 25,389 | 8,956 |
Net contract balance, change | $ 16,433 | |
Net contract balance, percent change | 183% | |
Accrued contract losses | $ 148 | 522 |
Accrued contract losses, change | $ (374) | |
Accrued contract losses, percent change | (72.00%) | |
Billings to customers less revenues recognized | ||
Contract liabilities - included in advance billings on contracts: | ||
Contract liabilities - included in advance billings on contracts | $ 49,840 | 76,032 |
Contract liabilities - included in advance billings on contracts, change | $ (26,192) | |
Contract liabilities - included in advance billings on contracts, percent change | (34.00%) | |
Costs of revenue recognized less cost incurred | ||
Contract liabilities - included in advance billings on contracts: | ||
Contract liabilities - included in advance billings on contracts | $ 13,415 | 5,066 |
Contract liabilities - included in advance billings on contracts, change | $ 8,349 | |
Contract liabilities - included in advance billings on contracts, percent change | 165% | |
Costs incurred less costs of revenue recognized | ||
Contract assets - included in contracts in progress: | ||
Contract assets - included in contracts in progress | $ 40,437 | 37,556 |
Contract assets - included in contracts in progress, change | $ 2,881 | |
Contract assets - included in contracts in progress, percent change | 8% | |
Revenues recognized less billings to customers | ||
Contract assets - included in contracts in progress: | ||
Contract assets - included in contracts in progress | $ 48,207 | $ 52,498 |
Contract assets - included in contracts in progress, change | $ (4,291) | |
Contract assets - included in contracts in progress, percent change | (8.00%) |
REVENUE RECOGNITION AND CONTR_5
REVENUE RECOGNITION AND CONTRACTS - Backlog (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 472.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations (as a percent) | 53% |
Expected timing of satisfaction, period | 6 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) | 25% |
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) | 22% |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Increases in gross profit for changes in estimates for over time contracts | $ 2,995 | $ 1,947 | $ 9,959 | $ 7,348 |
Decreases in gross profit for changes in estimates for over time contracts | (4,730) | (2,920) | (8,621) | (7,163) |
Net changes in gross profit for changes in estimates for over time contracts | $ (1,735) | $ (973) | $ 1,338 | $ 185 |
INVENTORIES - Components of Inv
INVENTORIES - Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 87,963 | $ 90,116 |
Work in progress | 4,093 | 6,604 |
Finished goods | 18,253 | 17,170 |
Total inventories | $ 110,309 | $ 113,890 |
PROPERTY, PLANT, EQUIPMENT & _3
PROPERTY, PLANT, EQUIPMENT & FINANCE LEASES (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | $ 206,473 | $ 203,920 |
Less accumulated depreciation | 149,638 | 147,929 |
Net property, plant and equipment | 56,835 | 55,991 |
Finance leases | 30,651 | 30,656 |
Less finance lease accumulated amortization | 9,318 | 8,278 |
Net property, plant and equipment, and finance leases | 78,168 | 78,369 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | 2,612 | 2,608 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | 33,728 | 34,832 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | 151,108 | 152,700 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - gross | $ 19,025 | $ 13,780 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment | $ 0 | $ 0 |
GOODWILL - Carrying Amount of G
GOODWILL - Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 101,956 |
Divestiture of BWRS | (16,281) |
Currency translation adjustments | (1,833) |
Ending balance | 83,842 |
B&W Renewable | |
Goodwill [Roll Forward] | |
Beginning balance | 25,805 |
Divestiture of BWRS | (16,281) |
Currency translation adjustments | (368) |
Ending balance | 9,156 |
B&W Environmental | |
Goodwill [Roll Forward] | |
Beginning balance | 5,637 |
Divestiture of BWRS | 0 |
Currency translation adjustments | (332) |
Ending balance | 5,305 |
B&W Thermal | |
Goodwill [Roll Forward] | |
Beginning balance | 70,514 |
Divestiture of BWRS | 0 |
Currency translation adjustments | (1,133) |
Ending balance | $ 69,381 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Definite-lived intangible assets | ||||
Gross value of definite-lived intangible assets | $ 90,366 | $ 104,994 | ||
Accumulated amortization | (61,378) | (60,897) | ||
Net definite-lived intangible assets | 28,988 | 44,097 | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Total intangible assets, net | 30,518 | 45,627 | $ 49,035 | $ 51,564 |
Trademarks and trade names | ||||
Indefinite-lived intangible assets | ||||
Trademarks and trade names | 1,530 | 1,530 | ||
Customer relationships | ||||
Definite-lived intangible assets | ||||
Gross value of definite-lived intangible assets | 45,667 | 59,543 | ||
Accumulated amortization | (29,214) | (29,820) | ||
Unpatented technology | ||||
Definite-lived intangible assets | ||||
Gross value of definite-lived intangible assets | 18,198 | 18,416 | ||
Accumulated amortization | (12,510) | (11,764) | ||
Patented technology | ||||
Definite-lived intangible assets | ||||
Gross value of definite-lived intangible assets | 3,634 | 3,677 | ||
Accumulated amortization | (3,110) | (3,030) | ||
Trade name | ||||
Definite-lived intangible assets | ||||
Gross value of definite-lived intangible assets | 13,219 | 13,595 | ||
Accumulated amortization | (7,015) | (6,892) | ||
All other | ||||
Definite-lived intangible assets | ||||
Gross value of definite-lived intangible assets | 9,648 | 9,763 | ||
Accumulated amortization | $ (9,529) | $ (9,391) |
INTANGIBLE ASSETS - Schedule _2
INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Intangible Assets [Roll Forward] | ||
Balance at beginning of period | $ 45,627 | $ 51,564 |
Divestiture of BWRS | (10,128) | 0 |
Amortization expense | (3,629) | (3,693) |
Currency translation adjustments | (1,352) | 1,164 |
Balance at end of the period | $ 30,518 | $ 49,035 |
INTANGIBLE ASSETS - Schedule _3
INTANGIBLE ASSETS - Schedule of Estimated Future Intangible Asset Amortization Expense (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Year ending December 31, 2024 | $ 3,445 |
Year ending December 31, 2025 | 5,414 |
Year ending December 31, 2026 | 4,268 |
Year ending December 31, 2027 | 3,654 |
Year ending December 31, 2028 | 3,372 |
Thereafter | $ 8,835 |
ACCRUED WARRANTY EXPENSE (Detai
ACCRUED WARRANTY EXPENSE (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 7,634 | $ 9,568 |
Additions | 1,449 | 3,694 |
Expirations and other changes | (1,201) | (1,582) |
Payments | (1,064) | (1,360) |
Translation and other | (123) | 23 |
Balance at end of period | $ 6,695 | $ 10,343 |
RESTRUCTURING ACTIVITIES - Sche
RESTRUCTURING ACTIVITIES - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | $ 767 | $ 1,021 | $ 2,347 | $ 1,405 |
Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 101 | 152 | 519 | 67 |
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 666 | 869 | 1,828 | 1,338 |
Operating Segments | B&W Renewable segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 667 | 477 | 1,502 | 388 |
Operating Segments | B&W Renewable segment | Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 43 | 152 | 202 | 63 |
Operating Segments | B&W Renewable segment | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 624 | 325 | 1,300 | 325 |
Operating Segments | B&W Environmental segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 28 | 164 | 213 | 184 |
Operating Segments | B&W Environmental segment | Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 11 | 0 | 70 | 1 |
Operating Segments | B&W Environmental segment | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 17 | 164 | 143 | 183 |
Operating Segments | B&W Thermal segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 72 | 830 | 632 | 833 |
Operating Segments | B&W Thermal segment | Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 47 | 0 | 247 | 3 |
Operating Segments | B&W Thermal segment | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 25 | 830 | $ 385 | $ 830 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 0 | (450) | ||
Corporate | Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | 0 | 0 | ||
Corporate | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring activities | $ 0 | $ (450) |
RESTRUCTURING ACTIVITIES - Sc_2
RESTRUCTURING ACTIVITIES - Schedule of Activity Related to the Restructuring Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 2,119 | $ 2,036 | $ 2,505 | $ 1,615 |
Restructuring expense | 767 | 1,021 | 2,347 | 1,405 |
Payments | (1,873) | (1,124) | (3,839) | (1,087) |
Balance at end of period | $ 1,013 | $ 1,933 | $ 1,013 | $ 1,933 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 10,804 | $ 11,526 | $ 21,612 | $ 23,015 |
Expected return on plan assets | (11,192) | (11,706) | (22,392) | (23,403) |
Amortization of prior service cost | 53 | 53 | 106 | 105 |
Benefit plans, net | (335) | (127) | (674) | (283) |
Service cost included in COS | 170 | 145 | 341 | 289 |
Net periodic cost (benefit) | (165) | 18 | (333) | 6 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 70 | 92 | 140 | 184 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 173 | 173 | 346 | 346 |
Benefit plans, net | 243 | 265 | 486 | 530 |
Service cost included in COS | 5 | 4 | 9 | 184 |
Net periodic cost (benefit) | $ 248 | $ 269 | $ 495 | $ 714 |
PENSION PLANS AND OTHER POSTR_4
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
Pension and other postretirement benefit plans | $ 3.7 | $ 0.4 | $ 4 | $ 0.7 |
DEBT AND CREDIT FACILITIES - Co
DEBT AND CREDIT FACILITIES - Components of The Senior Notes Outstanding (Details) - Senior notes - USD ($) $ in Thousands | Jun. 30, 2024 | Jan. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | |||
Carrying Value | $ 344,475 | $ 344,475 | |
Unamortized deferred financing costs | (5,691) | (6,918) | |
Unamortized premium | 240 | 312 | |
Net debt balance | $ 339,024 | $ 337,869 | |
8.125% Senior Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Fixed rate per annum (as percent) | 8.125% | 8.125% | 8.125% |
Carrying Value | $ 193,035 | $ 193,035 | |
Unamortized deferred financing costs | (2,297) | (2,899) | |
Unamortized premium | 240 | 312 | |
Net debt balance | $ 190,978 | $ 190,448 | |
6.50% Senior Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Fixed rate per annum (as percent) | 6.50% | 6.50% | 6.50% |
Carrying Value | $ 151,440 | $ 151,440 | |
Unamortized deferred financing costs | (3,394) | (4,019) | |
Unamortized premium | 0 | 0 | |
Net debt balance | $ 148,046 | $ 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 | 6 Months Ended | |||
Jan. 31, 2024 | Jul. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding amount | $ 76,712,000 | $ 103,893,000 | ||||
Loans payable | 137,800,000 | $ 41,600,000 | ||||
Debt issuance costs, net | 500,000 | 500,000 | ||||
Loans payable | 3,475,000 | 6,174,000 | ||||
Loans payable, net of current portion | 134,308,000 | $ 35,442,000 | ||||
Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Collateral amount | 79,200,000 | |||||
Credit Facility | Restricted Cash, Current | ||||||
Debt Instrument [Line Items] | ||||||
Collateral amount | 48,200,000 | |||||
Credit Facility | Restricted Cash, Noncurrent | ||||||
Debt Instrument [Line Items] | ||||||
Collateral amount | 31,000,000 | |||||
Credit Facility | Debt Instrument, Covenant, Two | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 4% | |||||
Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit amount | $ 125,800,000 | |||||
8.125% Senior Notes due 2026 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Fixed rate per annum (as percent) | 8.125% | 8.125% | 8.125% | |||
6.50% Senior Notes due 2026 ('BWNB') | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Fixed rate per annum (as percent) | 6.50% | 6.50% | 6.50% | |||
Sale-Leaseback Financing Transactions | ||||||
Debt Instrument [Line Items] | ||||||
Loans payable | $ 11,800,000 | $ 12,300,000 | ||||
Debt issuance costs, net | 500,000 | $ 500,000 | ||||
Revolving Credit Facility | Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2% | |||||
Debt instrument, collateral monitoring fee, amount | $ 1,000 | |||||
Line of credit amount | 46,600,000 | |||||
Revolving Credit Facility | Credit Facility | Annual Fee | ||||||
Debt Instrument [Line Items] | ||||||
Related party, annual fee percent | 2% | |||||
Amount of transaction | $ 3,000,000 | 3,000,000 | ||||
Related party transaction, period execute a junior secured promissory note | 60 days | |||||
Revolving Credit Facility | Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2% | |||||
Revolving Credit Facility | Credit Facility | Daily Simple Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
Revolving Credit Facility | Credit Facility | Debt Instrument, Covenant, One | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, covenant, outstanding amount | $ 100,000,000 | |||||
Revolving Credit Facility | Credit Facility | Debt Instrument, Covenant, One | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 5.25% | |||||
Revolving Credit Facility | Credit Facility | Debt Instrument, Covenant, Two | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, covenant, outstanding amount | $ 100,000,000 | |||||
Revolving Credit Facility | Credit Facility | 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% | |||||
Accordion feature, increase limit | $ 6,000,000 | |||||
EBITDA calculation adjustment, pension plan contribution | 15,000,000 | |||||
Revolving Credit Facility | Credit Facility | Line of Credit | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Accordion feature, fee | $ 75,000 | |||||
Letter of credit | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 110,000,000 | |||||
Letter of credit | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 100,000,000 | |||||
Letter of credit | Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding amount | $ 79,200,000 |
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 | 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 | Jun. 30, 2023 | Dec. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | Apr. 01, 2025 | Jan. 01, 2025 | Oct. 01, 2024 | Jul. 01, 2024 | Apr. 30, 2024 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on debt extinguishment | $ 1,053,000 | $ 0 | $ 6,124,000 | $ 0 | ||||||||||||||||
Third Amended Reimbursement Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Dividend payment fee | $ 1,000,000 | |||||||||||||||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) | Secured Overnight Financing Rate (SOFR) | ||||||||||||||||||
Basis spread on variable rate | 10% | 11% | ||||||||||||||||||
Third Amended Reimbursement Agreement | Forecast | Subsequent Event | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread period increase | 0.50% | |||||||||||||||||||
Fourth Amended Reimbursement Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, fixed charge coverage ratio | 90% | 82% | 93% | |||||||||||||||||
Debt instrument, covenant, senior net leverage ratio | 145% | 125% | ||||||||||||||||||
Debt instrument, covenant, minimum cash flow requirement | $ 10,000,000 | |||||||||||||||||||
Debt instrument, collateral commitment fees, percentage | 0.50% | |||||||||||||||||||
Debt instrument, covenant, obligation threshold amount | $ 15,000,000 | $ 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% | |||||||||||||||||
Debt instrument, covenant, minimum cash flow requirement | $ 15,000,000 | |||||||||||||||||||
Debt instrument, collateral commitment fees, percentage | 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 | $ 110,000,000 | |||||||||||||||||||
Administrative fees, percentage | 0.75% | |||||||||||||||||||
Fronting fees, percentage | 0.25% | |||||||||||||||||||
Letter of credit | Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||||||||||||||
Revolving Credit Facility | Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 2% | |||||||||||||||||||
Revolving Credit Facility | Credit Facility | Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||||||||||||||
Remaining borrowing capacity | 1,600,000 | $ 1,600,000 | ||||||||||||||||||
Loss on debt extinguishment | $ 1,100,000 | $ 6,100,000 | ||||||||||||||||||
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 | Jun. 30, 2024 | Jun. 30, 2023 |
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | $ 76,712 | $ 103,893 |
Backstopped Bonds | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 17,039 | 32,862 |
Surety Bonds | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 13,177 | 10,918 |
Letters of credit subject to currency revaluation | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 40,773 | 64,462 |
Performance letters of credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 63,490 | 88,883 |
Financial letters of credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | $ 13,222 | $ 15,010 |
DEBT AND CREDIT FACILITIES - Ot
DEBT AND CREDIT FACILITIES - Other Letters of Credit, Bank Guarantees and Surety Bonds (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Letters of credit under non-domestic facilities | ||
Debt Instrument [Line Items] | ||
Line of credit amount | $ 36,539 | $ 52,177 |
Surety Bonds | ||
Debt Instrument [Line Items] | ||
Guarantor obligations | $ 144,277 | $ 205,894 |
CAPITAL STOCK - Preferred Stock
CAPITAL STOCK - Preferred Stock (Details) - USD ($) shares in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2024 | Apr. 10, 2024 | |
Class of Stock [Line Items] | |||
Dividends paid | $ 7,400,000 | ||
B. Riley Financial, Inc. | Affiliated Entity | |||
Class of Stock [Line Items] | |||
Stock sale agreement, aggregate amount offered (up to) | $ 50,000,000 | ||
Sale of stock, number of shares issued (in shares) | 2.4 | ||
Sale of stock, consideration received | $ 2,000,000 | ||
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Cumulative undeclared dividends of the preferred stock | $ 0 | $ 0 |
INTEREST EXPENSE - Schedule of
INTEREST EXPENSE - Schedule of Interest Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | ||||
Components associated with borrowings from | $ 7,849 | $ 6,425 | $ 15,652 | $ 12,753 |
Components associated with amortization or accretion of | 2,126 | 1,794 | 3,919 | 3,397 |
Components associated with interest from: | ||||
Lease liabilities | 555 | 597 | 1,103 | 1,321 |
Letter of Credit interest and fees | 1,823 | 2,360 | 4,012 | 5,176 |
Other interest expense | 181 | 0 | 682 | 1,185 |
Finance lease interest expense and other | 2,559 | 2,957 | 5,797 | 7,682 |
Total interest expense | 12,534 | 11,176 | 25,368 | 23,832 |
Senior notes | ||||
Debt Instrument [Line Items] | ||||
Components associated with borrowings from | 6,420 | 6,425 | 12,691 | 12,753 |
Components associated with amortization or accretion of | 650 | 630 | 1,294 | 1,249 |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Components associated with borrowings from | 1,429 | 0 | 2,961 | 0 |
Components associated with amortization or accretion of | $ 1,476 | $ 1,164 | $ 2,625 | $ 2,148 |
INTEREST EXPENSE - Schedule o_2
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 | Mar. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 15, 2021 | |
Cash and Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | $ 95,466 | $ 65,335 | |||||
Current and Long-term restricted cash | 106,623 | 6,034 | |||||
Total cash, cash equivalents and restricted cash at end of period | 202,089 | 71,369 | |||||
Escrow deposit | $ 11,400 | ||||||
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 | |||||
Revolving Credit Facility | Credit Facility | Annual Fee | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Proceeds from borrowings | $ 79,200 | ||||||
Held by foreign entities | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | 50,718 | 44,388 | |||||
Held by U.S. entities | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | 44,748 | 20,947 | |||||
Reinsurance reserve requirements | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Current and Long-term restricted cash | 119 | 380 | |||||
Project indemnity collateral | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Current and Long-term restricted cash | 215 | 0 | |||||
Bank guarantee collateral | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Current and Long-term restricted cash | 1,766 | 1,823 | |||||
Letters of credit collateral | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Current and Long-term restricted cash | 89,222 | 584 | |||||
Pension obligations | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Current and Long-term restricted cash | 15,000 | 0 | |||||
Hold-back for acquisition purchase price | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Current and Long-term restricted cash | $ 5,900 | 0 | 2,950 | ||||
Escrow for long-term project | |||||||
Cash and Cash Equivalents [Line Items] | |||||||
Current and Long-term restricted cash | $ 301 | $ 297 |
INTEREST EXPENSE - Additional I
INTEREST EXPENSE - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Line Items] | ||
Current and Long-term restricted cash | $ 106,623 | $ 6,034 |
Letters of Credit Collateral | ||
Cash and Cash Equivalents [Line Items] | ||
Current and Long-term restricted cash | $ 89,222 | $ 584 |
PROVISION FOR INCOME TAXES (Det
PROVISION FOR INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Tax Credit Carryforward [Line Items] | ||||
Income tax expense | $ 4,692 | $ 1,861 | $ 5,985 | $ 2,351 |
Effective tax rate | 15.70% | 75.80% | 38.80% | (24.10%) |
Unfavorable discrete items | $ (1,100) | $ 400 | $ (1,600) | $ (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) $ in Millions | Aug. 08, 2024 USD ($) payment_installment | Jan. 11, 2021 USD ($) | Dec. 27, 2019 USD ($) |
Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Alleged damages | $ 2.9 | $ 58.9 | |
Settled Litigation | Glatfelter Litigation | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Litigation settlement, total payment | $ 6.5 | ||
Number of payments | payment_installment | 6 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total | ||||||
Beginning balance | $ (222,467) | $ (200,350) | $ (10,206) | $ (2,089) | $ (200,350) | $ (2,089) |
Other comprehensive income (loss) before reclassifications | (2,266) | (3,125) | 3,527 | 4,592 | ||
Reclassification of AOCI to net income (loss) | 1,433 | 231 | 222 | 223 | ||
Other comprehensive income (loss) | (833) | (2,894) | 3,749 | 4,815 | (3,727) | 8,564 |
Ending balance | (198,344) | (222,467) | (13,020) | (10,206) | (198,344) | (13,020) |
Accumulated Other Comprehensive (Loss) | ||||||
Total | ||||||
Beginning balance | (69,255) | (66,361) | (67,971) | (72,786) | (66,361) | (72,786) |
Ending balance | (70,088) | (69,255) | (64,222) | (67,971) | (70,088) | (64,222) |
Currency translation loss | ||||||
Total | ||||||
Beginning balance | (67,903) | (64,778) | (65,741) | (70,333) | (64,778) | (70,333) |
Other comprehensive income (loss) before reclassifications | (2,266) | (3,125) | 3,527 | 4,592 | ||
Reclassification of AOCI to net income (loss) | 1,201 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (1,065) | (3,125) | 3,527 | 4,592 | ||
Ending balance | (68,968) | (67,903) | (62,214) | (65,741) | (68,968) | (62,214) |
Net unrecognized loss related to benefit plans (net of tax) | ||||||
Total | ||||||
Beginning balance | (1,352) | (1,583) | (2,230) | (2,453) | (1,583) | (2,453) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | ||
Reclassification of AOCI to net income (loss) | 232 | 231 | 222 | 223 | ||
Other comprehensive income (loss) | 232 | 231 | 222 | 223 | ||
Ending balance | $ (1,120) | $ (1,352) | $ (2,008) | $ (2,230) | $ (1,120) | $ (2,008) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Benefit plans, net | $ 92 | $ (138) | $ 188 | $ (247) |
Net (loss) income | 25,222 | 594 | 9,423 | (12,092) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net (loss) income | 1,433 | 221 | 1,664 | 445 |
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 | $ 232 | $ 221 | $ 463 | $ 445 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) | Jun. 30, 2024 |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available for sale securities contractual maturities (in years) | 0 years |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available for sale securities contractual maturities (in years) | 5 years |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Available-for-Sale Securities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 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 | $ 6,684 | $ 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 | 6,684 | 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 | 4,846 | 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 | 4,846 | 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 | 1,838 | 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 | 1,838 | 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 - Senio
FAIR VALUE MEASUREMENTS - Senior Notes (Details) - Senior notes - USD ($) $ in Thousands | Jun. 30, 2024 | Jan. 31, 2024 | Dec. 31, 2023 |
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 (as percent) | 8.125% | 8.125% | 8.125% |
Carrying Value | $ 193,035 | $ 193,035 | |
Estimated Fair Value | $ 152,498 | ||
6.50% Senior Notes due 2026 ('BWNB') | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed rate per annum (as percent) | 6.50% | 6.50% | 6.50% |
Carrying Value | $ 151,440 | $ 151,440 | |
Estimated Fair Value | $ 104,615 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Nov. 30, 2024 | Jan. 31, 2024 | Jun. 30, 2024 | Apr. 30, 2024 | |
Revolving Credit Facility | Credit Facility | Annual Fee | ||||
Related Party Transaction [Line Items] | ||||
Related party, annual fee percent | 2% | |||
Amount of transaction | $ 3,000 | $ 3,000 | ||
Related party transaction, period execute a junior secured promissory note | 60 days | |||
B. Riley Securities, Inc. | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Related party, compensation gross sale percent | 3% | |||
BPRI Executive Consulting, LLC | Revolving Credit Facility | Credit Facility | 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 | Forecast | ||||
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 | 31.30% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Thousands | Jul. 03, 2024 USD ($) |
Pension Benefits | |
Subsequent Event [Line Items] | |
Repayment of benefit liabilities | $ 15,000 |
Senior notes | Senior Notes 8.125% Due 2026 [Member] | |
Subsequent Event [Line Items] | |
Repayments of senior debt | 193,000 |
Revolving Credit Facility | Credit Agreement | |
Subsequent Event [Line Items] | |
Repayment of line of credit | 54,000 |
Revolving Credit Facility | Line of Credit | |
Subsequent Event [Line Items] | |
Repayment of line of credit | 10,000 |
Letter of credit | PNC Bank | |
Subsequent Event [Line Items] | |
Repayments of lines of credit | 1,600 |
Letter of credit | Line of Credit | |
Subsequent Event [Line Items] | |
Repayment of line of credit | $ 10,000 |