☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 47-2783641 | |||||||
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
1200 East Market Street, Suite 650 | ||||||||
Akron, Ohio | 44305 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value | BW | New York Stock Exchange | ||||||
8.125% Senior Notes due 2026 | BWSN | New York Stock Exchange | ||||||
6.50% Senior Notes due 2026 | BWNB | New York Stock Exchange | ||||||
7.75% Series A Cumulative Perpetual Preferred Stock | BW PRA | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||||||||||||||||
Emerging growth company | ☐ |
PAGE | ||||||||
B&W Renewable segment | B&W Environmental segment | B&W Thermal segment | ||||||
CNIM Group | Hamon | GE(1) | ||||||
Hitachi Zosen | Enexio | MH Power Systems(1) | ||||||
Martin | Seagull | Babcock Power(1) | ||||||
Keppel Seghers | Paharpur | Doosan(1) | ||||||
Valmet | Evapco | Clyde Bergemann | ||||||
Andritz | SPG Dry | Enerfab | ||||||
Steinmuller | Radscan AB | TEI Construction | ||||||
LAB | APComPower | |||||||
Azco, Inc. |
Business Segment and Location | Principal Use | Owned/Leased (Lease Expiration) | ||||||
B&W Renewable segment | ||||||||
Copenhagen, Denmark | Administrative office | Leased (2023) | ||||||
Esbjerg, Denmark | Manufacturing facility / administrative office | Owned | ||||||
Vejen, Denmark | Administrative office | Leased (2022) | ||||||
Freeport, Illinois | Administrative office | Leased (2026) | ||||||
B&W Environmental segment | ||||||||
Paruzzaro, Italy | Administrative offices | Leased (2024) | ||||||
Ding Xiang, Xin Zhou, Shan Xi, China | Manufacturing facility | Leased (2023) | ||||||
B&W Thermal segment | ||||||||
Akron, Ohio | Administrative offices | Leased (2034) | ||||||
Lancaster, Ohio | Manufacturing facility | Leased (2041) | ||||||
Copley, Ohio | Warehouse / service center | Leased (2033) | ||||||
Dumbarton, Scotland | Manufacturing facility | Owned | ||||||
Guadalupe, NL, Mexico | Manufacturing facility | Leased (2024) | ||||||
Cambridge, Ontario, Canada | Administrative office / warehouse | Leased (2024) |
AMETEK Inc. | Curtiss-Wright Corp. | Idex Corp. | ||||||
CECO Environmental Corp. | Dycom Industries Inc. | MasTec Inc. | ||||||
Chart Industries Inc. | Enerpac Tool Group Corp. | Primoris Services Corp. | ||||||
CIRCOR Int. Inc. | Flowserve Corp. | SPX Corp. | ||||||
Crane Co. | Harsco Corp. | Tetra Tech, Inc. |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Revenues: | |||||||||||||||||
B&W Renewable segment | $ | 156,800 | $ | 156,187 | $ | 205,551 | |||||||||||
B&W Environmental segment | 133,826 | 107,968 | 275,635 | ||||||||||||||
B&W Thermal segment | 433,329 | 304,968 | 409,744 | ||||||||||||||
Eliminations | (592) | (2,806) | (31,819) | ||||||||||||||
$ | 723,363 | $ | 566,317 | $ | 859,111 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Adjusted EBITDA | |||||||||||||||||
B&W Renewable segment (1) | $ | 23,219 | $ | 24,957 | $ | 1,617 | |||||||||||
B&W Environmental segment | 11,773 | 3,503 | 12,553 | ||||||||||||||
B&W Thermal segment | 49,143 | 36,052 | 52,235 | ||||||||||||||
Corporate | (12,467) | (14,425) | (17,579) | ||||||||||||||
Research and development costs | (1,093) | (4,379) | (2,861) | ||||||||||||||
$ | 70,575 | $ | 45,708 | $ | 45,965 |
Year ended December 31, | |||||||||||
(In approximate millions) | 2021 | 2020 | |||||||||
B&W Renewable(1) | $ | 294 | $ | 116 | |||||||
B&W Environmental | 148 | 147 | |||||||||
B&W Thermal | 337 | 390 | |||||||||
Other/eliminations | — | (8) | |||||||||
Bookings | $ | 779 | $ | 645 |
As of December 31, | |||||||||||
(In approximate millions) | 2021 | 2020 | |||||||||
B&W Renewable(1) | $ | 394 | $ | 208 | |||||||
B&W Environmental | 123 | 106 | |||||||||
B&W Thermal | 126 | 226 | |||||||||
Other/eliminations | (4) | (5) | |||||||||
Backlog | $ | 639 | $ | 535 |
(In approximate millions) | 2022 | 2023 | Thereafter | Total | ||||||||||
B&W Renewable | $ | 204 | $ | 56 | $ | 134 | $ | 394 | ||||||
B&W Environmental | 89 | 11 | 23 | 123 | ||||||||||
B&W Thermal | 108 | 15 | 3 | 126 | ||||||||||
Other/eliminations | (4) | — | (4) | |||||||||||
Expected revenue from backlog | $ | 397 | $ | 82 | $ | 160 | $ | 639 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Net income (loss) | $ | 31,538 | $ | (10,297) | $ | (129,039) | |||||||||||
Interest expense | 41,359 | 60,713 | 95,266 | ||||||||||||||
Income tax (benefit) expense | (2,224) | 8,179 | 5,286 | ||||||||||||||
Depreciation & amortization | 18,337 | 16,805 | 23,605 | ||||||||||||||
EBITDA | 89,010 | 75,400 | (4,882) | ||||||||||||||
Benefit plans, net | (48,142) | (5,600) | (22,800) | ||||||||||||||
Gain on sales, net | (13,984) | (3,155) | (339) | ||||||||||||||
(Gain) loss on debt extinguishment | (6,530) | 6,194 | 3,969 | ||||||||||||||
Stock compensation | 10,476 | 4,587 | 3,376 | ||||||||||||||
Restructuring activities and business services transition costs | 10,726 | 11,849 | 11,707 | ||||||||||||||
Advisory fees for settlement costs and liquidity planning | 5,480 | 6,357 | 11,824 | ||||||||||||||
Litigation legal costs | 4,894 | 2,137 | 475 | ||||||||||||||
Acquisition pursuit and related costs | 4,841 | — | — | ||||||||||||||
Product development (1) | 4,713 | — | — | ||||||||||||||
Foreign exchange | 4,294 | (58,799) | 16,602 | ||||||||||||||
Financial advisory services | 2,709 | 4,384 | 9,069 | ||||||||||||||
Other - net | 1,489 | 1,128 | (285) | ||||||||||||||
Loss from business held for sale | 483 | 467 | 5,850 | ||||||||||||||
Loss from a non-strategic business | 116 | 2,559 | 5,518 | ||||||||||||||
Settlement cost to exit contract (2) | — | — | 6,575 | ||||||||||||||
Income from discontinued operations | — | (1,800) | (694) | ||||||||||||||
Adjusted EBITDA (3) | $ | 70,575 | $ | 45,708 | $ | 45,965 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Adjusted EBITDA | |||||||||||||||||
B&W Renewable segment (1) | $ | 23,219 | $ | 24,957 | $ | 1,617 | |||||||||||
B&W Environmental segment | 11,773 | 3,503 | 12,553 | ||||||||||||||
B&W Thermal segment | 49,143 | 36,052 | 52,235 | ||||||||||||||
Corporate | (12,467) | (14,425) | (17,579) | ||||||||||||||
Research and development benefit (costs) | (1,093) | (4,379) | (2,861) | ||||||||||||||
$ | 70,575 | $ | 45,708 | $ | 45,965 |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | $ Change | 2020 | 2019 | $ Change | |||||||||||||||||||||||||||||
Revenues | $ | 156,800 | $ | 156,187 | $ | 613 | $ | 156,187 | $ | 205,551 | $ | (49,364) | |||||||||||||||||||||||
Adjusted EBITDA | $ | 23,219 | $ | 24,957 | $ | (1,738) | $ | 24,957 | $ | 1,617 | $ | 23,340 |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | $ Change | 2020 | 2019 | $ Change | |||||||||||||||||||||||||||||
Revenues | $ | 133,826 | $ | 107,968 | $ | 25,858 | $ | 107,968 | $ | 275,635 | $ | (167,667) | |||||||||||||||||||||||
Adjusted EBITDA | $ | 11,773 | $ | 3,503 | $ | 8,270 | $ | 3,503 | $ | 12,553 | $ | (9,050) |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | $ Change | 2020 | 2019 | $ Change | |||||||||||||||||||||||||||||
Revenues | $ | 433,329 | $ | 304,968 | $ | 128,361 | $ | 304,968 | $ | 409,744 | $ | (104,776) | |||||||||||||||||||||||
Adjusted EBITDA | $ | 49,143 | $ | 36,052 | $ | 13,091 | $ | 36,052 | $ | 52,235 | $ | (16,183) |
(In millions) | 0.25% increase | 0.25% decrease | ||||||
Discount rate: | ||||||||
Effect on ongoing net periodic benefit cost (1) | $ | (28.0) | $ | 29.3 | ||||
Effect on projected benefit obligation | (31.0) | 32.8 | ||||||
Return on assets: | ||||||||
Effect on ongoing net periodic benefit cost | (2.6) | 2.6 |
Year ended December 31, | |||||||||||||||||
(In thousands, except for percentages) | 2021 | 2020 | 2019 | ||||||||||||||
Income (loss) before income taxes | $ | 29,314 | $ | (3,918) | $ | (124,447) | |||||||||||
Income tax expense (benefit) | $ | (2,224) | $ | 8,179 | $ | 5,286 | |||||||||||
Effective tax rate | (7.6) | % | (208.8) | % | (4.2) | % |
Year ended December 31, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020* | 2019* | ||||||||||||||
Revenues | $ | 723,363 | $ | 566,317 | $ | 859,111 | |||||||||||
Costs and expenses: | |||||||||||||||||
Cost of operations | 543,835 | 400,465 | 698,853 | ||||||||||||||
Selling, general and administrative expenses | 154,897 | 141,746 | 151,069 | ||||||||||||||
Advisory fees and settlement costs | 13,083 | 12,878 | 27,943 | ||||||||||||||
Restructuring activities | 4,869 | 11,849 | 11,707 | ||||||||||||||
Research and development costs | 1,595 | 4,379 | 2,861 | ||||||||||||||
Gain on asset disposals, net | (15,737) | (3,263) | (3,940) | ||||||||||||||
Total costs and expenses | 702,542 | 568,054 | 888,493 | ||||||||||||||
Operating income (loss) | 20,821 | (1,737) | (29,382) | ||||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | (39,393) | (59,796) | (94,901) | ||||||||||||||
Interest income | 531 | 646 | 923 | ||||||||||||||
Gain (loss) on debt extinguishment | 6,530 | (6,194) | (3,969) | ||||||||||||||
Loss on sale of business | (1,753) | (108) | (3,601) | ||||||||||||||
Benefit plans, net | 48,142 | 5,600 | 22,800 | ||||||||||||||
Foreign exchange | (4,294) | 58,799 | (16,602) | ||||||||||||||
Other – net | (1,270) | (1,128) | 285 | ||||||||||||||
Total other income (expense) | 8,493 | (2,181) | (95,065) | ||||||||||||||
Income (loss) before income tax expense | 29,314 | (3,918) | (124,447) | ||||||||||||||
Income tax (benefit) expense | (2,224) | 8,179 | 5,286 | ||||||||||||||
Income (loss) from continuing operations | 31,538 | (12,097) | (129,733) | ||||||||||||||
Income from discontinued operations, net of tax | — | 1,800 | 694 | ||||||||||||||
Net income (loss) | 31,538 | (10,297) | (129,039) | ||||||||||||||
Net (income) loss attributable to non-controlling interest | (644) | (21) | 7,065 | ||||||||||||||
Net income (loss) attributable to stockholders | 30,894 | (10,318) | (121,974) | ||||||||||||||
Less: Dividend on Series A preferred stock | 9,127 | — | — | ||||||||||||||
Net income (loss) attributable to stockholders of common stock | $ | 21,767 | $ | (10,318) | $ | (121,974) | |||||||||||
Basic income (loss) per share | |||||||||||||||||
Continuing operations | $ | 0.26 | $ | (0.25) | $ | (3.89) | |||||||||||
Discontinued operations | — | 0.04 | 0.02 | ||||||||||||||
Basic income (loss) per share | $ | 0.26 | $ | (0.21) | $ | (3.87) | |||||||||||
Diluted income (loss) per share | |||||||||||||||||
Continuing operations | $ | 0.26 | $ | (0.25) | $ | (3.89) | |||||||||||
Discontinued operations | — | 0.04 | 0.02 | ||||||||||||||
Diluted income (loss) per share | $ | 0.26 | $ | (0.21) | $ | (3.87) | |||||||||||
Shares used in the computation of income (loss) per share: | |||||||||||||||||
Basic | 82,391 | 48,710 | 31,514 | ||||||||||||||
Diluted | 83,580 | 48,710 | 31,514 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Net income (loss) | $ | 31,538 | $ | (10,297) | $ | (129,039) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Currency translation adjustments (CTA) | (3,412) | $ | (53,318) | 13,401 | |||||||||||||
Reclassification of CTA to net income (loss) | (4,512) | — | 3,176 | ||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Unrealized gains on derivative financial instruments | — | — | (1,367) | ||||||||||||||
Derivative financial instrument losses reclassified into net loss | — | — | 202 | ||||||||||||||
Derivative financial instruments reclassified to advanced billings on contracts | — | — | (197) | ||||||||||||||
Benefit obligations: | |||||||||||||||||
Pension and post retirement adjustments, net of tax | 1,492 | (998) | (1,857) | ||||||||||||||
Other comprehensive (loss) income | (6,432) | (54,316) | 13,358 | ||||||||||||||
Total comprehensive income (loss) | 25,106 | (64,613) | (115,681) | ||||||||||||||
Comprehensive (loss) income attributable to non-controlling interest | (595) | (29) | 7,140 | ||||||||||||||
Comprehensive income (loss) attributable to stockholders | $ | 24,511 | $ | (64,642) | $ | (108,541) |
(in thousands, except per share amount) | December 31, 2021 | December 31, 2020* | |||||||||
Cash and cash equivalents | $ | 224,874 | $ | 57,338 | |||||||
Restricted cash and cash equivalents | 1,841 | 10,085 | |||||||||
Accounts receivable – trade, net | 132,068 | 128,317 | |||||||||
Accounts receivable – other | 34,553 | 35,442 | |||||||||
Contracts in progress | 80,176 | 59,308 | |||||||||
Inventories | 79,527 | 74,446 | |||||||||
Other current assets | 29,395 | 26,421 | |||||||||
Current assets held for sale | — | 4,728 | |||||||||
Total current assets | 582,434 | 396,085 | |||||||||
Net property, plant and equipment, and finance lease | 85,627 | 85,078 | |||||||||
Goodwill | 116,462 | 47,363 | |||||||||
Intangible assets | 43,795 | 23,908 | |||||||||
Right-of-use assets | 30,163 | 10,814 | |||||||||
Other assets | 54,784 | 24,673 | |||||||||
Non-current assets held for sale | — | 11,156 | |||||||||
Total assets | $ | 913,265 | $ | 599,077 | |||||||
Accounts payable | $ | 85,929 | $ | 73,481 | |||||||
Accrued employee benefits | 12,989 | 13,906 | |||||||||
Advance billings on contracts | 68,380 | 64,002 | |||||||||
Accrued warranty expense | 12,925 | 25,399 | |||||||||
Financing lease liabilities | 2,445 | 886 | |||||||||
Operating lease liabilities | 3,950 | 3,995 | |||||||||
Other accrued liabilities | 54,385 | 80,858 | |||||||||
Loans payable | 12,380 | — | |||||||||
Current liabilities held for sale | — | 8,305 | |||||||||
Total current liabilities | 253,383 | 270,832 | |||||||||
Senior notes | 326,366 | — | |||||||||
Long term loans payable | 1,543 | — | |||||||||
Last out term loans | — | 183,330 | |||||||||
Revolving credit facilities | — | 164,300 | |||||||||
Pension and other accumulated postretirement benefit liabilities | 182,730 | 252,292 | |||||||||
Non-current finance lease liabilities | 29,369 | 29,690 | |||||||||
Non-current operating lease liabilities | 26,685 | 7,031 | |||||||||
Other non-current liabilities | 34,567 | 22,579 | |||||||||
Total liabilities | 854,643 | 930,054 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity (deficit): | |||||||||||
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 and 0 at December 31, 2021 and 2020, respectively | 77 | — | |||||||||
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 86,286 and 54,452 at December 31, 2021 and 2020, respectively | 5,110 | 4,784 | |||||||||
Capital in excess of par value | 1,518,872 | 1,164,436 | |||||||||
Treasury stock at cost, 1,525 and 718 shares at December 31, 2021 and 2020, respectively | (110,934) | (105,990) | |||||||||
Accumulated deficit | (1,321,154) | (1,342,921) | |||||||||
Accumulated other comprehensive loss | (58,822) | (52,390) | |||||||||
Stockholders' equity (deficit) attributable to shareholders | 33,149 | (332,081) | |||||||||
Non-controlling interest | 25,473 | 1,104 | |||||||||
Total stockholders' equity (deficit) | 58,622 | (330,977) | |||||||||
Total liabilities and stockholders' equity (deficit) | $ | 913,265 | $ | 599,077 |
Common Stock | Preferred Stock | Capital In Excess of Par Value | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-controlling Interest | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share amounts) | Shares | Par Value | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 (As reported) | 16,879 | $ | 1,748 | — | $ | — | $ | 1,047,062 | $ | (105,590) | $ | (1,217,914) | $ | (11,432) | $ | 8,829 | $ | (277,297) | |||||||||||||||||||||||||||||||||||||||||
Inventory accounting method change* | — | — | — | — | — | — | 7,285 | — | — | 7,285 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 16,879 | 1,748 | — | — | 1,047,062 | (105,590) | (1,210,629) | (11,432) | 8,829 | (270,012) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (121,974) | — | (7,065) | (129,039) | |||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | — | 16,577 | (75) | 16,502 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | — | — | — | — | — | — | (1,362) | — | (1,362) | |||||||||||||||||||||||||||||||||||||||||||||||||
Pension and post retirement adjustments, net of tax | — | — | — | — | — | — | — | (1,857) | — | (1,857) | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation charges | 108 | 12 | — | — | 3,072 | (117) | — | — | — | 2,967 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rights offering, net | 13,922 | 1,392 | — | — | 39,544 | — | — | — | — | 40,936 | |||||||||||||||||||||||||||||||||||||||||||||||||
Last Out Term Loan principal value exchanged for common stock | 15,465 | 1,547 | — | — | 44,848 | — | — | — | — | 46,395 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of beneficial conversion option of Last Out Term Loan Tranche A-3 | — | — | — | — | 2,022 | — | — | — | — | 2,022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | — | — | — | — | 6,066 | — | — | — | — | 6,066 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to non-controlling interest | — | — | — | — | — | — | — | — | (272) | (272) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 46,374 | 4,699 | — | $ | — | $ | 1,142,614 | $ | (105,707) | $ | (1,332,603) | $ | 1,926 | $ | 1,417 | $ | (287,654) | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | — | — | — | — | — | — | (10,318) | — | 21 | (10,297) | |||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | — | (53,318) | 8 | (53,310) | |||||||||||||||||||||||||||||||||||||||||||||||||
Pension and post retirement adjustments, net of tax | — | — | — | — | — | — | — | (998) | — | (998) | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation charges | 460 | 9 | — | — | 4,548 | (283) | — | — | — | 4,274 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equitized guarantee fee payment | 1,713 | 17 | — | — | 3,883 | — | — | — | — | 3,900 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equitized Last Out Term Loan principal payment | 5,905 | 59 | — | — | 13,391 | — | — | — | — | 13,450 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to non-controlling interest | — | — | — | — | — | — | — | — | (342) | (342) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 54,452 | $ | 4,784 | — | $ | — | $ | 1,164,436 | $ | (105,990) | $ | (1,342,921) | $ | (52,390) | $ | 1,104 | $ | (330,977) | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 30,894 | — | 644 | 31,538 | |||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | — | (7,924) | (49) | (7,973) | |||||||||||||||||||||||||||||||||||||||||||||||||
Pension and post retirement adjustments, net of tax | — | — | — | — | — | — | — | 1,492 | — | 1,492 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation charges | 2,347 | 31 | — | — | 7,770 | (4,944) | — | — | — | 2,857 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock offering | 29,487 | 295 | — | — | 160,546 | — | — | — | — | 160,841 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock offering, net | — | — | 4,752 | 48 | 113,227 | — | — | — | — | 113,275 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equitized Last Out Term Loan principal payment | — | — | 2,917 | 29 | 72,893 | — | — | — | — | 72,922 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | — | (9,127) | — | — | (9,127) | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest from acquisition | — | — | — | — | — | — | — | — | 23,996 | 23,996 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to non-controlling interest | — | — | — | — | — | — | — | — | (222) | (222) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 86,286 | $ | 5,110 | 7,669 | $ | 77 | $ | 1,518,872 | $ | (110,934) | $ | (1,321,154) | $ | (58,822) | $ | 25,473 | $ | 58,622 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | 31,538 | $ | (10,297) | $ | (129,039) | |||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||
Depreciation and amortization of long-lived assets | 18,337 | 16,805 | 23,605 | ||||||||||||||
Amortization of deferred financing costs and debt discount | 7,918 | 16,743 | 61,181 | ||||||||||||||
Amortization of guaranty fee | 1,832 | 1,159 | — | ||||||||||||||
Non-cash operating lease expense | 4,154 | 4,765 | 5,356 | ||||||||||||||
Loss on sale of business | 1,753 | 108 | 3,601 | ||||||||||||||
(Gain) loss on debt extinguishment | (6,530) | 6,194 | 3,969 | ||||||||||||||
Gain on asset disposals | (15,737) | (3,262) | (3,940) | ||||||||||||||
(Benefit from) provision for deferred income taxes, including valuation allowances | (7,745) | 1,791 | (855) | ||||||||||||||
Mark to market, prior service cost amortization for pension and postretirement plans | (15,512) | 22,156 | (10,661) | ||||||||||||||
Stock-based compensation, net of associated income taxes | 7,801 | 4,557 | 3,084 | ||||||||||||||
Equitized non-cash interest expense | — | 13,450 | — | ||||||||||||||
Foreign exchange | 4,294 | (58,799) | 16,602 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable | 225 | 21,673 | 63,914 | ||||||||||||||
Contracts in progress | (20,099) | 35,850 | 48,492 | ||||||||||||||
Advance billings on contracts | 1,641 | (13,057) | (71,268) | ||||||||||||||
Inventories | (3,047) | (4,084) | (4,141) | ||||||||||||||
Income taxes | (2,142) | (2,425) | 1,273 | ||||||||||||||
Accounts payable | 7,080 | (42,001) | (80,459) | ||||||||||||||
Accrued and other current liabilities | (47,768) | 9,146 | (23,101) | ||||||||||||||
Accrued contract loss | (204) | (5,557) | (50,654) | ||||||||||||||
Pension liabilities, accrued postretirement benefits and employee benefits | (60,760) | (37,223) | (16,346) | ||||||||||||||
Other, net | (18,225) | (18,498) | (16,930) | ||||||||||||||
Net cash used in operating activities | (111,196) | (40,806) | (176,317) | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchase of property, plant and equipment | (6,679) | (8,230) | (3,804) | ||||||||||||||
Acquisition of business, net of cash acquired | (55,341) | — | — | ||||||||||||||
Proceeds from sale of business and assets, net | 25,390 | 8,000 | 7,445 | ||||||||||||||
Purchases of available-for-sale securities | (12,605) | (29,068) | (8,914) | ||||||||||||||
Sales and maturities of available-for-sale securities | 15,694 | 26,563 | 11,547 | ||||||||||||||
Other, net | — | 4,954 | 2,505 | ||||||||||||||
Net cash (used in) from investing activities | (33,541) | 2,219 | 8,779 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Issuance of senior notes | 303,324 | — | — | ||||||||||||||
Borrowings on loan payable | 7,145 | — | — | ||||||||||||||
Repayments on loan payable | (846) | — | — | ||||||||||||||
Borrowings under last out term loans | — | 70,000 | 151,350 | ||||||||||||||
Repayments under last out term loans | (75,408) | — | (41,766) | ||||||||||||||
Borrowings under U.S. revolving credit facility | 14,500 | 158,900 | 291,600 | ||||||||||||||
Repayments of U.S. revolving credit facility | (178,800) | (173,600) | (257,500) | ||||||||||||||
Repayments under our foreign revolving credit facilities | — | — | (605) | ||||||||||||||
Issuance of preferred stock, net | 113,275 | — | — | ||||||||||||||
Payment of preferred stock dividends | (9,127) | — | — | ||||||||||||||
Shares of common stock returned to treasury stock | (4,944) | (283) | (117) | ||||||||||||||
Proceeds from rights offering | — | — | 40,376 | ||||||||||||||
Costs related to rights offering | — | — | (832) | ||||||||||||||
Issuance of common stock, net | 160,841 | — | 1,392 | ||||||||||||||
Debt issuance costs | (24,560) | (10,590) | (16,619) | ||||||||||||||
Other, net | (2,588) | (329) | (261) | ||||||||||||||
Net cash from financing activities | 302,812 | 44,098 | 167,018 | ||||||||||||||
Effects of exchange rate changes on cash | 1,217 | 4,971 | (2,818) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 159,292 | 10,482 | (3,338) | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 67,423 | 56,941 | 60,279 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 226,715 | $ | 67,423 | $ | 56,941 |
Year ended December 31, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Income (loss) from continuing operations attributable to stockholders of common stock | $ | 21,767 | $ | (12,118) | $ | (122,668) | |||||||||||
Income from discontinued operations attributable to stockholders of common stock, net of tax | — | 1,800 | 694 | ||||||||||||||
Net income (loss) attributable to stockholders of common stock | $ | 21,767 | $ | (10,318) | $ | (121,974) | |||||||||||
Weighted average shares used to calculate basic income (loss) per share | 82,391 | 48,710 | 31,514 | ||||||||||||||
Dilutive effect of stock options, restricted stock and performance units | 1,189 | — | — | ||||||||||||||
Weighted average shares used to calculate diluted income (loss) per share | 83,580 | 48,710 | 31,514 | ||||||||||||||
Basic income (loss) per share | |||||||||||||||||
Continuing operations | $ | 0.26 | $ | (0.25) | $ | (3.89) | |||||||||||
Discontinued operations | — | 0.04 | 0.02 | ||||||||||||||
Basic income (loss) per share | $ | 0.26 | $ | (0.21) | $ | (3.87) | |||||||||||
Diluted income (loss) per share | |||||||||||||||||
Continuing operations | $ | 0.26 | $ | (0.25) | $ | (3.89) | |||||||||||
Discontinued operations | — | 0.04 | 0.02 | ||||||||||||||
Diluted income (loss) per share | $ | 0.26 | $ | (0.21) | $ | (3.87) |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Revenues: | |||||||||||||||||
B&W Renewable segment | |||||||||||||||||
B&W Renewable | $ | 83,639 | $ | 89,790 | $ | 94,119 | |||||||||||
Vølund | 60,671 | 66,397 | 111,432 | ||||||||||||||
Fosler | 12,490 | — | — | ||||||||||||||
156,800 | 156,187 | 205,551 | |||||||||||||||
B&W Environmental segment | |||||||||||||||||
B&W Environmental | 58,262 | 45,186 | 184,477 | ||||||||||||||
SPIG | 55,615 | 52,341 | 80,729 | ||||||||||||||
GMAB | 19,949 | 10,441 | 10,429 | ||||||||||||||
133,826 | 107,968 | 275,635 | |||||||||||||||
B&W Thermal segment | |||||||||||||||||
B&W Thermal | 433,329 | 304,968 | 409,744 | ||||||||||||||
433,329 | 304,968 | 409,744 | |||||||||||||||
Eliminations | (592) | (2,806) | (31,819) | ||||||||||||||
Total Revenues | $ | 723,363 | $ | 566,317 | $ | 859,111 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Net income (loss) | $ | 31,538 | $ | (10,297) | $ | (129,039) | |||||||||||
Interest expense | 41,359 | 60,713 | 95,266 | ||||||||||||||
Income tax (benefit) expense | (2,224) | 8,179 | 5,286 | ||||||||||||||
Depreciation & amortization | 18,337 | 16,805 | 23,605 | ||||||||||||||
EBITDA | 89,010 | 75,400 | (4,882) | ||||||||||||||
Benefit plans, net | (48,142) | (5,600) | (22,800) | ||||||||||||||
Gain on sales, net | (13,984) | (3,155) | (339) | ||||||||||||||
(Gain) loss on debt extinguishment | (6,530) | 6,194 | 3,969 | ||||||||||||||
Stock compensation | 10,476 | 4,587 | 3,376 | ||||||||||||||
Restructuring activities and business services transition costs | 10,726 | 11,849 | 11,707 | ||||||||||||||
Advisory fees for settlement costs and liquidity planning | 5,480 | 6,357 | 11,824 | ||||||||||||||
Litigation legal costs | 4,894 | 2,137 | 475 | ||||||||||||||
Acquisition pursuit and related costs | 4,841 | — | — | ||||||||||||||
Product development (1) | 4,713 | — | — | ||||||||||||||
Foreign exchange | 4,294 | (58,799) | 16,602 | ||||||||||||||
Financial advisory services | 2,709 | 4,384 | 9,069 | ||||||||||||||
Other - net | 1,489 | 1,128 | (285) | ||||||||||||||
Loss from business held for sale | 483 | 467 | 5,850 | ||||||||||||||
Loss from a non-strategic business | 116 | 2,559 | 5,518 | ||||||||||||||
Settlement cost to exit contract (2) | — | — | 6,575 | ||||||||||||||
Income from discontinued operations | — | (1,800) | (694) | ||||||||||||||
Adjusted EBITDA (3) | $ | 70,575 | $ | 45,708 | $ | 45,965 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Adjusted EBITDA | |||||||||||||||||
B&W Renewable segment (1) | $ | 23,219 | $ | 24,957 | $ | 1,617 | |||||||||||
B&W Environmental segment | 11,773 | 3,503 | 12,553 | ||||||||||||||
B&W Thermal segment | 49,143 | 36,052 | 52,235 | ||||||||||||||
Corporate | (12,467) | (14,425) | (17,579) | ||||||||||||||
Research and development benefit (costs) | (1,093) | (4,379) | (2,861) | ||||||||||||||
$ | 70,575 | $ | 45,708 | $ | 45,965 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
REVENUES (1) | |||||||||||||||||
United States | $ | 431,540 | $ | 310,958 | $ | 460,484 | |||||||||||
Canada | 48,206 | 43,936 | 113,660 | ||||||||||||||
Denmark | 30,310 | 28,590 | 27,311 | ||||||||||||||
United Kingdom | 26,722 | 25,811 | 54,347 | ||||||||||||||
Sweden | 22,391 | 11,430 | 18,789 | ||||||||||||||
Israel | 14,110 | 1,635 | 635 | ||||||||||||||
Saudi Arabia | 12,529 | 9,545 | 5,243 | ||||||||||||||
Hong Kong | 11,056 | 4,490 | 4,524 | ||||||||||||||
China | 10,028 | 8,461 | 18,430 | ||||||||||||||
Finland | 6,310 | 6,606 | 14,118 | ||||||||||||||
South Korea | 3,961 | 4,050 | 14,443 | ||||||||||||||
Indonesia | 1,853 | 19,644 | 16,739 | ||||||||||||||
Aggregate of all other countries, each with less than $10 million in revenues | 104,347 | 91,161 | 110,388 | ||||||||||||||
$ | 723,363 | $ | 566,317 | $ | 859,111 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT, AND FINANCE LEASE | |||||||||||||||||
United States | $ | 52,516 | $ | 46,734 | $ | 61,111 | |||||||||||
Mexico | 17,071 | 18,173 | 19,241 | ||||||||||||||
Denmark | 6,573 | 7,327 | 6,801 | ||||||||||||||
United Kingdom | 5,722 | 5,274 | 5,469 | ||||||||||||||
Italy | 1,565 | 1,881 | 2,172 | ||||||||||||||
Aggregate of all other countries | 2,180 | 5,689 | 2,259 | ||||||||||||||
$ | 85,627 | $ | 85,078 | $ | 97,053 |
(in thousands) | December 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Contract assets - included in contracts in progress: | |||||||||||||||||||||||
Costs incurred less costs of revenue recognized | $ | 35,939 | $ | 25,888 | $ | 10,051 | 39 | % | |||||||||||||||
Revenues recognized less billings to customers | 44,237 | 33,420 | 10,817 | 32 | % | ||||||||||||||||||
Contracts in progress | $ | 80,176 | $ | 59,308 | $ | 20,868 | 35 | % | |||||||||||||||
Contract liabilities - included in advance billings on contracts: | |||||||||||||||||||||||
Billings to customers less revenues recognized | $ | 68,615 | $ | 61,884 | $ | 6,731 | 11 | % | |||||||||||||||
Costs of revenue recognized less cost incurred | (235) | 2,118 | (2,353) | (111) | % | ||||||||||||||||||
Advance billings on contracts | $ | 68,380 | $ | 64,002 | $ | 4,378 | 7 | % | |||||||||||||||
Net contract balance | $ | 11,796 | $ | (4,694) | $ | 16,490 | (351) | % | |||||||||||||||
Accrued contract losses | $ | 378 | $ | 582 | $ | (204) | (35) | % |
(in thousands) | December 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Retainage expected to be collected within one year | $ | 2,575 | $ | 2,969 | $ | (394) | (13) | % | |||||||||||||||
Retainage expected to be collected after one year | 1,591 | 632 | 959 | 152 | % | ||||||||||||||||||
Total retainage | $ | 4,166 | $ | 3,601 | $ | 565 | 16 | % |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Increases in gross profit for changes in estimates for over time contracts (1) | $ | 16,042 | $ | 43,597 | $ | 34,622 | |||||||||||
Decreases in gross profit for changes in estimates for over time contracts | (6,531) | (17,480) | (50,050) | ||||||||||||||
Net changes in gross profit for changes in estimates for over time contracts | $ | 9,511 | $ | 26,117 | $ | (15,428) |
(in thousands) | December 31, 2021 | December 31, 2020 (1) | |||||||||
Raw materials and supplies | $ | 56,352 | $ | 53,944 | |||||||
Work in progress | 5,723 | 8,195 | |||||||||
Finished goods | 17,452 | 12,307 | |||||||||
Total inventories | $ | 79,527 | $ | 74,446 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | As Computed Under LIFO | As Reported Under FIFO | Effect of Change | As Computed Under LIFO | As Reported Under FIFO | Effect of Change | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||
Inventories | $ | 72,242 | $ | 79,527 | $ | 7,285 | $ | 67,161 | $ | 74,446 | $ | 7,285 | |||||||||||||||||||||||
Accumulated deficit | (1,328,439) | (1,321,154) | 7,285 | (1,350,206) | (1,342,921) | 7,285 |
(in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Land | $ | 1,489 | $ | 1,584 | |||||||
Buildings | 31,895 | 34,207 | |||||||||
Machinery and equipment | 144,325 | 151,399 | |||||||||
Property under construction | 12,480 | 5,336 | |||||||||
190,189 | 192,526 | ||||||||||
Less accumulated depreciation | 133,137 | 135,925 | |||||||||
Net property, plant and equipment | 57,052 | 56,601 | |||||||||
Finance lease | 34,159 | 30,551 | |||||||||
Less finance lease accumulated amortization | 5,584 | 2,074 | |||||||||
Net property, plant and equipment, and finance lease | $ | 85,627 | $ | 85,078 |
(in thousands) | B&W Renewable | B&W Environmental | B&W Thermal | Total | |||||||||||||||||||
Balance at December 31, 2020 | $ | 10,211 | $ | 5,673 | $ | 31,479 | $ | 47,363 | |||||||||||||||
Addition - Fosler Construction(1) | 51,979 | — | — | 51,979 | |||||||||||||||||||
Addition - VODA(1) | 17,176 | — | — | 17,176 | |||||||||||||||||||
Currency translation adjustments | (9) | (6) | (41) | (56) | |||||||||||||||||||
Balance at December 31, 2021 | $ | 79,357 | $ | 5,667 | $ | 31,438 | $ | 116,462 |
(in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Definite-lived intangible assets(1) | |||||||||||
Customer relationships | $ | 46,903 | $ | 24,862 | |||||||
Unpatented technology | 15,410 | 15,713 | |||||||||
Patented technology | 3,103 | 2,642 | |||||||||
Tradename | 12,747 | 13,088 | |||||||||
Acquired backlog | 3,100 | — | |||||||||
All other | 9,319 | 9,262 | |||||||||
Gross value of definite-lived intangible assets | 90,582 | 65,567 | |||||||||
Customer relationships amortization | (20,800) | (19,537) | |||||||||
Unpatented technology amortization | (8,313) | (6,751) | |||||||||
Patented technology amortization | (2,729) | (2,593) | |||||||||
Tradename amortization | (5,425) | (4,831) | |||||||||
Acquired backlog | (1,620) | — | |||||||||
All other amortization | (9,205) | (9,252) | |||||||||
Accumulated amortization | (48,092) | (42,964) | |||||||||
Net definite-lived intangible assets | $ | 42,490 | $ | 22,603 | |||||||
Indefinite-lived intangible assets | |||||||||||
Trademarks and trade names | $ | 1,305 | $ | 1,305 | |||||||
Total intangible assets, net | $ | 43,795 | $ | 23,908 |
Year ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Balance at beginning of period | $ | 23,908 | $ | 25,300 | |||||||
Business acquisitions and adjustments(1) | 26,583 | — | |||||||||
Amortization expense | (5,128) | (3,406) | |||||||||
Currency translation adjustments | (1,568) | 2,014 | |||||||||
Balance at end of the period | $ | 43,795 | $ | 23,908 |
Amortization Expense(1) | |||||
Year ending December 31, 2022 | 6,759 | ||||
Year ending December 31, 2023 | 5,382 | ||||
Year ending December 31, 2024 | 5,300 | ||||
Year ending December 31, 2025 | 4,480 | ||||
Year ending December 31, 2026 | 3,256 | ||||
Thereafter | 17,313 |
Year ended December 31, | ||||||||||||||||||||
(in thousands) | Classification | 2021 | 2020 | 2019 | ||||||||||||||||
Operating lease expense: | ||||||||||||||||||||
Operating lease expense | Selling, general and administrative expenses | $ | 4,974 | $ | 5,736 | $ | 6,624 | |||||||||||||
Operating lease expense | Cost of operations | 1,077 | — | — | ||||||||||||||||
Short-term lease expense | Selling, general and administrative expenses | $ | 3,541 | $ | 1,960 | $ | 6,575 | |||||||||||||
Variable lease expense (1) | Selling, general and administrative expenses | 385 | 1,973 | 2,349 | ||||||||||||||||
Total operating lease expense | $ | 9,977 | $ | 9,669 | $ | 15,548 | ||||||||||||||
Finance lease expense: | ||||||||||||||||||||
Amortization of right-of-use assets | Cost of operations | $ | 3,510 | $ | 2,061 | $ | 13 | |||||||||||||
Interest on lease liabilities | Interest expense | 2,502 | 2,452 | 14 | ||||||||||||||||
Total finance lease expense | $ | 6,012 | $ | 4,513 | $ | 27 | ||||||||||||||
Sublease income (2) | Other – net | $ | (86) | $ | (86) | $ | (67) | |||||||||||||
Net lease cost | $ | 15,903 | $ | 14,096 | $ | 15,508 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 5,614 | $ | 5,603 | $ | 6,578 | |||||||||||
Operating cash flows from finance leases | 2,502 | 2,452 | 14 | ||||||||||||||
Financing cash flows from finance leases | 2,366 | (13) | (12) |
(in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Right-of-use assets obtained in exchange for lease liabilities: | |||||||||||
Operating leases | $ | 24,886 | $ | 2,629 | |||||||
Finance leases | $ | 3,608 | $ | 146 | |||||||
Weighted-average remaining lease term: | |||||||||||
Operating leases (in years) | 13.6 | 3.1 | |||||||||
Finance leases (in years) | 12.7 | 13.9 | |||||||||
Weighted-average discount rate: | |||||||||||
Operating leases | 8.24 | % | 9.26 | % | |||||||
Finance leases | 7.93 | % | 8.00 | % |
(in thousands) | ||||||||||||||
Assets: | Classification | December 31, 2021 | December 31, 2020 | |||||||||||
Operating lease assets | Right-of-use assets | $ | 30,163 | $ | 10,814 | |||||||||
Finance lease assets | Net property, plant and equipment, and finance lease | 28,575 | 28,477 | |||||||||||
Total non-current lease assets | $ | 58,738 | $ | 39,291 | ||||||||||
Liabilities: | ||||||||||||||
Current | ||||||||||||||
Operating lease liabilities | Operating lease liabilities | $ | 3,950 | $ | 3,995 | |||||||||
Finance lease liabilities | Financing lease liabilities | 2,445 | 886 | |||||||||||
Non-current | ||||||||||||||
Operating lease liabilities | Non-current operating lease liabilities | 26,685 | 7,031 | |||||||||||
Finance lease liabilities | Non-current finance lease liabilities | 29,369 | 29,690 | |||||||||||
Total lease liabilities | $ | 62,449 | $ | 41,602 |
(in thousands) | Operating Leases | Finance Leases | Total | ||||||||||||||
2022 | $ | 6,209 | $ | 4,833 | $ | 11,042 | |||||||||||
2023 | 4,975 | 3,459 | 8,434 | ||||||||||||||
2024 | 3,889 | 3,525 | 7,414 | ||||||||||||||
2025 | 2,890 | 3,552 | 6,442 | ||||||||||||||
2026 | 2,548 | 3,623 | 6,171 | ||||||||||||||
Thereafter | 32,264 | 32,481 | 64,745 | ||||||||||||||
Total | $ | 52,775 | $ | 51,473 | $ | 104,248 | |||||||||||
Less imputed interest | (22,140) | (19,659) | (41,799) | ||||||||||||||
Lease liability | $ | 30,635 | $ | 31,814 | $ | 62,449 |
Year ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Balance at beginning of period | $ | 25,399 | $ | 33,376 | |||||||
Additions | 7,470 | 11,912 | |||||||||
Expirations and other changes | (7,808) | (8,391) | |||||||||
Payments | (12,206) | (13,916) | |||||||||
Translation and other | 70 | 2,418 | |||||||||
Balance at end of period | $ | 12,925 | $ | 25,399 |
Year ended December 31, | |||||||||||
2021 | |||||||||||
(in thousands) | Total | Severance and related costs | Other (1) | ||||||||
B&W Renewable segment | $ | 1,876 | $ | 1,732 | $ | 144 | |||||
B&W Environmental segment | 430 | 360 | 70 | ||||||||
B&W Thermal segment | 2,207 | 1,734 | 473 | ||||||||
Corporate | 356 | 213 | 143 | ||||||||
$ | 4,869 | $ | 4,039 | $ | 830 | ||||||
Cumulative costs to date | $ | 45,183 | 37,252 | 7,931 |
Year ended December 31, | |||||||||||
2020 | |||||||||||
(in thousands) | Total | Severance and related costs | Other (1) | ||||||||
B&W Renewable segment | $ | 5,926 | $ | 4,537 | $ | 1,389 | |||||
B&W Environmental segment | 745 | 293 | 452 | ||||||||
B&W Thermal segment | 4,725 | 1,962 | 2,763 | ||||||||
Corporate | 453 | (52) | 505 | ||||||||
$ | 11,849 | $ | 6,740 | $ | 5,109 |
Year ended December 31, | |||||||||||
2019 | |||||||||||
(in thousands) | Total | Severance and related costs | Other (1) | ||||||||
B&W Renewable segment | $ | 2,233 | $ | 2,176 | $ | 57 | |||||
B&W Environmental segment | 2,000 | 1,888 | 112 | ||||||||
B&W Thermal segment | 3,040 | 2,791 | 249 | ||||||||
Corporate | 4,434 | 3,566 | 868 | ||||||||
$ | 11,707 | $ | 10,421 | $ | 1,286 |
Year ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Balance at beginning of period | $ | 8,146 | $ | 5,359 | |||||||
Restructuring expense | 4,869 | 11,849 | |||||||||
Payments | (6,454) | (9,062) | |||||||||
Balance at end of period | $ | 6,561 | $ | 8,146 |
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Interest cost | $ | 22,559 | $ | 33,267 | $ | 43,312 | $ | 145 | $ | 288 | $ | 424 | |||||||||||||||||||||||
Expected return on plan assets | (56,154) | (61,322) | (55,717) | — | — | — | |||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 97 | 97 | 142 | 691 | (1,084) | (2,157) | |||||||||||||||||||||||||||||
Recognized net actuarial (gain) loss | (15,327) | 22,676 | (7,603) | (153) | 478 | (1,201) | |||||||||||||||||||||||||||||
Benefit plans, net (1) | (48,825) | (5,282) | (19,866) | 683 | (318) | (2,934) | |||||||||||||||||||||||||||||
Service cost included in COS (2) | 781 | 792 | 778 | 22 | 19 | 15 | |||||||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | (48,044) | $ | (4,490) | $ | (19,088) | $ | 705 | $ | (299) | $ | (2,919) |
Pension Benefits | Other Benefits | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit obligations: | |||||||||||||||||||||||
Comparative single equivalent discount rate | 2.81% | 2.50% | 3.25% | 2.50% | 1.97% | 2.99% | |||||||||||||||||
Rate of compensation increase | 0.07% | 0.08% | 0.07% | — | — | — | |||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||
Comparative single equivalent discount rate | 2.52% | 3.23% | 4.28% | 2.50% | 1.97% | 2.99% | |||||||||||||||||
Expected return on plan assets | 5.76% | 6.63% | 6.66% | — | — | — | |||||||||||||||||
Rate of compensation increase | 0.07% | 0.08% | 0.07% | — | — | — |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Asset category: | ||||||||
Commingled and mutual funds | — | % | 41 | % | ||||
United States government securities | 17 | % | 16 | % | ||||
Corporate stocks | 8 | % | 5 | % | ||||
Venture capital | 40 | % | 18 | % | ||||
Hedge funds | 30 | % | 13 | % | ||||
Cash and accrued items | 5 | % | 7 | % |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Asset category: | ||||||||
Commingled and mutual funds | 30 | % | 35 | % | ||||
Fixed income | 67 | % | 62 | % | ||||
Other | 3 | % | 3 | % |
Canadian Plans | U.K. Plan | |||||||
Asset class: | ||||||||
United States equity | 25 | % | 3 | % | ||||
Global equity | 25 | % | 4 | % | ||||
Fixed income and other | 50 | % | 93 | % |
(in thousands) | Year ended December 31, 2021 | Level 1 | Level 2 | Level 3 | ||||||||||
Commingled and mutual funds | $ | 22,261 | $ | — | $ | 22,261 | $ | — | ||||||
United States government securities | 167,328 | 167,328 | — | — | ||||||||||
Fixed income | 65,370 | 15,196 | 47,309 | 2,865 | ||||||||||
Equity | 80,299 | 74,888 | 5,243 | 168 | ||||||||||
Venture capital | 236,730 | — | — | 236,730 | ||||||||||
Hedge fund | 80,711 | — | — | 80,711 | ||||||||||
Cash and accrued items | 30,130 | 30,130 | — | — | ||||||||||
Investments measured at fair value | $ | 682,829 | $ | 287,542 | $ | 74,813 | $ | 320,474 | ||||||
Investments measured at net asset value | 349,798 | |||||||||||||
Pending trades | 4,608 | |||||||||||||
Total pension and other postretirement benefit assets | $ | 1,037,235 |
(in thousands) | Year ended December 31, 2020 | Level 1 | Level 2 | Level 3 | ||||||||||
Commingled and mutual funds | $ | 429,101 | $ | 402,935 | $ | 26,166 | $ | — | ||||||
United States government securities | 160,488 | 160,488 | — | — | ||||||||||
Fixed income | 44,604 | — | 44,604 | — | ||||||||||
Equity | 45,539 | 45,539 | — | — | ||||||||||
Venture capital | 56,719 | — | — | 56,719 | ||||||||||
Cash and accrued items | 69,822 | 69,822 | — | — | ||||||||||
Investments measured at fair value | $ | 806,273 | $ | 678,784 | $ | 70,770 | $ | 56,719 | ||||||
Investments measured at net asset value | 241,568 | |||||||||||||
Pending trades | (195) | |||||||||||||
Total pension and other postretirement benefit assets | $ | 1,047,646 |
Domestic Plans | Foreign Plans | ||||||||||||||||
(in thousands) | Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||
Expected employer contributions to trusts of defined benefit plans: | |||||||||||||||||
2022 | $ | 2,751 | $ | 1,148 | $ | 1,047 | $ | 152 | |||||||||
Expected benefit payments (1): | |||||||||||||||||
2022 | 74,866 | 1,148 | 2,721 | 152 | |||||||||||||
2023 | 74,326 | 1,053 | 2,720 | 143 | |||||||||||||
2024 | 73,639 | 962 | 2,733 | 132 | |||||||||||||
2025 | 72,676 | 877 | 2,846 | 121 | |||||||||||||
2026 | 71,502 | 796 | 2,919 | 114 | |||||||||||||
2027-2031 | 333,824 | 2,935 | 15,124 | 413 |
Pension Fund | EIN/PIN | Pension Protection Act Zone Status | FIP/RP Status Pending/ Implemented | Contributions | Surcharge Imposed | Expiration Date of Collective Bargaining Agreement | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Boilermaker-Blacksmith National Pension Trust | 48-6168020/ 001 | Yellow | Yellow | Red | Yes | $ | 16.6 | $ | 4.0 | $ | 7.5 | No | Described Below | ||||||||||||||||||||||||||||||||||
All other | 2.2 | 0.9 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||
$ | 18.8 | $ | 4.9 | $ | 12.4 |
Senior Notes | |||||||||||||||||
(in thousands) | 8.125% | 6.50% | Total | ||||||||||||||
Senior notes due 2026 | $ | 186,219 | $ | 151,440 | $ | 337,659 | |||||||||||
Unamortized deferred financing costs | (5,269) | (6,604) | (11,873) | ||||||||||||||
Unamortized premium | 580 | — | 580 | ||||||||||||||
Net debt balance | $ | 181,530 | $ | 144,836 | $ | 326,366 |
Last Out Term Loan Tranche | |||||||||||||||||||||||
(in thousands) | A-3 | A-4 | A-6 | Total | |||||||||||||||||||
Balance at December 31, 2020 | $ | 113,330 | $ | 30,000 | $ | 40,000 | $ | 183,330 | |||||||||||||||
Payments in cash | (40,408) | (30,000) | (5,000) | (75,408) | |||||||||||||||||||
Exchange for Preferred Stock | (72,922) | — | — | (72,922) | |||||||||||||||||||
Exchange for 8.125% Senior Notes | — | — | (35,000) | (35,000) | |||||||||||||||||||
Balance at December 31, 2021 | $ | — | $ | — | $ | — | $ | — |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Components associated with borrowings from: | |||||||||||||||||
Senior notes | $ | 13,273 | $ | — | $ | — | |||||||||||
Last Out Term Loans - cash interest | 4,349 | 6,140 | 11,207 | ||||||||||||||
Last Out Term Loans - equitized interest | — | 13,450 | — | ||||||||||||||
Last Out Term Loans - paid-in-kind interest | — | — | 5,964 | ||||||||||||||
U.S. Revolving Credit Facility | 1,416 | 13,988 | 15,639 | ||||||||||||||
19,038 | 33,578 | 32,810 | |||||||||||||||
Components associated with amortization or accretion of: | |||||||||||||||||
Revolving Credit Agreement | 2,735 | — | — | ||||||||||||||
Senior notes | 2,510 | — | — | ||||||||||||||
Last Out Term Loans - discount and financing fees | — | 3,183 | 10,580 | ||||||||||||||
U.S. Revolving Credit Facility - deferred financing fees and commitment fees | 5,995 | 14,811 | 31,567 | ||||||||||||||
U.S. Revolving Credit Facility - contingent consent fee for Amendment 16 | — | — | 13,879 | ||||||||||||||
U.S. Revolving Credit Facility - deferred ticking fee for Amendment 16 | — | 1,660 | 5,064 | ||||||||||||||
11,240 | 19,654 | 61,090 | |||||||||||||||
Components associated with interest from: | |||||||||||||||||
Lease liabilities | 2,502 | 2,452 | 14 | ||||||||||||||
Other interest expense | 6,613 | 4,112 | 987 | ||||||||||||||
9,115 | 6,564 | 1,001 | |||||||||||||||
Total interest expense | $ | 39,393 | $ | 59,796 | $ | 94,901 |
(in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Held by foreign entities | $ | 42,070 | $ | 38,726 | $ | 38,921 | |||||||||||
Held by U.S. entities | 182,804 | 18,612 | 4,851 | ||||||||||||||
Cash and cash equivalents | 224,874 | 57,338 | 43,772 | ||||||||||||||
Reinsurance reserve requirements | 443 | 4,551 | 9,318 | ||||||||||||||
Restricted foreign accounts | — | 2,869 | 3,851 | ||||||||||||||
Bank guarantee collateral | 997 | 2,665 | — | ||||||||||||||
Letters of credit collateral | 401 | — | — | ||||||||||||||
Restricted cash and cash equivalents | 1,841 | 10,085 | 13,169 | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 226,715 | $ | 67,423 | $ | 56,941 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Income tax payments, net | $ | 4,991 | $ | 6,960 | $ | 3,873 | |||||||||||
Interest payments - 8.125% Senior Notes due 2026 | 10,451 | — | — | ||||||||||||||
Interest payments on our U.S. Revolving Credit Facility | 5,979 | 11,675 | 14,715 | ||||||||||||||
Interest payments on our Last Out Term Loans | 3,804 | 6,140 | 12,220 | ||||||||||||||
Total cash paid for interest | $ | 20,234 | $ | 17,815 | $ | 26,935 |
(share data in thousands) | Number of shares | Weighted-average exercise price | Weighted-average remaining contractual term (in years) | Aggregate intrinsic value (in thousands) | ||||||||||
Outstanding at beginning of period | 340 | $ | 107.84 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | — | — | ||||||||||||
Cancelled/expired/forfeited | (52) | 138.73 | ||||||||||||
Outstanding at end of period | 288 | $ | 121.59 | 4.39 | $ | — | ||||||||
Exercisable at end of period | 288 | $ | 121.59 | 4.39 | $ | — |
(share data in thousands) | Number of shares | Weighted-average grant date fair value | ||||||
Non-vested at beginning of period | 2,490 | $ | 3.77 | |||||
Granted | 1,102 | 7.69 | ||||||
Vested | (1,715) | 9.44 | ||||||
Cancelled/forfeited | (73) | 3.71 | ||||||
Non-vested at end of period | 1,804 | $ | 5.79 |
(share data in thousands) | Number of shares | Weighted-average grant date fair value | ||||||
Non-vested at beginning of period | 1,275 | $ | 2.50 | |||||
Exercised | (1,275) | 2.50 | ||||||
Non-vested at end of period | — | $ | — |
(share data in thousands) | Number of shares | Weighted-average grant date fair value | |||||||||
Non-vested at beginning of period | 2 | $ | 140.30 | ||||||||
Granted | — | — | |||||||||
Vested | — | — | |||||||||
Cancelled/forfeited | (2) | 140.30 | |||||||||
Non-vested at end of period | — | $ | — |
Year ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Risk-free interest rate | 1.44 | % | 0.74 | % | |||||||
Expected volatility | 53 | % | 50 | % | |||||||
Expected life in years | 6.49 | 7.72 | |||||||||
Suboptimal exercise factor | 2.0x | 2.0x |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
United States | $ | 30,655 | $ | (65,591) | $ | (64,610) | |||||||||||
Other than the United States | (1,341) | 61,673 | (59,837) | ||||||||||||||
Income (loss) before income tax expense | $ | 29,314 | $ | (3,918) | $ | (124,447) |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Current: | |||||||||||||||||
Federal (1) | 1,760 | $ | (21) | $ | 534 | ||||||||||||
State | (141) | 246 | 454 | ||||||||||||||
Foreign | 4,649 | 3,737 | 3,705 | ||||||||||||||
Total current provision | 6,268 | 3,962 | 4,693 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal (2) | (103) | 1,084 | (257) | ||||||||||||||
State (3) | (8,772) | — | — | ||||||||||||||
Foreign | 383 | 3,133 | 850 | ||||||||||||||
Total deferred provision | (8,492) | 4,217 | 593 | ||||||||||||||
Provision for income taxes | $ | (2,224) | $ | 8,179 | $ | 5,286 |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Income tax benefit at federal statutory rate | $ | 6,156 | $ | (823) | $ | (26,134) | |||||||||||
State and local income taxes | 1,054 | 346 | 3,205 | ||||||||||||||
Foreign rate differential | 132 | 2,422 | 2,053 | ||||||||||||||
Intra-entity debt restructuring (1) | — | 2,908 | — | ||||||||||||||
Deferred taxes - change in tax rate | (564) | 8,512 | 9,799 | ||||||||||||||
Non-deductible (non-taxable) items | (122) | 1,963 | 4,190 | ||||||||||||||
Tax credits | (34) | (2,939) | 144 | ||||||||||||||
Valuation allowances | (13,136) | (17,498) | 56,254 | ||||||||||||||
Luxembourg impairment of investments | — | (30,603) | (65,848) | ||||||||||||||
Effect of DPMH sale | (1,090) | — | — | ||||||||||||||
Accrual adjustments | — | 405 | (995) | ||||||||||||||
Unrecognized tax benefits | 150 | 37,387 | (271) | ||||||||||||||
Withholding taxes | 3,881 | 1,416 | 1,331 | ||||||||||||||
Change in indefinite reinvestment assertion | (15) | 1,084 | — | ||||||||||||||
Disallowed interest deductions | 1,010 | 11,155 | 11,009 | ||||||||||||||
Return to provision and prior year true-up | 556 | (7,855) | 9,875 | ||||||||||||||
Other | (202) | 299 | 674 | ||||||||||||||
Income tax (benefit) expense | $ | (2,224) | $ | 8,179 | $ | 5,286 |
Year ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Deferred tax assets: | |||||||||||
Pension liability | $ | 41,520 | $ | 50,849 | |||||||
Other accruals | 10,683 | 12,989 | |||||||||
Long-term contracts | — | 1,121 | |||||||||
Net operating loss carryforward | 401,750 | 399,321 | |||||||||
State net operating loss carry forward | 23,705 | 23,956 | |||||||||
Interest limitation carryforward | 41,104 | 38,539 | |||||||||
Foreign tax credit carryforward | 5,381 | 7,312 | |||||||||
Other tax credits | 5,336 | 3,270 | |||||||||
Lease liability | 15,455 | — | |||||||||
Other | 4,810 | 8,478 | |||||||||
Total deferred tax assets | $ | 549,744 | $ | 545,835 | |||||||
Valuation allowance for deferred tax assets | (512,803) | (536,251) | |||||||||
Total deferred tax assets, net | $ | 36,941 | $ | 9,584 | |||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | $ | 1,653 | $ | 2,763 | |||||||
Right of use assets | 14,574 | — | |||||||||
Long-term contracts | 7,045 | — | |||||||||
Unremitted earnings | 1,069 | 1,084 | |||||||||
Intangibles | 13,999 | 9,449 | |||||||||
Total deferred tax liabilities | 38,340 | 13,296 | |||||||||
Net deferred tax liabilities | $ | (1,399) | $ | (3,712) |
Year ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Balance at beginning of period | $ | (536,251) | $ | (539,791) | |||||||
Charges to costs and expenses | 13,136 | 17,498 | |||||||||
Charges to other accounts | 10,312 | (13,958) | |||||||||
Balance at end of period | $ | (512,803) | $ | (536,251) |
Year ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Balance at beginning of period | $ | 39,013 | $ | 1,229 | $ | 1,500 | |||||||||||
Increases based on tax positions taken in the current year | — | 37,900 | 29 | ||||||||||||||
Increases based on tax positions taken in prior years | 242 | — | 27 | ||||||||||||||
Decreases based on tax positions taken in prior years | — | (29) | (223) | ||||||||||||||
Decreases due to settlements with tax authorities | — | — | — | ||||||||||||||
Decreases due to lapse of applicable statute of limitation | — | (87) | (104) | ||||||||||||||
CTA/Translation | (2,807) | — | — | ||||||||||||||
Balance at end of period | $ | 36,448 | $ | 39,013 | $ | 1,229 |
(in thousands) | Currency translation loss | Net unrealized gain (loss) on derivative instruments | Net unrecognized loss related to benefit plans (net of tax) | Total | ||||||||||
Balance at December 31, 2018 | $ | (10,834) | $ | 1,362 | $ | (1,960) | $ | (11,432) | ||||||
Other comprehensive income (loss) before reclassifications | 13,401 | (1,367) | — | 12,034 | ||||||||||
Reclassified from AOCI to net income (loss) | 3,176 | 202 | (1,857) | 1,521 | ||||||||||
Amounts reclassified from AOCI to advanced billings on contracts | — | (197) | — | (197) | ||||||||||
Net other comprehensive (loss) income | 16,577 | (1,362) | (1,857) | 13,358 | ||||||||||
Balance at December 31, 2019 | $ | 5,743 | $ | — | $ | (3,817) | $ | 1,926 | ||||||
Other comprehensive loss before reclassifications | (53,318) | — | — | (53,318) | ||||||||||
Reclassified from AOCI to net income (loss) | — | — | (998) | (998) | ||||||||||
Net other comprehensive (loss) income | (53,318) | — | (998) | (54,316) | ||||||||||
Balance at December 31, 2020 | $ | (47,575) | $ | — | $ | (4,815) | $ | (52,390) | ||||||
Other comprehensive income (loss) before reclassifications | (3,412) | — | 676 | (2,736) | ||||||||||
Reclassified from AOCI to net income (loss) | (4,512) | — | 816 | (3,696) | ||||||||||
Net other comprehensive income (loss) | (7,924) | — | 1,492 | (6,432) | ||||||||||
Balance at December 31, 2021 | $ | (55,499) | $ | — | $ | (3,323) | $ | (58,822) |
AOCI component | Line items in the Consolidated Statements of Operations affected by reclassifications from AOCI | Year ended December 31, | ||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Release of currency translation adjustment with the sale of business | Loss on sale of business | $ | 4,512 | $ | — | $ | (3,176) | |||||||||||||
Derivative financial instruments | Other – net | — | — | (202) | ||||||||||||||||
Pension and post retirement adjustments, net of tax | Benefit plans, net | (816) | 998 | 1,857 | ||||||||||||||||
Net (loss) income | $ | 3,696 | $ | 998 | $ | (1,521) |
(in thousands) | |||||||||||
Available-for-sale securities | December 31, 2021 | Level 1 | Level 2 | ||||||||
Corporate notes and bonds | $ | 9,477 | $ | 9,477 | $ | — | |||||
Mutual funds | 714 | — | 714 | ||||||||
United States Government and agency securities | 2,017 | 2,017 | — | ||||||||
Total fair value of available-for-sale securities | $ | 12,208 | $ | 11,494 | $ | 714 |
(in thousands) | |||||||||||
Available-for-sale securities | December 31, 2020 | Level 1 | Level 2 | ||||||||
Corporate notes and bonds | $ | 6,139 | $ | 6,139 | $ | — | |||||
Mutual funds | 636 | — | 636 | ||||||||
Corporate Stocks | 4,168 | 4,168 | — | ||||||||
United States Government and agency securities | 4,365 | 4,365 | — | ||||||||
Total fair value of available-for-sale securities | $ | 15,308 | $ | 14,672 | $ | 636 |
(in thousands) | December 31, 2021 | |||||||
Senior Notes | Carrying Value | Estimated Fair Value | ||||||
8.125% Senior Notes due 2026 ('BWSN') | $ | 186,219 | $ | 195,250 | ||||
6.50% Senior Notes due 2026 ('BWNB') | $ | 151,440 | $ | 150,229 |
Purchase Price Allocation at September 30, 2021 | Purchase Price Allocation Adjustments since September 30, 2021 (3) | Purchase Price Allocation at December 31, 2021 | Purchase Price Allocation at December 31, 2021 | ||||||||||||||
(in thousands) | Fosler Construction | VODA | |||||||||||||||
Cash | $ | — | $ | — | $ | — | $ | 4,737 | |||||||||
Accounts receivable | 1,904 | 121 | 2,025 | 5,654 | |||||||||||||
Contracts in progress | 1,363 | (158) | 1,205 | 258 | |||||||||||||
Other current assets | 1,137 | (835) | 302 | 825 | |||||||||||||
Property, plant and equipment | 9,527 | (14) | 9,513 | 253 | |||||||||||||
Goodwill(1) | 43,230 | 8,749 | 51,979 | 17,176 | |||||||||||||
Other assets | 17,497 | (4,600) | 12,897 | 14,321 | |||||||||||||
Right of use assets | 1,093 | — | 1,093 | 433 | |||||||||||||
Debt | (7,625) | — | (7,625) | — | |||||||||||||
Current liabilities | (5,073) | (390) | (5,463) | (5,181) | |||||||||||||
Advance billings on contracts | (1,557) | 238 | (1,319) | (2,036) | |||||||||||||
Non-current lease liabilities | (1,730) | — | (1,730) | (302) | |||||||||||||
Other non-current liabilities | (4,112) | 1,218 | (2,894) | (3,264) | |||||||||||||
Non-controlling interest(2) | (22,262) | (1,734) | (23,996) | — | |||||||||||||
Net acquisition cost | $ | 33,392 | $ | 2,595 | $ | 35,987 | $ | 32,874 |
Fosler Construction | VODA | ||||||||||||||||
(in thousands) | Estimated Acquisition Date Fair Value | Weighted Average Estimated Useful Life | Estimated Acquisition Date Fair Value | Weighted Average Estimated Useful Life | |||||||||||||
Customer Relationships | 9,400 | 12 years | 13,855 | 11 years | |||||||||||||
Tradename | — | — | 228 | 3 years | |||||||||||||
Backlog | 3,100 | 5 months | — | — | |||||||||||||
Total intangible assets(1) | $ | 12,500 | $ | 14,083 |
(in thousands) | December 31, 2020 | ||||
Accounts receivable – trade, net | $ | 2,103 | |||
Accounts receivable – other | 86 | ||||
Contracts in progress | 458 | ||||
Inventories | 1,676 | ||||
Other current assets | 405 | ||||
Current assets held for sale | 4,728 | ||||
Net property, plant and equipment | 10,365 | ||||
Intangible assets | 759 | ||||
Right-of-use-asset | 32 | ||||
Non-current assets held for sale | 11,156 | ||||
Total assets held for sale | $ | 15,884 | |||
Accounts payable | $ | 5,211 | |||
Accrued employee benefits | 178 | ||||
Advance billings on contracts | 370 | ||||
Accrued warranty expense | 466 | ||||
Operating lease liabilities | 32 | ||||
Other accrued liabilities | 2,048 | ||||
Current liabilities held for sale | 8,305 | ||||
Total liabilities held for sale | $ | 8,305 |
Name | Age | Position | ||||||
Kenneth Young | 58 | Chairman and Chief Executive Officer | ||||||
Louis Salamone | 75 | Executive Vice President, Chief Financial Officer and Chief Accounting Officer | ||||||
Jimmy B. Morgan | 53 | Executive Vice President and Chief Operating Officer | ||||||
John J. Dziewisz | 56 | Executive Vice President, General Counsel and Corporate Secretary |
Master Separation Agreement, dated as of June 8, 2015, between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 2.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Certificate of Amendment of the Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on June 17, 2019 (File No. 001-36876)). | ||||||||
Certificate of Amendment of the Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 24, 2019 (File No. 001-36876)). | ||||||||
Amended and Restated Bylaws of the Babcock & Wilcox Enterprises, Inc. | ||||||||
Certificate of Designations with respect to the 7.75% Series A Cumulative Perpetual Preferred Stock, dated May 6, 2021, filed with the Secretary of State of Delaware and effective on May 6, 2021 (incorporated by reference to Exhibit 3.4 to the Babcock & Wilcox Enterprises, Inc. Form 8-A filed on May 7, 2021 (File No. 001-36876)). | ||||||||
Certificate of Increase in Number of Shares of 7.75% Series A Cumulative Perpetual Preferred Stock, dated June 1, 2021 (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). | ||||||||
Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.2 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Indenture dated February 12, 2021 (incorporated by reference to Exhibit 4.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). | ||||||||
First Supplemental Indenture dated February 12, 2021 (incorporated by reference to Exhibit 4.2 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). | ||||||||
Second Supplemental Indenture dated December 13, 2021 (incorporated by reference to Exhibit 4.3 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on December 14, 2021 (File No. 001-36876)). | ||||||||
Form of 8.125% Senior Note Due 2026 (included in Exhibit 4.4) | ||||||||
Form of 6.50%% Senior Note Due 2026 (included in Exhibit 4.5) | ||||||||
Form of Certificate representing 7.75% Series A Cumulative Perpetual Preferred Stock (incorporated by reference to Exhibit 4.1 to the Babcock & Wilcox Enterprises, Inc. Form 8-A filed on May 7, 2021 (File No. 001-36876)). | ||||||||
Tax Sharing Agreement, dated as of June 8, 2015, by and between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Employee Matters Agreement, dated as of June 8, 2015, by and between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Transition Services Agreement, dated as of June 8, 2015, between The Babcock & Wilcox Company, as service provider, and Babcock & Wilcox Enterprises, Inc., as service receiver (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Transition Services Agreement, dated as of June 8, 2015, between Babcock & Wilcox Enterprises, Inc., as service provider, and The Babcock & Wilcox Company, as service receiver (incorporated by reference to Exhibit 10.4 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Assumption and Loss Allocation Agreement, dated as of June 19, 2015, by and among ACE American Insurance Company and the Ace Affiliates (as defined therein), Babcock & Wilcox Enterprises, Inc. and The Babcock & Wilcox Company (incorporated by reference to Exhibit 10.5 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Reinsurance Novation and Assumption Agreement, dated as of June 19, 2015, by and among ACE American Insurance Company and the Ace Affiliates (as defined therein), Creole Insurance Company and Dampkraft Insurance Company (incorporated by reference to Exhibit 10.6 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Novation and Assumption Agreement, dated as of June 19, 2015, by and among The Babcock & Wilcox Company, Babcock & Wilcox Enterprises, Inc., Dampkraft Insurance Company and Creole Insurance Company (incorporated by reference to Exhibit 10.7 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Babcock & Wilcox Enterprises, Inc. Amended and Restated 2015 Long-Term Incentive Plan (Amended and Restated as of June 14, 2019) (incorporated by reference to Appendix G to the Babcock & Wilcox Enterprises, Inc. Definitive Proxy Statement filed with the Securities and Exchange Commission on May 13, 2019). | ||||||||
Babcock & Wilcox Enterprises, Inc. 2021 Long-Term Incentive Plan (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on May 26, 2021 (File No. 001-36876)). | ||||||||
Babcock & Wilcox Enterprises, Inc. Executive Incentive Compensation Plan (incorporated by reference to Exhibit 10.9 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Babcock & Wilcox Enterprises, Inc. Management Incentive Compensation Plan (incorporated by reference to Exhibit 10.10 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Supplemental Executive Retirement Plan of Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.11 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Babcock & Wilcox Enterprises, Inc. Defined Contribution Restoration Plan (incorporated by reference to Exhibit 10.12 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Intellectual Property Agreement, dated as of June 26, 2015, between Babcock & Wilcox Power Generation Group, Inc. and BWXT Foreign Holdings, LLC (incorporated by reference to Exhibit 10.13 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Intellectual Property Agreement, dated as of June 27, 2015, between Babcock & Wilcox Technology, Inc. and Babcock & Wilcox Investment Company (incorporated by reference to Exhibit 10.14 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Intellectual Property Agreement, dated as of May 29, 2015, between Babcock & Wilcox Canada Ltd. and B&W PGG Canada Corp. (incorporated by reference to Exhibit 10.15 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Intellectual Property Agreement, dated as of May 29, 2015, between Babcock & Wilcox mPower, Inc. and Babcock & Wilcox Power Generation Group, Inc. (incorporated by reference to Exhibit 10.16 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Intellectual Property Agreement, dated as of June 26, 2015, between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.17 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Form of Change-in-Control Agreement, by and between Babcock & Wilcox Enterprises, Inc. and certain officers for officers elected prior to August 4, 2016 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-36876)). | ||||||||
Form of Restricted Stock Grant Agreement (Spin-off Award) (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (File No. 001-36876)). | ||||||||
Form of Restricted Stock Units Grant Agreement (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (File No. 001-36876)). | ||||||||
Form of Stock Option Grant Agreement (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (File No. 001-36876)). | ||||||||
Form of Performance Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.23 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001-36876)). | ||||||||
Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.24 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001-36876)). | ||||||||
Form of Change-in-Control Agreement, by and between Babcock & Wilcox Enterprises, Inc. and certain officers for officers elected on or after August 4, 2016 (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-36876)). | ||||||||
Form of Performance Unit Award Grant Agreement (Cash Settled) (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (File No. 001-36876)). | ||||||||
Form of Special Restricted Stock Unit Award Grant Agreement (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (File No. 001-36876)). | ||||||||
Babcock & Wilcox Enterprises, Inc., Severance Plan, as revised effective June 1, 2018 (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-36876)). | ||||||||
Consulting Agreement dated November 19, 2018 between Babcock & Wilcox Enterprises, Inc., and BRPI Executive Consulting (incorporated by reference to Exhibit 10.49 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). | ||||||||
Executive Employment Agreement dated November 19, 2018 between Babcock & Wilcox Enterprises, Inc. and Louis Salamone (incorporated by reference to Exhibit 10.50 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). | ||||||||
Executive Employment Agreement dated November 19, 2018 between Babcock & Wilcox Enterprises, Inc. and Henry Bartoli, as amended (incorporated by reference to Exhibit 10.30 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Form of Stock Appreciation Right Award Grant Agreement (incorporated by reference to Exhibit 10.52 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). | ||||||||
Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the Other Lenders Party Thereto (incorporated by reference to Exhibit 10.18 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). | ||||||||
Amendment No. 1 dated June 10, 2016 to Credit Agreement, dated May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the Borrower, Bank of America, N.A., as Administrative Agent, and the other Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 (File No. 001-36876)). | ||||||||
Amendment No. 2 dated February 24, 2017 to Credit Agreement, dated May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the Borrower, Bank of America, N.A., as Administrative Agent, and the other Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (File No. 001-36876)). | ||||||||
Amendment No. 3 dated August 9, 2017, to Credit Agreement dated May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the Borrower, Bank of America, N.A., as administrative Agent and Lender, and the other Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 (File No. 001-36876)). | ||||||||
Amendment No. 4 dated September 30, 2017, to Credit Agreement dated May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the Borrower, Bank of America, N.A., as administrative Agent and Lender, and the other Lenders party thereto (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 (File No. 001-36876)). | ||||||||
Amendment No. 5 dated March 1, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed March 5, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 6 dated April 10, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed April 11, 2018 (File No. 001-36876)). | ||||||||
Consent and Amendment No. 7 dated May 31, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 8 dated August 9, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed August 13, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 9 dated September 14, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 10 dated September 28, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 11 dated October 4, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 12 dated October 31, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 13 dated December 31, 2018, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.47 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 14 dated January 15, 2019 to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.48 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 15 and Limited Waiver dated March 19, 2019 to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.53 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). | ||||||||
Amendment No. 16, dated April 5, 2019, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on April 5, 2019 (File No. 001-36876)). | ||||||||
Amendment No. 17, dated August 7, 2019, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.49 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Amendment No. 18, dated December 31, 2019, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.50 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Amendment No. 19, dated January 17, 2020, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.51 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Amendment No. 20, dated January 31, 2020, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.52 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Investor Rights Agreement, dated as of April 30, 2019, by and among Babcock & Wilcox Enterprises, Inc., B. Riley FBR, Inc. and Vintage Capital Management, LLC (incorporated by reference to Exhibit 10.4 of the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-36876)). | ||||||||
Registration Rights Agreement, dated as of April 30, 2019, by and among Babcock & Wilcox Enterprises, Inc., and certain investors party thereto (incorporated by reference to Exhibit 10.5 of the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-36876)). | ||||||||
Form of 2019 Restricted Stock Units Director Grant Agreement (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (File No. 001-36876)). | ||||||||
First Amendment to the Babcock & Wilcox Enterprises, Inc. Defined Contribution Restoration Plan. (incorporated by reference to Exhibit 10.56 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Backstop Commitment Letter, dated January 31, 2020, between Babcock & Wilcox Enterprises, Inc. and B. Riley Financial, Inc. (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 3, 2020 (File No. 001-36876)). | ||||||||
Amendment No. 21, dated March 27, 2020, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.58 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). | ||||||||
Amendment and Restatement Agreement (attaching the Amended and Restated Credit Agreement), dated as of May 14, 2020, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed May 15, 2020 (File No. 001-36876)). | ||||||||
Form of 2021 Long-Term Cash Incentive Award Grant Agreement (incorporated by reference to Exhibit 10.10 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 (File No. 001-36876)). | ||||||||
Amendment No. 1 to Amended and Restated Credit Agreement, dated as of October 30, 2020, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed November 5, 2020 (File No. 001-36876)). | ||||||||
Second Amendment to Executive Services Agreement between Babcock & Wilcox Enterprises, Inc. and BRPI Executive Consulting, LLC dated November 9, 2020 (incorporated by reference to Exhibit 10.1 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed November 10, 2020 (File No. 001-36876)). | ||||||||
Third Amendment to Executive Employment Agreement between Babcock & Wilcox Enterprises, Inc. and Henry Bartoli dated November 5, 2020 (incorporated by reference to Exhibit 10.2 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed November 10, 2020 (File No. 001-36876)). | ||||||||
Consultant Agreement by and between The Babcock & Wilcox Company Inc. and Henry Bartoli effective as of January 1, 2021 (incorporated by reference to Exhibit 10.3 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed November 10, 2020 (File No. 001-36876)). | ||||||||
Settlement Agreement between Babcock & Wilcox Volund A/S and XL Insurance Company SE dated October 10, 2020 (incorporated by reference to Exhibit 10.65 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-36876)). | ||||||||
Exchange Agreement by and between Babcock & Wilcox Enterprises Inc. and B. Riley Financial, Inc. dated February 12, 2021 (incorporated by reference to Exhibit 1.3 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). | ||||||||
Amendment No. 2 to Amended and Restated Credit Agreement by and between Babcock and Wilcox Enterprises Inc. and Bank of America, N.A., as Administrative Agent, dated February 8, 2021 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). | ||||||||
Amendment No. 3 to Amended and Restated Credit Agreement by and between Babcock and Wilcox Enterprises Inc. and Bank of America, N.A., as Administrative Agent, dated March 4 2021 (incorporated by reference to Exhibit 10.68 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-36876)). | ||||||||
Amendment No. 4 to Amended and Restated Credit Agreement by and between Babcock and Wilcox Enterprises Inc. and Bank of America, N.A., as Administrative Agent, dated March 26, 2021 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on April 1, 2021 (File No. 001-36876)). | ||||||||
Amendment No. 5 to Amended and Restated Credit Agreement dated May 10, 2021 (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on May 13, 2021 (File No. 001-36876)). | ||||||||
Revolving Credit, Guaranty and Security Agreement, dated as of June 30, 2021, by and among Babcock & Wilcox Enterprises, Inc. and PNC Bank, National Association, as administrative agent, lender and swing loan lender (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). | ||||||||
Letter of Credit Issuance and Reimbursement and Guaranty Agreement, dated as of June 30, 2021, by and among Babcock & Wilcox Enterprises, Inc. and PNC Bank, National Association, as issuer (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)) | ||||||||
Reimbursement, Guaranty and Security Agreement, dated as of June 30, 2021, by and among Babcock & Wilcox Enterprises, Inc. and MSD PCOF Partners XLV, LLC, as administrative agent (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). | ||||||||
Guaranty Agreement, dated as of June 30, 2021, by B. Riley Financial, Inc. in favor of MSD PCOF Partners XLV, LLC, as administrative agent (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). | ||||||||
LIFO Preferability Letter | ||||||||
Significant Subsidiaries of the Registrant. | ||||||||
Consent of Deloitte & Touche LLP. | ||||||||
Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer. | ||||||||
Rule 13a-14(a)/15d-14(a) certification of Chief Financial Officer. | ||||||||
Section 1350 certification of Chief Executive Officer. | ||||||||
Section 1350 certification of Chief Financial Officer. | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
Year ended December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Balance at beginning of period | $ | 17,222 | $ | 25,071 | ||||
Charges to costs and expenses | 262 | (1,044) | ||||||
Deductions | (4,207) | (6,783) | ||||||
Currency translation adjustments and other | (1,449) | (22) | ||||||
Balance at end of period | $ | 11,828 | $ | 17,222 |
Year ended December 31, | ||||||||
(in thousands) | 2021 | 2020 * | ||||||
Balance at beginning of period | $ | 7,078 | $ | 6,880 | ||||
Charges to costs and expenses | (655) | 769 | ||||||
Deductions | 14 | (867) | ||||||
Currency translation adjustments and other | 97 | 296 | ||||||
Balance at end of period | $ | 6,534 | $ | 7,078 |
BABCOCK & WILCOX ENTERPRISES, INC. | ||||||||
March 8, 2022 | By: | /s/ Kenneth M. Young | ||||||
Kenneth M. Young | ||||||||
Chairman and Chief Executive Officer |
Signature | Title | |||||||
/s/ Kenneth M. Young | Chairman and Chief Executive Officer (Principal Executive Officer) | |||||||
Kenneth M. Young | ||||||||
/s/ Louis Salamone | Executive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Financial and Accounting Officer and Duly Authorized Representative) | |||||||
Louis Salamone | ||||||||
/s/ Henry E. Bartoli | Director | |||||||
Henry E. Bartoli | ||||||||
/s/ Alan B. Howe | Director | |||||||
Alan B. Howe | ||||||||
/s/Philip D. Moeller | Director | |||||||
Philip D. Moeller | ||||||||
/s/ Rebecca Stahl | Director | |||||||
Rebecca Stahl | ||||||||
/s/ Joseph A. Tato | Director | |||||||
Joseph A. Tato |
Name of Company | Jurisdiction of Organization | Percentage of Ownership Interest | ||||||
1867BW, LLC | Delaware | 100 | ||||||
Americon Equipment Services, Inc. | Delaware | 100 | ||||||
Americon, LLC | Delaware | 100 | ||||||
B&W de Panama, Inc. | Panama | 100 | ||||||
B&W PGG Luxembourg Canada Holdings SARL | Luxembourg | 100 | ||||||
B&W PGG Luxembourg Finance SARL | Luxembourg | 100 | ||||||
B&W PGG Luxembourg Holdings SARL | Luxembourg | 100 | ||||||
B and W SPIG South Africa | South Africa | 100 | ||||||
Babcock and Wilcox ME Holdings Limited | United Arab Emirates | 100 | ||||||
Babcock & Wilcox Australia Pty. Ltd. | Australia | 100 | ||||||
Babcock & Wilcox Canada Corp. | Nova Scotia | 100 | ||||||
Babcock & Wilcox Construction Co., LLC | Delaware | 100 | ||||||
Babcock & Wilcox de Monterrey, S.A. de C.V. | Mexico | 100 | ||||||
Babcock & Wilcox Diamond Power Equipment Supply Co., Ltd. | China | 100 | ||||||
Babcock & Wilcox Ebensburg Power, LLC | Delaware | 100 | ||||||
Babcock & Wilcox Equity Investments, LLC | Delaware | 100 | ||||||
Babcock & Wilcox Global Sales and Services Brazil Ltda. | Brazil | 100 | ||||||
Babcock & Wilcox Global Sales & Services - Chile SpA | Chile | 100 | ||||||
Babcock & Wilcox Global Sales and Service Pte. Ltd. | Singapore | 100 | ||||||
Babcock & Wilcox Global Sales & Services SARL | Luxembourg | 100 | ||||||
Babcock & Wilcox Holdings, LLC | Delaware | 100 | ||||||
Babcock & Wilcox India Holdings, Inc. | Delaware | 100 | ||||||
Babcock & Wilcox India Private Limited | India | 100 | ||||||
Babcock & Wilcox International Investments Co., Inc. | Panama | 100 | ||||||
Babcock & Wilcox International Sales and Service Corporation | Delaware | 100 | ||||||
Babcock & Wilcox International, Inc. | Delaware | 100 | ||||||
Babcock & Wilcox Monterrey Finance SARL | Luxembourg | 100 | ||||||
Babcock & Wilcox New Energy Holdings, LLC | Delaware | 100 | ||||||
Babcock & Wilcox Renewable Service A/S | Denmark | 100 | ||||||
Babcock & Wilcox Singapore Pte. Ltd. | Singapore | 100 | ||||||
Babcock & Wilcox SPIG, Inc. | New Jersey | 100 | ||||||
Babcock & Wilcox Technology, LLC | Delaware | 100 | ||||||
Babcock & Wilcox Volund Limited | United Kingdom | 100 | ||||||
Babcock & Wilcox Volund AB | Sweden | 100 | ||||||
Babcock & Wilcox Volund A/S | Denmark | 100 | ||||||
Babcock Wilcox Arabia Limited | Saudi Arabia | 100 | ||||||
BWL Energy (Rye House) Ltd. | Northern Ireland | 50 | ||||||
BWL Energy (Teesside) Ltd. | Northern Ireland | 100 | ||||||
Dampkraft Insurance Company | South Carolina | 100 | ||||||
D.C.S. Dry Cooling Services SRL. | Italy | 100 |
Name of Company | Jurisdiction of Organization | Percentage of Ownership Interest | ||||||
Delta Power Services, LLC | Delaware | 100 | ||||||
Diamond Operating Co., Inc. | Delaware | 100 | ||||||
Diamond Power Australia Holdings, Inc. | Delaware | 100 | ||||||
Diamond Power Central & Eastern Europe s.r.o. | Czech Republic | 100 | ||||||
Diamond Power China Holdings, Inc. | Delaware | 100 | ||||||
Diamond Power do Brasil Limitada | Brazil | 100 | ||||||
Diamond Power Equity Investments, Inc. | Delaware | 100 | ||||||
Diamond Power Finland OY | Finland | 100 | ||||||
Diamond Power Germany GmbH | Germany | 95 | ||||||
Diamond Power International, LLC | Delaware | 100 | ||||||
Diamond Power Services S.E.A. Ltd. | Thailand | 50 | ||||||
Diamond Power Specialty (Proprietary) Limited | Republic of South Africa | 100 | ||||||
Diamond Power Specialty Limited | United Kingdom | 100 | ||||||
Diamond Power Sweden AB | Sweden | 100 | ||||||
Ebensburg Energy, LLC | Delaware | 100 | ||||||
Ebensburg Investors Limited Partnership | Pennsylvania | 100 | ||||||
Fosler Construction Company Inc. (1) | Illinois | 60 | ||||||
O&M Holding Company | Delaware | 100 | ||||||
P. T. Babcock & Wilcox Asia | Indonesia | 100 | ||||||
Power Systems Operations, Inc. | Delaware | 100 | ||||||
Servicios de Fabricacion de Valle Soleado, S.A. de C.V. | Mexico | 100 | ||||||
Servicios Profesionales de Valle Soleado, S.A. de C.V. | Mexico | 100 | ||||||
SOFCo - EFS Holdings LLC | Delaware | 100 | ||||||
SPIG S.p.A. | Italy | 100 | ||||||
SPIG Kuhlturmtechnologien GmbH | Germany | 100 | ||||||
SPIG Turn Apa de Racine | Romania | 100 | ||||||
SPIG Vostock | Russia | 95 | ||||||
SPIG Sogutma Sistemleri Tlc Ldt | Turkey | 100 | ||||||
SPIG Cooling Towers India Private Limited | India | 100 | ||||||
SPIG Torres de Resfriamento Ltda. | Brazil | 100 | ||||||
SPIG (Shanxi) Cooling System Co., Ltd. | China | 100 | ||||||
SPIG (Shanxi) Cooling Technology Company, Ltd. | China | 60 | ||||||
SPIG Korea Ltd. | Korea | 100 | ||||||
The Babcock & Wilcox Company | Delaware | 100 |
Dated: March 8, 2022 | /s/ Kenneth M. Young | ||||
Kenneth M. Young | |||||
Chairman and Chief Executive Officer |
Dated: March 8, 2022 | /s/ Louis Salamone | ||||
Louis Salamone | |||||
Executive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Financial and Accounting Officer) |
Dated: March 8, 2022 | /s/ Kenneth M. Young | ||||
Kenneth M. Young | |||||
Chairman and Chief Executive Officer |
Dated: March 8, 2022 | /s/ Louis Salamone | ||||
Louis Salamone | |||||
Executive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Financial and Accounting Officer) |