Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 93

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 93
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 in the Consolidated Statements of Cash Flows:December 31,(in thousands)202420232022Held by foreign entities$20,790 $44,388 $46,640 Held by U.S. entities 6,065 20,947 30,088 Cash and cash equivalents26,855 65,335 76,728 Reinsurance reserve requirements2,024 380 447 Project indemnity collateral (1) 12,878 — 5,723 Bank guarantee collateral— 1,823 2,072 Letters of credit collateral (2)89,265 584 11,193 Hold-back for acquisition purchase price (3)— 2,950 5,900 Escrow for long-term project (4)42 297 11,397 Restricted cash and cash equivalents104,209 6,034 36,732 Total Cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows (5)$131,064 $71,369 $113,460 (1) We released $5.7 million in project indemnity restricted cash collateral for the Letter of Credit Agreement in 2023.(2) We paid an additional $10.0 million in December, 2022 for letter of credit collateral which is reflected in Long-term restricted cash in the Consolidated Balance Sheets. This amount was released in 2023 in association with our refinancing with PNC.(3) The purchase price for FPS was $59.2 million, including a hold-back of $5.9 million. (4) In January 2022, we funded $11.4 million in an escrow account as security to ensure project performance. This cash was released in 2023.(5) Includes cash held at discontinued operations of $3.5 million, $27.3 million and $21.1 million at December 31, 2024, 2023 and 2022, respectively. The following cash activity is presented as a supplement to the Consolidated Statements of Cash Flows and is included in Net cash used in activities:Year ended December 31,(in thousands)202420232022Income tax payments, net$7,761 $6,731 $7,950 Cash paid for interest (1)$37,320 $23,067 $25,673 (1) Excludes amounts paid for