Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 96

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 96
---
 contractual term of the SARs. The expected term for the SARs is an output of the valuation model in estimating the time period that the SARs are expected to remain unexercised. The valuation model assumes the holders will exercise their SARs prior to the expiration of the contractual term of the SARs. As of December 31, 2024, the SARs are fully vested and their total intrinsic value is $0.0 million.

NOTE 19 – INCOME TAXES

(Loss) income from continuing operations before income tax expense is comprised of the following:Year ended December 31,(in thousands)202420232022United States $(77,417)$(82,846)$33 Other than the United States16,627 16,870 (5,148)Loss from continuing operations before income tax expense$(60,790)$(65,976)$(5,115)Significant components of the provision for income taxes from continuing operations are as follows:Year ended December 31,(in thousands)202420232022Current:Federal$(630)$616 $740 State(434)1,599 166 Foreign9,276 7,669 3,698 Total current provision8,212 9,884 4,604 Deferred:Federal3,583 125 164 State (1)2,797 (162)5,629 Foreign(2,420)(29)(1,326)Total deferred provision3,960 (66)4,467 Provision for income taxes$12,172 $9,818 $9,071 (1) The 2022 amount is primarily attributable to deferred tax expense associated with nontaxable mark-to-market pension gains in certain states where temporary deductible benefits are expected to be recovered, changes in enacted statutory income tax rates, and changes in apportionment relating to project mix. The provision for income taxes attributable to continuing operations differs from the amount computed by applying the statutory federal income tax rate to income (loss) before the provision (benefit) for income taxes.

99

The sources and tax effects of the differences are as follows:Year ended December 31,(in thousands)202420232022Income tax benefit at federal statutory rate$(12,766)$(13,855)$(1,074)State and local income taxes2,211 1,102 1,320 Foreign rate differential1,786 1,420 381 Deferred