Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 75

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 75
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 of warranty claims and our estimate of future costs of materials and labor. Such changes could have a material effect on our consolidated financial position, results of operations and cash flows. 

NOTE 13 – RESTRUCTURING ACTIVITIES 

We incurred restructuring charges in 2024, 2023 and 2022. The charges primarily consist of severance and related costs associated with non-recurring actions taken to transform our operations with impacts on employees and facilities used in our businesses.The following tables summarizes the restructuring activity incurred by segment:Year ended December 31,2024(in thousands)TotalSeverance and related costsOtherB&W Thermal segment$1,296 $636 $660 $1,296 $636 $660 

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Year ended December 31,2023(in thousands)TotalSeverance and related costsOtherB&W Renewable segment $629 $304 $325 B&W Environmental segment372 180 192 B&W Thermal segment1,612 781 831 Corporate 6 — 6 $2,619 $1,265 $1,354 Year ended December 31,2022(in thousands)TotalSeverance and related costsOtherB&W Renewable segment $231 $50 $181 B&W Environmental segment129 28 101 B&W Thermal segment592 128 464 Corporate (1,157)(1,228)71 $(205)$(1,022)$817 Restructuring liabilities primarily related to severance payments are included in Other accrued liabilities in the Consolidated Balance Sheets. Activity related to the restructuring liabilities is as follows:Year ended December 31,(in thousands)20242023Balance at beginning of period $345 $59 Restructuring expense 1,296 2,619 Payments(1,420)(2,333)Balance at end of period$221 $345 

NOTE 14 – PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

We have historically provided defined benefit retirement benefits to domestic U.S. employees under the U.S. Plan, a noncontributory plan. As of 2006, the U.S. Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the U.S. Plan, ceased. As of December 31, 2024