Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 70

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 70
---
.1 million of remaining performance obligations, which are also referred to as total backlog. We expect to recognize approximately 65%, 33% and 2% of its remaining performance obligations as revenue in 2025, 2026 and thereafter, respectively.Changes in Contract EstimatesIn the years ended December 31, 2024, 2023 and 2022 we recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized as follows:Year ended December 31,(in thousands)202420232022Increases in gross profit for changes in estimates$8,231 $6,425 $10,388 Decreases in gross profit for changes in estimates (6,211)(4,179)(4,624)Net changes in gross profit for changes in estimates $2,020 $2,246 $5,764 Loss ContractsDuring the years ended December 31, 2024 and 2023, we recorded $0.3 million and $1.5 million, respectively, in net losses from changes in estimated costs to complete four and seven, respectively, B&W Thermal contracts in loss positions.

 NOTE 7 – INVENTORIES, NET

Inventories are stated at the lower of cost or net realizable value. Certain raw material inventory is sold to our customers directly and without further processing. The components of Inventories, net included in the Consolidated Balance Sheets are as follows:(in thousands)December 31, 2024December 31, 2023Raw materials and supplies$87,262 $78,627 Work in progress6,707 5,428 Finished goods14,920 13,525 Total inventories, net$108,889 $97,580 

77

NOTE 8 – PROPERTY, PLANT & EQUIPMENT AND FINANCE LEASES

The following table indicates the carrying value of each of the major classes of depreciable assets in the Consolidated Balance Sheets:(in thousands)December 31, 2024December 31, 2023Land$1,493 $1,452 Buildings24,244 24,264 Machinery and equipment123,678 125,205 Property under construction14,466 13,781 163,881 164,702 Less accumulated depreciation118,869 117,714 Net property, plant and equipment45,012 46,988 Finance lease34