Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 81

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 81
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United States government securities13 %16 %Corporate stocks2 %2 %Private credit45 %39 %Hedge funds25 %32 %Cash and cash equivalents15 %11 % The target asset allocation for the Master Trust as of both December 31, 2024 and 2023 was 70% of alternative, liquid credit and direct lending funds, 20% of fixed income securities, and 10% of equity and other investments. We routinely reassess the target asset allocation with a goal of better aligning the expected cash flows from those assets to the anticipated benefit payments.Foreign plans: We sponsor the Canadian Plans and the U.K. Plan through certain of our foreign subsidiaries. The combined weighted average asset allocations of these plans by asset category were as follows:Year ended December 31,20242023Asset category:Commingled and mutual funds— %23 %Fixed income99 %76 %Other1 %1 % The target allocation for 2024 for the foreign plans, by asset class, is as follows:CanadianPlansU.K. PlanAsset class:Fixed income and other100 %100 % Fair value of plan assets See Note 22 below in the Consolidated Financial Statements for a detailed description of fair value measurements and the hierarchy established for valuation inputs. In accordance with ASC 820, Fair Value Measurement, certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy. The investments that are measured at fair value using NAV per share included in the tables below are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at the end of each period, which is presented in the first table above titled "Obligations and funded status". The following is a summary of total investments of our plans measured at fair value:

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(in thousands)Years Ended December 31, 2024Level 1Level 2Level 3United States government securities$77,641 $77,641 $— $— Fixed income79,202 12,292 42,967 23,943 Equity5,807 5,516 — 291 Private credit213,304 — — 213,304 Private equity6,718 — — 6,718 Hedge fund57,410 — — 57,410 Cash and accrued items