Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 64

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 64
---
12,669 $20,790 Held by U.S. entities 12,549 6,065 Cash and cash equivalents25,218 26,855   Reinsurance reserve requirements1,252 2,024 Project indemnity collateral 12,407 12,878 Letters of credit collateral (1)68,868 89,265 Funds held for Senior notes redemption83,000 — Escrow for long-term project10,340 42 Current and Long-term restricted cash and cash equivalents175,867 104,209 Total Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (2)$201,085 $131,064 (1) Balance drawn on Axos Credit Agreement to serve as collateral on our letters of credit. This is reflected in Current restricted cash in the Condensed Consolidated Balance Sheets. 

(2) Includes cash held at discontinued operations of $0.8 million and $3.5 million at September 30, 2025 and December 31, 2024, respectively. 

NOTE 16 – INCOME TAXES

In the three months ended September 30, 2025, income tax expense from continuing operations was $1.0 million, resulting in an effective tax rate of (78.2)%. In the three months ended September 30, 2024, income tax benefit from continuing operations was $(0.5) million, resulting in an effective tax rate of 6.0%.In the nine months ended September 30, 2025, income tax expense from continuing operations was $6.9 million, resulting in an effective tax rate of (44.3)%. In the nine months ended September 30, 2024, income tax expense from continuing operations was $2.6 million, resulting in an effective tax rate of (6.4)%.Our effective tax rate for the three and nine months ended September 30, 2025 is not reflective of the U.S. statutory rate due to certain foreign countries having a tax rate higher than the U.S. statutory rate, valuation allowances against certain net deferred tax assets and unfavorable discrete items.We are subject to federal income tax in the United States and numerous countries that have statutory tax rates different than the U.S. federal statutory rate of 21%. We provide for income taxes based on the tax laws and rates in the jurisdictions where we conduct operations. These jurisdictions may have