Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 97

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 97
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 taxes - change in tax rate— — 1,217 Non-deductible (non-taxable) items(464)741 36 Tax credits(37)506 1,648 Valuation allowances14,540 14,219 2,416 Unrecognized tax benefits— 278 10 Withholding taxes999 826 1,020 Change in indefinite reinvestment assertion2,432 — 163 Return to provision and prior year true-up2,223 4,288 1,971 Other1,248 293 (37)Income tax expense$12,172 $9,818 $9,071 Deferred income taxes reflect the tax effects of differences between the financial and tax bases of assets and liabilities.

100

Significant components of deferred tax assets and liabilities are as follows:Year ended December 31,(in thousands)20242023Deferred tax assets:Pension liability$45,581 $41,072 Accruals8,058 9,118 Long-term contracts2,636 3,730 Net operating loss carryforward356,000 406,249 State net operating loss carry forward21,945 20,476 Interest limitation carryforward63,670 54,271 Foreign tax credit carryforward1,826 1,826 Other tax credits2,292 2,294 Lease liability15,437 14,488 Capitalized R&D2,299 638 Property, plant and equipment1,036 4,210 Other 4,707 5,835 Total deferred tax assets$525,487 $564,207 Valuation allowance for deferred tax assets(499,991)(535,719)Total deferred tax assets, net$25,496 $28,488 Deferred tax liabilities:Pension liability$(2,456)$(4,986)Property, plant and equipment(1,886)(2,912)Right-of-use assets(16,262)(13,112)Long-term contracts— (102)Unremitted earnings(3,943)(1,511)Intangibles(11,534)(12,706)Other (402)(1,273)Total deferred tax liabilities(36,483)(36,602)Net deferred tax liabilities$(10,987)$(8,114)At December 31, 2024 we have foreign NOL carryforward DTAs of approximately $293.