Babcock & Wilcox Enterprises, Inc. Leases Disclosure
| (in thousands) | ||||||||||||||
| Assets: | Classification | December 31, 2025 | December 31, 2024 | |||||||||||
| Operating lease assets | Right-of-use assets | $ | 17,651 | $ | 16,902 | |||||||||
| Finance lease assets | Net property, plant and equipment and finance leases | 21,638 | 24,581 | |||||||||||
| Total non-current lease assets | $ | 39,289 | $ | 41,483 | ||||||||||
| Liabilities: | ||||||||||||||
| Current | ||||||||||||||
| Operating lease liabilities | Operating lease liabilities | $ | 3,819 | $ | 3,204 | |||||||||
| Finance lease liabilities | Financing lease liabilities | 1,894 | 1,644 | |||||||||||
| Non-current | ||||||||||||||
| Operating lease liabilities | Operating lease liabilities, net of current portion | 15,125 | 13,801 | |||||||||||
| Finance lease liabilities | Financing lease liabilities, net of current portion | 26,742 | 28,501 | |||||||||||
| Total lease liabilities | $ | 47,580 | $ | 47,150 | ||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in thousands) | Classification | 2025 | 2024 | 2023 | ||||||||||||||||
| Operating lease expense: | ||||||||||||||||||||
| Operating lease expense | Selling, general and administrative expenses | $ | 4,930 | $ | 4,561 | $ | 3,751 | |||||||||||||
| Short-term lease expense | Selling, general and administrative expenses | 1,358 | 1,940 | 2,122 | ||||||||||||||||
Variable lease expense (1) | Selling, general and administrative expenses | 69 | 396 | 300 | ||||||||||||||||
| Total operating lease expense | 6,357 | 6,897 | 6,173 | |||||||||||||||||
| Finance lease expense: | ||||||||||||||||||||
| Amortization of right-of-use assets | Cost of operations | 2,132 | 2,116 | 2,080 | ||||||||||||||||
| Interest on lease liabilities | Interest expense | 2,427 | 2,037 | 2,813 | ||||||||||||||||
| Total finance lease expense | 4,559 | 4,153 | 4,893 | |||||||||||||||||
| Net lease cost | $ | 10,916 | $ | 11,050 | $ | 11,066 | ||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Operating cash flows - operating leases | $ | 6,039 | $ | 4,543 | $ | 3,788 | |||||||||||
| Operating cash flows - finance leases | 2,343 | 2,155 | 2,235 | ||||||||||||||
| Financing cash flows - finance leases | 1,674 | 1,369 | 1,195 | ||||||||||||||
(dollars in thousands) | December 31, 2025 | December 31, 2024 | |||||||||
| Right-of-use assets obtained in exchange for lease liabilities: | |||||||||||
| Operating leases | $ | 3,778 | $ | 10,403 | |||||||
| Finance leases | 41 | 4,333 | |||||||||
| Weighted-average remaining lease term: | |||||||||||
| Operating leases (in years) | 7.4 | 8.2 | |||||||||
| Finance leases (in years) | 8.5 | 9.5 | |||||||||
| Weighted-average discount rate: | |||||||||||
| Operating leases | 7.1 | % | 8.3 | % | |||||||
| Finance leases | 8.0 | % | 8.0 | % | |||||||
| (in thousands) | Operating Leases | Finance Leases | Total | ||||||||||||||
| 2026 | $ | 4,940 | $ | 4,096 | $ | 9,036 | |||||||||||
| 2027 | 4,349 | 4,154 | 8,503 | ||||||||||||||
| 2028 | 3,729 | 4,212 | 7,941 | ||||||||||||||
| 2029 | 2,601 | 6,732 | 9,333 | ||||||||||||||
| 2030 | 1,900 | 3,942 | 5,842 | ||||||||||||||
| Thereafter | 7,688 | 17,035 | 24,723 | ||||||||||||||
| Total | 25,207 | 40,171 | 65,378 | ||||||||||||||
| Less imputed interest | (6,263) | (11,535) | (17,798) | ||||||||||||||
| Lease liability | $ | 18,944 | $ | 28,636 | $ | 47,580 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 8, 2021 | |
| 2019 | Mar 30, 2020 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 25, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.