Pension Plans and Postretirement Benefits Fair value of plan assets (Tables)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Fair value of plan assets [Abstract]

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The following is a summary of the changes in the Plans' Level 3 instruments measured on a recurring basis for the years ended December 31, 2016 and 2015:

	Year ended December 31,
(in thousands)	2016		2015
Balance at beginning of period	$	—	$	51,108
Issuances and acquisitions	—		1,266
Dispositions	—		(53,417		)
Realized gain	—		3,915
Unrealized gain	—		(2,872		)
Balance at end of period	$	—	$	—

During 2015, our Level 3 instruments included assets with no market price but rather calculations of net asset values per share or its equivalent. When appropriate, we adjusted these net asset values for contributions and distributions, if any, made during the period beginning on the latest net asset value valuation date and ending on our measurement date. We also considered available market data, relevant index returns, preliminary estimates from our investees and other data obtained through research and consultation with third party advisors in determining the fair value of our Level 3 instruments. All of our Level 3 assets were transferred to our former Parent during the spin-off transaction.

Domestic plans: We sponsor the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations domestic defined benefit plan. The assets of this plan are commingled for investment purposes with the Company's other sponsored domestic defined benefit plans and held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2016 and 2015, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 9.0% and (1.9)%, respectively.

Fair value of plan assets

See Note 22 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2016:

(in thousands)	12/31/2016		Level 1		Level 2
Fixed income	$	321,847	$	—	$	321,847
Equities	83,441		78,268		5,173
Commingled and mutual funds	349,348		4,609		344,739
U.S. government securities	156,599		156,599		—
Cash and accrued items	11,630		9,391		2,239
Total pension and other postretirement benefit assets	$	922,865	$	248,867	$	673,998

The following is a summary of total investments for our plans measured at fair value at December 31, 2015:

(in thousands)	12/31/2015		Level 1		Level 2
Fixed income	$	347,269	$	—	$	347,269
Equities	79,761		79,761		—
Commingled and mutual funds	330,216		—		330,216
U.S. government securities	155,975		155,975		—
Cash and accrued items	9,809		539		9,270
Total pension and other postretirement benefit assets	$	923,030	$	236,275	$	686,755

The following is a summary of the changes in the Plans' Level 3 instruments measured on a recurring basis for the years ended December 31, 2016 and 2015:

	Year ended December 31,
(in thousands)	2016		2015
Balance at beginning of period	$	—	$	51,108
Issuances and acquisitions	—		1,266
Dispositions	—		(53,417		)
Realized gain	—		3,915
Unrealized gain	—		(2,872		)
Balance at end of period	$	—	$	—

During 2015, our Level 3 instruments included assets with no market price but rather calculations of net asset values per share or its equivalent. When appropriate, we adjusted these net asset values for contributions and distributions, if any, made during the period beginning on the latest net asset value valuation date and ending on our measurement date. We also considered available market data, relevant index returns, preliminary estimates from our investees and other data obtained through research and consultation with third party advisors in determining the fair value of our Level 3 instruments. All of our Level 3 assets were transferred to our former Parent during the spin-off transaction.

Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block]

Fair value of plan assets

See Note 22 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2016:

(in thousands)	12/31/2016		Level 1		Level 2
Fixed income	$	321,847	$	—	$	321,847
Equities	83,441		78,268		5,173
Commingled and mutual funds	349,348		4,609		344,739
U.S. government securities	156,599		156,599		—
Cash and accrued items	11,630		9,391		2,239
Total pension and other postretirement benefit assets	$	922,865	$	248,867	$	673,998

The following is a summary of total investments for our plans measured at fair value at December 31, 2015:

(in thousands)	12/31/2015		Level 1		Level 2
Fixed income	$	347,269	$	—	$	347,269
Equities	79,761		79,761		—
Commingled and mutual funds	330,216		—		330,216
U.S. government securities	155,975		155,975		—
Cash and accrued items	9,809		539		9,270
Total pension and other postretirement benefit assets	$	923,030	$	236,275	$	686,755