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SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Adjusted EBITDA for each segment is presented below with a reconciliation to loss before income tax.

Three months ended March 31,
(in thousands)
2020
2019
Adjusted EBITDA (1)




Babcock & Wilcox segment
$
10,654

$
9,089

Vølund & Other Renewable segment
(3,293
)
(8,789
)
SPIG segment
(1,192
)
658

Corporate
(4,143
)
(4,591
)
Research and development costs
(1,341
)
(743
)

685

(4,376
)





Restructuring activities and spin-off transaction costs
(1,951
)
(6,079
)
Financial advisory services
(929
)
(3,958
)
Settlement cost to exit Vølund contract (2)
—

(6,575
)
Advisory fees for settlement costs and liquidity planning
(2,614
)
(3,077
)
Litigation legal costs
(696
)
—

Stock compensation
(712
)
(591
)
Loss from business held for sale
(788
)
—

Depreciation & amortization
(4,208
)
(7,306
)
Gain on asset disposals, net
915

—

Operating loss
(10,298
)
(31,962
)
Interest expense, net
(22,051
)
(10,575
)
Net pension benefit before MTM
7,536

3,428

MTM loss from benefit plans
—

(398
)
Foreign exchange
(9,326
)
(10,153
)
Other – net
(206
)
420

Loss before income tax (benefit) expense
$
(34,345
)
$
(49,240
)

(1) Adjusted EBITDA, for the three months ended March 31, 2019, excludes stock compensation that was previously included in segment results and totals $0.1 million in the Babcock & Wilcox segment, $0.1 million in the Vølund & Other Renewable segment, and $0.4 million in Corporate. Beginning in the third quarter of 2019, stock compensation is no longer considered in Adjusted EBITDA for purposes of managing the business, and prior periods have been adjusted to be presented on a comparable basis.
(2) 
In March 2019, we entered into a settlement in connection with an additional European waste-to-energy EPC contract, for which notice to proceed was not given and the contract was not started. The settlement eliminates our obligations to act, and our risk related to acting, as the prime EPC should the project have moved forward.
An analysis of our operations by segment is as follows:
 
Three months ended March 31,
(in thousands)
2020
2019
Revenues:
 
 
Babcock & Wilcox segment
 
 
Retrofits
$
29,648

$
30,674

New build utility and environmental
6,551

68,907

Aftermarket parts and field engineering services
63,690

63,087

Industrial steam generation
23,557

47,010

Eliminations
(1,490
)
(21,120
)
 
121,956

188,558

Vølund & Other Renewable segment
 
 
Renewable new build and services
11,813

29,533

Operations and maintenance services
3,498

560

Eliminations
(2
)
(561
)
 
15,309

29,532

SPIG segment
 
 
New build cooling systems
7,002

21,006

Aftermarket cooling system services
4,339

8,171

Eliminations
(4
)
(275
)
 
11,337

28,902

 
 
 
Eliminations
(48
)
(15,056
)
 
$
148,554

$
231,936