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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
B&W’s innovative products and services are organized into three market-facing segments which changed in the third quarter of 2020 as part of the Company's strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders improved visibility into our renewable and environmental growth platforms. Segment results for all periods have been restated for comparative purposes. Our reportable segments are as follows:

•Babcock & Wilcox Renewable: Cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper
industry. B&W’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.
•Babcock & Wilcox Environmental: A full suite of best-in-class emissions control and environmental technology solutions for utility, waste to energy, biomass, carbon black, and industrial steam generation applications around the world. B&W’s broad experience includes systems for cooling, ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control.
•Babcock & Wilcox Thermal: Steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas, and industrial sectors. B&W has an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others.

Total revenues exclude revenues generated from sales to other segments. An analysis of our operations by segment is as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Revenues:
B&W Renewable segment
B&W Renewable$24,701 $27,066 $42,698 $49,404 
Vølund13,643 16,443 24,457 30,104 
38,344 43,509 67,155 79,508 
B&W Environmental segment
B&W Environmental10,995 10,513 28,428 23,448 
SPIG13,194 10,850 24,378 22,187 
GMAB4,169 3,809 6,712 5,457 
28,358 25,172 59,518 51,092 
B&W Thermal segment
B&W Thermal136,316 67,212 244,597 153,895 
136,316 67,212 244,597 153,895 
Other(158)(496)(162)(544)
Total Revenues$202,860 $135,397 $371,108 $283,951 

The presentation of the components of our adjusted EBITDA in the table below is consistent with the way our chief operating decision maker reviews the results of our operations and makes strategic decisions about our business. Items such as gains or losses on asset sales, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management are not allocated to the segments.
Adjusted EBITDA for each segment is presented below with a reconciliation to net income (loss) attributable to stockholders of common stock.
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Adjusted EBITDA (1)
B&W Renewable segment$3,427 $(138)$3,631 $(1,572)
B&W Environmental segment2,698 (1,146)3,799 (769)
B&W Thermal segment12,431 8,018 22,861 15,592 
Corporate(2,997)(3,805)(5,682)(7,948)
Research and development costs(485)(1,231)(1,073)(2,572)
15,074 1,698 23,536 2,731 
Restructuring activities (2,400)(2,392)(3,393)(4,343)
Financial advisory services (1,299)(582)(2,232)(1,511)
Advisory fees for settlement costs and liquidity planning(2,059)(1,155)(4,037)(3,769)
Litigation legal costs(1,167)(252)(1,547)(948)
Stock compensation(51)(1,187)(7,880)(1,899)
Interest on letters of credit included in cost of operations(320)(172)(606)(399)
Income (loss) from business held for sale— 470 (483)(318)
Depreciation & amortization(4,321)(4,032)(8,379)(8,240)
Contract asset amortization(73)— (73)— 
ClimateBrightTM product development
(263)— (263)— 
Gain (loss) from a non-strategic business(299)(97)(287)(218)
Gain (loss) on asset disposals, net(38)(2)1,966 913 
Operating income (loss)2,784 (7,703)(3,678)(18,001)
Interest expense, net(7,875)(15,259)(21,989)(37,310)
Gain (loss) on debt extinguishment6,530 (6,194)6,530 (6,194)
(Loss) gain on sale of business(2,598)(108)(2,240)(108)
Net pension benefit5,924 7,450 15,022 14,986 
Foreign exchange1,826 7,112 617 (2,214)
Other – net96 (2,586)(182)(2,792)
Total other income (expense)3,903 (9,585)(2,242)(33,632)
Income (loss) before income tax expense6,687 (17,288)(5,920)(51,633)
Income tax expense 3,546 845 6,382 35 
Income (loss) from continuing operations3,141 (18,133)(12,302)(51,668)
(Loss) income from discontinued operations, net of tax— (113)— 1,800 
Net income (loss)3,141 (18,246)(12,302)(49,868)
Net (income) loss attributable to non-controlling interest(15)142 (36)238 
Net income (loss) attributable to stockholders3,126 (18,104)(12,338)(49,630)
Less: Dividend on Series A preferred stock1,731 — 1,731 — 
Net income (loss) attributable to stockholders of common stock$1,395 $(18,104)$(14,069)$(49,630)
(1) Adjusted EBITDA for the three and six months ended June 30, 2020, excludes losses related to a non-strategic business and interest on letters of credit included in cost of operations that were previously included in Adjusted EBITDA and total $0.1 million and $0.2 million, respectively, and $0.2 million and $0.4 million, respectively.
We do not separately identify or report our assets by segment as our chief operating decision maker does not consider assets by segment to be a critical measure by which performance is measured.