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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our operations are assessed based on three reportable market-facing segments as part of the Company's strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders with improved visibility into our renewable and environmental growth platforms. 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, solar construction and installation, biomass energy and black liquor systems for the pulp and paper industry. B&W’s leading technologies support a circular economy by 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.
Revenues exclude eliminations of revenues generated from sales to other segments or to other product lines within the segment. An analysis of our operations by segment is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Revenues:
B&W Renewable segment
B&W Renewable$35,510 $24,701 $55,221 $42,698 
B&W Renewable Services (1)
19,544 3,593 27,832 8,853 
Vølund18,557 10,050 34,893 15,604 
Fosler Solar1,616 — 25,242 — 
75,227 38,344 143,188 67,155 
B&W Environmental segment
B&W Environmental12,801 10,995 30,986 28,428 
SPIG14,234 13,194 26,294 24,378 
GMAB4,577 4,169 9,280 6,712 
31,612 28,358 66,560 59,518 
B&W Thermal segment
B&W Thermal116,305 136,316 218,544 244,597 
116,305 136,316 218,544 244,597 
Eliminations(2,125)(158)(3,224)(162)
Total Revenues$221,019 $202,860 $425,068 $371,108 
(1) B&W Renewable Services' 2021 revenues were reclassed from Vølund's prior year reported amount for year-over-year comparability.

Adjusted EBITDA on a consolidated basis is a non-GAAP metric defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented below is consistent with the manner in which the Company's chief operating decision maker ("CODM") reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring activities, 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 and are not allocated to the segment. The Company uses adjusted EBITDA internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results, the Company believes that its presentation of adjusted EBITDA provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs.
Adjusted EBITDA for each segment is presented below with a reconciliation from net loss.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Net (loss) income
$(2,994)$3,141 $(11,678)$(12,302)
Interest expense12,058 8,341 24,382 22,850 
Income tax (benefit) expense(1,355)3,546 (125)6,382 
Depreciation & amortization5,736 4,321 11,938 8,379 
EBITDA13,445 19,349 24,517 25,309 
Benefit plans, net(7,403)(5,924)(14,855)(15,022)
(Gain) loss on sales, net(117)2,636 (137)274 
Stock compensation475 51 1,794 7,880 
Restructuring activities and business services transition costs1,754 2,400 4,442 3,393 
Advisory fees for settlement costs and liquidity planning879 2,059 1,911 4,037 
Litigation costs3,911 1,167 6,439 1,547 
Gain on debt extinguishment— (6,530)— (6,530)
Acquisition pursuit and related costs1,350 — 2,193 — 
Product development (1)
991 263 1,843 263 
Foreign exchange4,296 (1,826)1,211 (617)
Financial advisory services 352 1,299 727 2,232 
Contract step-up purchase price adjustment— — 1,745 — 
Loss from business held for sale— — — 483 
Other - net675 278 798 544 
Adjusted EBITDA(2)
$20,608 $15,222 $32,628 $23,793 
(1) Costs associated with development of commercially viable products that are ready to go to market.
(2) Adjusted EBITDA for the three and six months ended June 30, 2022 includes a $7.0 million non-recurring gain on sale related to development rights of a future solar project that was sold.

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Adjusted EBITDA
B&W Renewable segment(1)
$8,869 $3,427 $10,324 $3,631 
B&W Environmental segment591 2,705 2,030 3,810 
B&W Thermal segment16,361 12,572 30,515 23,107 
Corporate(4,226)(2,997)(8,599)(5,682)
Research and development costs(987)(485)(1,642)(1,073)
$20,608 $15,222 $32,628 $23,793 
(1) Adjusted EBITDA for the three and six months ended June 30, 2022 includes a $7.0 million non-recurring gain on sale related to development rights of a future solar project that was sold.

We do not separately identify or report our assets by segment as our CODM does not consider assets by segment to be a critical measure by which performance is measured.