0001486957-23-000027 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 42,051	$ 35,244
Restricted cash and cash equivalents	2,955	2,928
Investments	3,847	3,804
Accounts receivable – trade, net	71,760	60,782
Accounts receivable – other	17,699	26,894
Retainages	81,842	48,566
Contracts in progress	567,069	538,365
Other current assets	64,506	55,036
Total Current Assets	851,729	771,619
Property, Plant and Equipment, Net	1,152,092	1,134,897
Investments	8,386	8,097
Goodwill	293,676	293,165
Deferred Income Taxes	21,349	20,585
Investments in Unconsolidated Affiliates	106,052	100,198
Intangible Assets	191,344	193,612
Other Assets	94,280	96,766
TOTAL	2,718,908	2,618,939
Current Liabilities:
Current portion of long-term debt	6,250	6,250
Accounts payable	137,583	127,112
Accrued employee benefits	40,870	61,079
Accrued liabilities – other	74,601	84,693
Advance billings on contracts	89,553	88,726
Total Current Liabilities	348,857	367,860
Long-Term Debt	1,361,574	1,282,624
Accumulated Postretirement Benefit Obligation	17,910	18,157
Environmental Liabilities	92,797	90,989
Pension Liability	55,602	57,832
Other Liabilities	54,160	53,122
Commitments and Contingencies (Note 5)
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,968,717 and 127,671,756 shares at March 31, 2023 and December 31, 2022, respectively	1,280	1,277
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued	0	0
Capital in excess of par value	193,225	189,263
Retained earnings	1,972,831	1,932,970
Treasury stock at cost, 36,529,856 and 36,417,480 shares at March 31, 2023 and December 31, 2022, respectively	(1,360,173)	(1,353,270)
Accumulated other comprehensive income (loss)	(19,034)	(21,930)
Stockholders' Equity – BWX Technologies, Inc.	788,129	748,310
Noncontrolling interest	(121)	45
Total Stockholders' Equity	788,008	748,355
TOTAL	$ 2,718,908	$ 2,618,939

Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 42,051	$ 35,244
Restricted cash and cash equivalents	2,955	2,928
Restricted cash and cash equivalents included in Other Assets	2,523	2,818
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows	$ 47,529	$ 40,990	$ 29,315	$ 39,775

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Contracts with Customers, Asset and Liability [Line Items]
Advance billings on contracts	$ 89,553	$ 88,726
Unbilled receivables
Contracts with Customers, Asset and Liability [Line Items]
Contract with customer, asset	550,119	521,291
Retainages
Contracts with Customers, Asset and Liability [Line Items]
Contract with customer, asset	$ 81,842	$ 48,566

Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	$ 568,360	$ 530,738
OPERATING INCOME:
Total Operating Income	87,842	71,573
Other Income (Expense)	(8,168)	5,875
Income before Provision for Income Taxes	79,674	77,448
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	568,810	531,727
OPERATING INCOME:
Total Operating Income	92,073	76,193
Operating Segments \| Government Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	459,886	431,777
OPERATING INCOME:
Total Operating Income	90,560	72,231
Operating Segments \| Commercial Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	108,924	99,950
OPERATING INCOME:
Total Operating Income	1,513	3,962
Eliminations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	(450)	(989)
Eliminations \| Government Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	(400)	(923)
Eliminations \| Commercial Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	(50)	(66)
Unallocated Corporate
OPERATING INCOME:
Total Operating Income	$ (4,231)	$ (4,620)

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2023 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	2

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2023	May 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-34658
Entity Registrant Name	BWX TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0558025
Entity Address, Address Line One	800 Main Street, 4th Floor
Entity Address, City or Town	Lynchburg,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24504
City Area Code	980
Local Phone Number	365-4300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BWXT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		91,447,674
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001486957
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 568,360	$ 530,738
Costs and Expenses:
Cost of operations	431,130	404,827
Research and development costs	2,204	2,953
Losses (gains) on asset disposals and impairments, net	(6)	30
Selling, general and administrative expenses	60,835	60,134
Total Costs and Expenses	494,163	467,944
Equity in Income of Investees	13,645	8,779
Operating Income	87,842	71,573
Other Income (Expense):
Interest income	463	117
Interest expense	(10,819)	(7,051)
Other – net	2,188	12,809
Total Other Income (Expense)	(8,168)	5,875
Income before Provision for Income Taxes	79,674	77,448
Provision for Income Taxes	18,681	18,374
Net Income	60,993	59,074
Net Loss (Income) Attributable to Noncontrolling Interest	99	(64)
Net Income Attributable to BWX Technologies, Inc.	$ 61,092	$ 59,010
Basic:
Net Income Attributable to BWX Technologies, Inc. (in usd per share)	$ 0.67	$ 0.64
Diluted:
Net Income Attributable to BWX Technologies, Inc. (in usd per share)	$ 0.67	$ 0.64
Shares used in the computation of earnings per share (Note 9):
Basic (in shares)	91,503,988	91,563,598
Diluted (in shares)	91,799,690	91,800,294

Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,949,688	$ 1,917,317
Less: Accumulated depreciation	797,596	782,420
Property, Plant and Equipment, Net	1,152,092	1,134,897
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	9,845	9,844
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	372,364	365,955
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,041,367	1,026,024
Property under construction
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 526,112	$ 515,494

Fair Value Measurements - Summary of Investments and Available-for-Sale Securities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 12,233	$ 11,901
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,668	6,341
U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	3,295	3,253
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	2,229	2,265
Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	41	42
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	4,972	4,967
Level 1 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 1 \| U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	3,295	3,253
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,677	1,714
Level 1 \| Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	7,261	6,934
Level 2 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,668	6,341
Level 2 \| U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	552	551
Level 2 \| Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	41	42
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 \| U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 3 \| Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Investments

The following is a summary of our investments measured at fair value at March 31, 2023:


	Total		Level 1		Level 2		Level 3		Unclassified
	(In thousands)
Equity securities
Mutual funds	$	6,668	$	—	$	6,668	$	—	$	—
Available-for-sale securities
U.S. Government and agency securities	3,295		3,295		—		—		—
Corporate bonds	2,229		1,677		552		—		—
Asset-backed securities and collateralized mortgage obligations	41		—		41		—		—
Total	$	12,233	$	4,972	$	7,261	$	—	$	—

The following is a summary of our investments measured at fair value at December 31, 2022:


	Total		Level 1		Level 2		Level 3		Unclassified
	(In thousands)
Equity securities
Mutual funds	$	6,341	$	—	$	6,341	$	—	$	—
Available-for-sale securities
U.S. Government and agency securities	3,253		3,253		—		—		—
Corporate bonds	2,265		1,714		551		—		—
Asset-backed securities and collateralized mortgage obligations	42		—		42		—		—
Total	$	11,901	$	4,967	$	6,934	$	—	$	—

We estimate the fair value of investments based on quoted market prices. For investments for which there are no quoted market prices, we derive fair values from available yield curves for investments of similar quality and terms.

Derivatives

Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At March 31, 2023 and December 31, 2022, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $0.7 million and $1.2 million, respectively. Derivative assets and liabilities are included in Accounts receivable – other and Accounts payable, respectively, on our condensed consolidated balance sheets.

Other Financial Instruments

We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows:

Cash and cash equivalents and restricted cash and cash equivalents. The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature.

Long-term and short-term debt. We base the fair values of debt instruments, including our 4.125% senior notes due 2028 (the "Senior Notes due 2028") and our 4.125% senior notes due 2029 (the "Senior Notes due 2029"), on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At March 31, 2023 and December 31, 2022, the fair value of the Senior Notes due 2028 was $361.0 million and $358.0 million, respectively, and the fair value of the Senior Notes due 2029 was $355.3 million and $352.0 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at March 31, 2023 and December 31, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Investments Measured at Fair Value

The following is a summary of our investments measured at fair value at March 31, 2023:


	Total		Level 1		Level 2		Level 3		Unclassified
	(In thousands)
Equity securities
Mutual funds	$	6,668	$	—	$	6,668	$	—	$	—
Available-for-sale securities
U.S. Government and agency securities	3,295		3,295		—		—		—
Corporate bonds	2,229		1,677		552		—		—
Asset-backed securities and collateralized mortgage obligations	41		—		41		—		—
Total	$	12,233	$	4,972	$	7,261	$	—	$	—

The following is a summary of our investments measured at fair value at December 31, 2022:


	Total		Level 1		Level 2		Level 3		Unclassified
	(In thousands)
Equity securities
Mutual funds	$	6,341	$	—	$	6,341	$	—	$	—
Available-for-sale securities
U.S. Government and agency securities	3,253		3,253		—		—		—
Corporate bonds	2,265		1,714		551		—		—
Asset-backed securities and collateralized mortgage obligations	42		—		42		—		—
Total	$	11,901	$	4,967	$	6,934	$	—	$	—

Pension Plans and Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost included in net income were as follows:


		Pension Benefits					Other Benefits
	Three Months Ended March 31,					Three Months Ended March 31,
		2023		2022			2023		2022
		(In thousands)
Service cost		$	1,879	$	2,917		$	85	$	165
Interest cost		11,910		7,821			535		347
Expected return on plan assets		(15,110)		(20,868)			(634)		(738)
Amortization of prior service cost		820		807			10		7

Net periodic benefit income		$	(501)	$	(9,323)		$	(4)	$	(219)

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock based compensation expense	$ 3.9	$ 4.1
Stock-based compensation, tax benefits	$ 0.6	$ 0.7

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

As described in Note 1, our operations are assessed based on two reportable segments. An analysis of our operations by reportable segment is as follows:


	Three Months Ended March 31,
		2023		2022
		(In thousands)
REVENUES:
Government Operations		$	459,886	$	431,777
Commercial Operations		108,924		99,950

Eliminations (1)		(450)		(989)
		$	568,360	$	530,738

(1)Segment revenues are net of the following intersegment transfers:


Government Operations Transfers	$	(400)	$	(923)
Commercial Operations Transfers	(50)		(66)

	$	(450)	$	(989)
OPERATING INCOME:
Government Operations	$	90,560	$	72,231
Commercial Operations	1,513		3,962


	$	92,073	$	76,193
Unallocated Corporate (2)	(4,231)		(4,620)
Total Operating Income	$	87,842	$	71,573
Other Income (Expense)	(8,168)		5,875
Income before Provision for Income Taxes	$	79,674	$	77,448

(2)Unallocated corporate includes general corporate overhead not allocated to segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATIONStock-based compensation recognized for all of our plans for the three months ended March 31, 2023 and 2022 totaled $3.9 million and $4.1 million, respectively, with associated tax benefit totaling $0.6 million and $0.7 million, respectively.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Stockholders' Equity	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2021			127,311,985
Beginning balance at Dec. 31, 2021	$ 637,235	$ 637,175	$ 1,273	$ 174,288	$ 1,775,751	$ 12,143	$ (1,326,280)	$ 60
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	59,074	59,010			59,010			64
Dividends declared	(20,279)	(20,279)			(20,279)
Currency translation adjustments	5,365	5,365				5,365
Derivative financial instruments	44	44				44
Defined benefit obligations	651	651				651
Available-for-sale investments	(24)	(24)				(24)
Shares placed in treasury	(26,011)	(26,011)					(26,011)
Stock-based compensation charges (in shares)			279,242
Stock-based compensation charges	3,958	3,958	$ 3	3,955
Distributions to noncontrolling interests	(59)							(59)
Ending balance (in shares) at Mar. 31, 2022			127,591,227
Ending balance at Mar. 31, 2022	$ 659,954	659,889	$ 1,276	178,243	1,814,482	18,179	(1,352,291)	65
Beginning balance (in shares) at Dec. 31, 2022	127,671,756		127,671,756
Beginning balance at Dec. 31, 2022	$ 748,355	748,310	$ 1,277	189,263	1,932,970	(21,930)	(1,353,270)	45
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	60,993	61,092			61,092			(99)
Dividends declared	(21,231)	(21,231)			(21,231)
Currency translation adjustments	1,694	1,694				1,694
Derivative financial instruments	554	554				554
Defined benefit obligations	657	657				657
Available-for-sale investments	(9)	(9)				(9)
Exercises of stock options (in shares)			3,000
Exercises of stock options	72	72	$ 2	70
Shares placed in treasury	(6,903)	(6,903)					(6,903)
Stock-based compensation charges (in shares)			293,961
Stock-based compensation charges	3,893	3,893	$ 1	3,892
Distributions to noncontrolling interests	$ (67)							(67)
Ending balance (in shares) at Mar. 31, 2023	127,968,717		127,968,717
Ending balance at Mar. 31, 2023	$ 788,008	$ 788,129	$ 1,280	$ 193,225	$ 1,972,831	$ (19,034)	$ (1,360,173)	$ (121)

Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 788,008	$ 748,355	$ 659,954	$ 637,235
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(19,034)	(21,930)	$ 18,179	$ 12,143
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(2,513)	(4,207)
Net unrealized gain on derivative financial instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	659	105
Unrecognized prior service cost on benefit obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(17,298)	(17,955)
Net unrealized gain on available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 118	$ 127

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions - Intangible Assets Acquired (Detail) - Dynamic Controls Limited and Citadel Capital Corporation $ in Thousands	Apr. 11, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 28,500
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 17,700
Amortization Period	21 years
Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 6,600
Amortization Period	5 years
Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 4,200
Amortization Period	8 years

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 568,360	$ 530,738
Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	296,343	303,972
Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	166,270	161,548
Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	72,815	45,518
Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	33,382	20,689
Over time
Disaggregation of Revenue [Line Items]
Revenues	550,763	517,664
Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	18,047	14,063
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	568,810	531,727
Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	459,886	431,777
Operating Segments \| Government Operations \| Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	292,159	301,425
Operating Segments \| Government Operations \| Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	94,718	83,566
Operating Segments \| Government Operations \| Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	72,815	45,518
Operating Segments \| Government Operations \| Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	194	1,268
Operating Segments \| Government Operations \| Over time
Disaggregation of Revenue [Line Items]
Revenues	454,811	431,749
Operating Segments \| Government Operations \| Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	5,075	28
Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	108,924	99,950
Operating Segments \| Commercial Operations \| Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	4,184	2,547
Operating Segments \| Commercial Operations \| Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	71,552	77,982
Operating Segments \| Commercial Operations \| Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments \| Commercial Operations \| Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	33,188	19,421
Operating Segments \| Commercial Operations \| Over time
Disaggregation of Revenue [Line Items]
Revenues	95,952	85,915
Operating Segments \| Commercial Operations \| Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	12,972	14,035
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(450)	(989)
Eliminations \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	(400)	(923)
Eliminations \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	(50)	(66)
United States:
Disaggregation of Revenue [Line Items]
Revenues	466,548	437,019
United States: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	455,270	429,805
United States: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	11,278	7,214
Canada:
Disaggregation of Revenue [Line Items]
Revenues	93,278	91,376
Canada: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	259	978
Canada: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	93,019	90,398
Other:
Disaggregation of Revenue [Line Items]
Revenues	8,984	3,332
Other: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	4,357	994
Other: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	4,627	2,338
Government \| United States:
Disaggregation of Revenue [Line Items]
Revenues	431,578	406,247
Government \| United States: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	431,578	406,247
Government \| United States: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	0	0
Government \| Canada:
Disaggregation of Revenue [Line Items]
Revenues	51	0
Government \| Canada: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	51	0
Government \| Canada: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	0	0
Government \| Other:
Disaggregation of Revenue [Line Items]
Revenues	1,148	0
Government \| Other: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	1,148	0
Government \| Other: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	0	0
Non-Government \| United States:
Disaggregation of Revenue [Line Items]
Revenues	34,970	30,772
Non-Government \| United States: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	23,692	23,558
Non-Government \| United States: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	11,278	7,214
Non-Government \| Canada:
Disaggregation of Revenue [Line Items]
Revenues	93,227	91,376
Non-Government \| Canada: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	208	978
Non-Government \| Canada: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	93,019	90,398
Non-Government \| Other:
Disaggregation of Revenue [Line Items]
Revenues	7,836	3,332
Non-Government \| Other: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	3,209	994
Non-Government \| Other: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	$ 4,627	$ 2,338

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2022 (our "2022 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation.

We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported in our condensed consolidated statements of cash flows to conform to the presentation for the three months ended March 31, 2023. We classify assets and liabilities related to long-term contracts as current using the duration of the related contract or program as our operating cycle, which is generally longer than one year. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated.

Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries.

Reportable Segments

We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments are further described as follows:

•Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are primarily provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, the Department of Defense and NASA. In addition, this segment also develops technology for advanced nuclear reactors for a variety of power and propulsion applications in the space and terrestrial domains and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for these programs.

•Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. We have supplied the nuclear industry with more than 1,300 large, heavy components worldwide and are the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment also manufactures medical radioisotopes, radiopharmaceuticals and medical devices, and partners with life science and pharmaceutical companies developing new drugs.

See Note 8 and Note 3 for financial information about our segments. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and notes included in our 2022 10-K.

Recently Adopted Accounting Standards

There were no accounting standards adopted during the three months ended March 31, 2023 that had a significant impact on our financial position, results of operations, cash flows or disclosures.

Contracts and Revenue Recognition

We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers. We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined.

See Note 3 for a further discussion of revenue recognition.

Provision for Income Taxes

We are subject to federal income tax in the U.S., Canada, and the U.K., as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period.

Our effective tax rate for the three months ended March 31, 2023 was 23.4% as compared to 23.7% for the three months ended March 31, 2022. The effective tax rates for the three months ended March 31, 2023 and 2022 were higher than the U.S. corporate income tax rate of 21% primarily due to state income taxes within the U.S. and the unfavorable rate differential associated with our foreign earnings.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

At March 31, 2023, we had restricted cash and cash equivalents totaling $5.5 million, $2.5 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.0 million of which was held to meet reinsurance reserve requirements of our captive insurer.

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statements of cash flows:


	March 31, 2023		December 31, 2022
	(In thousands)
Cash and cash equivalents	$	42,051	$	35,244
Restricted cash and cash equivalents	2,955		2,928
Restricted cash and cash equivalents included in Other Assets	2,523		2,818
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows	$	47,529	$	40,990

Inventories

At March 31, 2023 and December 31, 2022, Other current assets included inventories totaling $30.0 million and $22.9 million, respectively, consisting entirely of raw materials and supplies.

Property, Plant and Equipment, Net

Property, plant and equipment, net is stated at cost and is set forth below:


	March 31, 2023		December 31, 2022
	(In thousands)
Land	$	9,845	$	9,844
Buildings	372,364		365,955
Machinery and equipment	1,041,367		1,026,024
Property under construction	526,112		515,494
	1,949,688		1,917,317
Less: Accumulated depreciation	797,596		782,420
Property, Plant and Equipment, Net	$	1,152,092	$	1,134,897

Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows:


	March 31, 2023		December 31, 2022
	(In thousands)
Currency translation adjustments	$	(2,513)	$	(4,207)
Net unrealized gain on derivative financial instruments	659		105
Unrecognized prior service cost on benefit obligations	(17,298)		(17,955)
Net unrealized gain on available-for-sale investments	118		127
Accumulated other comprehensive income (loss)	$	(19,034)	$	(21,930)

The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows:


	Three Months Ended March 31,
		2023		2022
Accumulated Other Comprehensive Income (Loss) Component Recognized		(In thousands)				Line Item Presented
Realized gain (loss) on derivative financial instruments		$	29	$	89	Revenues
		137		(293)		Cost of operations
		166		(204)		Total before tax
		(43)		52		Provision for Income Taxes
		$	123	$	(152)	Net Income
Amortization of prior service cost on benefit obligations		$	(830)	$	(814)	Other – net
		173		163		Provision for Income Taxes
		$	(657)	$	(651)	Net Income
Total reclassification for the period		$	(534)	$	(803)

Derivative Financial Instruments

Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other

transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes.

We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income and are recorded in our condensed consolidated statements of cash flows based on the nature and use of the instruments.

We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At March 31, 2023, we had deferred approximately $0.7 million of net gains on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended March 31, 2023 and 2022, we recognized (gains) losses of $(0.7) million and $7.9 million, respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedging instruments.

At March 31, 2023, our derivative financial instruments consisted of FX forward contracts with a total notional value of $477.6 million with maturities extending to June 2025. These instruments consist primarily of FX forward contracts to purchase or sell Canadian dollars and Euros. We are exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. Our counterparties to derivative financial instruments have the benefit of the same collateral arrangements and covenants as described under our credit facility.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 60,993	$ 59,074
Other Comprehensive Income (Loss):
Currency translation adjustments	1,694	5,365
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax (provision) benefit of $(231) and $36, respectively	677	(108)
Reclassification adjustment for (gains) losses included in net income, net of tax provision (benefit) of $43 and $(52), respectively	(123)	152
Amortization of benefit plan costs, net of tax benefit of $(173) and $(163), respectively	657	651
Unrealized losses on investments arising during the period, net of tax benefit of $2 and $6, respectively	(9)	(24)
Other Comprehensive Income (Loss)	2,896	6,036
Total Comprehensive Income	63,889	65,110
Comprehensive Loss (Income) Attributable to Noncontrolling Interest	99	(64)
Comprehensive Income Attributable to BWX Technologies, Inc.	$ 63,988	$ 65,046

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Intangible Assets Acquired

The intangible assets included above consist of the following (dollar amounts in thousands):


	Amount		Amortization Period
Customer relationships	$	17,700	21 years
Backlog	$	6,600	5 years
Unpatented technology	$	4,200	8 years

Pension Plans and Postretirement Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension Plans and Postretirement Benefits

PENSION PLANS AND POSTRETIREMENT BENEFITS

We record the service cost component of net periodic benefit cost within Operating income on our condensed consolidated statements of income. For the three months ended March 31, 2023 and 2022, these amounts were $2.0 million and $3.1 million, respectively. All other components of net periodic benefit cost are included in Other – net within the condensed consolidated statements of income. For the three months ended March 31, 2023 and 2022, these amounts were $(2.5) million and $(12.6) million, respectively. Components of net periodic benefit cost included in net income were as follows:


		Pension Benefits					Other Benefits
	Three Months Ended March 31,					Three Months Ended March 31,
		2023		2022			2023		2022
		(In thousands)
Service cost		$	1,879	$	2,917		$	85	$	165
Interest cost		11,910		7,821			535		347
Expected return on plan assets		(15,110)		(20,868)			(634)		(738)
Amortization of prior service cost		820		807			10		7

Net periodic benefit income		$	(501)	$	(9,323)		$	(4)	$	(219)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Operating Results by Segment

An analysis of our operations by reportable segment is as follows:


	Three Months Ended March 31,
		2023		2022
		(In thousands)
REVENUES:
Government Operations		$	459,886	$	431,777
Commercial Operations		108,924		99,950

Eliminations (1)		(450)		(989)
		$	568,360	$	530,738

(1)Segment revenues are net of the following intersegment transfers:


Government Operations Transfers	$	(400)	$	(923)
Commercial Operations Transfers	(50)		(66)

	$	(450)	$	(989)
OPERATING INCOME:
Government Operations	$	90,560	$	72,231
Commercial Operations	1,513		3,962


	$	92,073	$	76,193
Unallocated Corporate (2)	(4,231)		(4,620)
Total Operating Income	$	87,842	$	71,573
Other Income (Expense)	(8,168)		5,875
Income before Provision for Income Taxes	$	79,674	$	77,448

(2)Unallocated corporate includes general corporate overhead not allocated to segments.

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Tax benefit (provision) on derivative financial instruments, unrealized gains (losses)	$ (231)	$ 36
Tax provision (benefit) on derivative financial instruments for reclassification adjustments included in net income	43	(52)
Tax benefit for amortization of benefit plans	(173)	(163)
Tax benefit on unrealized gains (losses) on investments	$ 2	$ 6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in usd per share)	$ 0.23	$ 0.22

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESThere were no material contingencies during the period covered by this Form 10-Q.

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
		2023		2022
		(In thousands, except share and per share amounts)
Basic:
Net Income Attributable to BWX Technologies, Inc.		$	61,092	$	59,010
Weighted-average common shares		91,503,988		91,563,598
Basic earnings per common share		$	0.67	$	0.64
Diluted:
Net Income Attributable to BWX Technologies, Inc.		$	61,092	$	59,010
Weighted-average common shares (basic)		91,503,988		91,563,598
Effect of dilutive securities:
Stock options, restricted stock units and performance shares (1)		295,702		236,696
Adjusted weighted-average common shares		91,799,690		91,800,294
Diluted earnings per common share		$	0.67	$	0.64

(1)At March 31, 2023 and 2022, we excluded 248,095 and 221,559 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	325,000,000	325,000,000
Common stock, shares issued (in shares)	127,968,717	127,671,756
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	75,000,000	75,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock at cost, shares (in shares)	36,529,856	36,417,480

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 11, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 293,676	$ 293,165
Dynamic Controls Limited and Citadel Capital Corporation
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 49,900
Intangible assets	28,500
Business combination, inventory	6,400
Goodwill	16,600
Operating lease, right-of-use assets	7,200
Operating lease, liability	$ 7,200

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Senior Notes \| Senior Notes Due 2028
Fair Values Of Financial Instruments [Line Items]
Stated interest rate	4.125%
Fair value of senior notes	$ 361.0	$ 358.0
Senior Notes \| Senior Notes Due 2029
Fair Values Of Financial Instruments [Line Items]
Stated interest rate	4.125%
Fair value of senior notes	$ 355.3	352.0
FX Forward Contracts
Fair Values Of Financial Instruments [Line Items]
Fair value of foreign currency forward contracts	$ 0.7	$ 1.2

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic:
Net Income Attributable to BWX Technologies, Inc.	$ 61,092	$ 59,010
Weighted-average common shares (in shares)	91,503,988	91,563,598
Basic earnings per common share (in usd per share)	$ 0.67	$ 0.64
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$ 61,092	$ 59,010
Weighted-average common shares (in shares)	91,503,988	91,563,598
Effect of dilutive securities:
Stock options, restricted stock units and performance shares (in shares)	295,702	236,696
Adjusted weighted-average common shares (in shares)	91,799,690	91,800,294
Diluted earnings per common share (in usd per share)	$ 0.67	$ 0.64
Number of shares that would be antidilutive (in shares)	248,095	221,559

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
		2023		2022
		(In thousands, except share and per share amounts)
Basic:
Net Income Attributable to BWX Technologies, Inc.		$	61,092	$	59,010
Weighted-average common shares		91,503,988		91,563,598
Basic earnings per common share		$	0.67	$	0.64
Diluted:
Net Income Attributable to BWX Technologies, Inc.		$	61,092	$	59,010
Weighted-average common shares (basic)		91,503,988		91,563,598
Effect of dilutive securities:
Stock options, restricted stock units and performance shares (1)		295,702		236,696
Adjusted weighted-average common shares		91,799,690		91,800,294
Diluted earnings per common share		$	0.67	$	0.64

(1)At March 31, 2023 and 2022, we excluded 248,095 and 221,559 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2022 (our "2022 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation.
Consolidation	We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported in our condensed consolidated statements of cash flows to conform to the presentation for the three months ended March 31, 2023. We classify assets and liabilities related to long-term contracts as current using the duration of the related contract or program as our operating cycle, which is generally longer than one year. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries.
Reportable Segments	Reportable Segments We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments are further described as follows: •Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are primarily provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, the Department of Defense and NASA. In addition, this segment also develops technology for advanced nuclear reactors for a variety of power and propulsion applications in the space and terrestrial domains and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for these programs. •Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. We have supplied the nuclear industry with more than 1,300 large, heavy components worldwide and are the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment also manufactures medical radioisotopes, radiopharmaceuticals and medical devices, and partners with life science and pharmaceutical companies developing new drugs.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards There were no accounting standards adopted during the three months ended March 31, 2023 that had a significant impact on our financial position, results of operations, cash flows or disclosures.
Contracts and Revenue Recognition	Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers. We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. See Note 3 for a further discussion of revenue recognition.
Provision for Income Taxes	Provision for Income Taxes We are subject to federal income tax in the U.S., Canada, and the U.K., as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At March 31, 2023, we had restricted cash and cash equivalents totaling $5.5 million, $2.5 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.0 million of which was held to meet reinsurance reserve requirements of our captive insurer.
Inventories	Inventories At March 31, 2023 and December 31, 2022, Other current assets included inventories totaling $30.0 million and $22.9 million, respectively, consisting entirely of raw materials and supplies.
Derivative Financial Instruments	Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income and are recorded in our condensed consolidated statements of cash flows based on the nature and use of the instruments. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates.

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

Dynamic Controls Limited and Citadel Capital Corporation

On April 11, 2022, our subsidiary BWXT Government Group, Inc. acquired all of the outstanding stock of U.K.-based Dynamic Controls Limited ("Dynamic") and U.S.-based Citadel Capital Corporation, along with its wholly-owned subsidiary, Cunico Corporation ("Cunico"), for approximately $49.9 million. Our purchase price allocation resulted in the recognition of $28.5 million of Intangible Assets, $6.4 million of inventory and $16.6 million of Goodwill. In addition, we recognized right-of-use assets and lease liabilities of $7.2 million. Dynamic and Cunico are suppliers of highly-engineered, proprietary valves, manifolds and fittings for global naval nuclear and diesel-electric submarines, surface warfare ships and commercial shipping vessels. These companies are reported as part of our Government Operations segment.

The intangible assets included above consist of the following (dollar amounts in thousands):


	Amount		Amortization Period
Customer relationships	$	17,700	21 years
Backlog	$	6,600	5 years
Unpatented technology	$	4,200	8 years

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues

Revenues by geographic area and customer type were as follows:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
	Government Operations		Commercial Operations		Total		Government Operations		Commercial Operations		Total
	(In thousands)
United States:
Government	$	431,578	$	—	$	431,578	$	406,247	$	—	$	406,247
Non-Government	23,692		11,278		34,970		23,558		7,214		30,772
	$	455,270	$	11,278	$	466,548	$	429,805	$	7,214	$	437,019
Canada:
Government	$	51	$	—	$	51	$	—	$	—	$	—
Non-Government	208		93,019		93,227		978		90,398		91,376
	$	259	$	93,019	$	93,278	$	978	$	90,398	$	91,376
Other:
Government	$	1,148	$	—	$	1,148	$	—	$	—	$	—
Non-Government	3,209		4,627		7,836		994		2,338		3,332
	$	4,357	$	4,627	$	8,984	$	994	$	2,338	$	3,332
Segment Revenues	$	459,886	$	108,924	568,810		$	431,777	$	99,950	531,727
Eliminations					(450)						(989)
Revenues					$	568,360					$	530,738

Revenues by timing of transfer of goods or services were as follows:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
	Government Operations		Commercial Operations		Total		Government Operations		Commercial Operations		Total
	(In thousands)
Over time	$	454,811	$	95,952	$	550,763	$	431,749	$	85,915	$	517,664
Point-in-time	5,075		12,972		18,047		28		14,035		14,063
Segment Revenues	$	459,886	$	108,924	568,810		$	431,777	$	99,950	531,727
Eliminations					(450)						(989)
Revenues					$	568,360					$	530,738

Revenues by contract type were as follows:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
	Government Operations		Commercial Operations		Total		Government Operations		Commercial Operations		Total
	(In thousands)
Fixed-Price Incentive Fee	$	292,159	$	4,184	$	296,343	$	301,425	$	2,547	$	303,972
Firm-Fixed-Price	94,718		71,552		166,270		83,566		77,982		161,548
Cost-Plus Fee	72,815		—		72,815		45,518		—		45,518
Time-and-Materials	194		33,188		33,382		1,268		19,421		20,689
Segment Revenues	$	459,886	$	108,924	568,810		$	431,777	$	99,950	531,727
Eliminations					(450)						(989)
Revenues					$	568,360					$	530,738

Schedule of Contract Assets and Liabilities


	March 31,		December 31,
	2023		2022
	(In thousands)
Included in Contracts in progress:
Unbilled receivables	$	550,119	$	521,291
Retainages	$	81,842	$	48,566
Advance billings on contracts	$	89,553	$	88,726

Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 568,360	$ 530,738
Cost of operations	(431,130)	(404,827)
Total before tax	79,674	77,448
Provision for Income Taxes	(18,681)	(18,374)
Other – net	2,188	12,809
Net Income	60,993	59,074
Accumulated Other Comprehensive Income (Loss) Component Recognized
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income	(534)	(803)
Accumulated Other Comprehensive Income (Loss) Component Recognized \| Realized gain (loss) on derivative financial instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	29	89
Cost of operations	137	(293)
Total before tax	166	(204)
Provision for Income Taxes	(43)	52
Net Income	123	(152)
Accumulated Other Comprehensive Income (Loss) Component Recognized \| Amortization of prior service cost on benefit obligations
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for Income Taxes	173	163
Other – net	(830)	(814)
Net Income	$ (657)	$ (651)

Revenue Recognition - Additional Details (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable segments \| segment	2
Net unfavorable changes in estimate that resulted in a decrease in revenue	$ 7.8	$ 5.2
Revenue recognized from advance billings on contracts	39.5	$ 38.7
Revenue, remaining performance obligation, amount	$ 3,774.4
Revenue, remaining performance obligation, percentage	65.00%

Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 2.0	$ 3.1
Net periodic benefit (income) cost, excluding service costs	$ (2.5)	$ (12.6)

Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

As described in Note 1, our operations are assessed based on two reportable segments.

Disaggregated Revenues

Revenues by geographic area and customer type were as follows:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
	Government Operations		Commercial Operations		Total		Government Operations		Commercial Operations		Total
	(In thousands)
United States:
Government	$	431,578	$	—	$	431,578	$	406,247	$	—	$	406,247
Non-Government	23,692		11,278		34,970		23,558		7,214		30,772
	$	455,270	$	11,278	$	466,548	$	429,805	$	7,214	$	437,019
Canada:
Government	$	51	$	—	$	51	$	—	$	—	$	—
Non-Government	208		93,019		93,227		978		90,398		91,376
	$	259	$	93,019	$	93,278	$	978	$	90,398	$	91,376
Other:
Government	$	1,148	$	—	$	1,148	$	—	$	—	$	—
Non-Government	3,209		4,627		7,836		994		2,338		3,332
	$	4,357	$	4,627	$	8,984	$	994	$	2,338	$	3,332
Segment Revenues	$	459,886	$	108,924	568,810		$	431,777	$	99,950	531,727
Eliminations					(450)						(989)
Revenues					$	568,360					$	530,738

Revenues by timing of transfer of goods or services were as follows:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
	Government Operations		Commercial Operations		Total		Government Operations		Commercial Operations		Total
	(In thousands)
Over time	$	454,811	$	95,952	$	550,763	$	431,749	$	85,915	$	517,664
Point-in-time	5,075		12,972		18,047		28		14,035		14,063
Segment Revenues	$	459,886	$	108,924	568,810		$	431,777	$	99,950	531,727
Eliminations					(450)						(989)
Revenues					$	568,360					$	530,738

Revenues by contract type were as follows:


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
	Government Operations		Commercial Operations		Total		Government Operations		Commercial Operations		Total
	(In thousands)
Fixed-Price Incentive Fee	$	292,159	$	4,184	$	296,343	$	301,425	$	2,547	$	303,972
Firm-Fixed-Price	94,718		71,552		166,270		83,566		77,982		161,548
Cost-Plus Fee	72,815		—		72,815		45,518		—		45,518
Time-and-Materials	194		33,188		33,382		1,268		19,421		20,689
Segment Revenues	$	459,886	$	108,924	568,810		$	431,777	$	99,950	531,727
Eliminations					(450)						(989)
Revenues					$	568,360					$	530,738

Performance Obligations

As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the three months ended March 31, 2023 and 2022, we recognized net unfavorable changes in estimates that resulted in decreases in revenues of $7.8 million and $5.2 million, respectively.

Contract Assets and Liabilities

We include revenues and related costs incurred, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in Contracts in progress. We include in Advance billings on contracts billings that exceed accumulated contract costs and revenues recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled receivables. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. Our fixed-price incentive fee contracts for our Government Operations segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments received during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts.


	March 31,		December 31,
	2023		2022
	(In thousands)
Included in Contracts in progress:
Unbilled receivables	$	550,119	$	521,291
Retainages	$	81,842	$	48,566
Advance billings on contracts	$	89,553	$	88,726

During the three months ended March 31, 2023 and 2022, we recognized $39.5 million and $38.7 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year.

Remaining Performance Obligations

Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. At March 31, 2023, our remaining performance obligations were $3,774.4 million. We expect to recognize approximately 65% of the revenue associated with our remaining performance obligations by the end of 2024, with the remainder to be recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,000	$ 3,100
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,879	2,917
Interest cost	11,910	7,821
Expected return on plan assets	(15,110)	(20,868)
Amortization of prior service cost	820	807
Net periodic benefit income	(501)	(9,323)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	85	165
Interest cost	535	347
Expected return on plan assets	(634)	(738)
Amortization of prior service cost	10	7
Net periodic benefit income	$ (4)	$ (219)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 60,993	$ 59,074
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,020	17,620
Income of investees, net of dividends	(5,855)	(2,975)
Recognition of losses for pension and postretirement plans	830	814
Stock-based compensation expense	3,893	3,958
Other, net	495	1,413
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(4,268)	11,765
Accounts payable	8,135	(33,490)
Retainages	(33,276)	(26,148)
Contracts in progress and advance billings on contracts	(27,471)	(18,014)
Income taxes	3,096	11,958
Accrued and other current liabilities	(9,315)	(5,283)
Pension liabilities, accrued postretirement benefit obligations and employee benefits	(23,097)	(25,714)
Other, net	(6,204)	(362)
NET CASH USED IN OPERATING ACTIVITIES	(13,024)	(5,384)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(29,780)	(52,411)
Purchases of securities	(1,431)	(1,121)
Sales and maturities of securities	1,425	1,126
Investments, net of return of capital, in equity method investees	0	(13,600)
Other, net	6	79
NET CASH USED IN INVESTING ACTIVITIES	(29,780)	(65,927)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt	127,000	145,300
Repayments of long-term debt	(48,563)	(35,300)
Repurchases of common stock	0	(20,000)
Dividends paid to common shareholders	(21,667)	(20,666)
Cash paid for shares withheld to satisfy employee taxes	(6,903)	(6,011)
Settlements of forward contracts, net	(535)	(2,690)
Other, net	4	(59)
NET CASH PROVIDED BY FINANCING ACTIVITIES	49,336	60,574
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	7	277
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS	6,539	(10,460)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	40,990	39,775
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD	47,529	29,315
Cash paid during the period for:
Interest	8,174	1,900
Income taxes (net of refunds)	15,474	6,283
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable	$ 11,824	$ 11,785

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment component	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Noncash or Part Noncash Divestitures [Line Items]
Number of reportable segments \| segment	2
Number of components supplied to worldwide (more than) \| component	1,300
Effective tax rate	23.40%	23.70%
Restricted cash and cash equivalents	$ 5.5
Total inventories	30.0		$ 22.9
Net gains on derivative financial instruments	0.7
Recognized (gain) loss on FX forward contracts not designated as hedges	(0.7)	$ 7.9
Notional amount of foreign currency forward contracts	477.6
Cash Held for Decommissioning of Facilities
Noncash or Part Noncash Divestitures [Line Items]
Restricted cash and cash equivalents	2.5
Cash Held to Meet Reinsurance Reserve Requirements
Noncash or Part Noncash Divestitures [Line Items]
Restricted cash and cash equivalents	$ 3.0

Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Cash and Cash Equivalents


	March 31, 2023		December 31, 2022
	(In thousands)
Cash and cash equivalents	$	42,051	$	35,244
Restricted cash and cash equivalents	2,955		2,928
Restricted cash and cash equivalents included in Other Assets	2,523		2,818
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows	$	47,529	$	40,990

Restricted Cash and Cash Equivalents


	March 31, 2023		December 31, 2022
	(In thousands)
Cash and cash equivalents	$	42,051	$	35,244
Restricted cash and cash equivalents	2,955		2,928
Restricted cash and cash equivalents included in Other Assets	2,523		2,818
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows	$	47,529	$	40,990

Property, Plant and Equipment, Net

Property, plant and equipment, net is stated at cost and is set forth below:


	March 31, 2023		December 31, 2022
	(In thousands)
Land	$	9,845	$	9,844
Buildings	372,364		365,955
Machinery and equipment	1,041,367		1,026,024
Property under construction	526,112		515,494
	1,949,688		1,917,317
Less: Accumulated depreciation	797,596		782,420
Property, Plant and Equipment, Net	$	1,152,092	$	1,134,897

Components of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows:


	March 31, 2023		December 31, 2022
	(In thousands)
Currency translation adjustments	$	(2,513)	$	(4,207)
Net unrealized gain on derivative financial instruments	659		105
Unrecognized prior service cost on benefit obligations	(17,298)		(17,955)
Net unrealized gain on available-for-sale investments	118		127
Accumulated other comprehensive income (loss)	$	(19,034)	$	(21,930)

Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows:


	Three Months Ended March 31,
		2023		2022
Accumulated Other Comprehensive Income (Loss) Component Recognized		(In thousands)				Line Item Presented
Realized gain (loss) on derivative financial instruments		$	29	$	89	Revenues
		137		(293)		Cost of operations
		166		(204)		Total before tax
		(43)		52		Provision for Income Taxes
		$	123	$	(152)	Net Income
Amortization of prior service cost on benefit obligations		$	(830)	$	(814)	Other – net
		173		163		Provision for Income Taxes
		$	(657)	$	(651)	Net Income
Total reclassification for the period		$	(534)	$	(803)