(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
PAGE | ||||||||
March 31, 2022 and December 31, 2021 (Unaudited) | ||||||||
Three Months Ended March 31, 2022 and 2021 (Unaudited) | ||||||||
Three Months Ended March 31, 2022 and 2021 (Unaudited) | ||||||||
Three Months Ended March 31, 2022 and 2021 (Unaudited) | ||||||||
Three Months Ended March 31, 2022 and 2021 (Unaudited) | ||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) (In thousands) | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash and cash equivalents | ||||||||||||||
Investments | ||||||||||||||
Accounts receivable – trade, net | ||||||||||||||
Accounts receivable – other | ||||||||||||||
Retainages | ||||||||||||||
Contracts in progress | ||||||||||||||
Other current assets | ||||||||||||||
Total Current Assets | ||||||||||||||
Property, Plant and Equipment, Net | ||||||||||||||
Investments | ||||||||||||||
Goodwill | ||||||||||||||
Deferred Income Taxes | ||||||||||||||
Investments in Unconsolidated Affiliates | ||||||||||||||
Intangible Assets | ||||||||||||||
Other Assets | ||||||||||||||
TOTAL | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued employee benefits | ||||||||||||||
Accrued liabilities – other | ||||||||||||||
Advance billings on contracts | ||||||||||||||
Accrued warranty expense | ||||||||||||||
Total Current Liabilities | ||||||||||||||
Long-Term Debt | ||||||||||||||
Accumulated Postretirement Benefit Obligation | ||||||||||||||
Environmental Liabilities | ||||||||||||||
Pension Liability | ||||||||||||||
Other Liabilities | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
Stockholders' Equity: | ||||||||||||||
Common stock, par value $ | ||||||||||||||
Preferred stock, par value $ | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury stock at cost, | ( | ( | ||||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||||
Stockholders' Equity – BWX Technologies, Inc. | ||||||||||||||
Noncontrolling interest | ||||||||||||||
Total Stockholders' Equity | ||||||||||||||
TOTAL | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||
Revenues | $ | $ | ||||||||||||
Costs and Expenses: | ||||||||||||||
Cost of operations | ||||||||||||||
Research and development costs | ||||||||||||||
Losses (gains) on asset disposals and impairments, net | ( | |||||||||||||
Selling, general and administrative expenses | ||||||||||||||
Total Costs and Expenses | ||||||||||||||
Equity in Income of Investees | ||||||||||||||
Operating Income | ||||||||||||||
Other Income (Expense): | ||||||||||||||
Interest income | ||||||||||||||
Interest expense | ( | ( | ||||||||||||
Other – net | ||||||||||||||
Total Other Income (Expense) | ||||||||||||||
Income before Provision for Income Taxes | ||||||||||||||
Provision for Income Taxes | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Net Income Attributable to Noncontrolling Interest | ( | ( | ||||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | $ | ||||||||||||
Earnings per Common Share: | ||||||||||||||
Basic: | ||||||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | $ | ||||||||||||
Diluted: | ||||||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | $ | ||||||||||||
Shares used in the computation of earnings per share (Note 9): | ||||||||||||||
Basic | ||||||||||||||
Diluted |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(Unaudited) (In thousands) | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Other Comprehensive Income (Loss): | ||||||||||||||
Currency translation adjustments | ||||||||||||||
Derivative financial instruments: | ||||||||||||||
Unrealized losses arising during the period, net of tax benefit of $ | ( | ( | ||||||||||||
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $( | ( | |||||||||||||
Amortization of benefit plan costs, net of tax benefit of $( | ||||||||||||||
Unrealized (losses) gains on investments arising during the period, net of tax benefit (provision) of $ | ( | |||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||
Total Comprehensive Income | ||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | ( | ( | ||||||||||||
Comprehensive Income Attributable to BWX Technologies, Inc. | $ | $ |
BWX TECHNOLOGIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital In Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Retained Earnings | Treasury Stock | Stockholders' Equity | Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Defined benefit obligations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale investments | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Exercises of stock options | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Shares placed in treasury | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation charges | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2022 (unaudited) | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Defined benefit obligations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale investments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercises of stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares placed in treasury | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation charges | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2021 (unaudited) | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(Unaudited) (In thousands) | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Income of investees, net of dividends | ( | ( | ||||||||||||
Recognition of losses for pension and postretirement plans | ||||||||||||||
Stock-based compensation expense | ||||||||||||||
Other, net | ||||||||||||||
Changes in assets and liabilities, net of effects from acquisitions: | ||||||||||||||
Accounts receivable | ||||||||||||||
Accounts payable | ( | ( | ||||||||||||
Retainages | ( | ( | ||||||||||||
Contracts in progress and advance billings on contracts | ( | ( | ||||||||||||
Income taxes | ||||||||||||||
Accrued and other current liabilities | ( | |||||||||||||
Pension liabilities, accrued postretirement benefit obligations and employee benefits | ( | ( | ||||||||||||
Other, net | ( | |||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | ( | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Purchases of property, plant and equipment | ( | ( | ||||||||||||
Purchases of securities | ( | ( | ||||||||||||
Sales and maturities of securities | ||||||||||||||
Investments in equity method investees | ( | |||||||||||||
Other, net | ||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | ( | ( | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Borrowings of long-term debt | ||||||||||||||
Repayments of long-term debt | ( | ( | ||||||||||||
Repayment of bank overdraft | ( | |||||||||||||
Repurchases of common stock | ( | ( | ||||||||||||
Dividends paid to common shareholders | ( | ( | ||||||||||||
Exercises of stock options | ||||||||||||||
Cash paid for shares withheld to satisfy employee taxes | ( | ( | ||||||||||||
Other, net | ( | ( | ||||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | ||||||||||||||
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | ( | |||||||||||||
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | ( | |||||||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ||||||||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | $ | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes (net of refunds) | $ | $ | ||||||||||||
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||||||||
Accrued capital expenditures included in accounts payable | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash and cash equivalents | ||||||||||||||
Restricted cash and cash equivalents included in Other Assets | ||||||||||||||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Land | $ | $ | ||||||||||||
Buildings | ||||||||||||||
Machinery and equipment | ||||||||||||||
Property under construction | ||||||||||||||
Less: Accumulated depreciation | ||||||||||||||
Property, Plant and Equipment, Net | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Currency translation adjustments | $ | $ | ||||||||||||
Net unrealized loss on derivative financial instruments | ( | ( | ||||||||||||
Unrecognized prior service cost on benefit obligations | ( | ( | ||||||||||||
Net unrealized gain on available-for-sale investments | ||||||||||||||
Accumulated other comprehensive income (loss) | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Component Recognized | (In thousands) | Line Item Presented | ||||||||||||||||||
Realized gain (loss) on derivative financial instruments | $ | $ | Revenues | |||||||||||||||||
( | ( | Cost of operations | ||||||||||||||||||
( | Total before tax | |||||||||||||||||||
( | Provision for Income Taxes | |||||||||||||||||||
$ | ( | $ | Net Income | |||||||||||||||||
Amortization of prior service cost on benefit obligations | $ | ( | $ | ( | Other – net | |||||||||||||||
Provision for Income Taxes | ||||||||||||||||||||
$ | ( | $ | ( | Net Income | ||||||||||||||||
Total reclassification for the period | $ | ( | $ | ( |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Government Operations | Commercial Operations | Total | Government Operations | Commercial Operations | Total | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||||||||||||||
Government | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Non-Government | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Canada: | ||||||||||||||||||||||||||||||||||||||
Non-Government | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Non-Government | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Segment Revenues | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Eliminations | ( | ( | ||||||||||||||||||||||||||||||||||||
Revenues | $ | $ |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Government Operations | Commercial Operations | Total | Government Operations | Commercial Operations | Total | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Over time | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Point-in-time | ||||||||||||||||||||||||||||||||||||||
Segment Revenues | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Eliminations | ( | ( | ||||||||||||||||||||||||||||||||||||
Revenues | $ | $ |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Government Operations | Commercial Operations | Total | Government Operations | Commercial Operations | Total | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Fixed-Price Incentive Fee | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Firm-Fixed-Price | ||||||||||||||||||||||||||||||||||||||
Cost-Plus Fee | ||||||||||||||||||||||||||||||||||||||
Time-and-Materials | ||||||||||||||||||||||||||||||||||||||
Segment Revenues | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Eliminations | ( | ( | ||||||||||||||||||||||||||||||||||||
Revenues | $ | $ |
March 31, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Included in Contracts in progress: | ||||||||||||||
Unbilled receivables | $ | $ | ||||||||||||
Retainages | $ | $ | ||||||||||||
Included in Other Assets: | ||||||||||||||
Retainages | $ | $ | ||||||||||||
Advance billings on contracts | $ | $ |
Pension Benefits | Other Benefits | |||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of prior service cost (credit) | ( | |||||||||||||||||||||||||
Net periodic benefit income | $ | ( | $ | ( | $ | ( | $ | ( |
Total | Level 1 | Level 2 | Level 3 | Unclassified | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
Mutual funds | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
U.S. Government and agency securities | — | |||||||||||||||||||||||||||||||
Corporate bonds | — | |||||||||||||||||||||||||||||||
Asset-backed securities and collateralized mortgage obligations | — | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | — |
Total | Level 1 | Level 2 | Level 3 | Unclassified | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
Mutual funds | $ | $ | $ | $ | $ | — | ||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
U.S. Government and agency securities | — | |||||||||||||||||||||||||||||||
Corporate bonds | — | |||||||||||||||||||||||||||||||
Asset-backed securities and collateralized mortgage obligations | — | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | — |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(In thousands) | ||||||||||||||
REVENUES: | ||||||||||||||
Government Operations | $ | $ | ||||||||||||
Commercial Operations | ||||||||||||||
Eliminations (1) | ( | ( | ||||||||||||
$ | $ |
Government Operations Transfers | $ | ( | $ | ( | ||||||||||
Commercial Operations Transfers | ( | ( | ||||||||||||
$ | ( | $ | ( | |||||||||||
OPERATING INCOME: | ||||||||||||||
Government Operations | $ | $ | ||||||||||||
Commercial Operations | ||||||||||||||
$ | $ | |||||||||||||
Unallocated Corporate (2) | ( | ( | ||||||||||||
Total Operating Income | $ | $ | ||||||||||||
Other Income (Expense) | ||||||||||||||
Income before Provision for Income Taxes | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
SEGMENT ASSETS: | ||||||||||||||
Government Operations | $ | $ | ||||||||||||
Commercial Operations | ||||||||||||||
Total Segment Assets | $ | $ | ||||||||||||
Corporate Assets | ||||||||||||||
Total Assets | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||
Basic: | ||||||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | $ | ||||||||||||
Weighted-average common shares | ||||||||||||||
Basic earnings per common share | $ | $ | ||||||||||||
Diluted: | ||||||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | $ | ||||||||||||
Weighted-average common shares (basic) | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options, restricted stock units and performance shares (1) | ||||||||||||||
Adjusted weighted-average common shares | ||||||||||||||
Diluted earnings per common share | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | $ Change | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
REVENUES: | ||||||||||||||||||||
Government Operations | $ | 431,777 | $ | 423,275 | $ | 8,502 | ||||||||||||||
Commercial Operations | 99,950 | 107,398 | (7,448) | |||||||||||||||||
Eliminations | (989) | (2,400) | 1,411 | |||||||||||||||||
$ | 530,738 | $ | 528,273 | $ | 2,465 | |||||||||||||||
OPERATING INCOME: | ||||||||||||||||||||
Government Operations | $ | 72,231 | $ | 78,245 | $ | (6,014) | ||||||||||||||
Commercial Operations | 3,962 | 6,294 | (2,332) | |||||||||||||||||
$ | 76,193 | $ | 84,539 | $ | (8,346) | |||||||||||||||
Unallocated Corporate | (4,620) | (2,125) | (2,495) | |||||||||||||||||
Total Operating Income | $ | 71,573 | $ | 82,414 | $ | (10,841) |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | $ Change | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 431,777 | $ | 423,275 | $ | 8,502 | ||||||||||||||
Operating Income | $ | 72,231 | $ | 78,245 | $ | (6,014) | ||||||||||||||
% of Revenues | 16.7% | 18.5% |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | $ Change | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 99,950 | $ | 107,398 | $ | (7,448) | ||||||||||||||
Operating Income | $ | 3,962 | $ | 6,294 | $ | (2,332) | ||||||||||||||
% of Revenues | 4.0% | 5.9% |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | $ Change | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Income before Provision for Income Taxes | $ | 77,448 | $ | 91,893 | $ | (14,445) | ||||||||||||||
Provision for Income Taxes | $ | 18,374 | $ | 22,078 | $ | (3,704) | ||||||||||||||
Effective Tax Rate | 23.7% | 24.0% |
March 31, 2022 | December 31, 2021 | |||||||||||||
(In approximate millions) | ||||||||||||||
Government Operations | $ | 4,158 | $ | 4,532 | ||||||||||
Commercial Operations | 748 | 644 | ||||||||||||
Total Backlog | $ | 4,906 | $ | 5,176 |
March 31, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Domestic | $ | 34,120 | $ | 39,128 | ||||||||||
Foreign | 7,981 | 14,016 | ||||||||||||
Total | $ | 42,101 | $ | 53,144 |
Period | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (2) | ||||||||||||||||||||||
January 1, 2022 - January 31, 2022 | 1,855 | $ | 48.86 | — | $ | 417.6 | ||||||||||||||||||||
February 1, 2022 - February 28, 2022 | 49,071 | $ | 50.86 | 19,800 | $ | 416.6 | ||||||||||||||||||||
March 1, 2022 - March 31, 2022 | 437,461 | $ | 53.55 | 354,768 | $ | 397.6 | ||||||||||||||||||||
Total | 488,387 | $ | 53.26 | 374,568 |
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
BWX TECHNOLOGIES, INC. | ||||||||||||||
/s/ Robb A. LeMasters | ||||||||||||||
By: | Robb A. LeMasters | |||||||||||||
Senior Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer and Duly Authorized | ||||||||||||||
Representative) | ||||||||||||||
/s/ Jason S. Kerr | ||||||||||||||
By: | Jason S. Kerr | |||||||||||||
Vice President and Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer and Duly Authorized | ||||||||||||||
Representative) | ||||||||||||||
May 9, 2022 |
Net Income | = | Pre-tax Income - Tax Expense | ||||||
Invested Capital | Total Assets - Current Liabilities |
AAR Corp | Lockheed Martin Corporation | ||||
Aerojet Rocketdyne Holdings, Inc. | Maxar Technologies Inc. | ||||
AeroVironment, Inc. | Mercury Systems, Inc. | ||||
Astra Space, Inc. | Moog Inc. | ||||
Axon Enterprise, Inc. | National Presto Industries, Inc. | ||||
BWX Technologies, Inc. | Northrop Grumman Corporation | ||||
Curtiss-Wright Corporation | PAE Incorporated | ||||
Ducommun Incorporated | Parsons Corporation | ||||
General Dynamics Corporation | Raytheon Technologies Corporation | ||||
HEICO Corporation | Spirit AeroSystems Holdings, Inc. | ||||
Hexcel Corporation | Textron Inc. | ||||
Howmet Aerospace Inc. | The Boeing Company | ||||
Huntington Ingalls Industries, Inc. | TransDigm Group Incorporated | ||||
Kaman Corporation | Triumph Group, Inc. | ||||
Kratos Defense & Security Solutions, Inc. | Vectrus, Inc. | ||||
L3Harris Technologies, Inc. | Virgin Galactic Holdings, Inc. |
/s/ Rex D. Geveden | |||||
Rex D. Geveden | |||||
President and Chief Executive Officer |
/s/ Robb A. LeMasters | |||||
Robb A. LeMasters | |||||
Senior Vice President and Chief Financial Officer |
Dated: May 9, 2022 | /s/ Rex D. Geveden | |||||||
Rex D. Geveden | ||||||||
President and Chief Executive Officer |
Dated: May 9, 2022 | /s/ Robb A. LeMasters | |||||||
Robb A. LeMasters | ||||||||
Senior Vice President and Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
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) | 127,591,227 | 127,311,985 |
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) | 36,403,902 | 35,915,747 |
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Tax benefit (provision) on derivative financial instruments, unrealized losses | $ 36 | $ 139 |
Tax provision (benefit) on derivative financial instruments for reclassification adjustments included in net income | (52) | 56 |
Tax benefit for amortization of benefit plans | (163) | (157) |
Tax provision on unrealized gains (losses) on investments | $ 6 | $ (24) |
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in usd per share) | $ 0.22 | $ 0.21 |
Basis of Presentation and Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, 2021 (our "2021 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 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 reflect changes we made during the first quarter of 2022 to better align our businesses by their government and commercial nature, which reflects the manner in which our operating segment information is reported for purposes of assessing operating performance and allocating resources. Prior to 2022, we reported three segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our Government Operations segment consists of our legacy Nuclear Operations Group and Nuclear Services Group segments with certain research and development activities in the areas of advanced reactors and advanced manufacturing. Our Commercial Operations segment consists of our legacy Nuclear Power Group segment with certain research and development and commercialization activities in the areas of medical and industrial radioisotopes. Both segments now include research and development and certain commercialization activities associated with new technologies previously reported centrally, outside of our reportable segments. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and related disclosures included in this quarterly report on Form 10-Q. 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-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 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, and NASA. In addition, this segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. •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 is 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 is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. See Note 8 and Note 3 for financial information about our segments. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and notes included in our 2021 10-K. Recently Adopted Accounting Standards There were no accounting standards adopted during the three months ended March 31, 2022. 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. Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada 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 the 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, 2022 was 23.7% as compared to 24.0% for the three months ended March 31, 2021. The effective tax rates for the three months ended March 31, 2022 and 2021 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 Canadian earnings. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At March 31, 2022, we had restricted cash and cash equivalents totaling $5.7 million, $2.8 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $2.9 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 statement of cash flows:
Inventories At March 31, 2022 and December 31, 2021, Other current assets included inventories totaling $16.6 million and $16.3 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:
Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows:
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:
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 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. 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, 2022, we had deferred approximately $0.7 million of net losses 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, 2022 and 2021, we recognized (gains) losses of $7.9 million and $3.6 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, 2022, our derivative financial instruments consisted of FX forward contracts with a total notional value of $413.9 million with maturities extending to December 2024. 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.
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Acquisitions |
3 Months Ended |
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Mar. 31, 2022 | |
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. 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 will be reported as part of our Government Operations segment.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE RECOGNITION As described in Note 1, our operations are assessed based on two reportable segments. In connection with our segment reporting change, we have revised historical amounts to conform to current segment presentation. Disaggregated Revenues Revenues by geographic area and customer type were as follows:
Revenues by timing of transfer of goods or services were as follows:
Revenues by contract type were as follows:
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, 2022 and 2021, we recognized net favorable changes in estimates that resulted in increases (decreases) in revenues of $(5.2) million and $6.5 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. During the three months ended March 31, 2022, our unbilled receivables increased $11.8 million primarily as a result of the timing of milestone billings on certain firm-fixed-price and time and materials contracts within our Commercial Operations segment partially offset by the timing of milestone billings on fixed price incentive fee contracts within our Government Operations segment. During the three months ended March 31, 2022, our Advance billings on contracts decreased $5.9 million primarily as a result of revenues in excess of billings on certain firm-fixed-price contracts within our Government Operations segment. 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.
During the three months ended March 31, 2022 and 2021, we recognized $38.7 million and $30.0 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, 2022, our remaining performance obligations were $4,906.4 million. We expect to recognize approximately 54% of the revenue associated with our remaining performance obligations by the end of 2023, with the remainder to be recognized thereafter.
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Pension Plans and Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITSWe 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, 2022 and 2021, these amounts were $3.1 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, 2022 and 2021, these amounts were $(12.6) million and $(13.4) million, respectively. Components of net periodic benefit cost included in net income were as follows:
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIESThere were no |
Fair Value Measurements |
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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, 2022:
The following is a summary of our investments measured at fair value at December 31, 2021:
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, 2022 and December 31, 2021, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $(5.7) million and $(3.2) million, respectively. 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, 2022 and December 31, 2021, the fair value of the Senior Notes due 2028 was $384.7 million and $406.3 million, respectively, and the fair value of the Senior Notes due 2029 was $383.3 million and $406.5 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at March 31, 2022 and December 31, 2021.
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Stock-Based Compensation |
3 Months Ended |
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Mar. 31, 2022 | |
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, 2022 and 2021 totaled $4.1 million and $4.2 million, respectively, with associated tax benefit totaling $0.7 million and $0.7 million, respectively. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | SEGMENT REPORTING As described in Note 1, our operations are assessed based on two reportable segments. In connection with our segment reporting change, we have revised historical amounts to conform to current segment presentation. An analysis of our operations by reportable segment is as follows:
(1)Segment revenues are net of the following intersegment transfers:
(2)Unallocated corporate includes general corporate overhead not allocated to segments.
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share:
(1)At March 31, 2022 and 2021, we excluded 221,559 and 131,775 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.
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Basis of Presentation and Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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, 2021 (our "2021 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 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.
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Reportable Segments | Reportable Segments We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments reflect changes we made during the first quarter of 2022 to better align our businesses by their government and commercial nature, which reflects the manner in which our operating segment information is reported for purposes of assessing operating performance and allocating resources. Prior to 2022, we reported three segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our Government Operations segment consists of our legacy Nuclear Operations Group and Nuclear Services Group segments with certain research and development activities in the areas of advanced reactors and advanced manufacturing. Our Commercial Operations segment consists of our legacy Nuclear Power Group segment with certain research and development and commercialization activities in the areas of medical and industrial radioisotopes. Both segments now include research and development and certain commercialization activities associated with new technologies previously reported centrally, outside of our reportable segments. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and related disclosures included in this quarterly report on Form 10-Q. 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-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 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, and NASA. In addition, this segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. •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 is 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 is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses.
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Recently Adopted Accounting Standards | Recently Adopted Accounting Standards There were no accounting standards adopted during the three months ended March 31, 2022.
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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.
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Provision for Income Taxes | Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada 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 the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period.
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Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At March 31, 2022, we had restricted cash and cash equivalents totaling $5.7 million, $2.8 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $2.9 million of which was held to meet reinsurance reserve requirements of our captive insurer.
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Inventories | Inventories At March 31, 2022 and December 31, 2021, Other current assets included inventories totaling $16.6 million and $16.3 million, respectively, consisting entirely of raw materials and supplies.
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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 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. 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.
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Basis of Presentation and Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 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 statement of cash flows:
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Restricted Cash and Cash Equivalents | 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 statement of cash flows:
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Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below:
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Components of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows:
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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:
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregated Revenues | Revenues by geographic area and customer type were as follows:
Revenues by timing of transfer of goods or services were as follows:
Revenues by contract type were as follows:
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Schedule of Contract Assets and Liabilities |
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Pension Plans and Postretirement Benefits (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost included in net income were as follows:
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Fair Value Measurements (Tables) |
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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, 2022:
The following is a summary of our investments measured at fair value at December 31, 2021:
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Results by Segment | An analysis of our operations by reportable segment is as follows:
(1)Segment revenues are net of the following intersegment transfers:
(2)Unallocated corporate includes general corporate overhead not allocated to segments.
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Earnings Per Share (Tables) |
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1)At March 31, 2022 and 2021, we excluded 221,559 and 131,775 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.
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Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022
USD ($)
segment
component
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
segment
|
|
Noncash or Part Noncash Divestitures [Line Items] | |||
Number of reportable segments | segment | 2 | 3 | |
Number of components supplied to worldwide (more than) | component | 1,300 | ||
Effective tax rate | 23.70% | 24.00% | |
Restricted cash and cash equivalents | $ 5.7 | ||
Total inventories | 16.6 | $ 16.3 | |
Net gains on foreign exchange forward contracts | 0.7 | ||
Recognized (gain) loss on FX forward contracts not designated as hedges | 7.9 | $ 3.6 | |
Notional amount of foreign currency forward contracts | 413.9 | ||
Cash Held for Decommissioning of Facilities | |||
Noncash or Part Noncash Divestitures [Line Items] | |||
Restricted cash and cash equivalents | 2.8 | ||
Cash Held to Meet Reinsurance Reserve Requirements | |||
Noncash or Part Noncash Divestitures [Line Items] | |||
Restricted cash and cash equivalents | $ 2.9 |
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, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 23,635 | $ 33,891 | ||
Restricted cash and cash equivalents | 2,896 | 2,896 | ||
Restricted cash and cash equivalents included in Other Assets | 2,784 | 2,988 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows | $ 29,315 | $ 39,775 | $ 63,420 | $ 48,298 |
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,817,461 | $ 1,776,689 |
Less: Accumulated depreciation | 746,096 | 731,049 |
Property, Plant and Equipment, Net | 1,071,365 | 1,045,640 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 9,693 | 9,538 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 323,416 | 321,872 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 972,263 | 957,423 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 512,089 | $ 487,856 |
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 11, 2022 |
Mar. 31, 2022 |
|
Business Acquisition [Line Items] | ||
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. 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 will be reported as part of our Government Operations segment.
|
|
Dynamic Controls Limited and Citadel Capital Corporation | Subsequent Event | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ 49.9 |
Revenue Recognition - Additional Details (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022
USD ($)
segment
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2021
segment
|
|
Revenue from Contract with Customer [Abstract] | |||
Number of reportable segments | segment | 2 | 3 | |
Net favorable changes in estimate that resulted in an increase in revenue | $ (5.2) | $ 6.5 | |
Contracts in progress increase | 11.8 | ||
Change in advanced billings | 5.9 | ||
Revenue recognized from advance billings on contracts | 38.7 | $ 30.0 | |
Revenue, remaining performance obligation, amount | $ 4,906.4 | ||
Revenue, remaining performance obligation, percentage | 54.00% |
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Contracts with Customers, Asset and Liability [Line Items] | ||
Advance billings on contracts | $ 105,687 | $ 111,619 |
Unbilled receivables | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 540,397 | 528,644 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 77,804 | 51,507 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | $ 1,132 | $ 1,271 |
Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Retirement Benefits [Abstract] | ||
Service cost | $ 3.1 | $ 3.1 |
Net periodic benefit (income) cost, excluding service costs | $ (12.6) | $ (13.4) |
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3,100 | $ 3,100 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2,917 | 2,957 |
Interest cost | 7,821 | 6,754 |
Expected return on plan assets | (20,868) | (20,414) |
Amortization of prior service cost (credit) | 807 | 782 |
Net periodic benefit income | (9,323) | (9,921) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 165 | 190 |
Interest cost | 347 | 282 |
Expected return on plan assets | (738) | (716) |
Amortization of prior service cost (credit) | 7 | (45) |
Net periodic benefit income | $ (219) | $ (289) |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Apr. 13, 2021 |
---|---|---|---|
Senior Notes | Senior Notes Due 2028 | |||
Fair Values Of Financial Instruments [Line Items] | |||
Stated interest rate | 4.125% | ||
Fair value of senior notes | $ 384.7 | $ 406.3 | |
Senior Notes | Senior Notes Due 2029 | |||
Fair Values Of Financial Instruments [Line Items] | |||
Stated interest rate | 4.125% | ||
Fair value of senior notes | 383.3 | 406.5 | |
FX Forward Contracts | |||
Fair Values Of Financial Instruments [Line Items] | |||
Fair value of foreign currency forward contracts | $ (5.7) | $ (3.2) |
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Share-based Payment Arrangement [Abstract] | ||
Stock based compensation expense | $ 4.1 | $ 4.2 |
Stock-based compensation, tax benefits | $ 0.7 | $ 0.7 |
Segment Reporting - Additional Information (Details) - segment |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Number of reportable segments | 2 | 3 |
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Basic: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 59,010 | $ 69,749 |
Weighted-average common shares (in shares) | 91,563,598 | 95,303,728 |
Basic earnings per common share (in usd per share) | $ 0.64 | $ 0.73 |
Diluted: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 59,010 | $ 69,749 |
Weighted-average common shares (in shares) | 91,563,598 | 95,303,728 |
Effect of dilutive securities: | ||
Stock options, restricted stock units and performance shares (in shares) | 236,696 | 255,135 |
Adjusted weighted-average common shares (in shares) | 91,800,294 | 95,558,863 |
Diluted earnings per common share (in usd per share) | $ 0.64 | $ 0.73 |
Number of shares that would be antidilutive (in shares) | 221,559 | 131,775 |
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