10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 _________________________________________________________________________________________________________________________________ 

FORM 10-Q

 _________________________________________________________________________________________________________________________________ 

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023.

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission File No. 001-34658

BWX TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

__________________________________________________________________________________________________________________________________

Delaware			80-0558025
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
800 Main Street, 4th Floor
	Lynchburg,	Virginia	24504
(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code: (980) 365-4300

_________________________________________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BWXT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares of the registrant's common stock outstanding at May 4, 2023 was 91,447,674.

BWX TECHNOLOGIES, INC.

INDEX – FORM 10-Q

		PAGE
PART I – FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements	2
	Condensed Consolidated Balance Sheets
	March 31, 2023 and December 31, 2022 (Unaudited)	2
	Condensed Consolidated Statements of Income
	Three Months Ended March 31, 2023 and 2022 (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income
	Three Months Ended March 31, 2023 and 2022 (Unaudited)	5
	Condensed Consolidated Statements of Stockholders' Equity
	Three Months Ended March 31, 2023 and 2022 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows
	Three Months Ended March 31, 2023 and 2022 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 6.	Exhibits	27
Signatures		28

1

PART I

FINANCIAL INFORMATION

Item 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

	March 31, 2023		December 31, 2022
	(Unaudited) (In thousands)
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

See accompanying notes to condensed consolidated financial statements.

2

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

	March 31, 2023		December 31, 2022
	(Unaudited) (In thousands, except share and per share amounts)
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	—		—
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

See accompanying notes to condensed consolidated financial statements.

3

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended March 31,
	2023		2022
	(Unaudited) (In thousands, except share and per share amounts)
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
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.	$	0.67	$	0.64
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$	0.67	$	0.64
Shares used in the computation of earnings per share (Note 9):
Basic	91,503,988		91,563,598
Diluted	91,799,690		91,800,294

See accompanying notes to condensed consolidated financial statements.

4

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2023		2022
	(Unaudited) (In thousands)
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

See accompanying notes to condensed consolidated financial statements.

5

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, 2022	127,671,756	$	1,277	$	189,263	$	1,932,970	$	(21,930)	$	(1,353,270)	$	748,310	$	45	$	748,355
Net income (loss)	—	—		—		61,092		—		—		61,092		(99)		60,993
Dividends declared ($0.23 per share)	—	—		—		(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	3,000	2		70		—		—		—		72		—		72
Shares placed in treasury	—	—		—		—		—		(6,903)		(6,903)		—		(6,903)
Stock-based compensation charges	293,961	1		3,892		—		—		—		3,893		—		3,893
Distributions to noncontrolling interests	—	—		—		—		—		—		—		(67)		(67)
Balance March 31, 2023 (unaudited)	127,968,717	$	1,280	$	193,225	$	1,972,831	$	(19,034)	$	(1,360,173)	$	788,129	$	(121)	$	788,008
Balance December 31, 2021	127,311,985	$	1,273	$	174,288	$	1,775,751	$	12,143	$	(1,326,280)	$	637,175	$	60	$	637,235
Net income	—	—		—		59,010		—		—		59,010		64		59,074
Dividends declared ($0.22 per share)	—	—		—		(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)
Exercises of stock options	—	—		—		—		—		—		—		—		—
Shares placed in treasury	—	—		—		—		—		(26,011)		(26,011)		—		(26,011)
Stock-based compensation charges	279,242	3		3,955		—		—		—		3,958		—		3,958
Distributions to noncontrolling interests	—	—		—		—		—		—		—		(59)		(59)
Balance March 31, 2022 (unaudited)	127,591,227	$	1,276	$	178,243	$	1,814,482	$	18,179	$	(1,352,291)	$	659,889	$	65	$	659,954

See accompanying notes to condensed consolidated financial statements.

6

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2023		2022
	(Unaudited) (In thousands)
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	—		(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	—		(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
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
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

See accompanying notes to condensed consolidated financial statements.

7

BWX TECHNOLOGIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2023

(UNAUDITED)

NOTE 1 – 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.

8

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

9

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

10

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.

NOTE 2 – 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

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NOTE 3 – 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

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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.

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NOTE 4 – 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)

NOTE 5 – COMMITMENTS AND CONTINGENCIES

There were no material contingencies during the period covered by this Form 10-Q.

NOTE 6 – 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.

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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.

NOTE 7 – STOCK-BASED COMPENSATION

Stock-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.

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NOTE 8 – 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.

NOTE 9 – 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.

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Item 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following information should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Item 1 in Part I of this quarterly report on Form 10-Q ("Report"), as well as the audited consolidated financial statements and the related notes and Item 7 of our annual report on Form 10-K for the year ended December 31, 2022 (our "2022 10-K").

In this Report, unless the context otherwise indicates, "we," "us" and "our" mean BWX Technologies, Inc. ("BWXT" or the "Company") and its consolidated subsidiaries.

Cautionary Statement Concerning Forward-Looking Statements

From time to time, our management or persons acting on our behalf make forward-looking statements to inform existing and potential security holders about our Company. Forward-looking statements include those statements that express a belief, expectation or intention, as well as those that are not statements of historical fact, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements and assumptions regarding expectations and projections of specific projects, our future backlog, revenues, income and capital spending, strategic investments, acquisitions or divestitures, return of capital activities or margin improvement initiatives are examples of forward-looking statements. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "plan," "seek," "goal," "could," "intend," "may," "should" or other words that convey the uncertainty of future events or outcomes. In addition, sometimes we will specifically describe a statement as being a forward-looking statement and refer to this cautionary statement.

We have based our forward-looking statements on information currently available to us and our current expectations, estimates and projections about our Company, industries and business environment. We caution that these statements are not guarantees of future performance and you should not rely unduly on them as they involve risks, uncertainties and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these statements and assumptions to be reasonable, they are inherently subject to numerous factors, including potentially the risk factors described in Item 1A of our 2022 10-K, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements.

We have discussed many of these factors in more detail elsewhere in this Report. These factors are not necessarily all the factors that could affect us. Unpredictable or unanticipated factors we have not discussed in this Report or in our 2022 10-K could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. We do not intend to update or review any forward-looking statement or our description of important factors, whether as a result of new information, future events or otherwise, except as required by applicable laws.

General

We operate in two reportable segments: Government Operations and Commercial Operations. In general, we operate in capital-intensive industries and rely on large contracts for a substantial amount of our revenues. We are currently exploring growth strategies across our segments to expand and complement our existing businesses. We would expect to fund these opportunities with cash generated from operations or by raising additional capital through debt, equity or some combination thereof.

Government Operations

The revenues of our Government Operations segment are largely a function of defense spending by the U.S. Government. Through this segment, we engineer, design and manufacture precision naval nuclear components, reactors and nuclear fuel for the U.S. Department of Energy ("DOE")/National Nuclear Safety Administration's Naval Nuclear Propulsion Program. In addition, we perform fabrication activities for missile launch tubes for U.S. Navy submarines and supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. As a supplier of major nuclear components for certain U.S. Government programs, this segment is a significant participant in the defense industry.

This segment also provides various services to the U.S. Government by managing and operating high-consequence operations at U.S. nuclear weapons sites, national laboratories and manufacturing complexes. The revenues and equity in income of investees under these types of contracts are largely a function of spending of the U.S. Government and the

17

performance scores we and our consortium partners earn in managing and operating these sites. With our specialized capabilities of full life-cycle management of special materials, facilities and technologies, we believe this segment is well-positioned to continue participating in the ongoing cleanup, operation and management of critical government-owned nuclear sites, laboratories and manufacturing complexes maintained by the DOE, NASA and other federal agencies.

Additionally, 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.

Commercial Operations

Through this segment, we design and manufacture commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components, as well as other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level nuclear waste. This segment is a leading supplier of nuclear fuel, fuel handling systems, tooling delivery systems, nuclear-grade materials and precisely machined components, and related services for CANDU nuclear power plants. This segment also provides a variety of engineering and in-plant services and is a significant supplier to nuclear power utilities undergoing major refurbishment and plant life extension projects. Additionally, this segment is a global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals.

Our Commercial Operations segment's overall activity primarily depends on the demand and competitiveness of nuclear energy and the demand for critical radioisotopes and radiopharmaceuticals. A significant portion of our Commercial Operations segment's operations depends on the timing of maintenance outages, the cyclical nature of capital expenditures and major refurbishment and life extension projects, as well as the demand for nuclear fuel and fuel handling equipment primarily in the Canadian market, which could cause variability in our financial results.

Acquisition of 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"). 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.

For additional information on the acquisition of Dynamic and Cunico, see Note 2 to our condensed consolidated financial statements included in this Report.

Critical Accounting Estimates

For a summary of the critical accounting policies and estimates that we use in the preparation of our unaudited condensed consolidated financial statements, see Item 7 of our 2022 10-K. There have been no material changes to our critical accounting policies and estimates during the three months ended March 31, 2023.

Accounting for Contracts

On certain of our performance obligations, we recognize revenue over time. In accordance with FASB Topic Revenue from Contracts with Customers, we are required to estimate the total amount of costs on these performance obligations. As of March 31, 2023, we have provided for the estimated costs to complete all of our ongoing contracts. However, it is possible that current estimates could change due to unforeseen events, which could result in adjustments to overall contract revenues and costs. A principal risk on fixed-price contracts is that revenue from the customer is insufficient to cover increases in our costs. It is possible that current estimates could materially change for various reasons, including, but not limited to, fluctuations in the cost of labor, forecasted labor productivity or raw material prices. In some instances, we guarantee completion dates related to our projects or provide performance guarantees. Increases in costs on our fixed-price contracts could have a material adverse impact on our consolidated results of operations, financial condition and cash flows. Alternatively, reductions in overall contract costs at completion could materially improve our consolidated results of operations, financial condition and cash flows.

During the three months ended March 31, 2023 and 2022, we recognized net changes in estimates related to contracts that recognize revenue over time, which decreased operating income by approximately $7.8 million and $5.2 million, respectively.

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Results of Operations – Three Months Ended March 31, 2023 vs. Three Months Ended March 31, 2022

Selected financial highlights are presented in the table below:

	Three Months Ended March 31,
	2023		2022		$ Change
	(In thousands)
REVENUES:
Government Operations	$	459,886	$	431,777	$	28,109
Commercial Operations	108,924		99,950		8,974
Eliminations	(450)		(989)		539
	$	568,360	$	530,738	$	37,622
OPERATING INCOME:
Government Operations	$	90,560	$	72,231	$	18,329
Commercial Operations	1,513		3,962		(2,449)
	$	92,073	$	76,193	$	15,880
Unallocated Corporate	(4,231)		(4,620)		389
Total Operating Income	$	87,842	$	71,573	$	16,269

Consolidated Results of Operations

Consolidated revenues increased 7.1%, or $37.6 million, to $568.4 million in the three months ended March 31, 2023 compared to $530.7 million for the corresponding period of 2022, primarily due to increases in our Government Operations and Commercial Operations segments of $28.1 million and $9.0 million, respectively.

Consolidated operating income increased $16.3 million to $87.8 million in the three months ended March 31, 2023 compared to $71.6 million for the corresponding period of 2022. Operating income in our Government Operations segment increased $18.3 million and we also experienced lower Unallocated Corporate expenses of $0.4 million. These increases were partially offset by lower operating income in our Commercial Operations segment of $2.4 million when compared to the prior year.

Government Operations

	Three Months Ended March 31,
	2023		2022		$ Change
	(In thousands)
Revenues	$	459,886	$	431,777	$	28,109
Operating Income	$	90,560	$	72,231	$	18,329
% of Revenues	19.7%		16.7%

Revenues increased 6.5%, or $28.1 million, to $459.9 million in the three months ended March 31, 2023 compared to $431.8 million for the corresponding period of 2022. The increase was primarily driven by higher volume in the manufacture of nuclear components for U.S. Government programs, resulting in an increase in revenues of $31.3 million when compared to the prior year. Continued growth in design and engineering work executed by our advanced technologies business, particularly in the defense market, resulted in additional revenues of $9.7 million. These increases were partially offset by the timing of long-lead material procurements when compared to the corresponding period in the prior year.

Operating income increased $18.3 million to $90.6 million in the three months ended March 31, 2023 compared to $72.2 million for the corresponding period of 2022. The increase was due to the operating income impact of the changes in revenues noted above which included additional benefits associated with favorable product line mix. In addition, we also experienced an increase in operating income of $6.1 million associated with improved performance at several of the U.S. Government facilities that we manage, inclusive of the Savannah River Site Integrated Mission Completion Contract that began in February 2022.

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Commercial Operations

	Three Months Ended March 31,
	2023		2022		$ Change
	(In thousands)
Revenues	$	108,924	$	99,950	$	8,974
Operating Income	$	1,513	$	3,962	$	(2,449)
% of Revenues	1.4%		4.0%

Revenues increased 9.0%, or $9.0 million, to $108.9 million in the three months ended March 31, 2023 compared to $100.0 million for the corresponding period of 2022. The increase was primarily related to higher volume in our nuclear components manufacturing business as well as increases in revenues associated with nuclear fuel handling and in-plant inspection, maintenance and modification services.

Operating income decreased $2.4 million to $1.5 million in the three months ended March 31, 2023 compared to $4.0 million in 2022. The decrease was due to a shift in our project and product line mix as well as an increase in restructuring-related costs of $1.2 million.

Unallocated Corporate

Unallocated corporate expenses decreased $0.4 million in the three months ended March 31, 2023 compared to the corresponding period of 2022, primarily due to a decrease in legal and consulting costs associated with due diligence activities when compared to the prior year which was partially offset by an increase in healthcare costs.

Provision for Income Taxes

	Three Months Ended March 31,
	2023		2022		$ Change
	(In thousands)
Income before Provision for Income Taxes	$	79,674	$	77,448	$	2,226
Provision for Income Taxes	$	18,681	$	18,374	$	307
Effective Tax Rate	23.4%		23.7%

We primarily operate in the U.S., Canada and the U.K. and we recognize our U.S. income tax provision based on the U.S. federal statutory rate of 21%, our Canadian tax provision based on the Canadian local statutory rate of approximately 25%, and our U.K. tax provision based on the U.K. local statutory rate of 25%.

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.

Backlog

Backlog represents the dollar amount of revenue we expect to recognize in the future from contracts awarded and in progress. Not all of our expected revenue from a contract award is recorded in backlog for a variety of reasons, including that some projects are awarded and completed within the same reporting period.

Our backlog is equal to our remaining performance obligations under contracts that meet the criteria in FASB Topic Revenue from Contracts with Customers, as discussed in Note 3 to our condensed consolidated financial statements included in this Report. It is possible that our methodology for determining backlog may not be comparable to methods used by other companies.

We are subject to the budgetary and appropriations cycle of the U.S. Government as it relates to our Government Operations segment. Backlog may not be indicative of future operating results, and projects in our backlog may be cancelled, modified or otherwise altered by customers.

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	March 31, 2023		December 31, 2022
	(In approximate millions)
Government Operations	$	3,109	$	3,515
Commercial Operations	665		629
Total Backlog	$	3,774	$	4,144

We do not include the value of our unconsolidated joint venture contracts in backlog. These unconsolidated joint ventures are included in our Government Operations segment.

As of March 31, 2023, our ending backlog was $3,774.4 million, which included $96.3 million of unfunded backlog related to U.S. Government contracts. We expect to recognize approximately 65% of the revenue associated with our backlog by the end of 2024, with the remainder to be recognized thereafter.

Major new awards from the U.S. Government are typically received following Congressional approval of the budget for the U.S. Government's next fiscal year, which starts October 1, and may not be awarded to us before the end of the calendar year. Due to the fact that most contracts awarded by the U.S. Government are subject to these annual funding approvals, the total values of the underlying programs are significantly larger.

The value of unexercised options excluded from backlog as of March 31, 2023, was approximately $200 million, which is expected to be awarded in annual installments through 2024, subject to annual Congressional appropriations.

Liquidity and Capital Resources

Credit Facility

On October 12, 2022, we entered into an Amended and Restated Credit Agreement (the "Credit Facility") with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto. The Credit Facility consists of a $750 million senior secured revolving credit facility (the "Revolving Credit Facility") and a $250 million senior secured term A loan (the "Term Loan"). The Revolving Credit Facility and the Term Loan are scheduled to mature on October 12, 2027. The proceeds of loans under the Credit Facility are available for working capital needs, permitted acquisitions and other general corporate purposes.

The Credit Facility allows for additional parties to become lenders and, subject to certain conditions, for the increase of the commitments under the Credit Facility, subject to an aggregate maximum for all additional commitments of (1) the greater of (a) $400 million and (b) 100% of EBITDA, as defined in the Credit Facility, for the last four full fiscal quarters, plus (2) all voluntary prepayments of the Term Loan, plus (3) additional amounts provided the Company is in compliance with a pro forma first lien net leverage ratio test of less than or equal to 2.50 to 1.00.

The Company's obligations under the Credit Facility are guaranteed, subject to certain exceptions, by substantially all of the Company's present and future wholly owned domestic restricted subsidiaries. The Credit Facility is secured by first-priority liens on certain assets owned by the Company and its subsidiary guarantors (other than its subsidiaries comprising a portion of its Government Operations segment).

The Credit Facility requires interest payments on outstanding loans on a periodic basis until maturity. We are required to make quarterly amortization payments on the Term Loan in an amount equal to (i) 0.625% of the initial aggregate principal amount of the Term Loan on the last business day of each quarter beginning the quarter ended March 31, 2023 and ending the quarter ending December 31, 2024 and (ii) 1.25% of the initial aggregate principal amount of the Term Loan on the last business day of each quarter ending after December 31, 2024, with the balance of the Term Loan due at maturity. We may prepay all loans under the Credit Facility at any time without premium or penalty (other than customary Term SOFR breakage costs), subject to notice requirements.

The Credit Facility includes financial covenants that are evaluated on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The maximum permitted total net leverage ratio is 4.00 to 1.00, which may be increased to 4.50 to 1.00 for up to four consecutive fiscal quarters after a material acquisition. The minimum consolidated interest coverage ratio is 3.00 to 1.00. In addition, the Credit Facility contains various restrictive covenants, including with respect to debt, liens, investments, mergers, acquisitions, dividends, equity repurchases and asset sales. As of March 31, 2023, we were in compliance with all covenants set forth in the Credit Facility.

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Outstanding loans under the Credit Facility bear interest at our option at either (1) the Term SOFR plus a credit spread adjustment of 0.10% plus a margin ranging from 1.0% to 1.75% per year or (2) the base rate plus a margin ranging from 0.0% to 0.75% per year. We are charged a commitment fee on the unused portion of the Revolving Credit Facility, and that fee ranges from 0.15% to 0.225% per year. Additionally, we are charged a letter of credit fee of between 1.0% and 1.75% per year with respect to the amount of each financial letter of credit issued under the Revolving Credit Facility, and a letter of credit fee of between 0.75% and 1.05% per year with respect to the amount of each performance letter of credit issued under the Revolving Credit Facility. The applicable margin for loans, the commitment fee and the letter of credit fees set forth above will vary quarterly based on our total net leverage ratio. Based on the total net leverage ratio applicable at March 31, 2023, the margin for Term SOFR and base rate loans was 1.25% and 0.25%, respectively, the letter of credit fee for financial letters of credit and performance letters of credit was 1.25% and 0.825%, respectively, and the commitment fee for the unused portion of the Revolving Credit Facility was 0.175%.

As of March 31, 2023, borrowings under the Term Loan totaled $248.4 million, borrowings and letters of credit issued under the Revolving Credit Facility totaled $330.0 million and $2.6 million, respectively, and we had $417.4 million available under the Revolving Credit Facility for borrowings and to meet letter of credit requirements. As of March 31, 2023, the weighted-average interest rate on outstanding borrowings under the Credit Facility was 6.17%.

The Credit Facility generally includes customary events of default for a secured credit facility. Under the Credit Facility, (1) if an event of default relating to bankruptcy or other insolvency events occurs with respect to the Company, all related obligations will immediately become due and payable; (2) if any other event of default exists, the lenders will be permitted to accelerate the maturity of the related obligations outstanding; and (3) if any event of default exists, the lenders will be permitted to terminate their commitments thereunder and exercise other rights and remedies, including the commencement of foreclosure or other actions against the collateral.

If any default occurs under the Credit Facility, or if we are unable to make any of the representations and warranties in the Credit Facility, we will be unable to borrow funds or have letters of credit issued under the Credit Facility.

Senior Notes due 2028

We issued $400 million aggregate principal amount of 4.125% senior notes due 2028 (the "Senior Notes due 2028") pursuant to an indenture dated June 12, 2020 (the "2020 Indenture"), among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank Trust Company, National Association (formerly known as U.S. Bank National Association) ("U.S. Bank"), as trustee. The Senior Notes due 2028 are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility.

Interest on the Senior Notes due 2028 is payable semi-annually in cash in arrears on June 30 and December 30 of each year at a rate of 4.125% per annum. The Senior Notes due 2028 will mature on June 30, 2028.

We may redeem the Senior Notes due 2028, in whole or in part, at any time on or after June 30, 2023 at a redemption price equal to (i) 102.063% of the principal amount to be redeemed if the redemption occurs during the 12-month period beginning on June 30, 2023, (ii) 101.031% of the principal amount to be redeemed if the redemption occurs during the 12-month period beginning on June 30, 2024 and (iii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after June 30, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to June 30, 2023, we may also redeem up to 40.0% of the Senior Notes due 2028 with net cash proceeds of certain equity offerings at a redemption price equal to 104.125% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to June 30, 2023, we may redeem the Senior Notes due 2028, in whole or in part, at a redemption price equal to 100.0% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable "make-whole" premium.

The 2020 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2020 Indenture or the Senior Notes due 2028 and certain provisions related to bankruptcy events. The 2020 Indenture also contains customary negative covenants. As of March 31, 2023, we were in compliance with all covenants set forth in the 2020 Indenture and the Senior Notes due 2028.

Senior Notes due 2029

We issued $400 million aggregate principal amount of 4.125% senior notes due 2029 (the "Senior Notes due 2029") pursuant to an indenture dated April 13, 2021 (the "2021 Indenture"), among the Company, certain of our subsidiaries, as

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guarantors, and U.S. Bank, as trustee. The Senior Notes due 2029 are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility.

Interest on the Senior Notes due 2029 is payable semi-annually in cash in arrears on April 15 and October 15 of each year, at a rate of 4.125% per annum. The Senior Notes due 2029 will mature on April 15, 2029.

We may redeem the Senior Notes due 2029, in whole or in part, at any time on or after April 15, 2024 at a redemption price equal to (i) 102.063% of the principal amount to be redeemed if the redemption occurs during the 12-month period beginning on April 15, 2024, (ii) 101.031% of the principal amount to be redeemed if the redemption occurs during the 12-month period beginning on April 15, 2025 and (iii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after April 15, 2026, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to April 15, 2024, we may also redeem up to 40.0% of the Senior Notes due 2029 with net cash proceeds of certain equity offerings at a redemption price equal to 104.125% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to April 15, 2024, we may redeem the Senior Notes due 2029, in whole or in part, at a redemption price equal to 100.0% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable "make-whole" premium.

The 2021 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2021 Indenture or the Senior Notes due 2029 and certain provisions related to bankruptcy events. The 2021 Indenture also contains customary negative covenants. As of March 31, 2023, we were in compliance with all covenants set forth in the 2021 Indenture and the Senior Notes due 2029.

Other Arrangements

We have posted surety bonds to support regulatory and contractual obligations for certain decommissioning responsibilities, projects and legal matters. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion, and the bonding facilities generally permit the surety, in its sole discretion, to terminate the facility or demand collateral. Although there can be no assurance that we will maintain our surety bonding capacity, we believe our current capacity is adequate to support our existing requirements for the next 12 months. In addition, these bonds generally indemnify the beneficiaries should we fail to perform our obligations under the applicable agreements. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue. As of March 31, 2023, bonds issued and outstanding under these arrangements totaled approximately $113.6 million.

Similarly, we have provided letters of credit to governmental agencies and contractual counterparties to support regulatory and contractual obligations for certain decommissioning responsibilities, projects and legal matters. We utilize our Revolving Credit Facility and a bilateral letter of credit facility to support such obligations, but the issuance of letters of credit under our bilateral letter of credit facility is at the issuer’s discretion, and our bilateral letter of credit facility generally permits the issuer, in its sole discretion, to demand collateral if the issuer does not otherwise have the benefit of the collateral under our Credit Facility. Although there can be no assurance that we will maintain our bilateral letter of credit facility capacity, we believe our current capacity, together with capacity under our Revolving Credit Facility, is adequate to support our existing requirements for the next 12 months. As of March 31, 2023, letters of credit issued and outstanding under our bilateral letter of credit facility totaled approximately $34.9 million, and such letters of credit are secured by the collateral under our Credit Facility.

Long-term Benefit Obligations

As of March 31, 2023, we had underfunded defined benefit pension and postretirement benefit plans with obligations totaling approximately $78.0 million. These long-term liabilities are expected to require use of our resources to satisfy future funding obligations. Based largely on statutory funding requirements, we expect to make contributions of approximately $5.5 million for the remainder of 2023 related to our pension and postretirement plans. We may also make additional contributions based on a variety of factors including, but not limited to, tax planning, evaluation of funded status and risk mitigation strategies.

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Other

Cash, Cash Equivalents, Restricted Cash and Investments

Our domestic and foreign cash and cash equivalents, restricted cash and cash equivalents and investments as of March 31, 2023 and December 31, 2022 were as follows:

	March 31, 2023		December 31, 2022
	(In thousands)
Domestic	$	49,480	$	38,455
Foreign	10,282		14,436
Total	$	59,762	$	52,891

Our working capital increased by $99.1 million to $502.9 million at March 31, 2023 from $403.8 million at December 31, 2022, primarily attributable to changes in contracts in progress and retainages due to the timing of project cash flows and a decrease in current liabilities associated with the payment of accrued incentives during the three months ended March 31, 2023.

Our net cash used in operating activities increased by $7.6 million to $13.0 million in the three months ended March 31, 2023, compared to $5.4 million in the three months ended March 31, 2022. The increase in cash used in operating activities was primarily attributable to the timing of project cash flows.

Our net cash used in investing activities decreased by $36.1 million to $29.8 million in the three months ended March 31, 2023, compared to $65.9 million in the three months ended March 31, 2022. The decrease in cash used in investing activities was primarily attributable to a decrease in purchases of property, plant and equipment of $22.6 million as well as a $13.6 million decrease in investments in equity method investees.

Our net cash provided by financing activities decreased by $11.2 million to $49.3 million in the three months ended March 31, 2023, compared to $60.6 million in the three months ended March 31, 2022. The decrease in cash provided by financing activities was primarily attributable to a reduction in net borrowings of long-term debt which was partially offset by a reduction in repurchases of common stock when compared to the corresponding period of the prior year.

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.

At March 31, 2023, we had short-term and long-term investments with a fair value of $12.2 million. Our investment portfolio consists primarily of U.S. Government and agency securities, corporate bonds and mutual funds. Our debt securities are carried at fair value and are either classified as trading, with unrealized gains and losses reported in earnings, or as available-for-sale, with unrealized gains and losses, net of tax, being reported as a component of other comprehensive income. Our equity securities are carried at fair value with the unrealized gains and losses reported in earnings.

Cash Requirements

In April 2023, one of our joint ventures was awarded a DOE contract which we expect to transition in 2023. Over the next 12 months, we anticipate significant initial capital contributions related to this joint venture. Apart from this item, our cash requirements have not changed materially from those disclosed in Item 7 of our 2022 10-K. Furthermore, we believe we have sufficient cash and cash equivalents and borrowing capacity, along with cash generated from operations and continued access to capital markets, to satisfy our cash requirements for the next 12 months and beyond.

Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our exposures to market risks have not changed materially from those disclosed in Item 7A of our 2022 10-K.

Item 4.    CONTROLS AND PROCEDURES

As of the end of the period covered by this Report, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) adopted by the Securities and Exchange Commission ("SEC") under the Exchange Act). This evaluation was conducted under the supervision

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and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Our disclosure controls and procedures were developed through a process in which our management applied its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding the control objectives. You should note that the design of any system of disclosure controls and procedures is based in part upon various assumptions about the likelihood of future events, and we cannot assure you that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Based on the evaluation referred to above, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures are effective as of March 31, 2023 to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and such information is accumulated and communicated to management as appropriate to allow timely decisions regarding disclosure. There has been no change in our internal control over financial reporting during the three months ended March 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

Item 1.    LEGAL PROCEEDINGS

For information regarding ongoing investigations and litigation, see Note 5 to our unaudited condensed consolidated financial statements in Part I of this Report, which we incorporate by reference into this Item.

Item 1A.    RISK FACTORS

In addition to the other information in this Report, the other factors presented in Item 1A of our 2022 10-K are some of the factors that could materially affect our business, financial condition or future results. There have been no material changes to our risk factors from those disclosed in our 2022 10-K.

Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Since November 2012, we have periodically announced that our Board of Directors has authorized share repurchase programs. The following table provides information on our purchases of equity securities during the three months ended March 31, 2023. Any shares purchased that were not part of a publicly announced plan or program are related to repurchases of common stock pursuant to the provisions of employee benefit plans that permit the repurchase of shares to satisfy statutory tax withholding obligations.

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, 2023 - January 31, 2023	143	$	57.67	—	$	397.6
February 1, 2023 -February 28, 2023	112,199	$	61.43	—	$	397.6
March 1, 2023 - March 30, 2023	34	$	61.87	—	$	397.6
Total	112,376	$	61.42	—

(1)Includes 143, 112,199 and 34 shares repurchased during January, February and March, respectively, pursuant to the provisions of employee benefit plans that permit the repurchase of shares to satisfy statutory tax withholding obligations.

(2)On April 30, 2021, our Board of Directors authorized us to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $500 million with no expiration date.

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Item 6.    EXHIBITS

Exhibit Number	Description
3.1	Certificate of Amendment to Restated Certificate of Incorporation dated May 14, 2019 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on May 17, 2019 (File No. 1-34658)).
3.2	Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the SEC on May 17, 2019 (File No. 1-34658)).
3.3	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (File No. 1-34658)).
10.1	Form of 2023 Stock Option Grant Agreement for Employees.
10.2	Form of 2023 Performance Restricted Stock Units Grant Agreement for Employees.
10.3	Form of 2023 Restricted Stock Units Grant Agreement for Employees.
31.1	Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer.
31.2	Rule 13a-14(a)/15d-14(a) certification of Chief Financial Officer.
32.1	Section 1350 certification of Chief Executive Officer.
32.2	Section 1350 certification of Chief Financial Officer.
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)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		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/ Mike T. Fitzgerald
	By:	Mike T. Fitzgerald
		Vice President, Finance and Chief Accounting Officer
		(Principal Accounting Officer and Duly Authorized
		Representative)
May 8, 2023

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EX-10.1

EXHIBIT 10.1

2023 STOCK OPTION

GRANT AGREEMENT

To: <first_name> <last_name>

By accepting your grant online through the Schwab Equity Award Center, you agree that these incentives are granted under and governed by the terms and conditions of the BWX Technologies, Inc. 2020 Omnibus Incentive Plan (the “Plan”), and this2023 Stock Option Grant Agreement (this “Agreement”), which is included in the online acceptance process. A copy of the Plan and the Prospectus relating to the stock issued under the Plan can be found at https://eac.schwab.com under the “At a Glance/My Company Info” tab in your Schwab account. The Plan and Prospectus are incorporated by reference and made a part of the terms and conditions of your award. If you would like to receive a paper copy of either the Plan or Prospectus, please contact _______ at __________ or _______@bwxt.com.

******************************************************************************

Effective <award_date> (the “Date of Grant”), the Compensation Committee of the Board of Directors (the “Committee”) of BWX Technologies, Inc. (“BWXT”) awarded you a grant of Non-Qualified Stock Options (“Option(s)”) under the Plan. The provisions of the Plan are incorporated herein by reference and capitalized terms used but not otherwise defined in this Agreement have the meanings given them in the Plan.

Any reference or definition contained in this Agreement shall, except as otherwise specified, be construed in accordance with the terms and conditions of the Plan and all determinations and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on you and your legal representatives and beneficiaries. The term “BWXT” as used in this Agreement with reference to employment or separation from service shall include subsidiaries of BWXT (including unconsolidated joint ventures). Whenever the words “you” or “your” are used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to your beneficiary, estate, or personal representative, to whom any rights under this Agreement may be transferred by will or by the laws of descent and distribution, it shall be deemed to include such person.

Options

1.     Number, Price and Term of Options. You have been granted the option to purchase from BWXT at the price of $<award_price>/share (the “Option Price”) up to, but not exceeding in the aggregate, <shares_awarded> shares of BWXT common stock, subject to the terms and conditions of this Agreement and the Plan.

2.    Option Term. Options, to the extent vested, may be exercised for a period of ten (10) years from the Date of Grant (the “Option Term”).

3.     Vesting Requirements. Subject to Section 4 of this Agreement (the “Forfeiture of Options” provision), the Options do not provide you with any rights or interest therein until they vest and become exercisable under one or more of the following circumstances, to the extent the Options have not previously vested or become forfeited as of the occurrence of such circumstance:

    in one-third (1/3) increments on the first, second and third anniversaries of the Date of Grant (the date of each, an “Anniversary Date”), provided you are still employed with BWXT;

    if your employment terminates due to Retirement (as defined below) on or after the first Anniversary Date and prior to the second Anniversary Date, the remaining outstanding and unvested Options vest in one-half increments on the second and third Anniversary Dates;

    if your employment terminates due to Retirement on or after the second Anniversary Date and prior to the third Anniversary Date, 100% of the then-outstanding and unvested Options vest on the third Anniversary Date;

    100% of the then-outstanding and unvested Options on the earlier of the following to occur prior to the third Anniversary Date: (a) your death, or (b) your Disability; and

    the Committee may provide for additional vesting under other circumstances, in its sole discretion.

In the event of a Change in Control that occurs prior to the vesting or forfeiture of the Options, the Options shall be treated as set forth in Article 16 of the Plan.

For purposes of this Agreement, the term “Retirement” means termination of your employment with BWXT (other than for Cause) after attaining (i) at least 60 years of age and (ii) at least [5 for key executives] [10] years of service with BWXT (with years of service calculated by reference from your “adjusted service date,” as determined by the Company).

4.     Forfeiture of Options. Except as otherwise provided in Section 3, Options which are not or do not become vested and exercisable upon your termination of employment shall, coincident therewith, terminate and be of no force or effect.

In the event of termination of your employment for Cause, as determined in the sole judgment of the Committee, all outstanding Options awarded to you and all rights or benefits awarded to you under this grant of Options are forfeited, terminated and withdrawn immediately upon notice of such determination. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.

5.    How to Exercise. Charles Schwab & Co., Inc. (“Schwab”) currently administers BWXT’s stock plans and you must exercise your Options through Schwab. You have two ways to exercise your Options through Schwab:

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•Online – https://eac.schwab.com; or

•Telephone – 1-800-654-2593.

In addition to other exercise procedures permitted by the Plan, you may satisfy the Option Price during your employment with BWXT by tendering a portion of the exercised shares to BWXT in accordance with BWXT’s net exercise procedures.Certain restrictions apply if you are a Section 16 insider. The Committee may change Plan administrators or exercise procedures from time to time. You will be notified of such changes, as applicable.

6.    Termination of Options. The Options shall terminate and be of no force or effect as follows:

    (a)    If you continue in the employ of BWXT through the Option Term, the Options will remain exercisable, subject to the terms hereof and the Plan, until the expiration of the Option Term, at which time the Options shall terminate and have no force or effect.

    (b)    If your employment terminates during the Option Term by reason of a Retirement or disability, the Options will remain exercisable, subject to the terms hereof and the Plan, until the expiration of the Option Term, at which time the Options shall terminate and have no force or effect;

    (c)    If your employment terminates during the Option Term by reason of death, the Options terminate and have no force or effect one (1) year after the date of death, or upon the expiration of the Option Term, whichever occurs first; and

    (d)    If your employment terminates during the Option Term for any other reason, the Options terminate and have no force or effect one (1) year after your termination of employment, or upon the expiration of the Option Term, whichever occurs first.

7.    Transferability. During your lifetime the Options shall be exercisable only by you. No assignment or transfer of the Options, whether voluntary or involuntary, by operation of law or otherwise, except by will or the laws of descent and distribution or pursuant to a qualified domestic relations order, shall vest in the assignee or transferee any interest whatsoever.

8.    Securities and Exchange Commission Requirements. If you are a Section 16 insider, this type of transaction must be reported on a Form 4 before the end of the second (2) business day following the Date of Grant. Please be aware that if you are going to reject the grant, you should do so immediately after the Date of Grant to avoid potential Section 16 liability. Please advise _______ immediately by e-mail at _______@bwxt.com or telephone at _____________ if you intend to reject this grant. Absent such notice of rejection, BWXT will prepare and file the required Form 4 on your behalf within the required two business day deadline. If Section 16 applies to you, you are also subject to Rule 144. This Rule is applicable only when the shares are sold, so you need not take any action under Rule 144 at this time.

9.     Rights underlying Options. You shall have no rights of ownership in the Shares underlying the Options unless and until you exercise the Options.

Taxes

10.     Liability for Tax-Related Items. Regardless of any action BWXT or your employer (the “Employer”) takes with respect to any or all federal, state, local or foreign taxes or other tax-related amounts (“Tax-Related Items”), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that BWXT and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of Options, including the grant and vesting of Options, subsequent delivery of Shares upon exercise of Options or the subsequent sale of any

    3

Shares acquired pursuant to the exercise of such Options and (ii) do not commit to structure the terms or any aspect of this grant of Options to reduce or eliminate your liability for Tax-Related Items. To the extent that BWXT or the Employer is required to withhold Tax-Related Items in connection with any payment made to or benefit realized by you or another person with respect to the Options or the exercise of Options, you agree that, unless you have made other arrangements satisfactory to the BWXT to satisfy the Tax-Related Items, BWXT or the Employer will withhold Shares having a value equal to (A) the minimum statutory withholding amount permissible or (B) if approved by the Committee, a greater amount based on your election. In no event will the market value of the Shares to be withheld and/or delivered pursuant to this Section 10 to satisfy applicable Tax-Related Items exceed your estimated tax obligations attributable to the applicable transaction. To the extent that the amounts available to BWXT or the Employer for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that you or such other person make arrangements satisfactory to BWXT or the Employer, as applicable, for payment of the balance of such Tax-Related Items required to be withheld. The Shares withheld as described above shall be credited against any such withholding requirement at the fair market value of such Shares on the date the applicable benefit is to be included in your income.

If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, you understand that you will be deemed to have been issued the full number of Shares subject to the exercised Options, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the exercise of the Options.

Clawback Provisions

11.     Recovery of Options.  In the event that BWXT is required to prepare an accounting restatement due to the material noncompliance of BWXT with any financial reporting requirement under the U.S. federal securities laws as a result of misconduct (a “Restatement”) and the Board reasonably determines that you knowingly engaged in the misconduct, BWXT will have the right to recover the Options granted during the three-year period preceding the date on which the Board or BWXT, as applicable, determines it is required to prepare the Restatement (the “Three-Year Period”), or vested or exercised in whole or in part during the Three-Year Period, or the proceeds related to the Options in such Three-Year Period, to the extent of any excess of what would have been granted to or would have vested for you under the Restatement.

12.     Recovery Process.  In the event a Restatement is required, the Board, based upon a recommendation by the Committee, will (a) review the Options either granted, vested or exercised in whole or in part during the Three-Year Period and (b) in accordance with the provisions of this Agreement and the Plan, will take reasonable action to seek recovery of the amount of such Options in excess of what would have been granted to or would have vested for you under the Restatement (but in no event more than the total amount of such Options), as such excess amount is reasonably determined by the Board in its sole discretion, in compliance with Section 409A of the Code.  There shall be no duplication of recovery under Sections 11 and 12 of this Agreement and any of 15 U.S.C. Section 7243 (Section 304 of The Sarbanes-Oxley Act of 2002) and Section 10D of the Exchange Act. The clawback provisions of this Agreement are in addition to the forfeiture provisions contained in Section 4 of this Agreement (under the heading “Forfeiture of Options”). Notwithstanding anything in this Agreement to the contrary, you acknowledge and agree that this Agreement and the award described herein (and any settlement thereof) are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time, or otherwise adopted after the Date of Grant for any reason, including specifically to implement Section 10D of the Exchange Act, and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Shares may be traded) (the “Compensation Recovery Policy”), and that Sections 11 and 12 of this Agreement shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.

Other Information

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13.    No Guarantee of Continued Service. Neither the action of BWXT in establishing the Plan, nor any action taken by it, by the Committee or by your employer, nor any provision of the Plan or this Agreement shall be construed as conferring upon you the right to be retained in the employ of BWXT.

14.    Adjustments. The Options evidenced by this Agreement are subject to adjustment as provided in Sections 4.3 and 17.2 of the Plan.

15.    Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by BWXT without your consent). Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

16.    Electronic Delivery. BWXT may, in its sole discretion, deliver any documents related to the Options and your participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Plan through an on-line or electronic system established and maintained by BWXT or another third party designated by BWXT.

17.    Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

18.    Successors and Assigns. Without limiting Section 7 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, your successors, administrators, heirs, legal representatives and assigns, and the successors and assigns of BWXT.

19.    Acknowledgement. You acknowledge that you (a) have received a copy of the Plan, (b) have had an opportunity to review the terms of this Agreement and the Plan, (c) understand the terms and conditions of this Agreement and the Plan and (d) agree to such terms and conditions.

20.    Country-Specific Special Terms and Conditions. Notwithstanding any provisions in this Agreement, the Options shall also be subject to the special terms and conditions set forth in Appendix A to this Agreement for your country of residence. Moreover, if you relocate to one of the countries included on Appendix A, the special terms and conditions for such country will apply to you, to the extent BWXT determines that the application of such terms and conditions are necessary or advisable in order to comply with local law or facilitate the administration of the Plan. Appendix A constitutes part of this Agreement.

21.    Notice to Governmental Authority. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prevents you from providing, without prior notice to BWXT, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity you are not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the 1934 Act.

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APPENDIX A

COUNTRY-SPECIFIC SPECIAL TERMS AND CONDITIONS

This Appendix A, which is part of the BWXT 2023 Stock Option Grant Agreement (the “Agreement”), contains additional and superseding terms and conditions of the Agreement that will apply to you if you reside in one of the countries listed below. It also includes information about certain other issues of which you should be aware with respect to your participation in the Plan. Such information is based on securities, exchange control, and other laws in effect in the respective countries as of February 2023. Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and/or the Agreement. By accepting the Options, you agree to be bound by the terms and conditions contained in the paragraphs below in addition to the terms of the Plan, the Agreement, and the terms of any other document that may apply to you and your Options.

You are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the Options were granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not apply.

COUNTRIES COVERED BY THIS APPENDIX A:

Canada.

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CANADA

Terms and Conditions

1.     Canadian Residents. The following terms and conditions apply to you if you are (a) resident in or primarily reporting to work in a province or territory of Canada; or (b) subject to Canadian taxation under the Income Tax Act (Canada) (the “Tax Act”) and/or the taxing legislation of any province or territory of Canada.

2.    Additional Definitions. For the purposes of the Agreement (including, for clarity, this Appendix A):

(a)“Actively Employed” shall mean the period during which you actually perform work for the Company or its Affiliates, which shall be deemed to include: (i) any period of vacation, paid time off or approved leave of absence; and (ii) any period constituting the minimum notice of termination period that is required to be provided to you, if any, pursuant to the employment standards legislation that is applicable to you (if any), but shall exclude any other period, including any period of reasonable notice at common law, that follows or ought to have followed the later of: (A) the end of such minimum statutory notice period; or (B) your last day of performing work for the Company and its Affiliates (including any period of paid time off or approved leave of absence), whether arising from a contractual or common law right;

(b)“Cause” means: (i) your wilful misconduct, disobedience or wilful neglect of duty that is not trivial and that has not been condoned by the Company or its Affiliates; or (ii) the occurrence of such other event or circumstances as would permit the termination of your employment without notice, payment in lieu of notice, and severance pay (if applicable) under the applicable employment standards legislation; and

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(c)“Termination Date” means the last day upon which you are Actively Employed with the Company or an Affiliate, whether such date is selected by you or unilaterally by the Company or an Affiliate.

3.    Nature of Grant. In accepting the grant of Options, you acknowledge that:

(a)the Plan is established voluntarily by BWXT, is discretionary in nature and may be modified, amended, suspended or terminated by BWXT at any time and from time to time;

(b)the grant of the Options is voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, even if Options have been granted repeatedly in the past;

(c)all decisions with respect to future Options grants, if any, will be at the sole discretion of BWXT;

(d)you are voluntarily participating in the Plan;

(e)the Options and the Shares issued pursuant to the exercise of the Options are an extraordinary item and, except as expressly required by the applicable employment standards legislation, do not constitute compensation of any kind for services of any kind rendered to BWXT or the Employer, and which is outside the scope of your employment contract, if any;

(f)the Options and the Shares issued pursuant to the exercise of the Options are not intended to replace any pension rights or compensation;

(g)except as expressly required by the applicable employment standards legislation, the Options and the Shares issued pursuant to the exercise of are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for BWXT, the Employer, or any Subsidiary;

(h)the Options and your participation in the Plan will not be interpreted to form an employment contract or relationship with BWXT or any Subsidiary (other than the Employer);

(i)the future value of the Shares issued pursuant to the exercise of Options is unknown and cannot be predicted with certainty;

(j)in consideration of the grant of the Options, and except to the minimum extent prohibited by the employment standards legislation as may be applicable to you, no claim or entitlement to compensation or damages shall arise from forfeiture of the Options resulting from termination of your employment with BWXT or the Employer (for any reason whatsoever) and you irrevocably release BWXT and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you shall be deemed irrevocably to have waive any entitlement to pursue such claim;

(k)BWXT and its Subsidiaries (including the Employer) reserve the right to terminate the employment of any person, regardless of the effect of such termination of employment on entitlements under the Agreement. You hereby waive, and irrevocably release BWXT and its Subsidiaries (including the Employer) from, any claim or entitlement to compensation or damages that may arise from any forfeiture of the Options as a result of

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the cessation of vesting on and after the Termination Date; notwithstanding the foregoing, if your service terminates due to certain termination events as described in this Agreement, the Options will be fully vested;

(l)the Options and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger, take-over or transfer of liability; and

(m)You acknowledge and agree that you have no entitlement to this award of Options until such time as the award is accepted by you through your execution of this Agreement.

4.    Vesting Requirements. Section 3 of the Agreement (the “Vesting Requirement” provision) is deleted in its entirety and replaced with the following:

“Subject to Section 4 of this Agreement (the “Forfeiture of Options” provision), the Options do not provide you with any rights or interest therein until they vest and become exercisable under one or more of the following circumstances, to the extent the Options have not previously vested or become forfeited as of the occurrence of such circumstance:

(a)the Options will vest in one-third (1/3) increments on the first, second and third anniversaries of the Date of Grant (the date of each anniversary, an “Anniversary Date”), provided that, except as otherwise set out herein, you must be and remain Actively Employed (as defined herein) with BWXT or an Affiliate on the applicable Anniversary Date;

(b)if your employment terminates due to Retirement (as defined herein) and the Termination Date (as defined herein) is on or after the first Anniversary Date and prior to the second Anniversary Date, the remaining outstanding and unvested Options will vest in one-half (1/2) increments on the second and third Anniversary Dates;

(c)if your employment terminates due to Retirement and the Termination Date is on or after the second Anniversary Date and prior to the third Anniversary Date, 100% of the then-outstanding and unvested Options will vest on the third Anniversary Date;

(d)if your employment terminates as a result of: (i) your death; or (ii) your Disability and the Termination Date is prior to the third Anniversary Date, then 100% of the then-outstanding and unvested Options will vest on the Termination Date; and

(e)the Committee may provide for additional vesting under other circumstances, in its sole discretion.

In the event of a Change in Control that occurs prior to the vesting or forfeiture of the Options, the Options shall be treated as set forth in Article 16 of the Plan.

For the purposes of this Agreement, the term “Retirement” means the voluntary termination of your employment with BWXT or its Affiliate (other than for Cause) after attaining (i) at least 60 years of age and (ii) at least [5 for key executives] [10] years of service with BWXT and its Affiliates (with years of service calculated by reference from your “adjusted service date,” as determined by the Company).”

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4.    Forfeiture of Options. Section 4 of the Agreement (the “Forfeiture of Options” provision) is hereby deleted in its entirety and replaced with the following:

“Except as otherwise provided in Section 3, Options which are not, or do not become, vested and exercisable as of the Termination Date shall, coincident therewith, terminate and be of no force or effect as of the Termination Date.

In the event that your employment is terminated for Cause, as determined in the sole judgment of the Committee, all outstanding Options awarded to you and all rights or benefits awarded to you under this grant of Options are forfeited, terminated and withdrawn immediately upon the Termination Date. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.”

5.    Termination of Options. Section 6 of the Agreement (the “Termination of Options” provision)     is hereby deleted in its entirety and replaced with the following:

“Except as otherwise provided in Section 3, Options which are not, or do not become, vested and exercisable as of the Termination Date shall, coincident therewith, terminate and be of no force or effect as of the Termination Date.

In the event that your employment is terminated for Cause, as determined in the sole judgment of the Committee, all outstanding Options awarded to you and all rights or benefits awarded to you under this grant of Options are forfeited, terminated and withdrawn immediately upon the Termination Date. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.”

6.    Liability for Tax-Related Items. Section 10 of the Agreement (the “Liability for Tax-Related Items” provision) is hereby deleted in its entirety and replaced as follows:

“Liability for Tax-Related Items. Regardless of any action BWXT or your employer (the “Employer”) takes with respect to any or all federal, state, provincial, local, foreign, social insurance, payroll or other taxes (“Tax-Related Items”), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that BWXT and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of Options, including the grant, vesting and exercise of Options, subsequent delivery of Shares or the subsequent sale of any Shares acquired pursuant to the exercise of such Options and (ii) do not commit to structure the terms or any aspect of this grant of Options to reduce or eliminate your liability for Tax-Related Items. To the extent that BWXT or the Employer is required to withhold Tax-Related Items in connection with any payment made to or benefit realized by you or another person with respect to the Options or the exercise of Options, you agree that, unless you have made other arrangements satisfactory to the BWXT to satisfy the Tax-Related Items, BWXT or the Employer will withhold Shares having a value equal to (A) the minimum statutory withholding amount permissible or (B) if approved by the Committee, a greater amount based on your election. In no event will the market value of the Shares to be withheld and/or delivered pursuant to this Section 10 to satisfy applicable Tax-Related Items exceed

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your estimated tax obligations attributable to the applicable transaction. Furthermore, you may withdraw such agreement to withhold Shares at any time, provided that you make advance arrangements satisfactory to BWXT and the Employer to satisfy the withholding of Tax-Related Items as and when they become due. To the extent that the amounts available to BWXT or the Employer for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that you or such other person make arrangements satisfactory to BWXT or the Employer, as applicable, for payment of the balance of such Tax-Related Items required to be withheld. The Shares withheld as described above shall be credited against any such withholding requirement at the fair market value of such Shares on the date the applicable benefit is to be included in your income.

If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, you understand that you will be deemed to have been issued the full number of Shares subject to the exercised Options, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the exercise of the Options.”

7.    Data Privacy. You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement, the Plan and any other award materials by and among, as applicable, the Employer, BWXT, and its Subsidiaries for the exclusive purpose of implementing, administering and managing your participation in the Plan.

    You understand that BWXT and the Employer may hold certain personal information about you, including, but not limited to, your name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, nationality, job title, any Shares or directorships held in BWXT, details of all awards or any other entitlement to Shares granted, canceled, purchased, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

    You understand that Data will be transferred to any third parties assisting BWXT with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize BWXT and any other possible recipients which may assist BWXT (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

8.     Language Consent. The following provision will apply to residents of Quebec:

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The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention.

9.    Election to Receive Cash. Notwithstanding anything to the contrary in the Plan and/or this Agreement, the Company shall not have the right unilaterally to cause you to surrender all or a portion of your Options for cash in lieu of Shares (including with respect to cash amounts required to satisfy Tax-Related Items). However, from time to time, the Committee may provide you with the right to elect (which right may be time-limited and/or tied to the occurrence of contingent events, at the Committee’s sole discretion) to surrender such Options for a cash compensation payment. Any Options that you have not elected to be surrendered for cash compensation shall only be exercised for Shares, or, if so determined by the Committee and communicated to you in advance, forfeited.

10.    Net Exercise. Notwithstanding Section 6.6 of the Plan, in the event that Shares otherwise issuable upon exercise of an Option pursuant to a “net exercise” arrangement are withheld by the Company, (a) such “net exercise” shall occur only upon your prior election; and (b) such Shares are considered to have been issued to you and subsequently acquired by the Company.

11.    Form of Payment. Due to legal restrictions in Canada and notwithstanding any language to the contrary in the Plan, you are prohibited from surrendering Shares that you already own or from attesting to the ownership of Shares to pay any tax withholding in connection with exercise of Options granted to you.

12.    No Fractional Shares. Notwithstanding anything to the contrary in the Plan, no payment or other compensation shall be provided with respect to fractional Shares, which shall be rounded down to the nearest whole number of Shares.

Notifications

13.    Additional Restrictions on Resale. In addition to the restrictions on resale and transfer noted in the Plan materials, securities purchased under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws. You are encouraged to seek legal advice prior to any resale of such securities. In general, participants resident in Canada may resell their securities in transactions carried out on exchanges outside of Canadaand, in particular, you are generally permitted to sell Shares acquired pursuant to the Plan through the designated broker appointed under the Plan, if any, provided that BWXT is a foreign issuer that is not public in Canada and the sale of the Shares acquired pursuant to the Plan takes place: (i) through an exchange, or a market, outside of Canada on the distribution date; or (ii) to a person or company outside of Canada. For purposes hereof, a foreign issuer is an issuer that: (a) is not incorporated or existing pursuant to the laws of Canada or any jurisdiction of Canada; (b) does not have its head office in Canada; and (c) does not have a majority of its executive officers or directors ordinarily resident in Canada.

14.    Tax Reporting. You acknowledge that the Tax Act and the regulations thereunder require a Canadian resident individual (among others) to file an information return disclosing prescribed information where, at any time in a tax year, the total cost amount of such individual’s “specified foreign property” (which includes shares, options, restricted stock units, and performance-based restricted stock units) exceeds Cdn.$100,000. You acknowledge having had the opportunity to consult your own tax advisor regarding this reporting requirement and agree that such requirement is solely your responsibility.

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15.    Non-Qualified Security. In the event that BWXT or the Employer is at any time concurrent with a grant of Options a “specified person” as defined in subsection 110(0.1) of the Tax Act, the following Shares subject to such Options are “non-qualified securities” within the meaning of section 110 of the Tax Act:

“Vesting year” Shares Subject to Option that are “non-qualified securities” under s. 110 of the Tax Act

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EX-10.2

EXHIBIT 10.2

2023 PERFORMANCE RESTRICTED STOCK UNITS

GRANT AGREEMENT

To: <first_name> <last_name>

By accepting your grant online through the Schwab Equity Award Center, you agree that these incentives are granted under and governed by the terms and conditions of the BWX Technologies, Inc. 2020 Omnibus Incentive Plan (the “Plan”), and this2023 Performance Restricted Stock Units Grant Agreement (this “Agreement”), which is included in the online acceptance process. A copy of the Plan and the Prospectus relating to the stock issued under the Plan can be found at https://eac.schwab.com under the “At a Glance/My Company Info” tab in your Schwab account. The Plan and Prospectus are incorporated by reference and made a part of the terms and conditions of your award. If you would like to receive a paper copy of either the Plan or Prospectus, please contact _________ at _____________ or ________@bwxt.com.

******************************************************************************

Effective <award_date> (the “Date of Grant”), the Compensation Committee of the Board of Directors (the “Committee”) of BWX Technologies, Inc. (“BWXT”) awarded you a grant of performance-based Restricted Stock Units (“Performance RSUs”) under the Plan. The provisions of the Plan are incorporated herein by reference and capitalized terms used but not otherwise defined in this Agreement have the meanings given them in the Plan.

Any reference or definition contained in this Agreement shall, except as otherwise specified, be construed in accordance with the terms and conditions of the Plan and all determinations and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on you and your legal representatives and beneficiaries. The term “BWXT” as used in this Agreement with reference to employment shall include subsidiaries of BWXT (including unconsolidated joint ventures). Whenever the words “you” or “your” are used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to your beneficiary, estate, or personal representative, to whom any rights under this Agreement may be transferred by will or by the laws of descent and distribution, it shall be deemed to include such person.

Performance RSUs

1.     Performance RSU Award. You have been awarded <shares_awarded> performance-based restricted stock units (the “Initial Performance RSUs”). These Performance RSUs represent a right to receive Shares, calculated as described below, provided (and to the extent that) the applicable performance measures and vesting requirements set forth in this Agreement have been satisfied. No Shares are awarded or issued to you on the Date of Grant.

2.     Vesting Requirements. Subject to Section 3 of this Agreement (the “Forfeiture of Performance RSUs” provision), Performance RSUs will become vested under one of the following circumstances, to the extent the Performance RSUs have not previously vested or become forfeited:

    a percentage of the Initial Performance RSUs shall become vested on the third anniversary of the Date of Grant (the “Third Anniversary Date”), provided you are still employed by BWXT (with the number in which you vest determined as described in Section 4 of this Agreement (the “Number of Performance RSUs” provision));

    if your employment terminates on or after the first anniversary of the Date of Grant but prior to the Third Anniversary Date due to Retirement (as defined below) or an involuntary termination by BWXT without Cause, you will be eligible to vest in a number of Performance RSUs equal to the product of (a) the number of Performance RSUs that would have vested if you would have remained in the continuous employ of BWXT until the Third Anniversary Date or the occurrence of a Change in Control that would otherwise result in vesting (whichever occurs first) multiplied by (b) a fraction, the numerator of which is the number of calendar days you are employed by BWXT during the Performance Period, and the denominator of which is the total number of calendar days in the Performance Period;

    100% of the Initial Performance RSUs shall become vested prior to the Third Anniversary Date on the earlier to occur of: (a) your death, or (b) your Disability; and

    the Committee may provide for additional vesting under other circumstances, in its sole discretion.

In the event of a Change in Control that occurs prior to the vesting or forfeiture of the Performance RSUs, the Performance RSUs shall be treated as set forth in Article 16 of the Plan.

For purposes of this Agreement, “Retirement” means termination of your employment with BWXT (other than for Cause) after attaining (i) at least 60 years of age and (ii) at least [5 for key executives] [10] years of service with BWXT (with years of service calculated by reference from your “adjusted service date,” as determined by the Company).

3.     Forfeiture of Performance RSUs. Except as otherwise provided in Section 2 above, Performance RSUs which are not or do not become vested upon your termination of employment for any reason shall, coincident therewith, be forfeited and be of no force and effect.

In the event of termination of your employment for Cause, as determined in the sole judgment of the Committee, all Performance RSUs and all rights or benefits awarded to you under this grant of Performance RSUs are forfeited, terminated and withdrawn immediately upon notice of such determination. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.

4.     Number of Performance RSUs. Except as otherwise provided in this Agreement and subject to adjustments permitted by the Plan, the number of Performance RSUs in which you will vest under this Agreement, if any, will be determined by multiplying (a) the sum of (i) 0.4 times the vested percentage applicable to Earnings Before Interest, Taxes, Depreciation, and Amortization

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“EBITDA” plus (ii) 0.4 times the vested percentage applicable to Return on Invested Capital (“ROIC”), plus (iii) 0.2 times the vested percentage applicable to relative Total Shareholder Return (“TSR”) by (b) the number of Initial Performance RSUs. The maximum number of Performance RSUs in which you can vest is 200% of your Initial Performance RSUs and the minimum number of Performance RSUs in which you can vest is 0% of your Initial Performance RSUs.

The vested percentage applicable to EBITDA, ROIC and TSR will each be determined over the Performance Period as set forth on Schedule 1 attached hereto and incorporated by reference herein. For purposes of this Agreement, the “Performance Period” means the period beginning on January 1, 2023 and ending on December 31, 2025.

5.     Settlement of Performance RSUs. You (or your beneficiary, if applicable) will receive one Share for each Performance RSU that vests under this Agreement. If you have made a permitted deferral election with respect to the Performance RSUs, then, subject to compliance with Section 409A of the Code (to the extent applicable), vested Performance RSUs shall be paid to you in accordance with such deferral election. If you have not made a permitted deferral election with respect to the Performance RSUs, vested Performance RSUs shall be paid to you as soon as administratively practicable after the Performance RSUs vest, but in no event later than the earlier of (a) March 15 following the end of the calendar year in which the Performance RSUs vest and (b) March 15, 2026 (and in all events within the short-term deferral period for purposes of Section 409A of the Code).

6.     Dividend, Voting Rights and Other Rights. You shall have no rights of ownership in the Shares underlying the Performance RSUs and shall have no right to vote such Shares until the date on which the Shares are transferred to you pursuant hereto. From and after the Date of Grant and until the earlier of (a) the time when the Performance RSUs become vested and are paid in accordance with Section 5 hereof or (b) the time when your right to receive Shares in payment of the Performance RSUs is forfeited in accordance with Section 3 hereof, on the date that BWXT pays a cash dividend (if any) to holders of Shares generally, you shall be credited with cash per Performance RSU equal to the amount of such dividend. Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including vesting, payment and forfeitability) as apply to the Performance RSUs based on which the dividend equivalents were credited, and such amounts shall be paid in cash (without interest) at the same time as the Shares underlying the Performance RSUs to which they relate are delivered.

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Taxes

7.     Liability for Tax-Related Items. Regardless of any action BWXT or your employer (the “Employer”) takes with respect to any or all federal, state, local or foreign taxes or other tax-related amounts (“Tax-Related Items”), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that BWXT and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of Performance RSUs, including the grant and vesting of Performance RSUs, subsequent delivery of Shares or the subsequent sale of any Shares acquired pursuant to such Performance RSUs and receipt of any dividend equivalent payments (if any) and (ii) do not commit to structure the terms or any aspect of this grant of Performance RSUs to reduce or eliminate your liability for Tax-Related Items. To the extent that BWXT or the Employer is required to withhold Tax-Related Items in connection with any payment made to or benefit realized by you or another person with respect to the Performance RSUs, you agree that, unless otherwise determined by the Committee, BWXT or the Employer will withhold Shares having a value equal to (A) the minimum statutory withholding amount permissible or (B) if approved by the Committee, a greater amount based on your election. In no event will the market value of the Shares to be withheld and/or delivered pursuant to this Section 7 to satisfy applicable Tax-Related Items exceed your estimated tax obligations attributable to the applicable transaction. To the extent that the amounts available to BWXT or the Employer for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that you or such other person make arrangements satisfactory to BWXT or the Employer, as applicable, for payment of the balance of such Tax-Related Items required to be withheld. The Shares withheld as described above shall be credited against any such withholding requirement at the fair market value of such Shares on the date the applicable benefit is to be included in your income.

If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, you understand that you will be deemed to have been issued the full number of Shares subject to the settled Performance RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the settlement of the Performance RSUs.

Transferability

8.     Non-Transferability. Performance RSUs granted hereunder are non-transferable other than by will or by the laws of descent and distribution.

Clawback Provisions

9.     Recovery of Performance RSUs.  In the event that BWXT is required to prepare an accounting restatement due to the material noncompliance of BWXT with any financial reporting requirement under the U.S. federal securities laws as a result of misconduct (a “Restatement”) and the Board reasonably determines that you knowingly engaged in the misconduct, BWXT will have the right to recover the Performance RSUs granted during the three-year period preceding the date on which the Board or BWXT, as applicable, determines it is required to prepare the Restatement (the “Three-Year Period”), or vested in whole or in part during the Three-Year Period, or the proceeds related to the Performance RSUs in the Three-Year Period, to the extent of any excess of what would have been granted to or would have vested for you under the Restatement.

10.    Recovery Process.  In the event a Restatement is required, the Board, based upon a recommendation by the Committee, will (a) review the Performance RSUs either granted or vested in whole or in part during the Three-Year Period and (b) in accordance with the provisions of this Agreement and the Plan, will take reasonable action to seek recovery of the amount of such Performance RSUs in excess of what would have been granted to or would have vested for you under the Restatement (but in no event more than the total amount of such Performance RSUs), as such excess amount is reasonably determined by the Board in its sole discretion, in compliance with

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Section 409A of the Code.  There shall be no duplication of recovery under Sections 9 and 10 of this Agreement and any of 15 U.S.C. Section 7243 (Section 304 of The Sarbanes-Oxley Act of 2002) and Section 10D of the Exchange Act. Notwithstanding anything in this Agreement to the contrary, you acknowledge and agree that this Agreement and the award described herein (and any settlement thereof) are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time, or otherwise adopted after the Date of Grant for any reason, including specifically to implement Section 10D of the Exchange Act, and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Shares may be traded) (the “Compensation Recovery Policy”), and that Sections 9 and 10 of this Agreement shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.

Other Information

11.    No Guarantee of Continued Service. Neither the action of BWXT in establishing the Plan, nor any action taken by it, by the Committee or by your employer, nor any provision of the Plan or this Agreement shall be construed as conferring upon you the right to be retained in the employment of BWXT or any of its subsidiaries or affiliates.

12.    Adjustments. The Performance RSUs evidenced by this Agreement are subject to adjustment as provided in Sections 4.3 and 17.2 of the Plan.

13.    Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by BWXT without your consent). Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

14.    Electronic Delivery. BWXT may, in its sole discretion, deliver any documents related to the Performance RSUs and your participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Plan through an on-line or electronic system established and maintained by BWXT or another third party designated by BWXT.

15.    Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

16.    Successors and Assigns. Without limiting Section 8 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, your successors, administrators, heirs, legal representatives and assigns, and the successors and assigns of the Company.

17.    Acknowledgement. You acknowledge that you (a) have received a copy of the Plan, (b) have had an opportunity to review the terms of this Agreement and the Plan, (c) understand the terms and conditions of this Agreement and the Plan and (d) agree to such terms and conditions.

18.    Country-Specific Special Terms and Conditions. Notwithstanding any provisions in this Agreement, the Performance RSUs shall also be subject to the special terms and conditions set forth in Appendix A to this Agreement for your country of residence. Moreover, if you relocate to one of the countries included on Appendix A, the special terms and conditions for such country will apply

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to you, to the extent BWXT determines that the application of such terms and conditions are necessary or advisable in order to comply with local law or facilitate the administration of the Plan. Appendix A constitutes part of this Agreement.

19.    Notice to Governmental Authority. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prevents you from providing, without prior notice to BWXT, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity you are not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the 1934 Act.

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Schedule 1

Calculating EBITDA, ROIC and TSR

Except as otherwise described below, the component values used to calculate EBITDA, ROIC and TSR will be determined in accordance with U.S. generally accepted accounting principles excluding (1) expenses associated with the acquisition or disposition of any asset, (2) expenses associated with company restructuring activity, (3) any pension accounting mark-to-market losses, (4) acquisition related amortization resulting from an acquisition that occurs during the Performance Period, (5) losses from divestitures, (6) impairments of tangible and intangible assets, (7) losses in respect of legal proceedings and dispute resolutions, (8) losses from tax valuation allowances, (9) fluctuations in foreign currency exchange rates impacting translation of foreign earnings into USD, and (10) losses in respect of an Act of God/Force Majeure matter. The performance goals or the component values will also be adjusted to reflect the negative effects from applicable changes in accounting standards / policies or tax regulations after the Date of Grant. No adjustment herein shall limit any discretion provided by the Plan to increase or reduce the amount of a Participant’s Final Award as computed hereunder.

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)

The vested percentage applicable to EBITDA will be determined based on BWXT’s cumulative EBITDA (as calculated below) (“Cumulative EBITDA”) for the Performance Period in accordance with the following schedule:

Cumulative EBITDAEBITDA Vested Percentage

         $ x.xx                 50%

         $ x.xx                 100%

         $ x.xx             200%

Vested percentages between the amounts shown will be calculated by linear interpolation. The vested percentage applicable to EBITDA will be 0% if the Cumulative EBITDA for the Performance Period is below $x.xx. In no event will the vested percentage applicable to EBITDA be greater than 200%.

EBITDA will be calculated for each calendar year during the Performance Period and Cumulative EBITDA for the Performance Period will equal the sum of the three applicable annual EBITDA calculations.

For purposes of this Agreement, the term “EBITDA” means BWXT’s operating income for the applicable period plus depreciation and amortization expense for the applicable period.

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Return on Invested Capital (ROIC)

The vested percentage applicable to ROIC will be determined based on BWXT’s average annual ROIC (as calculated below) (“Average ROIC”) for the Performance Period in accordance with the following schedule:

Average ROICROIC Vested Percentage

         xx.x%             50%

         xx.x%                 100%

         xx.x%                 200%

Vested percentages between the amounts shown will be calculated by linear interpolation. The vested percentage applicable to ROIC will be 0% if the Average ROIC for the Performance Period is below xx.x%. In no event will the vested percentage applicable to ROIC be greater than 200%.

ROIC will be calculated quarterly and the ROIC for any calendar year during the Performance Period will equal the sum of the four applicable quarterly ROIC calculations. Average ROIC will equal the sum of the three annual ROIC calculations during the Performance Period divided by three.

For purposes of this Agreement, the term “ROIC” is a ratio measure of BWXT’s net income in relation to BWXT’s invested capital. For purposes of determining ROIC, net income is pre-tax income less tax expense calculated in accordance with U.S. generally accepted accounting principles. Invested capital is BWXT’s total assets less current liabilities. Current liabilities include any liabilities that are due within one calendar year and will be defined based on BWXT’s consolidated balance sheet applicable to the applicable period.

Total Shareholder Return (TSR)

The vested percentage applicable to TSR will be determined based on BWXT’s TSR (as defined below) over the Performance Measurement Period relative to the TSR of the companies included in the S&P Aerospace & Defense Select Industry Index as of the first business day of the Performance Measurement Period (as defined below) and set forth in Schedule 2 attached herewith (the “TSR Companies”) during the same period in accordance with the following schedule:

TSR Ranking Relative to TSR Companies TSR Vested Percentage

<25th percentile                         0%

25th percentile                         50%

50th percentile                        100%

>75th percentile                        200%

Vested percentages between the amounts shown will be calculated by linear interpolation. The vested percentage applicable to TSR will be 0% if BWXT’s TSR ranks lower than the 25th percentile relative to the TSR Companies. In no event will the vested percentage applicable to TSR be greater than 200%. If BWXT’s TSR during the Performance Measurement Period is negative, the vested percentage applicable to TSR shall not exceed 100%.

For purposes of this Agreement, the term TSR means [(a) – (b) + (c)]/b, where (a) is the Stock Price (as defined below) on the last business day of the Performance Measurement Period, (b) is the Stock Price on the first business day of the Performance Measurement Period and (c) is dividends paid and reinvested during the Performance Measurement Period. The term “Stock Price” means the average daily closing price of a

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share of common stock of the applicable company during the preceding 30 calendar days. The Stock Price shall be adjusted to reflect a stock split, spin-off or other extraordinary corporate event occurring during the Performance Measurement Period.

The Committee, in its discretion, may adjust the composition of the TSR Companies due to extraordinary corporate events involving these companies, including but not limited to merger, acquisition, bankruptcy, dissolution or divestiture.

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Schedule 2

TSR Companies

For purposes of the Agreement, the term “TSR Companies” refers to the following companies included in the S&P Aerospace & Defense Select Industry Index as of January 1, 2023, the first business day of the Performance Measurement Period:

AAR Corp	Maxar Technologies Inc.
Aerojet Rocketdyne Holdings, Inc.	Mercury Systems, Inc.
AeroVironment, Inc.	Moog Inc.
Archer Aviation Inc.	National Presto Industries, Inc.
Axon Enterprise, Inc.	Northrop Grumman Corporation
BWX Technologies, Inc.	Parsons Corporation
Curtiss-Wright Corporation	Raytheon Technologies Corporation
Ducommun Incorporated	Rocket Lab USA, Inc.
General Dynamics Corporation	Spirit AeroSystems Holdings, Inc.
HEICO Corporation	Textron Inc.
Hexcel Corporation	The Boeing Company
Howmet Aerospace Inc.	TransDigm Group Incorporated
Huntington Ingalls Industries, Inc.	Triumph Group, Inc.
Kaman Corporation	V2X, Inc.
Kratos Defense & Security Solutions, Inc.	Virgin Galactic Holdings, Inc.
L3Harris Technologies, Inc.	Woodward, Inc.
Lockheed Martin Corporation

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APPENDIX A

COUNTRY-SPECIFIC SPECIAL TERMS AND CONDITIONS

This Appendix A, which is part of the BWXT 2023 Performance Restricted Stock Units Grant Agreement (the “Agreement”), contains additional and superseding terms and conditions of the Agreement that will apply to you if you reside in one of the countries listed below. It also includes information about certain other issues of which you should be aware with respect to your participation in the Plan. Such information is based on securities, exchange control, and other laws in effect in the respective countries as of February 2023. Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and/or the Agreement. By accepting the Performance RSUs, you agree to be bound by the terms and conditions contained in the paragraphs below in addition to the terms of the Plan, the Agreement, and the terms of any other document that may apply to you and your Performance RSUs.

    You are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

    Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the Performance RSUs were granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not apply.

COUNTRIES COVERED BY THIS APPENDIX A:

Canada.

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CANADA

Terms and Conditions

1.     Canadian Residents. The following terms and conditions apply to you if you are (a) resident in or primarily reporting to work in a province or territory of Canada; or (b) subject to Canadian taxation under the Income Tax Act (Canada) (the “Tax Act”) and/or the taxing legislation of any province or territory of Canada.

2.     Additional Definitions. For the purposes of the Agreement (including, for clarity, this Appendix A):

(a)“Actively Employed” shall mean the period during which you actually perform work for the Company or its Affiliates, which shall be deemed to include: (i) any period of vacation, paid time off or approved leave of absence; and (ii) any period constituting the minimum notice of termination period that is required to be provided to you, if any, pursuant to the employment standards legislation that is applicable to you (if any), but shall exclude any other period, including any period of reasonable notice at common law, that follows or ought to have followed the later of: (A) the end of such minimum statutory notice period; or (B) your last day of performing work for the Company and its Affiliates (including any period of paid time off or approved leave of absence), whether arising from a contractual or common law right;

(b)“Cause” means: (i) your wilful misconduct, disobedience or wilful neglect of duty that is not trivial and that has not been condoned by the Company or its Affiliates; or (ii) the occurrence of such other event or circumstances as would permit the termination of your

employment without notice, payment in lieu of notice, and severance pay (if applicable) under the applicable employment standards legislation; and

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(c)“Termination Date” means the last day upon which you are Actively Employed with the Company or an Affiliate, whether such date is selected by you or unilaterally by the Company or an Affiliate.

3.Vesting Requirements. Section 2 of the Agreement (the “Vesting Requirements” provision) is deleted in its entirety and replaced with the following:

Subject to Section 3 of this Agreement (the “Forfeiture of Performance RSUs” provision), the Performance RSUs will become vested under one of the following circumstances, to the extent the Performance RSUs have not previously vested or become forfeited:

(a)a percentage of the Initial Performance RSUs shall become vested on the third anniversary of the Date of Grant (the “Third Anniversary Date”), provided that, except as otherwise set out herein, you must be and remain Actively Employed (as defined herein) with BWXT or an Affiliate on the Third Anniversary Date (with the number of Performance RSUs in which you vest determined as described in Section 4 of this Agreement (the “Number of Performance RSUs” provision));

(b)if your employment terminates due to Retirement (as defined below) or an involuntary termination by BWXT without Cause and the Termination Date (as defined herein) is on or after the first anniversary of the Date of Grant but prior to the Third Anniversary Date, you will be eligible to vest in a number of Performance RSUs equal to the product of: (i) the number of Performance RSUs that would have vested if you would have remained Actively Employed by BWXT or an Affiliate until the Third Anniversary Date or the occurrence of a Change in Control that would otherwise result in vesting (whichever occurs first) multiplied by (ii) a fraction, the numerator of which is the number of calendar days you are Actively Employed by BWXT or an Affiliate during the Performance Period, and the denominator of which is the total number of calendar days in the Performance Period;

(c)if your employment terminates as a result of: (i) your death; or (ii) your Disability and the Termination Date is prior to the Third Anniversary Date, then 100% of the Initial Performance RSUs shall become vested prior to the Third Anniversary Date on the earlier on the Termination Date; and

(d)the Committee may provide for additional vesting under other circumstances, in its sole discretion.

In the event of a Change in Control that occurs prior to the vesting or forfeiture of the Performance RSUs, the Performance RSUs shall be treated as set forth in Article 16 of the Plan.

For the purposes of this Agreement, the term “Retirement” means the voluntary termination of your employment with BWXT or its Affiliate (other than for Cause) after attaining (i) at least 60 years of age and (ii) at least [5 for key executives] [10] years of service with BWXT and its Affiliates (with years of service calculated by reference from your “adjusted service date,” as determined by the Company).

4.Forfeiture of Performance RSUs. Section 3 of the Agreement (the “Forfeiture of Performance RSUs” provision) is deleted in its entirety and replaced with the following:

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“Except as otherwise provided in Section 2, all Performance RSUs which are not, or do not become, vested as of the Termination Date shall, coincident therewith, terminate and be of no force or effect as of the Termination Date.

In the event that your employment is terminated for Cause, as determined in the sole judgment of the Committee, then all Performance RSUs and all rights or benefits awarded to you under this grant of Performance RSUs are forfeited, terminated and withdrawn immediately upon the Termination Date. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.”

5.Nature of Grant. In accepting the grant of Performance RSUs, you acknowledge and agree that:

(a)the Plan is established voluntarily by BWXT, is discretionary in nature and may be modified, amended, suspended or terminated by BWXT at any time and from time to time;

(b)the grant of the Performance RSUs is voluntary and occasional and, except as expressly required by the applicable employment standards legislation, does not create any contractual or other right to receive future grants of Performance RSUs, or benefits in lieu of Performance RSUs, even if Performance RSUs have been granted repeatedly in the past;

(c)all decisions with respect to future Performance RSUs grants, if any, will be at the sole discretion of BWXT;

(d)you are voluntarily participating in the Plan;

(e)the Performance RSUs and the Shares subject to the Performance RSUs are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to BWXT or the Employer, and which is outside the scope of your employment contract, if any;

(f)the Performance RSUs and the Shares subject to the Performance RSUs are not intended to replace any pension rights or compensation;

(g)except as expressly required by the applicable employment standards legislation, the Performance RSUs and the Shares subject to the Performance RSUs are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should the Performance RSUs be considered as compensation for, or relating in any way to, past services for BWXT, the Employer, or anySubsidiary;

(h)the Performance RSUs and your participation in the Plan will not be interpreted to form an employment contract or relationship with BWXT or any Subsidiary (other than the Employer);

(i)the future value of the underlying Shares is unknown and cannot be predicted with certainty;

(j)in consideration of the grant of the Performance RSUs, and except to the minimum extent prohibited by the employment standards legislation as may be applicable to you,

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no claim or entitlement to compensation or damages shall arise from forfeiture of the Performance RSUs resulting from termination of your employment with BWXT or the Employer (for any reason whatsoever) and you irrevocably release BWXT and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you shall be deemed irrevocably to have waive any entitlement to pursue such claim;

(k)BWXT and its Subsidiaries (including the Employer) reserve the right to terminate the employment of any person, regardless of the effect of such termination of employment on entitlements under the Agreement. You hereby waive, and irrevocably release BWXT and its Subsidiaries (including the Employer) from, any claim or entitlement to compensation or damages that may arise from any forfeiture of the Performance RSUs as a result of the cessation of vesting on and after the Termination Date; notwithstanding the foregoing, if your service terminates due to certain termination events as described in this Agreement, the Performance RSUs will be fully vested; and

(l)the Performance RSUs and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger, take-over or transfer of liability.

6.Data Privacy. You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement, the Plan, and any other award materials by and among, as applicable, the Employer, BWXT, and its Subsidiaries for the exclusive purpose of implementing, administering and managing your participation in the Plan.

You understand that BWXT and the Employer may hold certain personal information about you, including but not limited to, your name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, nationality, job title, any Shares or directorships held in BWXT, details of all awards or any other entitlement to Shares granted, canceled, purchased, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

You understand that Data will be transferred to any third parties assisting BWXT with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize BWXT and any other possible recipients which may assist BWXT (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

7.Liability for Tax-Related Items. Section 6 of the Agreement (the “Liability for Tax-Related Items” provision) is deleted in its entirety and replaced with the following:

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“Liability for Tax-Related Items. Regardless of any action BWXT or your employer (the “Employer”) takes with respect to any or all federal, state, provincial, local, foreign, social insurance, payroll or other taxes (“Tax-Related Items”), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that BWXT and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of Performance RSUs, including the grant and vesting of Performance RSUs, subsequent delivery of Shares or the subsequent sale of any Shares acquired pursuant to such Performance RSUs and any dividend equivalent (if any) and (ii) do not commit to structure the terms or any aspect of this grant of Performance RSUs to reduce or eliminate your liability for Tax-Related Items. To the extent that BWXT or the Employer is required to withhold Tax-Related Items in connection with any payment made to or benefit realized by you or another person with respect to the Performance RSUs, you agree that, unless otherwise determined by the Committee, BWXT or the Employer will withhold Shares having a value equal to (A) the minimum statutory withholding amount permissible or (B) if approved by the Committee, a greater amount based on your election. In no event will the market value of the Shares to be withheld and/or delivered pursuant to this Section 7 to satisfy applicable Tax-Related Items exceed your estimated tax obligations attributable to the applicable transaction. Furthermore, you may withdraw such agreement to withhold Shares at any time, provided that you make advance arrangements satisfactory to BWXT and the Employer to satisfy the withholding of Tax-Related Items as and when they become due.To the extent that the amounts available to BWXT or the Employer for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that you or such other person make arrangements satisfactory to BWXT or the Employer, as applicable, for payment of the balance of such Tax-Related Items required to be withheld. Any Shares withheld as described above shall be credited against any such withholding requirement at the fair market value of such Shares on the date the applicable benefit is to be included in your income.

If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, you understand that you will be deemed to have been issued the full number of Shares subject to the settled Performance RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the settlement of the Performance RSUs. Notwithstanding anything herein to the contrary, if the Federal Insurance Contributions Act tax (“FICA Tax”) imposed under Sections 3101, 3121(a) and 3121(v)(2) of the Code becomes due with respect to any of the Performance RSUs prior to the payment of such Performance RSUs, BWXT or Employer will withhold from your cash compensation an amount sufficient to pay the FICA Tax with respect to such Performance RSUs.

8.Language Consent. The following provision will apply to residents of Quebec:

The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention.

9.Dividend Equivalents Settled in Shares Only. Notwithstanding anything to the contrary in the Plan and/or this Agreement, any dividend equivalents credited shall be in the form of additional Performance RSUs that are subject to the same terms and conditions, including vesting and time of settlement, as the Performance RSUs to which they relate and shall only be settled in Shares.

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10.Performance RSUs Settled in Shares Only. Notwithstanding anything to the contrary in the Plan and/or this Agreement, the Company shall not have the right unilaterally to cause you to surrender all or a portion of your Performance RSUs for cash in lieu of Shares (including with respect to cash amounts required to satisfy Tax-Related Items). However, from time to time, the Committee may provide you with the right to elect (which right may be time-limited and/or tied to the occurrence of contingent events, at the Committee’s sole discretion) to surrender such Performance RSUs for a cash compensation payment. Any Performance RSUs that you have not elected to be surrendered for cash compensation shall only be settled in Shares or, if so determined by the Committee and communicated to you in advance, forfeited.

11.Form of Payment. Notwithstanding any language to the contrary in the Plan, you are prohibited from surrendering Shares that you already own or from attesting to the ownership of Shares to pay any tax withholding in connection with Performance RSUs granted to you.

12.No Fractional Shares. Notwithstanding anything to the contrary in the Plan, no payment or other compensation shall be provided with respect to fractional Shares, which shall be rounded down to the nearest whole number of Shares.

Notifications

13.Additional Restrictions on Resale. In addition to the restrictions on resale and transfer noted in the Plan materials, securities purchased under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws. You are encouraged to seek legal advice prior to any resale of such securities. In general, participants resident in Canada may resell their securities in transactions carried out on exchanges outside of Canadaand, in particular, you are generally permitted to sell Shares acquired pursuant to the Plan through the designated broker appointed under the Plan, if any, provided that BWXT is a foreign issuer that is not public in Canada and the sale of the Shares acquired pursuant to the Plan takes place: (i) through an exchange, or a market, outside of Canada on the distribution date; or (ii) to a person or company outside of Canada. For purposes hereof, a foreign issuer is an issuer that: (a) is not incorporated or existing pursuant to the laws of Canada or any jurisdiction of Canada; (b) does not have its head office in Canada; and (c) does not have a majority of its executive officers or directors ordinarily resident in Canada.

14.Tax Reporting. You acknowledge that the Tax Act and the regulations thereunder require a Canadian resident individual (among others) to file an information return disclosing prescribed information where, at any time in a tax year, the total cost amount of such individual’s “specified foreign property” (which includes shares, options, restricted stock units, and performance-based restricted stock units) exceeds Cdn.$100,000. You acknowledge having had the opportunity to consult your own tax advisor regarding this reporting requirement and agree that such requirement is solely your responsibility.

15.Non-Qualified Security. In the event that BWXT or the Employer is at any time concurrent with a grant of a Performance RSU a “specified person” as defined in subsection 110(0.1) of the Tax Act, each Share subject to such Performance RSU is hereby designated a “non-qualified security” within the meaning of section 110 of the Tax Act.

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EX-10.3

EXHIBIT 10.3

2023 RESTRICTED STOCK UNITS

GRANT AGREEMENT

To: <first_name> <last_name>

By accepting your grant online through the Schwab Equity Award Center, you agree that these incentives are granted under and governed by the terms and conditions of the BWX Technologies, Inc. 2020 Omnibus Incentive Plan (the “Plan”), and this2023 Restricted Stock Units Grant Agreement (this “Agreement”), which is included in the online acceptance process. A copy of the Plan and the Prospectus relating to the stock issued under the Plan can be found at https://eac.schwab.com under the “At a Glance/My Company Info” tab in your Schwab account. The Plan and Prospectus are incorporated by reference and made a part of the terms and conditions of your award. If you would like to receive a paper copy of either the Plan or Prospectus, please contact __________ at ____________ or _______@bwxt.com.

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Effective <award_date> (the “Date of Grant”), the Compensation Committee of the Board of Directors (the “Committee”) of BWX Technologies, Inc. (“BWXT”) awarded you a grant of Restricted Stock Units (“RSUs”) under the Plan. The provisions of the Plan are incorporated herein by reference and capitalized terms used but not otherwise defined in this Agreement have the meanings given them in the Plan.

Any reference or definition contained in this Agreement shall, except as otherwise specified, be construed in accordance with the terms and conditions of the Plan and all determinations and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on you and your legal representatives and beneficiaries. The term “BWXT” as used in this Agreement with reference to employment or separation from service shall include subsidiaries of BWXT (including unconsolidated joint ventures). Whenever the words “you” or “your” are used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to your beneficiary, estate, or personal representative, to whom any rights under this Agreement may be transferred by will or by the laws of descent and distribution, it shall be deemed to include such person.

Restricted Stock Units

1.     RSU Award. You have been awarded <shares_awarded> RSUs. Each RSU represents a right to receive one Share after the vesting of such RSU, as set forth in Section 2 of this Agreement (the “Vesting Requirements” provision).

2.     Vesting Requirements. Subject to Section 3 of this Agreement (the “Forfeiture of RSUs” provision), the RSUs will become vested under one or more of the following circumstances, to the extent the RSUs have not previously vested or become forfeited as of the occurrence of such circumstance:

    in one-third (1/3) increments on the first, second and third anniversaries of the Date of Grant (the date of each, an “Anniversary Date”), provided you are still employed with BWXT;

    if your employment terminates due to Retirement (as defined below) on or after the first Anniversary Date and prior to the second Anniversary Date, the remaining outstanding and unvested RSUs vest in one-half increments on the second and third Anniversary Dates;

    if your employment terminates due to Retirement on or after the second Anniversary Date and prior to the third Anniversary Date, 100% of the then-outstanding and unvested RSUs vest on the third Anniversary Date;

    100% of the then-outstanding and unvested RSUs on the earlier of the following to occur prior to the third Anniversary Date: (a) your death, or (b) your Disability; and

    the Committee may provide for additional vesting under other circumstances, in its sole discretion.

In the event of a Change in Control that occurs prior to the vesting or forfeiture of the RSUs, the RSUs shall be treated as set forth in Article 16 of the Plan.

For purposes of this Agreement, the term “Retirement” means termination of your employment with BWXT (other than for Cause) after attaining (i) at least 60 years of age and (ii) at least [5 for key executives] [10] years of service with BWXT (with years of service calculated by reference from your “adjusted service date,” as determined by the Company).

3.     Forfeiture of RSUs. Except as otherwise provided in Section 2, RSUs which are not or do not become vested upon your termination of employment shall, coincident therewith, terminate and be of no force or effect.

In the event of termination of your employment for Cause, as determined in the sole judgment of the Committee, all RSUs and all rights or benefits awarded to you under this grant of RSUs are forfeited, terminated and withdrawn immediately upon notice of such determination. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.

4.     Settlement of RSUs. If you have made a permitted deferral election with respect to the RSUs, then, subject to compliance with Section 409A of the Code (to the extent applicable), vested RSUs shall be paid to you in accordance with such deferral election. If you have not made a permitted deferral election with respect to the RSUs, vested RSUs shall be paid to you in the form of Shares within 10 days after each Anniversary Date. To the extent the RSUs are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code), the RSUs shall be paid on an accelerated basis on any of the following events, to the extent necessary to comply with Section 409A of the Code:

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•the occurrence of a Change in Control, unless such Change in Control does not constitute a “change in control” for purposes of Section 409A(a)(2)(A)(v) of the Code (a “409A Change in Control”);

•your separation from service (within the meaning of Section 409A of the Code) with BWXT within two years after a Change in Control that is a 409A Change in Control;

•your death; or

•your Disability.

5.     Dividend, Voting Rights and Other Rights. You shall have no rights of ownership in the Shares underlying the RSUs and shall have no right to vote such Shares until the date on which the Shares are transferred to you pursuant hereto. From and after the Date of Grant and until the earlier of (a) the time when the RSUs become vested and are paid in accordance with Section 4 hereof or (b) the time when your right to receive Shares in payment of the RSUs is forfeited in accordance with Section 3 hereof, on the date that BWXT pays a cash dividend (if any) to holders of Shares generally, you shall be credited with cash per RSU equal to the amount of such dividend. Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including vesting, payment and forfeitability) as apply to the RSUs on which the dividend equivalents were credited, and such amounts shall be paid in cash (without interest) at the same time as the Shares underlying the RSUs to which they relate are delivered.

Taxes

6.     Liability for Tax-Related Items. Regardless of any action BWXT or your employer (the “Employer”) takes with respect to any or all federal, state, local or foreign taxes or other tax-related amounts (“Tax-Related Items”), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that BWXT and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of RSUs, including the grant and vesting of RSUs, subsequent delivery of Shares or the subsequent sale of any Shares acquired pursuant to such RSUs and receipt of any dividend equivalent payments (if any) and (ii) do not commit to structure the terms or any aspect of this grant of RSUs to reduce or eliminate your liability for Tax-Related Items. To the extent that BWXT or the Employer is required to withhold Tax-Related Items in connection with any payment made to or benefit realized by you or another person with respect to the RSUs, you agree that, unless otherwise determined by the Committee, BWXT or the Employer will withhold Shares having a value equal to (A) the minimum statutory withholding amount permissible or (B) if approved by the Committee, a greater amount based on your election. In no event will the market value of the Shares to be withheld and/or delivered pursuant to this Section 6 to satisfy applicable Tax-Related Items exceed your estimated tax obligations attributable to the applicable transaction. To the extent that the amounts available to BWXT or the Employer for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that you or such other person make arrangements satisfactory to BWXT or the Employer, as applicable, for payment of the balance of such Tax-Related Items required to be withheld. The Shares withheld as described above shall be credited against any such withholding requirement at the fair market value of such Shares on the date the applicable benefit is to be included in your income.

If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, you understand that you will be deemed to have been issued the full number of Shares subject to the settled RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the settlement of the RSUs. Notwithstanding anything herein to the contrary, if the Federal Insurance Contributions Act tax (“FICA Tax”) imposed under Sections 3101, 3121(a) and 3121(v)(2) of the Code becomes due with respect to any of the RSUs prior to the payment of such RSUs, BWXT or Employer will withhold from your cash compensation an amount sufficient to pay the FICA Tax with respect to such RSUs.

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Transferability

7.     Non-Transferability. RSUs granted hereunder are non-transferable other than by will or by the laws of descent and distribution.

Clawback Provisions

8.     Recovery of RSUs.  In the event that BWXT is required to prepare an accounting restatement due to the material noncompliance of BWXT with any financial reporting requirement under the U.S. federal securities laws as a result of misconduct (a “Restatement”) and the Board reasonably determines that you knowingly engaged in the misconduct, BWXT will have the right to recover the RSUs granted during the three-year period preceding the date on which the Board or BWXT, as applicable, determines it is required to prepare the Restatement (the “Three-Year Period”), or vested in whole or in part during the Three-Year Period, or the proceeds related to the RSUs in the Three-Year Period, to the extent of any excess of what would have been granted to or would have vested for you under the Restatement.

9.     Recovery Process.  In the event a Restatement is required, the Board, based upon a recommendation by the Committee, will (a) review the RSUs either granted or vested in whole or in part during the Three-Year Period and (b) in accordance with the provisions of this Agreement and the Plan, will take reasonable action to seek recovery of the amount of such RSUs in excess of what would have been granted to or would have vested for you under the Restatement (but in no event more than the total amount of such RSUs), as such excess amount is reasonably determined by the Board in its sole discretion, in compliance with Section 409A of the Code.  There shall be no duplication of recovery under Sections 8 and 9 of this Agreement and any of 15 U.S.C. Section 7243 (Section 304 of The Sarbanes-Oxley Act of 2002) and Section 10D of the Exchange Act. The clawback provisions of this Agreement are in addition to the forfeiture provisions contained in Section 3 of this Agreement (under the heading “Forfeiture of RSUs”). Notwithstanding anything in this Agreement to the contrary, you acknowledge and agree that this Agreement and the award described herein (and any settlement thereof) are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time, or otherwise adopted after the Date of Grant for any reason, including specifically to implement Section 10D of the Exchange Act, and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Shares may be traded) (the “Compensation Recovery Policy”), and that Sections 8 and 9 of this Agreement shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.

Other Information

10.    No Guarantee of Continued Service. Neither the action of BWXT in establishing the Plan, nor any action taken by it, by the Committee or by your employer, nor any provision of the Plan or this Agreement shall be construed as conferring upon you the right to be retained in the employ of BWXT.

11.    Adjustments. The RSUs evidenced by this Agreement are subject to adjustment as provided in Sections 4.3 and 17.2 of the Plan.

12.    Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by BWXT without your consent). Any reference in this Agreement to Section 409A of the Code will also

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include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

13.    Electronic Delivery. BWXT may, in its sole discretion, deliver any documents related to the RSUs and your participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Plan through an on-line or electronic system established and maintained by BWXT or another third party designated by BWXT.

14.    Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

15.    Successors and Assigns. Without limiting Section 7 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, your successors, administrators, heirs, legal representatives and assigns, and the successors and assigns of the Company.

16.    Acknowledgement. You acknowledge that you (a) have received a copy of the Plan, (b) have had an opportunity to review the terms of this Agreement and the Plan, (c) understand the terms and conditions of this Agreement and the Plan and (d) agree to such terms and conditions.

17.    Country-Specific Special Terms and Conditions. Notwithstanding any provisions in this Agreement, the RSUs shall also be subject to the special terms and conditions set forth in Appendix A to this Agreement for your country of residence. Moreover, if you relocate to one of the countries included on Appendix A, the special terms and conditions for such country will apply to you, to the extent BWXT determines that the application of such terms and conditions are necessary or advisable in order to comply with local law or facilitate the administration of the Plan. Appendix A constitutes part of this Agreement.

18.    Notice to Governmental Authority. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prevents you from providing, without prior notice to BWXT, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity you are not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the 1934 Act.

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APPENDIX A

COUNTRY-SPECIFIC SPECIAL TERMS AND CONDITIONS

This Appendix A, which is part of the BWXT 2023 Restricted Stock Units Grant Agreement (the “Agreement”), contains additional and superseding terms and conditions of the Agreement that will apply to you if you reside in one of the countries listed below. It also includes information about certain other issues of which you should be aware with respect to your participation in the Plan. Such information is based on securities, exchange control, and other laws in effect in the respective countries as of February 2023. Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and/or the Agreement. By accepting the RSUs, you agree to be bound by the terms and conditions contained in the paragraphs below in addition to the terms of the Plan, the Agreement, and the terms of any other document that may apply to you and your RSUs.

You are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the RSUs were granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not apply.

COUNTRIES COVERED BY THIS APPENDIX A:

Canada.

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CANADA

Terms and Conditions

1.     Canadian Residents. The following terms and conditions apply to you if you are (a) resident in or primarily reporting to work in a province or territory of Canada; or (b) subject to Canadian taxation under the Income Tax Act (Canada) (the “Tax Act”) and/or the taxing legislation of any province or territory of Canada.

2.    Additional Definitions. For the purposes of the Agreement (including, for clarity, this Appendix A):

(a)“Actively Employed” shall mean the period during which you actually perform work for the Company or its Affiliates, which shall be deemed to include: (i) any period of vacation, paid time off or approved leave of absence; and (ii) any period constituting the minimum notice of termination period that is required to be provided to you, if any, pursuant to the employment standards legislation that is applicable to you (if any), but shall exclude any other period, including any period of reasonable notice at common law, that follows or ought to have followed the later of: (A) the end of such minimum statutory notice period; or (B) your last day of performing work for the Company and its Affiliates (including any period of paid time off or approved leave of absence), whether arising from a contractual or common law right;

(b)“Cause” means: (i) your wilful misconduct, disobedience or wilful neglect of duty that is not trivial and that has not been condoned by the Company or its Affiliates; or (ii) the occurrence of such other event or circumstances as would permit the termination of your employment without notice, payment in lieu of notice, and severance pay (if applicable) under the applicable employment standards legislation; and

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(c)“Termination Date” means the last day upon which you are Actively Employed with the Company or an Affiliate, whether such date is selected by you or unilaterally by the Company or an Affiliate.

3.    Vesting Requirements. Section 2 of the Agreement (the “Vesting Requirements” provision) is deleted in its entirety and replaced with the following:

“Subject to Section 3 of this Agreement (the “Forfeiture of RSUs” provision), the RSUs will become vested under one or more of the following circumstances, to the extent the RSUs have not previously vested or become forfeited as of the occurrence of such circumstance:

(a)the RSUs will vest in one-third (1/3) increments on the first, second and third anniversaries of the Date of Grant (the date of each anniversary, an “Anniversary Date”), provided that, except as otherwise set out herein, you must be and remain Actively Employed (as defined herein) with BWXT or an Affiliate on the applicable Anniversary Date;

(b)if your employment terminates due to Retirement (as defined herein) and the Termination Date (as defined herein) is on or after the first Anniversary Date and prior to the second Anniversary Date, the remaining outstanding and unvested RSUs will vest in one-half (1/2) increments on the second and third Anniversary Dates;

(c)if your employment terminates due to Retirement and the Termination Date is on or after the second Anniversary Date and prior to the third Anniversary Date, 100% of the then-outstanding and unvested RSUs will vest on the third Anniversary Date;

(d)if your employment terminates prior to the third Anniversary Date as a result of: (i) your death; or (ii) your Disability and the Termination Date is prior to the third Anniversary Date, then 100% of the then-outstanding and unvested RSUs will vest on the Termination Date; and

(e)the Committee may provide for additional vesting under other circumstances, in its sole discretion.

In the event of a Change in Control that occurs prior to the vesting or forfeiture of the RSUs, the RSUs shall be treated as set forth in Article 16 of the Plan.

For the purposes of this Agreement, the term “Retirement” means the voluntary termination of your employment with BWXT or its Affiliate (other than for Cause) after attaining (i) at least 60 years of age and (ii) at least [5 for key executives] [10] years of service with BWXT and its Affiliates (with years of service calculated by reference from your “adjusted service date,” as determined by the Company).”

4.    Forfeiture of RSUs. Section 3 of the Agreement (the “Forfeiture of RSUs” provision) is deleted in its entirety and replaced with the following:

“Except as otherwise provided in Section 2, all RSUs which are not, or do not become, vested as of the Termination Date shall, coincident therewith, terminate and be of no force or effect as of the Termination Date.

In the event that your employment is terminated for Cause, as determined in the sole judgment of the Committee, then all RSUs and all rights or benefits awarded to you under this grant of RSUs are forfeited, terminated and

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withdrawn immediately upon the Termination Date. The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters. The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.”    

5.    Nature of Grant. In accepting the grant of RSUs, you acknowledge and agree that:

(a)the Plan is established voluntarily by BWXT, is discretionary in nature and may be modified, amended, suspended or terminated by BWXT at any time and from time to time;

(b)the grant of the RSUs is voluntary and occasional and, except as expressly required by the applicable employment standards legislation, does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted repeatedly in the past;

(c)all decisions with respect to future RSUs grants, if any, will be at the sole discretion of BWXT;

(d)you are voluntarily participating in the Plan;

(e)the RSUs and the Shares subject to the RSUs are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to BWXT or the Employer, and which is outside the scope of your employment contract, if any;

(f)the RSUs and the Shares subject to the RSUs are not intended to replace any pension rights or compensation;

(g)except as expressly required by the applicable employment standards legislation, the RSUs and the Shares subject to the RSUs are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should the RSUs be considered as compensation for, or relating in any way to, past services for BWXT, the Employer, or any Subsidiary;

(h)the RSUs and your participation in the Plan will not be interpreted to form an employment contract or relationship with BWXT or any Subsidiary (other than the Employer);

(i)the future value of the underlying Shares is unknown and cannot be predicted with certainty;

(j)in consideration of the grant of the RSUs, and except to the minimum extent prohibited by the employment standards legislation as may be applicable to you, no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of your employment with BWXT or the Employer (for any reason whatsoever) and you irrevocably release BWXT and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you shall be deemed irrevocably to have waive any entitlement to pursue such claim;

(k)BWXT and its Subsidiaries (including the Employer) reserve the right to terminate the employment of any person, regardless of the effect of such termination of employment on entitlements under the Agreement. You hereby waive, and irrevocably release BWXT and its Subsidiaries (including the Employer) from, any claim or entitlement to

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compensation or damages that may arise from any forfeiture of the RSUs as a result of the cessation of vesting on and after the Termination Date; notwithstanding the foregoing, if your service terminates due to certain termination events as described in this Agreement, the RSUs will be fully vested;

(l)the RSUs and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger, take-over or transfer of liability; and

(m)You acknowledge and agree that you have no entitlement to this award of RSUs until such time as the award is accepted by you through your execution of this Agreement.

6.     Liability for Tax-Related Items. Section 6 of the Agreement (the “Liability for Tax-Related Items” provision) is deleted in its entirety and replaced with the following:

“Liability for Tax-Related Items. Regardless of any action BWXT or your employer (the “Employer”) takes with respect to any or all federal, state, provincial, local, foreign, social insurance, payroll or other taxes (“Tax-Related Items”), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that BWXT and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of RSUs, including the grant and vesting of RSUs, subsequent delivery of Shares or the subsequent sale of any Shares acquired pursuant to such RSUs and any dividend equivalent (if any) and (ii) do not commit to structure the terms or any aspect of this grant of RSUs to reduce or eliminate your liability for Tax-Related Items. To the extent that BWXT or the Employer is required to withhold Tax-Related Items in connection with any payment made to or benefit realized by you or another person with respect to the RSUs, you agree that, unless otherwise determined by the Committee, BWXT or the Employer will withhold Shares having a value equal to (A) the minimum statutory withholding amount permissible or (B) if approved by the Committee, a greater amount based on your election. In no event will the market value of the Shares to be withheld and/or delivered pursuant to this Section 6 to satisfy applicable Tax-Related Items exceed your estimated tax obligations attributable to the applicable transaction. Furthermore, you may withdraw such agreement to withhold Shares at any time, provided that you make advance arrangements satisfactory to BWXT and the Employer to satisfy the withholding of Tax-Related Items as and when they become due. To the extent that the amounts available to BWXT or the Employer for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that you or such other person make arrangements satisfactory to BWXT or the Employer, as applicable, for payment of the balance of such Tax-Related Items required to be withheld. Any Shares withheld as described above shall be credited against any such withholding requirement at the fair market value of such Shares on the date the applicable benefit is to be included in your income.

If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, you understand that you will be deemed to have been issued the full number of Shares subject to the settled RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the settlement of the RSUs. Notwithstanding anything herein to the contrary, if the Federal Insurance Contributions Act tax (“FICA Tax”) imposed under Sections 3101, 3121(a) and 3121(v)(2) of the Code becomes due with respect to any of the RSUs prior to the payment of such RSUs, BWXT or Employer will withhold from

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your cash compensation an amount sufficient to pay the FICA Tax with respect to such RSUs.

7.    Data Privacy. You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement, the Plan and any other award materials by and among, as applicable, the Employer, BWXT, and its Subsidiaries for the exclusive purpose of implementing, administering and managing your participation in the Plan.

    You understand that BWXT and the Employer may hold certain personal information about you, including, but not limited to, your name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, nationality, job title, any Shares or directorships held in BWXT, details of all awards or any other entitlement to Shares granted, canceled, purchased, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

    You understand that Data will be transferred to any third parties assisting BWXT with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize BWXT and any other possible recipients which may assist BWXT (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

8.     Language Consent. The following provision will apply to residents of Quebec:

The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention.

9.    Dividend Equivalents Settled in Shares Only. Notwithstanding anything to the contrary in the Plan and/or this Agreement, any dividend equivalents credited shall be in the form of additional RSUs that are subject to the same terms and conditions, including vesting and time of settlement, as the RSUs to which they relate and shall only be settled in Shares.

10.    RSUs Settled in Shares Only. Notwithstanding anything to the contrary in the Plan and/or this Agreement, the Company shall not have the right unilaterally to cause you to surrender all or a portion of your RSUs for cash in lieu of Shares (including with respect to cash amounts required to satisfy Tax-Related Items). However, from time to time, the Committee may provide you with the right to elect (which right may be time-limited and/or tied to the

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occurrence of contingent events, at the Committee’s sole discretion) to surrender such RSUs for a cash compensation payment. Any RSUs that you have not elected to be surrendered for cash compensation shall only be settled in Shares or, if so determined by the Committee and communicated to you in advance, forfeited.

11.    Form of Payment. Notwithstanding any language to the contrary in the Plan, you are prohibited from surrendering Shares that you already own or from attesting to the ownership of Shares to pay any tax withholding in connection with RSUs granted to you.

12.    No Fractional Shares. Notwithstanding anything to the contrary in the Plan, no payment or other compensation shall be provided with respect to fractional Shares, which shall be rounded down to the nearest whole number of Shares.

Notifications

13.    Additional Restrictions on Resale. In addition to the restrictions on resale and transfer noted in the Plan materials, securities purchased under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws. You are encouraged to seek legal advice prior to any resale of such securities. In general, participants resident in Canada may resell their securities in transactions carried out on exchanges outside of Canadaand, in particular, you are generally permitted to sell Shares acquired pursuant to the Plan through the designated broker appointed under the Plan, if any, provided that BWXT is a foreign issuer that is not public in Canada and the sale of the Shares acquired pursuant to the Plan takes place: (i) through an exchange, or a market, outside of Canada on the distribution date; or (ii) to a person or company outside of Canada. For purposes hereof, a foreign issuer is an issuer that: (a) is not incorporated or existing pursuant to the laws of Canada or any jurisdiction of Canada; (b) does not have its head office in Canada; and (c) does not have a majority of its executive officers or directors ordinarily resident in Canada.

14.    Tax Reporting. You acknowledge that the Tax Act and the regulations thereunder require a Canadian resident individual (among others) to file an information return disclosing prescribed information where, at any time in a tax year, the total cost amount of such individual’s “specified foreign property” (which includes shares, options, restricted stock units, and performance-based restricted stock units) exceeds Cdn.$100,000. You acknowledge having had the opportunity to consult your own tax advisor regarding this reporting requirement and agree that such requirement is solely your responsibility.

15.    Non-Qualified Security. In the event that BWXT or the Employer is at any time concurrent with a grant of an RSU a “specified person” as defined in subsection 110(0.1) of the Tax Act, each Share subject to such RSU is hereby designated a “non-qualified security” within the meaning of section 110 of the Tax Act.

    11

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Rex D. Geveden, certify that:

1.I have reviewed this quarterly report on Form 10-Q of BWX Technologies, Inc. for the quarterly period ended March 31, 2023;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 8, 2023

/s/ Rex D. Geveden

Rex D. Geveden

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Robb A. LeMasters, certify that:

1.I have reviewed this quarterly report on Form 10-Q of BWX Technologies, Inc. for the quarterly period ended March 31, 2023;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 8, 2023

/s/ Robb A. LeMasters

Robb A. LeMasters

Senior Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

BWX TECHNOLOGIES, INC.

Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Rex D. Geveden, President and Chief Executive Officer of BWX Technologies, Inc., a Delaware corporation (the “Company”), hereby certify, to my knowledge, that:

(1)the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 8, 2023	/s/ Rex D. Geveden
	Rex D. Geveden
	President and Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

EXHIBIT 32.2

BWX TECHNOLOGIES, INC.

Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Robb A. LeMasters, Senior Vice President and Chief Financial Officer of BWX Technologies, Inc., a Delaware corporation (the “Company”), hereby certify, to my knowledge, that:

(1)the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 8, 2023	/s/ Robb A. LeMasters
	Robb A. LeMasters
	Senior Vice President and Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Cover page - shares	3 Months Ended
	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

XML

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

XML

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

XML

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

XML

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

XML

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

XML

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)

XML

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

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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

XML

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.

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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

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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.

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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)

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Commitments and Contingencies	3 Months Ended
	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.

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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.

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Stock-Based Compensation	3 Months Ended
	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.

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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.

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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.

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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.

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Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

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 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

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 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

Property, Plant and Equipment, Net

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)

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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

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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

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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)

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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	$	—	$	—

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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.

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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.

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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

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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

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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

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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

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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)

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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

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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

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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%

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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

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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

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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)

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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)

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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

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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

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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

XML

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

XML

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)

XML

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