Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BWXT | ||
Entity Registrant Name | BWX Technologies, Inc. | ||
Entity Central Index Key | 1,486,957 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 99,487,519 | ||
Entity Public Float | $ 4.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 203,404 | $ 125,641 |
Restricted cash and cash equivalents | 7,105 | 6,130 |
Investments | 2,934 | 14,517 |
Accounts receivable – trade, net | 189,217 | 135,950 |
Accounts receivable – other | 19,365 | 25,221 |
Contracts in progress | 420,628 | 356,793 |
Other current assets | 30,437 | 29,319 |
Total Current Assets | 873,090 | 693,571 |
Property, Plant and Equipment | 1,013,141 | 922,641 |
Less accumulated depreciation | 664,512 | 622,955 |
Net Property, Plant and Equipment | 348,629 | 299,686 |
Investments | 9,301 | 9,013 |
Goodwill | 218,331 | 210,788 |
Deferred Income Taxes | 86,740 | 194,464 |
Investments in Unconsolidated Affiliates | 43,266 | 42,854 |
Intangible Assets | 110,405 | 114,748 |
Other Assets | 22,577 | 14,691 |
TOTAL | 1,712,339 | 1,579,815 |
Current Liabilities: | ||
Current maturities of long-term debt | 27,870 | 27,370 |
Accounts payable | 93,421 | 99,983 |
Accrued employee benefits | 82,477 | 81,793 |
Accrued liabilities – other | 64,738 | 72,105 |
Advance billings on contracts | 246,192 | 147,148 |
Accrued warranty expense | 13,428 | 11,477 |
Total Current Liabilities | 528,126 | 439,876 |
Long-Term Debt | 481,059 | 497,724 |
Accumulated Postretirement Benefit Obligation | 21,368 | 19,059 |
Environmental Liabilities | 79,786 | 81,711 |
Pension Liability | 296,444 | 357,049 |
Other Liabilities | 19,799 | 33,986 |
Commitments and Contingencies (Note 10) | ||
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,381,591 and 124,149,609 shares at December 31, 2017 and December 31, 2016, respectively | 1,254 | 1,241 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued | 0 | 0 |
Capital in excess of par value | 98,843 | 22,018 |
Retained earnings | 990,652 | 885,117 |
Treasury stock at cost, 25,964,088 and 24,858,809 shares at December 31, 2017 and December 31, 2016, respectively | (814,809) | (762,169) |
Accumulated other comprehensive income | 9,454 | 3,811 |
Stockholders' Equity – BWX Technologies, Inc. | 285,394 | 150,018 |
Noncontrolling interest | 363 | 392 |
Total Stockholders' Equity | 285,757 | 150,410 |
TOTAL | $ 1,712,339 | $ 1,579,815 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (shares) | 125,381,591 | 124,149,609 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 75,000,000 | 75,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Treasury stock at cost (shares) | 25,964,088 | 24,858,809 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenues | $ 1,687,738 | $ 1,550,573 | $ 1,415,529 |
Costs and Expenses: | |||
Cost of operations | 1,170,862 | 1,074,529 | 1,027,437 |
Research and development costs | 7,190 | 6,407 | 10,537 |
Losses (gains) on asset disposals and impairments, net | (194) | (43) | 382 |
Selling, general and administrative expenses | 214,607 | 216,486 | 207,761 |
mPower framework agreement | 0 | 30,000 | 0 |
Income related to litigation proceeds | 0 | 0 | (65,728) |
Special charges for restructuring activities | 0 | 0 | 16,608 |
Costs to spin-off the Power Generation business | 0 | 0 | 25,987 |
Total Costs and Expenses | 1,392,465 | 1,327,379 | 1,222,984 |
Equity in Income of Investees | 13,612 | 16,069 | 13,396 |
Operating Income | 308,885 | 239,263 | 205,941 |
Other Income (Expense): | |||
Interest income | 1,405 | 651 | 30,331 |
Interest expense | (14,879) | (8,393) | (10,181) |
Other – net | 369 | 25,747 | (5,026) |
Total Other Income (Expense) | (13,105) | 18,005 | 15,124 |
Total before tax | 295,780 | 257,268 | 221,065 |
Provision for Income Taxes | 147,415 | 73,656 | 80,416 |
Income from continuing operations before noncontrolling interest | 148,365 | 183,612 | 140,649 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | (9,203) |
Net Income | 148,365 | 183,612 | 131,446 |
Net (Income) Loss Attributable to Noncontrolling Interest | (521) | (555) | 19 |
Net Income Attributable to BWX Technologies, Inc. | 147,844 | 183,057 | 131,465 |
Amounts Attributable to BWX Technologies, Inc.'s Common Shareholders: | |||
Income from continuing operations, net of tax | 147,844 | 183,057 | 140,774 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | (9,309) |
Net Income Attributable to BWX Technologies, Inc. | $ 147,844 | $ 183,057 | $ 131,465 |
Basic: | |||
Income from continuing operations (USD per share) | $ 1.49 | $ 1.79 | $ 1.32 |
Income (loss) from discontinued operations (USD per share) | 0 | 0 | (0.09) |
Net income attributable to BWX Technologies, Inc. (USD per share) | 1.49 | 1.79 | 1.23 |
Diluted: | |||
Income from continuing operations (USD per share) | 1.47 | 1.76 | 1.31 |
Income (loss) from discontinued operations (USD per share) | 0 | 0 | (0.09) |
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 1.47 | $ 1.76 | $ 1.22 |
Shares used in the computation of earnings per share (Note 18): | |||
Basic (in shares) | 99,334,472 | 102,471,788 | 106,703,145 |
Diluted (in shares) | 100,369,190 | 103,840,738 | 107,583,022 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 148,365 | $ 183,612 | $ 131,446 |
Other Comprehensive Income (Loss): | |||
Currency translation adjustments | 6,237 | (909) | (12,483) |
Derivative financial instruments: | |||
Unrealized gains (losses) arising during the period, net of tax (provision) benefit of $(264), $(209) and $1,786, respectively | 757 | 598 | (5,122) |
Reclassification adjustment for (gains) losses included in net income, net of tax provision (benefit) of $21, $86 and $(1,487), respectively | (64) | (250) | 4,230 |
Benefit obligations: | |||
Unrecognized losses arising during the period, net of tax benefit of $532, $606 and $381, respectively | (987) | (1,125) | (733) |
Recognition of benefit plan costs, net of tax benefit of $(618), $(566) and $(581), respectively | 1,142 | 1,064 | 1,096 |
Investments: | |||
Unrealized (losses) gains arising during the period, net of tax provision of $(382), $(62) and $(4), respectively | (930) | 3,788 | 7 |
Reclassification adjustment for gains included in net income, net of tax provision of $223, $57 and $124, respectively | (512) | (107) | (221) |
Other Comprehensive Income (Loss) | 5,643 | 3,059 | (13,226) |
Total Comprehensive Income | 154,008 | 186,671 | 118,220 |
Comprehensive Income Attributable to Noncontrolling Interest | (521) | (555) | (6) |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 153,487 | $ 186,116 | $ 118,214 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Tax (provision) benefit of unrealized losses on derivative financial instruments | $ (264) | $ (209) | $ 1,786 |
Tax provision (benefit) on reclassification adjustment for losses on derivative financial instruments | 21 | 86 | (1,487) |
Tax benefit on unrecognized losses | 532 | 606 | 381 |
Tax benefit of recognition of benefit plan costs | (618) | (566) | (581) |
Tax provision of unrealized gains | (382) | (62) | (4) |
Tax provision on reclassification adjustment for gain on investment | $ 223 | $ 57 | $ 124 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Stockholders' Equity | Noncontrolling Interest |
Balance at Dec. 31, 2014 | $ 1,014,201 | $ 1,216 | $ 775,393 | $ 642,489 | $ 3,596 | $ (423,990) | $ 998,704 | $ 15,497 |
Balance (shares) at Dec. 31, 2014 | 121,604,332 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 131,446 | 131,465 | 131,465 | (19) | ||||
Dividends declared | (34,604) | (34,604) | (34,604) | |||||
Currency translation adjustments | (12,483) | (12,508) | (12,508) | 25 | ||||
Derivative financial instruments | (892) | (892) | (892) | |||||
Defined benefit obligations | 363 | 363 | 363 | |||||
Available-for-sale investments | (214) | (214) | (214) | |||||
Exercise of stock options | 7,715 | $ 4 | 7,711 | 7,715 | ||||
Exercise of stock options (shares) | 345,745 | |||||||
Contributions to thrift plan | 4,531 | $ 1 | 4,530 | 4,531 | ||||
Contributions to thrift plan (shares) | 149,753 | |||||||
Shares placed in treasury | (74,356) | (74,356) | (74,356) | |||||
Stock-based compensation charges | 26,347 | $ 7 | 26,340 | 26,347 | ||||
Stock-based compensation charges (shares) | 713,305 | |||||||
Distributions to noncontrolling interests | (464) | (464) | ||||||
Other | (781,955) | (791,242) | 10,407 | (780,835) | (1,120) | |||
Balance at Dec. 31, 2015 | 279,635 | $ 1,228 | 22,732 | 739,350 | 752 | (498,346) | 265,716 | 13,919 |
Balance (shares) at Dec. 31, 2015 | 122,813,135 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 183,612 | 183,057 | 183,057 | 555 | ||||
Dividends declared | (37,290) | (37,290) | (37,290) | |||||
Currency translation adjustments | (909) | (909) | (909) | 0 | ||||
Derivative financial instruments | 348 | 348 | 348 | |||||
Defined benefit obligations | (61) | (61) | (61) | |||||
Available-for-sale investments | 3,681 | 3,681 | 3,681 | |||||
Exercise of stock options | 19,987 | $ 9 | 19,978 | 19,987 | ||||
Exercise of stock options (shares) | 912,683 | |||||||
Shares placed in treasury | (303,823) | (40,000) | (263,823) | (303,823) | ||||
Stock-based compensation charges | 15,926 | $ 4 | 15,922 | 15,926 | ||||
Stock-based compensation charges (shares) | 423,791 | |||||||
Distributions to noncontrolling interests | (511) | (511) | ||||||
Deconsolidation of Generation mPower LLC | (13,571) | (13,571) | ||||||
Other | 3,386 | 3,386 | 0 | 3,386 | 0 | |||
Balance at Dec. 31, 2016 | $ 150,410 | $ 1,241 | 22,018 | 885,117 | 3,811 | (762,169) | 150,018 | 392 |
Balance (shares) at Dec. 31, 2016 | 124,149,609 | 124,149,609 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 148,365 | 147,844 | 147,844 | 521 | ||||
Dividends declared | (42,309) | (42,309) | (42,309) | |||||
Currency translation adjustments | 6,237 | 6,237 | 6,237 | |||||
Derivative financial instruments | 693 | 693 | 693 | |||||
Defined benefit obligations | 155 | 155 | 155 | |||||
Available-for-sale investments | (1,442) | (1,442) | (1,442) | |||||
Exercise of stock options | 21,709 | $ 10 | 21,699 | 21,709 | ||||
Exercise of stock options (shares) | 921,040 | |||||||
Shares placed in treasury | (12,733) | 39,907 | (52,640) | (12,733) | ||||
Stock-based compensation charges | 15,222 | $ 3 | 15,219 | 15,222 | ||||
Stock-based compensation charges (shares) | 310,942 | |||||||
Distributions to noncontrolling interests | (550) | (550) | ||||||
Balance at Dec. 31, 2017 | $ 285,757 | $ 1,254 | $ 98,843 | $ 990,652 | $ 9,454 | $ (814,809) | $ 285,394 | $ 363 |
Balance (shares) at Dec. 31, 2017 | 125,381,591 | 125,381,591 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (usd per share) | $ 0.42 | $ 0.36 | $ 0.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 148,365 | $ 183,612 | $ 131,446 |
Non-cash items included in net income from continuing operations: | |||
Depreciation and amortization | 56,557 | 50,554 | 78,621 |
Income of investees, net of dividends | 2,520 | (1,017) | 1,947 |
Losses on asset disposals and impairments | (194) | (43) | 26,441 |
Gain on deconsolidation of Generation mPower LLC | 0 | (13,571) | 0 |
Impairment of investments | 0 | 0 | 2,140 |
Provision for (benefit from) deferred taxes | 93,461 | (7,231) | (38,493) |
Recognition of (gains) losses for pension and postretirement plans | 12,823 | 22,940 | 54,105 |
Stock-based compensation and thrift plan expense | 15,222 | 15,371 | 31,699 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | (42,803) | 28,570 | 40,094 |
Accounts payable | (7,476) | 19,549 | (23,985) |
Contracts in progress and advance billings on contracts | 35,272 | (60,473) | 57,174 |
Income taxes | 15,124 | 13,216 | (6,991) |
Accrued and other current liabilities | (26,610) | 18,542 | (5,533) |
Pension liability, accrued postretirement benefit obligation and employee benefits | (79,311) | (21,057) | (32,877) |
Other, net | (796) | (9,112) | 19,369 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 222,154 | 239,850 | 335,157 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Decrease (increase) in restricted cash and cash equivalents | (975) | 9,234 | 3,595 |
Purchases of property, plant and equipment | (96,880) | (52,634) | (68,335) |
Acquisition of businesses, net of cash acquired | (715) | (117,780) | 0 |
Purchases of securities | (3,237) | (18,648) | (13,466) |
Sales and maturities of securities | 12,852 | 9,261 | 6,456 |
Proceeds from asset disposals | 397 | 43 | 63 |
Investments, net of return of capital, in equity method investees | (2,789) | (9,165) | (200) |
Other, net | 691 | 0 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (90,656) | (179,689) | (71,887) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under Credit Agreement | 109,400 | 539,500 | 177,350 |
Repayments under Credit Agreement | (137,053) | (305,906) | (177,350) |
Payment of debt issuance costs | 0 | (682) | (4,893) |
Repurchase of common shares | 0 | (292,997) | (69,747) |
Dividends paid to common shareholders | (42,043) | (37,370) | (34,479) |
Exercise of stock options | 17,117 | 18,323 | 7,319 |
Cash paid for shares withheld to satisfy employee taxes | (8,049) | (9,254) | (4,597) |
Cash divested in connection with spin-off of Power Generation business | 0 | 0 | (307,562) |
Other | (550) | (511) | (464) |
NET CASH USED IN FINANCING ACTIVITIES | (61,178) | (88,897) | (414,423) |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 7,443 | (352) | (7,087) |
TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 77,763 | (29,088) | (158,240) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 125,641 | 154,729 | 312,969 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 203,404 | 125,641 | 154,729 |
Cash paid during the period for: | |||
Interest | 14,252 | 6,512 | 6,647 |
Income taxes (net of refunds) | 38,425 | 66,291 | 117,753 |
Income taxes (net of refunds) | |||
Accrued capital expenditures included in accounts payable | $ 8,454 | $ 8,724 | $ 6,741 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES We have presented the consolidated financial statements of BWX Technologies, Inc. ("BWXT") in U.S. dollars in accordance with accounting principles generally accepted in the United States ("GAAP"). 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 to conform to the presentation at December 31, 2017 and for the year ended December 31, 2017 . We present the notes to our 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. Spin-off On June 30, 2015, we completed the spin-off of our former Power Generation business (the "spin-off") into an independent, publicly traded company named Babcock & Wilcox Enterprises, Inc. ("BWE"). The separation was effected through a pro rata distribution of 100% of BWE's common stock to BWXT's stockholders. The distribution of BWE common stock consisted of one share of BWE common stock for every two shares of BWXT common stock to holders of our common stock on the record date of June 18, 2015. Cash was paid in lieu of any fractional shares of BWE common stock. Following the spin-off, BWXT did not retain any ownership interest in BWE. Prior to June 30, 2015, we completed an internal restructuring that reorganized the subsidiaries involved in our former Power Generation business and established BWE as the direct or indirect parent company of those subsidiaries. Concurrent with the spin-off, The Babcock & Wilcox Company was renamed BWX Technologies, Inc. The results of operations of our former Power Generation business are presented as discontinued operations on the consolidated statements of income. See Note 3 for further information regarding the spin-off. Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Services Group and Nuclear Power Group. Our reportable segments reflect changes we made during the first quarter of 2017 in the manner for which our segment operating information is reported for purposes of assessing operating performance and allocating resources. Prior to 2017, we reported three segments: Nuclear Operations, Nuclear Energy and Technical Services. The U.S. commercial nuclear services business, a component of our former Nuclear Energy segment, is now reported in our Nuclear Services Group segment along with our former Technical Services segment. The remainder of our former Nuclear Energy segment is now reported in our Nuclear Power Group segment, which comprises our Canadian operations, including BWXT Nuclear Energy Canada Inc. Our Nuclear Operations Group segment represents our former Nuclear Operations segment. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the U.S. Department of Energy ("DOE")/National Nuclear Security Administration's ("NNSA") Naval Nuclear Propulsion Program, which in turn supplies them to the U.S. Navy for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Barberton, Ohio; Mount Vernon, Indiana; Euclid, Ohio; and Erwin, Tennessee. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. 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. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components inclusive of development and fabrication activities for submarine missile launch tubes. The Euclid facility fabricates electro-mechanical equipment and performs design, manufacturing, inspection, assembly and testing activities. Fuel for the naval nuclear reactors is provided by Nuclear Fuel Services, Inc. ("NFS"), one of our wholly owned subsidiaries. Located in Erwin, NFS also downblends Cold War-era government stockpiles of high-enriched uranium into material suitable for further processing into commercial nuclear reactor fuel. • Our Nuclear Services Group segment provides various services to the U.S. Government and the commercial nuclear industry. Services provided to the U.S. Government include nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the DOE, including the NNSA, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. Through this segment we deliver services and management solutions to nuclear and high-consequence operations. A significant portion of this segment's operations are conducted through joint ventures. Our Nuclear Services Group segment also provides inspection and maintenance services primarily for the U.S. commercial nuclear industry including steam generator and heat exchanger inspection services, high pressure water lancing, non-destructive examination and customized tooling solutions. This segment also offers complete advanced fuel and reactor engineering, licensing and manufacturing services for new advanced nuclear reactors. • Our Nuclear Power Group segment fabricates 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, for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only heavy nuclear component, N-Stamp certified 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. On December 16, 2016, our subsidiary BWXT Canada Ltd. acquired the outstanding stock of the GE Hitachi Nuclear Energy Canada Inc. joint venture, which was renamed BWXT Nuclear Energy Canada Inc. ("NEC"). NEC is a leading supplier of nuclear fuel, fuel handling systems, tooling delivery systems and replacement components for CANDU reactors and has approximately 350 employees. NEC operates two facilities licensed by the Canadian Nuclear Safety Commission ("CNSC") to fabricate natural uranium fuel in Peterborough and Toronto, Ontario, Canada as well as a third facility in Arnprior, Ontario, Canada. The acquisition of NEC expanded our existing commercial nuclear products and services portfolio, allowing us to leverage our technology-based competencies in offering new products and services related to plant life extensions as well as the ongoing maintenance of nuclear power generation equipment. NEC is reported within our Nuclear Power Group segment. See Note 2 for additional information on the acquisition of NEC. See Note 16 for financial information about our segments. Deconsolidation of Generation mPower LLC In 2014, we began initiatives to restructure our mPower program. During the year ended December 31, 2015, we incurred expenses of $15.9 million related to asset impairment charges recgnized as Special charges for restructuring activities on our consolidated statement of income. On March 2, 2016, we entered into a framework agreement with Bechtel Power Corporation ("Bechtel"), BWXT Modular Reactors, LLC and BDC NexGen Power, LLC for the potential restructuring and restart of our mPower small modular reactor program (the "Framework Agreement"). As a result of entering into the Framework Agreement, we deconsolidated Generation mPower LLC ("GmP") from our financial statements as of the date of the Framework Agreement and recorded a gain of approximately $13.6 million during the year ended December 31, 2016 as a component of Other – net on our consolidated statement of income. In the year ended December 31, 2016, we also recognized a $30.0 million loss contingency as a result of the Framework Agreement, which was ultimately paid to Bechtel in the first quarter of 2017 following the receipt of Bechtel's notice that the mPower program would not be restarted. Use of Estimates We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include our estimates of costs to complete long-term construction contracts, estimates of the fair value of acquired intangible assets, estimates of costs to be incurred to satisfy contractual warranty requirements, and estimates we make in selecting assumptions related to the valuations of our pension and postretirement plans, including the selection of our discount rates, mortality and expected rates of return on our pension plan assets. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. Earnings Per Share We have computed earnings per common share on the basis of the weighted-average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We issue a number of forms of stock-based compensation periodically, including incentive and non-qualified stock options, restricted stock, restricted stock units and performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in our computation of diluted earnings per share when related performance criteria have been met. Investments Our investment portfolio consists primarily of U.S. Government and agency securities, corporate bonds and equities, mutual funds and asset-backed securities. Our investments 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 the unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as non-current assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity. That amortization is included in Interest income. We include realized gains and losses on our investments in Other – net. The cost of securities sold is based on the specific identification method. We include interest on securities in Interest income. Foreign Currency Translation We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate income statement items at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency financial statements as a component of accumulated other comprehensive income. We report foreign currency transaction gains and losses in income. We have included in Other – net transaction gains (losses) of $(0.7) million , $0.4 million and $(1.7) million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Contracts and Revenue Recognition We generally recognize contract revenues and related costs on a percentage-of-completion method for individual contracts or combinations of contracts based on work performed, man hours, cost-to-cost or a units of delivery method, as applicable to the product or activity involved. We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress 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 materials and major third-party subcontractors, if it appears that such exclusion would result in a more meaningful measurement of actual contract progress and resulting periodic allocation of income. We include revenues and related costs so recorded, 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 and costs recognized under the percentage-of-completion method. 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 revenues. 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. 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. For contracts for which we are unable to estimate the final profitability except to assure that no loss will ultimately be incurred, we recognize equal amounts of revenue and cost until the final results can be estimated more precisely. For these deferred profit recognition contracts, we recognize revenue and cost equally and only recognize gross margin when probable and reasonably estimable, which we generally determine to be when the contract is approximately 70% complete. We treat long-term construction contracts that contain such a level of risk and uncertainty that estimation of the final outcome is impractical, except to assure that no loss will be incurred, as deferred profit recognition contracts. Our policy is to account for fixed-price contracts under the completed-contract method if we believe that we are unable to reasonably forecast cost to complete at start-up. Under the completed-contract method, income is recognized only when a contract is completed or substantially complete. The following represent the components of our Contracts in progress and Advance billings on contracts included in our consolidated balance sheets: December 31, 2017 2016 (In thousands) Included in Contracts in progress: Costs incurred less costs of revenue recognized $ 49,740 $ 76,763 Revenues recognized less billings to customers 370,888 280,030 Contracts in progress $ 420,628 $ 356,793 Included in Advance billings on contracts: Billings to customers less revenues recognized $ 274,311 $ 162,833 Costs incurred less costs of revenue recognized (28,119 ) (15,685 ) Advance billings on contracts $ 246,192 $ 147,148 The following amounts represent retainages on contracts: December 31, 2017 2016 (In thousands) Retainages expected to be collected within one year $ 82,801 $ 74,452 Retainages expected to be collected after one year 1,669 1,674 Total retainages $ 84,470 $ 76,126 We have included retainages expected to be collected in 2018 in Accounts receivable – trade, net. Retainages expected to be collected after one year are included in Other Assets. Of the long-term retainages at December 31, 2017 , we anticipate collecting $0.3 million in 2019 and $1.4 million in 2020 . Accumulated Other Comprehensive Income The components of Accumulated other comprehensive income included in Stockholders' Equity are as follows: December 31, 2017 2016 (In thousands) Currency translation adjustments $ 13,148 $ 6,911 Net unrealized gain (loss) on derivative financial instruments 353 (340 ) Unrecognized prior service cost on benefit obligations (6,237 ) (6,392 ) Net unrealized gain on available-for-sale investments 2,190 3,632 Accumulated other comprehensive income $ 9,454 $ 3,811 The amounts reclassified out of Accumulated other comprehensive income by component and the affected consolidated statements of income line items are as follows: Year Ended December 31, 2017 2016 2015 Accumulated Other Comprehensive Income Component Recognized (In thousands) Line Item Presented Realized (loss) gain on derivative financial instruments $ 169 $ (30 ) $ 455 Revenues (84 ) 366 (6,259 ) Cost of operations 85 336 (5,804 ) Total before tax (21 ) (86 ) 1,492 Provision for Income Taxes $ 64 $ 250 $ (4,312 ) Net Income Amortization of prior service cost on benefit obligations $ (1,760 ) $ (1,601 ) $ (1,508 ) Cost of operations — (29 ) (35 ) Selling, general and administrative expenses (1,760 ) (1,630 ) (1,543 ) Total before tax 618 566 501 Provision for Income Taxes $ (1,142 ) $ (1,064 ) $ (1,042 ) Net Income Realized gains on investments $ 735 $ 164 $ 343 Other – net (223 ) (57 ) (123 ) Provision for Income Taxes $ 512 $ 107 $ 220 Net Income Total reclassification for the period $ (566 ) $ (707 ) $ (5,134 ) Warranty Expense We accrue estimated expense, included in Cost of operations on our consolidated statements of income, to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. The following summarizes the changes in the carrying amount of Accrued warranty expense: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 11,477 $ 13,542 $ 15,889 Additions 3,783 1,192 1,223 Acquisition of NEC — 282 — Expirations and other changes (1) (2,213 ) (3,631 ) (2,551 ) Payments (70 ) (20 ) (130 ) Translation 451 112 (889 ) Balance at end of period $ 13,428 $ 11,477 $ 13,542 (1) Includes discounts provided to customers in satisfaction of warranty obligations totaling $1.2 million in each of the years ended December 31, 2017 , 2016 and 2015 . Asset Retirement Obligations and Environmental Cleanup Costs We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility's life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission ("NRC") and the CNSC. In accordance with the Financial Accounting Standards Board ("FASB") Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of cleanup activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. Substantially all of our asset retirement obligations relate to the remediation of our nuclear analytical laboratory and the NFS facility in our Nuclear Operations Group segment as well as the facilities operated by NEC. The following table reflects our asset retirement obligations: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 71,899 $ 50,514 $ 47,811 Costs incurred (2 ) (141 ) — Additions/adjustments — — 832 Acquisition of NEC — 18,505 — Accretion 4,728 3,148 2,158 Distributed in connection with the spin-off — — (287 ) Translation 1,411 (127 ) — Balance at end of period $ 78,036 $ 71,899 $ 50,514 Research and Development Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Excluding customer-sponsored research and development, the majority of our activities in this area, for the year ended December 31, 2017, related to the development of technologies in the area of medical and industrial radioisotopes. During the years ended December 31, 2016 and 2015, substantially all of these costs related to our mPower program for the development of our BWXT mPower™ reactor and the associated power plant. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis and include contracts, cooperative agreements and grants. Research and development activities totaled $50.4 million , $40.1 million and $38.2 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. This includes amounts paid for by our customers of $43.2 million , $33.7 million and $27.7 million , in the years ended December 31, 2017 , 2016 and 2015 , respectively. Pension Plans and Postretirement Benefits We sponsor various defined benefit pension and postretirement plans covering certain employees of our U.S. and Canadian subsidiaries. We utilize actuarial valuations to calculate the cost and benefit obligations of our pension and postretirement benefits. The actuarial valuations utilize significant assumptions in the determination of our benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends. We determine our discount rate based on a yield curve comprised of rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement plan obligations. The expected rate of return on plan assets assumption is based on capital market assumptions of the long-term expected returns for the investment mix of assets currently in the portfolio. The expected rate of return on plan assets is determined to be the weighted-average of the nominal returns based on the weightings of the classes within the total asset portfolio. Expected health care cost trends represent expected annual rates of change in the cost of health care benefits and are estimated based on analysis of health care cost inflation. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we immediately recognize net actuarial gains and losses into earnings as a component of net periodic benefit cost. Recognized net actuarial gains and losses consist primarily of our reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets. We recognize the funded status of each plan as either an asset or a liability in the consolidated balance sheets. The funded status is the difference between the fair value of plan assets and the present value of its benefit obligation, determined on a plan-by-plan basis. Our pension plan assets can include assets that are difficult to value. See Note 7 for detailed information regarding our plan assets. Income Taxes Income tax expense for federal, foreign, state and local income taxes is calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Provision for Income Taxes on our consolidated statements of income. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries, and unrecognized deferred income tax liabilities, including withholding taxes, would be payable upon distribution of these earnings. We consider the earnings of our non-U.S. subsidiaries to be permanently reinvested. Inventories We carry our inventory at the lower of cost or net realizable value using either the weighted average or first-in, first-out methods. At December 31, 2017 and 2016 , we had inventories totaling $8.6 million and $7.7 million , respectively, consisting entirely of raw materials and supplies. Property, Plant and Equipment We carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 33 years for buildings and three to 14 years for machinery and equipment. Our depreciation expense was $47.3 million , $48.4 million and $55.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them. Property, plant and equipment is stated at cost and is set forth below: December 31, 2017 2016 (In thousands) Land $ 8,695 $ 8,596 Buildings 167,917 156,848 Machinery and equipment 728,630 697,896 Property under construction 107,899 59,301 1,013,141 922,641 Less accumulated depreciation 664,512 622,955 Net Property, Plant and Equipment $ 348,629 $ 299,686 Investments in Unconsolidated Affiliates We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, substantially all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which our investment ownership is less than 20% and where we are unable to exert significant influence are carried at cost. Goodwill Goodwill represents the excess of the cost of our acquired businesses over the fair value of the net assets acquired. We perform testing of goodwill for impairment annually. We may elect to perform a qualitative test when we believe that there is sufficient excess fair value over carrying value based on our most recent quantitative assessment, adjusted for relevant events and circumstances that could affect fair value during the current year. If we conclude based on this assessment that it is more likely than not that the reporting unit is not impaired, we do not perform a quantitative impairment test. In all other circumstances, we utilize a two-step quantitative impairment test to identify potential goodwill impairment and measure the amount of any goodwill impairment. The first step of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. The second step compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. The following summarizes the changes in the carrying amount of Goodwill: Nuclear Operations Group Nuclear Services Group Nuclear Power Group Total (In thousands) Balance at December 31, 2015 $ 110,939 $ 45,000 $ 12,495 $ 168,434 Acquisition of NEC (Note 2) — — 42,532 42,532 Translation — — (178 ) (178 ) Balance at December 31, 2016 $ 110,939 $ 45,000 $ 54,849 $ 210,788 NEC Purchase Price Allocation Adjustment (Note 2) — — 3,792 3,792 Translation — — 3,751 3,751 Balance at December 31, 2017 $ 110,939 $ 45,000 $ 62,392 $ 218,331 Intangible Assets Intangible assets are recognized at fair value when acquired. Intangible assets with definite lives are amortized to operating expense using the straight-line method over their estimated useful lives and tested for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets with indefinite lives are not amortized and are subject to annual impairment testing. We may elect to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment to determine whether events or circumstances affecting significant inputs related to the most recent quantitative evaluation have occurred, indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Otherwise, we test indefinite-lived intangible assets for impairment by quantitatively determining the fair value of the indefinite-lived intangible asset and comparing the fair value of the intangible asset to its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, we recognize impairment for the amount of the difference. Our Intangible Assets are as follows: December 31, 2017 2016 2015 (In thousands) Amortized intangible assets: Gross cost: Customer relationships $ 30,339 $ 29,679 $ 20,790 CNSC class 1B nuclear facility license 27,055 24,444 — Acquired backlog 13,527 12,592 — Favorable operating lease 8,832 8,222 — Unpatented technology 8,379 8,104 4,400 Tradename 1,500 1,500 1,500 Patented technology 796 741 — All other 2,200 2,200 2,200 Total $ 92,628 $ 87,482 $ 28,890 Accumulated amortization: Customer relationships $ (11,505 ) $ (10,415 ) $ (9,313 ) CNSC class 1B nuclear facility license (938 ) (34 ) — Acquired backlog (6,113 ) (209 ) — Favorable operating lease (459 ) (16 ) — Unpatented technology (4,456 ) (3,750 ) (3,312 ) Tradename (1,425 ) (1,275 ) (1,125 ) Patented technology (75 ) (3 ) — All other (1,082 ) (862 ) (642 ) Total $ (26,053 ) $ (16,564 ) $ (14,392 ) Net amortized intangible assets $ 66,575 $ 70,918 $ 14,498 Unamortized intangible assets: NRC category 1 license $ 43,830 $ 43,830 $ 43,830 The following summarizes the changes in the carrying amount of Intangible Assets: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 114,748 $ 58,328 $ 60,227 Acquisition of NEC (Note 2) 746 58,999 — Amortization expense (9,210 ) (2,174 ) (1,899 ) Translation 4,121 (405 ) — Balance at end of period $ 110,405 $ 114,748 $ 58,328 Estimated amortization expense for the next five fiscal years is as follows (in thousands): Year Ended December 31, Amount 2018 $ 9,055 2019 $ 5,195 2020 $ 3,573 2021 $ 3,573 2022 $ 3,573 Deferred Debt Issuance Costs We have included deferred debt issuance costs i |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS GE Hitachi Nuclear Energy Canada Inc. Acquisition On December 16, 2016, our subsidiary BWXT Canada Ltd. acquired the outstanding stock of the GE Hitachi Nuclear Energy Canada Inc. ("GEH-C") joint venture. Total consideration included CAD 157.9 million ( $117.8 million U.S. Dollar equivalent) paid in the fourth quarter of 2016 and a working capital adjustment of CAD 1.0 million ($0.7 million U.S. Dollar equivalent) paid in May 2017. Upon acquisition, GEH-C was renamed BWXT Nuclear Energy Canada Inc. ("NEC"). NEC is a leading supplier of nuclear fuel, fuel handling systems, tooling delivery systems and replacement components for CANDU reactors and has approximately 350 employees. NEC operates two facilities licensed by the CNSC to fabricate natural uranium fuel in Peterborough and Toronto, Ontario, Canada as well as a third facility in Arnprior, Ontario, Canada. The acquisition of NEC expanded our existing commercial nuclear products and services portfolio, allowing us to leverage our technology-based competencies in offering new products and services related to plant life extensions as well as the ongoing maintenance of nuclear power generation equipment. NEC is reported within our Nuclear Power Group segment. The purchase price of the acquisition has been allocated among assets acquired and liabilities assumed at fair value, with the excess purchase price recorded as goodwill. During the year ended December 31, 2017, we adjusted our purchase price allocation, which included adjustments to the value of contracts in progress of $(1.6) million , property, plant and equipment of $(3.0) million , intangible assets of $0.7 million and certain other assets and liabilities, with a resulting increase to goodwill of $3.8 million . Our purchase price allocation is as follows: NEC (In thousands) Accounts receivable – trade $ 15,659 Accounts receivable – other 1,359 Contracts in progress 19,956 Other current assets 84 Property, plant and equipment 21,356 Goodwill 46,324 Intangible assets 59,745 Total assets acquired $ 164,483 Accounts payable $ 3,922 Accrued employee benefits 1,965 Accrued liabilities – other 3,184 Accrued warranty expense 282 Accumulated postretirement benefit obligation 5,695 Environmental liabilities 18,505 Pension liability 1,054 Other liabilities 11,381 Total liabilities assumed $ 45,988 Net assets acquired $ 118,495 Amount of tax deductible goodwill $ — The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period CNSC class 1B nuclear facility license $ 25,360 30 years Backlog $ 12,680 2 years Customer relationships $ 8,951 14 years Favorable operating lease $ 8,279 20 years Unpatented technology $ 3,729 15 years Patented technology $ 746 11 years Our consolidated financial statements for the year ended December 31, 2016 include $2.9 million of revenues and $(0.7) million of net income (loss) related to NEC operations occurring from the acquisition date to December 31, 2016. Additionally, the following unaudited pro forma financial information presents our results of operations for the years ended December 31, 2016 and 2015 had the acquisition of NEC occurred on January 1, 2015. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2015. This information is presented for comparative purposes only and should not be taken as representative of our future consolidated results of operations. Year Ended December 31, 2016 2015 (In thousands, except per share amounts) Revenues $ 1,630,069 $ 1,513,768 Net Income Attributable to BWX Technologies, Inc. $ 182,074 $ 129,112 Basic Earnings per Common Share $ 1.78 $ 1.21 Diluted Earnings per Common Share $ 1.75 $ 1.20 The unaudited pro forma results include the following pre-tax adjustments to the historical results presented above: • Increase in amortization expense related to timing of amortization of the fair value of identifiable intangible assets acquired of approximately $7.7 million and $8.3 million for the years ended December 31, 2016 and 2015, respectively. • Elimination of historical interest income of approximately $0.4 million and $0.5 million for the years ended December 31, 2016 and 2015, respectively. • Additional interest expense associated with the incremental borrowings that would have been incurred to acquire NEC as of January 1, 2015 of approximately $2.1 million and $2.5 million for the years ended December 31, 2016 and 2015, respectively. • Additional accretion associated with asset retirement obligations of approximately $1.5 million and $1.6 million for the years ended December 31, 2016 and 2015, respectively. • Additional depreciation expense associated with the fair value adjustment of property, plant and equipment of approximately $1.0 million for the years ended December 31, 2016 and 2015. • Elimination of $6.8 million in acquisition related costs recognized in the year ended December 31, 2016 that are not expected to be recurring. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Spin-off of BWE On June 30, 2015, we completed the spin-off of BWE to our stockholders through a stock distribution. BWE's assets and business primarily consist of those that we previously reported as our Power Generation segment. In connection with the spin-off, our stockholders received 100% of the outstanding common stock of BWE. Prior to the completion of the spin-off, we made a cash payment to BWE totaling $132 million . In order to effect the distribution and govern our relationship with BWE after the distribution, we entered into a master separation agreement with BWE. In addition to the master separation agreement, we entered into other agreements with BWE in connection with the distribution, including a tax sharing agreement and transition services agreements. Master Separation Agreement The master separation agreement between us and BWE contains the key provisions relating to the separation of our former Power Generation business from us and the distribution of shares of BWE common stock. The master separation agreement identifies the assets that were transferred, liabilities that were assumed and contracts that were assigned to BWE by us or by BWE to us in the spin-off and describes how these transfers, assumptions and assignments occurred. Under the master separation agreement we also agreed to indemnify BWE against various claims and liabilities related to the past operation of our business (other than BWE's business). At the spin-off, we had outstanding performance guarantees for various projects executed by BWE in the normal course of business. These guarantees totaled $1,542 million and had expiration dates from 2015 to 2035 . In February 2016, BWE notified us that we have been released from substantially all remaining performances guarantees. Accordingly, we reduced the outstanding liability and recorded a gain of approximately $9.3 million during the year ended December 31, 2016 as a component of Other – net on our consolidated statement of income. Tax Sharing Agreement We and BWE have entered into an agreement providing for the sharing of taxes incurred before and after the distribution, various indemnification rights with respect to tax matters and restrictions to preserve the tax-free status of the distribution. Under the terms of the tax sharing agreement we entered into in connection with the spin-off, we will generally be responsible for 60% of any taxes imposed on us or BWE and its subsidiaries in the event that the spin-off and/or certain related preparatory transactions were to fail to qualify for tax-free treatment. However, if the spin-off and/or certain related preparatory transactions were to fail to qualify for tax-free treatment because of actions or failures to act by BWE, we would not be responsible for the related taxes associated with these actions. Conversely, if the spin-off and/or certain related preparatory transactions were to fail to qualify for tax-free treatment because of actions or failures to act by us, we would be responsible for all related taxes associated with these actions. Financial Information The following table presents selected financial information regarding the results of operations of our former Power Generation business through June 30, 2015 with certain tax related adjustments made during the six month period ended December 31, 2015: Year Ended December 31, 2015 (In thousands) Revenues $ 830,234 Costs and Expenses: Cost of operations 665,558 Research and development costs 8,480 Losses on asset disposals and impairments 8,963 Selling, general and administrative expenses (1) 108,911 Special charges for restructuring activities 7,666 Costs to spin-off 34,358 Total Costs and Expenses 833,936 Equity in Income (Loss) of Investees (1,104 ) Operating Income (Loss) (4,806 ) Other Income (Loss) (1,693 ) Income (Loss) before Provision for Income Taxes (6,499 ) Provision for Income Taxes 2,704 Net Income (Loss) (9,203 ) Net Income Attributable to Noncontrolling Interest (106 ) Income (Loss) from Discontinued Operations $ (9,309 ) (1) Included in selling, general and administrative expenses is an allocation of corporate administrative expenses of $28.0 million for the year ended December 31, 2015. We incurred approximately $66.5 million in total costs related to the spin-off, which included approximately $29.8 million for professional services and $23.1 million of retention and severance-related charges. The majority of the remaining costs related to the separation of our facilities and related infrastructure including our information technology systems. Income from discontinued operations for the year ended December 31, 2015 included $34.4 million of these charges, and included in continuing operations were spin-off costs of $26.0 million for the year ended December 31, 2015. The following table presents selected financial information regarding cash flows of our former Power Generation business that are included in the consolidated statements of cash flows: Year Ended December 31, 2015 (In thousands) Non-cash items included in net income (loss): Depreciation and amortization $ 21,458 Income (loss) of investees, net of dividends $ (2,293 ) Losses on asset disposals and impairments, net $ 10,544 Purchases of property, plant and equipment $ 11,494 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS We have investments in entities that we account for using the equity method. Our share of the undistributed earnings of our equity method investees were $5.9 million and $8.1 million at December 31, 2017 and 2016 , respectively. The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method: December 31, 2017 2016 (In thousands) Current assets $ 261,467 $ 233,546 Noncurrent assets 1,891 — Total Assets $ 263,358 $ 233,546 Current liabilities $ 137,623 $ 119,633 Owners' equity 125,735 113,913 Total Liabilities and Owners' Equity $ 263,358 $ 233,546 Year Ended December 31, 2017 2016 2015 (In thousands) Revenues $ 678,080 $ 693,441 $ 624,756 Gross profit $ 35,081 $ 38,858 $ 33,397 Net Income $ 35,081 $ 38,862 $ 33,406 Reimbursable costs recorded in revenues by the unconsolidated joint ventures in our Nuclear Services Group segment totaled $638.4 million , $671.0 million and $583.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Income taxes for the investees are the responsibility of the respective owners. Accordingly, no provision for income taxes has been recorded by the investees. Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Equity income based on stated ownership percentages $ 13,412 $ 16,480 $ 14,011 Timing of GAAP and other adjustments 200 (411 ) (615 ) Equity in income of investees $ 13,612 $ 16,069 $ 13,396 Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Sales to $ 22,259 $ 24,870 $ 18,458 Dividends received $ 16,132 $ 15,052 $ 13,050 Capital contributions, net of returns $ 2,789 $ 9,165 $ 200 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the "Act") was enacted, making significant changes to existing U.S. tax laws that impact BWXT, including, but not limited to, a reduction to the U.S. corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017, a one-time transition tax on certain undistributed foreign earnings and additional deduction limitations on executive compensation. We have obtained and analyzed all necessary information to record the effect of the change in tax law resulting from the Act and have recognized the income tax effects in our 2017 financial statements. Upon completion of our 2017 U.S. income tax return in 2018, we may identify additional remeasurement adjustments to our recorded deferred tax assets. Additionally, should the Internal Revenue Service and/or state taxing authorities issue further guidance, interpretations or legislative changes related to certain aspects of the new tax law, we may have future adjustments to record. Our Canadian operations continue to be subject to tax at a local statutory rate of approximately 25% . We are currently under audit by various state and international authorities. With few exceptions, we do not have any returns under examination for years prior to 2014. We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 1,651 $ 2,222 $ 8,597 Increases based on tax positions taken in the current year — — 185 Increases based on tax positions taken in the prior years — — — Decreases based on tax positions taken in the prior years — — (134 ) Decreases due to settlements with tax authorities — (571 ) (5,934 ) Decreases due to lapse of applicable statute of limitation — — (492 ) Other, net 29 — — Balance at end of period $ 1,680 $ 1,651 $ 2,222 The unrecognized tax benefits balance of $1.7 million at December 31, 2017 would reduce our effective tax rate if recognized. We believe that, within the next 12 months, it is reasonably possible that our previously unrecognized tax benefits could decrease by $1.4 million . Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured based on the enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. As such, we have remeasured our U.S. deferred tax assets and liabilities based on the reduction of the U.S. corporate income tax rate from 35% to 21% as a result of the passage of the Act in 2017. This remeasurement resulted in a total decrease in our net deferred tax asset position of $49.5 million . Significant components of deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: December 31, 2017 2016 (In thousands) Deferred tax assets: Pension liability $ 59,229 $ 129,603 Accrued warranty expense 3,482 3,868 Accrued vacation pay 6,557 9,892 Accrued liabilities for self-insurance (including postretirement health care benefits) 6,355 7,663 Accrued liabilities for executive and employee incentive compensation 8,647 20,670 Environmental and products liabilities 17,195 34,798 Investments in joint ventures and affiliated companies 8,343 15,067 Long-term contracts 4,057 10,039 State tax net operating loss carryforward 8,460 5,573 Tax credit carryforward 1,016 160 Other 8,638 9,373 Total deferred tax assets 131,979 246,706 Valuation allowance for deferred tax assets (15,252 ) (17,226 ) Deferred tax assets 116,727 229,480 Deferred tax liabilities: Property, plant and equipment 11,573 10,249 Long-term contracts — 11,920 Intangibles 27,875 35,920 Other — — Total deferred tax liabilities 39,448 58,089 Net deferred tax assets $ 77,279 $ 171,391 Income from continuing operations before provision for income taxes and noncontrolling interest were as follows: Year Ended December 31, 2017 2016 2015 (In thousands) U.S. $ 255,194 $ 215,572 $ 211,285 Other than U.S. 40,586 41,696 9,780 Income before Provision for Income Taxes $ 295,780 $ 257,268 $ 221,065 The components of Provision for Income Taxes were as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Current: U.S. – federal $ 26,632 $ 73,383 $ 95,854 U.S. – state and local 3,023 3,068 3,498 Other than U.S. 24,299 4,436 (2,170 ) Total current 53,954 80,887 97,182 Deferred: U.S. – federal 107,844 (12,665 ) (25,981 ) U.S. – state and local (158 ) 222 3,423 Other than U.S. (14,225 ) 5,212 5,792 Total deferred 93,461 (7,231 ) (16,766 ) Provision for Income Taxes $ 147,415 $ 73,656 $ 80,416 The following is a reconciliation of our income tax provision related to continuing operations from the U.S. statutory federal tax rate ( 35% ) to our consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 1.2 % 0.8 % 3.3 % Foreign rate differential (1.4 )% (1.5 )% (0.4 )% Foreign operations — % (1.4 )% 1.7 % Excess tax deductions on equity compensation (2.0 )% (0.9 )% — % Impact of U.S. Tax Cuts & Jobs Act 17.7 % — % — % Manufacturing deduction (1.4 )% (2.6 )% (2.9 )% Minority interest (0.1 )% (1.9 )% 0.3 % Other 0.8 % 1.1 % (0.6 )% Effective tax rate 49.8 % 28.6 % 36.4 % At December 31, 2017 , we had a valuation allowance of $15.3 million for deferred tax assets, which we expect cannot be realized through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. Any changes to our estimated valuation allowance could be material to our consolidated financial statements. As a result of the passage of the Act, we have remeasured our valuation allowances based on the reduction of the U.S. corporate income tax rate from 35% to 21%. This remeasurement resulted in a total decrease in our valuation allowances of $3.7 million . The following is an analysis of our valuation allowance for deferred tax assets: Beginning Balance Charges To Costs and Expenses Charged To Other Accounts Ending Balance (In thousands) Year Ended December 31, 2017 $ (17,226 ) 2,544 (570 ) $ (15,252 ) Year Ended December 31, 2016 $ (17,752 ) (760 ) 1,286 $ (17,226 ) Year Ended December 31, 2015 $ (14,239 ) (3,513 ) — $ (17,752 ) We have state net operating losses of $10.6 million ( $8.4 million net of federal tax benefit) available to offset future taxable income in various states. Our state net operating loss carryforwards begin to expire in the year 2018 . We are carrying a valuation allowance of $9.4 million ( $7.4 million , net of federal tax benefit) against the deferred tax asset related to the state loss carryforwards. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries. For the year ended December 31, 2017 , the undistributed earnings of these subsidiaries were approximately $89.2 million . As of December 31, 2017 , our unrecognized deferred income tax liabilities of approximately $4.5 million would be payable upon the distribution of these earnings. All of our foreign earnings are considered indefinitely reinvested. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Our Long-Term Debt consists of the following: December 31, 2017 2016 (In thousands) Secured Debt: Revolving Credit Facility $ — $ — Term Loan 270,000 285,000 Incremental Term Loans 243,131 245,986 Less: Amounts due within one year 27,870 27,370 Long-Term Debt, gross 485,261 503,616 Less: Deferred debt issuance costs 4,202 5,892 Long-Term Debt $ 481,059 $ 497,724 Maturities of Long-Term Debt during the five years subsequent to December 31, 2017 were as follows: 2018 – $27.9 million ; 2019 – $27.9 million ; 2020 – $457.4 million ; 2021 – $0.0 million ; and 2022 – $0.0 million . Credit Facility On September 2, 2016, we entered into an amendment (the "Amendment") to our Credit Agreement dated May 11, 2015 with Bank of America, N.A., as administrative agent, and certain lenders and letter of credit issuers party thereto (collectively, the "Amended Credit Agreement"). Prior to the Amendment, our Credit Agreement provided for a five -year, senior secured revolving credit facility in an aggregate amount of up to $400 million , the full amount of which was available for the issuance of letters of credit, and a senior secured term loan facility of $300 million , which was drawn on June 30, 2015. The Amendment added a new U.S. dollar term loan facility in an aggregate principal amount of up to $112.5 million , which was drawn on September 16, 2016, and a new Canadian dollar term loan facility in an aggregate principal amount of up to the equivalent of $137.5 million U.S. dollars, which was drawn on December 12, 2016 (collectively, the "Incremental Term Loans"). All obligations under the Amended Credit Agreement are scheduled to mature on June 30, 2020. The proceeds of loans under the Amended Credit Agreement are available for working capital needs and other general corporate purposes. The Amended Credit Agreement includes provisions for additional financial institutions to become lenders, or for any existing lender to increase its commitment thereunder, subject to an aggregate maximum of $250 million for all additional term loans, revolving credit borrowings and letter of credit commitments. The Amended Credit Agreement is (1) guaranteed by substantially all of our wholly owned domestic subsidiaries, excluding our captive insurance subsidiary, and (2) secured by first-priority liens on certain assets owned by us and the guarantors (other than our subsidiaries comprising our Nuclear Operations Group and a portion of our Nuclear Services Group segments). The Amended Credit Agreement requires interest payments on revolving loans on a periodic basis until maturity. We began making quarterly amortization payments on the $300 million term loan in an amount equal to 1.25% of the aggregate principal amount in the first quarter of 2016. We began making quarterly amortization payments on the U.S. dollar term loan facility in an amount equal to 1.25% of the aggregate principal amount in the fourth quarter of 2016. We began making quarterly amortization payments on the Canadian dollar term loan facility in an amount equal to 1.25% of the aggregate principal amount in the first quarter of 2017. We may prepay all loans under the Amended Credit Agreement at any time without premium or penalty (other than customary Eurocurrency rate breakage costs), subject to notice requirements. The Amended Credit Agreement includes financial covenants that are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The maximum permitted leverage ratio is 3.00 to 1.00, which may be increased to 3.25 to 1.00 for up to four consecutive fiscal quarters after a material acquisition. The minimum consolidated interest coverage ratio is 4.00 to 1.00. In addition, the Amended Credit Agreement contains various restrictive covenants, including with respect to debt, liens, investments, mergers, acquisitions, dividends, equity repurchases and asset sales. At December 31, 2017 , we were in compliance with all covenants set forth in the Amended Credit Agreement. Outstanding loans under the Amended Credit Agreement bear interest at our option at either the Eurocurrency rate plus a margin ranging from 1.25% to 1.75% per year or the base rate (the highest of the Federal Funds rate plus 0.50% , the one-month Eurocurrency rate plus 1.0% , or the administrative agent's prime rate) plus a margin ranging from 0.25% to 0.75% per year. We are charged a commitment fee on the unused portion of the revolving credit facility, and that fee varies between 0.15% and 0.25% per year. Additionally, we are charged a letter of credit fee of between 1.25% and 1.75% per year with respect to the amount of each financial letter of credit issued under the Amended Credit Agreement, and a letter of credit fee of between 0.75% and 1.05% per year is charged with respect to the amount of each performance letter of credit issued under the Amended Credit Agreement. The applicable margin for loans, the commitment fee and the letter of credit fees set forth above will vary quarterly based on our leverage ratio. Based on the leverage ratio applicable at December 31, 2017 , the margin for Eurocurrency rate and base rate loans was 1.375% and 0.375% , respectively, the letter of credit fee for financial letters of credit and performance letters of credit was 1.375% and 0.825% , respectively, and the commitment fee for the unused portion of the revolving credit facility was 0.175% . Upon the closing of the Credit Agreement and the subsequent Amendment, we paid certain upfront fees to the lenders thereunder, and paid arrangement and other fees to the arrangers and agents of the Amended Credit Agreement. At December 31, 2017 , borrowings outstanding totaled $513.1 million and $0.0 million under our term loans and revolving line of credit, respectively, and letters of credit issued under the Amended Credit Agreement totaled $75.9 million . As a result, we had $324.1 million available for borrowings or to meet letter of credit requirements as of December 31, 2017 , excluding the additional $250 million available to us for term loan, revolving credit borrowings and letter of credit commitments. As of December 31, 2017 , the weighted-average interest rate on outstanding borrowings under our Amended Credit Agreement was 2.90% . The Amended Credit Agreement generally includes customary events of default for a secured credit facility, some of which allow for an opportunity to cure. If an event of default relating to bankruptcy or other insolvency events occurs under the Amended Credit Agreement, all obligations under the Amended Credit Agreement will immediately become due and payable. If any other event of default exists under the Amended Credit Agreement, the lenders will be permitted to accelerate the maturity of the obligations outstanding under the Amended Credit Agreement. If any event of default occurs under the Amended Credit Agreement, 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 Amended Credit Agreement, or if we are unable to make any of the representations and warranties in the Amended Credit Agreement, we will be unable to borrow funds or have letters of credit issued under the Amended Credit Agreement. 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. 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 twelve 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 December 31, 2017 , bonds issued and outstanding under these arrangements totaled approximately $60.8 million . |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits, primarily through noncontributory pension plans, for most of our regular employees. As of 2006, our retirement plans for U.S.-based employees were closed to new entrants for our corporate employees and were closed to new salaried plan entrants for our existing plans. The plans have also been closed to new hourly employees at certain locations. Effective December 31, 2015, benefit accruals for salaried employees covered by and continuing to accrue service and salary adjusted benefits under our major U.S. and Canadian defined benefit qualified pension plans ceased. Furthermore, effective January 1, 2016, we began making service-based, cash contributions to a defined contribution plan for those employees impacted by the plan freeze. Effective January 1, 2012, a defined contribution component was adopted applicable to BWXT Canada Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was enrolled in the defined contribution component of the Canadian Plans either as of January 1, 2012 or upon the completion of six months of continuous service, whichever is later. These and future employees will not be eligible to enroll in the defined benefit component of the Canadian Plans. Additionally, during the third quarter of 2014, benefit accruals under certain hourly Canadian pension plans ceased effective January 1, 2015. We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly paid employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. The Pension Protection Act of 2006 became effective in 2008. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued. Assuming we continue as a government contractor, our contractual arrangements with the U.S. Government provide for the recovery of contributions to our pension and other postretirement benefit plans covering employees working primarily in our Nuclear Operations Group segment. We make other benefits available, which include postretirement health care and life insurance benefits to certain salaried and union retirees based on their union contracts. Certain subsidiaries provide these benefits to unionized and salaried future retirees. Obligations and Funded Status Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2017 2016 2017 2016 (In thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 1,571,586 $ 1,565,905 $ 62,994 $ 62,788 Service cost 8,031 7,358 567 575 Interest cost 54,353 54,860 2,182 2,201 Plan participants' contributions 68 75 585 606 Amendments 1,519 1,731 — — Acquisition — 1,054 — 5,695 Settlements (117,354 ) (2,606 ) — — Actuarial loss (gain) 102,807 28,108 5,099 (5,469 ) Transfers — — — — Foreign currency exchange rate changes 10,344 3,376 642 174 Benefits paid (88,011 ) (88,275 ) (3,830 ) (3,576 ) Benefit obligation at end of period $ 1,543,343 $ 1,571,586 $ 68,239 $ 62,994 Change in plan assets: Fair value of plan assets at beginning of period $ 1,217,859 $ 1,209,814 $ 42,713 $ 41,219 Actual return on plan assets 182,290 83,168 4,630 3,059 Plan participants' contributions 68 75 585 606 Company contributions 56,079 12,293 1,504 1,399 Settlements (121,196 ) (2,606 ) — — Transfers — — — — Foreign currency exchange rate changes 10,610 3,390 — — Benefits paid (88,011 ) (88,275 ) (3,830 ) (3,570 ) Fair value of plan assets at the end of period 1,257,699 1,217,859 45,602 42,713 Funded status $ (285,644 ) $ (353,727 ) $ (22,637 ) $ (20,281 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (3,303 ) $ (3,171 ) $ (1,269 ) $ (1,222 ) Accumulated postretirement benefit obligation — — (21,368 ) (19,059 ) Pension liability (295,814 ) (356,380 ) — — Prepaid pension 13,473 5,824 — — Accrued benefit liability, net $ (285,644 ) $ (353,727 ) $ (22,637 ) $ (20,281 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 11,227 $ 11,782 $ (1,874 ) $ (2,188 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,393,141 $ 1,438,979 N/A N/A Accumulated benefit obligation $ 1,392,662 $ 1,438,503 $ 68,239 $ 62,994 Fair value of plan assets $ 1,094,023 $ 1,079,428 $ 45,602 $ 42,713 Plans with plan assets in excess of accumulated benefit obligation: Projected benefit obligation $ 150,202 $ 132,607 N/A N/A Accumulated benefit obligation $ 150,202 $ 132,607 $ — $ — Fair value of plan assets $ 163,676 $ 138,431 $ — $ — Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2017 2016 2015 2017 2016 2015 (In thousands) Components of net periodic benefit cost: Service cost $ 8,031 $ 7,358 $ 23,562 $ 567 $ 575 $ 690 Interest cost 54,353 54,860 63,867 2,182 2,201 2,600 Expected return on plan assets (83,617 ) (82,690 ) (90,137 ) (2,383 ) (2,306 ) (2,348 ) Amortization of prior service cost 2,074 1,932 1,797 (314 ) (302 ) (254 ) Recognized net actuarial loss (gain) 8,322 27,531 60,863 2,741 (6,221 ) (6,207 ) Net periodic benefit cost (income) $ (10,837 ) $ 8,991 $ 59,952 $ 2,793 $ (6,053 ) $ (5,519 ) Beginning in the first quarter of 2016, we changed the method we use to estimate the service and interest cost components of our net periodic benefit cost (income) for our pension and postretirement benefit plans. Previously, we estimated service and interest cost utilizing a single weighted-average discount rate derived from the yield curve data used to measure the benefit obligation. Our new method for estimating service and interest cost is a spot rate approach, which utilizes duration-specific spot rates from the yield curve that was used to measure the benefit obligation. Our combined service and interest cost for our pension and postretirement plans decreased $25.7 million in the year ended December 31, 2016. The decrease is attributable to the change in the method used to estimate the service and interest cost components of net periodic benefit cost discussed above. While this change in method provides a more precise estimate of service and interest cost by improving the relationship of the discount rates utilized to measure our benefit obligation and the rates utilized to estimate service and interest cost, it will affect neither the measurement of our total pension and postretirement benefit obligations nor our total annual net periodic benefit cost as the change in our service and interest cost will be offset in our recognized net actuarial (gain) loss in the fourth quarter each year. Service cost also decreased due to the December 31, 2015 plan freeze of our major U.S. and Canadian defined benefit qualified pension plans. Net periodic benefit cost related to our pension plans is calculated in accordance with GAAP. In addition, we calculate pension costs in accordance with U.S. cost accounting standards ("CAS") for purposes of cost recovery on our U.S. Government contracts to the extent applicable. See further discussion of CAS pension costs in our discussion of Critical Accounting Policies and Estimates included in Item 7 of this Annual Report on Form 10-K. Recognized net actuarial losses (gains) consist primarily of our reported actuarial losses (gains), settlements, and the differences between the actual returns on plan assets and the expected returns on plan assets. In October 2017, the BWXT Retirement Plan completed the purchase of a group annuity contract that transferred pension benefit obligations totaling $113.6 million to an insurance company for approximately 2,300 retirees. As a result, we recognized pension settlement-related charges of $3.8 million during 2017. As indicated in Note 16 , we have excluded the recognized net actuarial losses (gains) from our reportable segments and presented such amounts in Note 16 as the Mark to Market Adjustment line item in the reconciliation of reportable segment income to consolidated operating income. The effects of recognized net actuarial losses (gains) on the consolidated statements of income are as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Cost of operations $ 6,787 $ 14,729 $ 51,588 Selling, general and administrative expenses 4,256 6,739 3,066 Other – net 20 (158 ) 2 Total $ 11,063 $ 21,310 $ 54,656 Additional Information Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2017 2016 2017 2016 (In thousands) Increase (decrease) in accumulated other comprehensive income due to actuarial losses – before taxes $ (1,519 ) $ (1,731 ) $ — $ — In the current fiscal year, we have recognized expense (income) in other comprehensive income as a component of net periodic benefit cost of approximately $2.1 million and $(0.3) million for our pension benefits and other benefits, respectively. In the next fiscal year, we expect to recognize expense (income) in other comprehensive income as a component of net periodic benefit cost of approximately $2.2 million and $(0.3) million for our pension benefits and other benefits, respectively. Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted-average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.68 % 4.18 % 3.64 % 4.12 % Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate to determine service cost 3.84 % 3.66 % 4.00 % 4.29 % 3.96 % 3.91 % Discount rate to determine interest cost 3.17 % 3.17 % 4.00 % 3.71 % 3.55 % 3.91 % Expected return on plan assets 7.00 % 7.03 % 7.04 % 5.71 % 5.71 % 5.72 % Rate of compensation increase — — 2.57 % — — — The expected return on plan assets rate assumptions are based on the long-term expected returns for the investment mix of assets in the portfolio. In setting these rates, we use a building-block approach. Historical real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each class. These rates are then adjusted for anticipated future inflation to estimate nominal rates of return for each class. The expected rate of return on plan assets is then determined to be the weighted-average nominal return based on the weightings of the classes within the total asset portfolio. We are using an expected return on plan assets assumption of 7.2% for the majority of our existing pension plan assets (approximately 87% of our total pension assets at December 31, 2017 ). Our existing other benefit plans are unfunded, with the exception of the NFS postretirement benefit plans. These plans provide health benefits to certain salaried and hourly employees, as well as retired employees, of NFS. All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust. 2017 2016 Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year 7.50 % 8.00 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2030 2024 Assumed health care cost trend rates have a significant effect on the amounts we report for our health care plan. A one-percentage-point change in our assumed health care cost trend rates would have the following effects: One-Percentage- One-Percentage- (In thousands) Effect on total of service and interest cost $ 332 $ (296 ) Effect on postretirement benefit obligation $ 7,390 $ (6,170 ) Investment Goals General The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts, in the aggregate, are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plan's overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the pension trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic Plans We sponsor the following domestic defined benefit plans: • BWXT Retirement Plan; • Nuclear Fuel Services, Inc. Retirement Plan for Salaried Employees; and • Nuclear Fuel Services, Inc. Retirement Plan for Hourly Employees. The assets of the domestic pension plans are commingled for investment purposes and held by the trustee in the BWXT Master Trust (the "Master Trust"). For the years ended December 31, 2017 and 2016 , the investment returns on domestic plan assets of the Master Trust (net of deductions for management fees) were approximately 17% and 9% , respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: December 31, 2017 2016 Asset Category: Commingled and Mutual Funds 35 % 31 % Fixed Income (excluding U.S. Government Securities) 33 % 35 % U.S. Government Securities 20 % 16 % Partnerships with Security Holdings 6 % 7 % Real Estate 1 % 1 % Equity Securities — % 7 % Other 5 % 3 % Total 100 % 100 % The target allocation for 2018 for the domestic plans, by asset class, is as follows: Asset Class: Fixed Income 55 % Equities 45 % Foreign Plans We sponsor various plans through certain of our Canadian subsidiaries. The combined weighted-average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: December 31, 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 56 % 55 % Fixed Income 42 % 43 % Other 2 % 2 % Total 100 % 100 % The target allocation for 2018 for the foreign plans, by asset class, is as follows: Canadian Plans Asset Class: Fixed Income 45 % Global Equity 30 % U.S. Equity 25 % Fair Value See Note 15 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total investments for our plans measured at fair value at December 31, 2017 : 12/31/2017 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 445,080 $ — $ 375,070 $ — $ 70,010 Commingled and Mutual Funds 502,616 86,515 — — 416,101 U.S. Government Securities 215,310 211,301 4,009 — — Partnerships with Security Holdings 79,708 — — — 79,708 Real Estate 1,400 — — — 1,400 Cash and Accrued Items 59,187 55,735 3,452 — — Total Assets $ 1,303,301 $ 353,551 $ 382,531 $ — $ 567,219 The following is a summary of total investments for our plans measured at fair value at December 31, 2016 : 12/31/2016 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 457,167 $ — $ 397,033 $ — $ 60,134 Equities 70,811 70,811 — — — Commingled and Mutual Funds 433,945 19,500 — — 414,445 U.S. Government Securities 178,572 174,492 4,080 — — Partnerships with Security Holdings 82,502 — — — 82,502 Real Estate 1,702 — — — 1,702 Cash and Accrued Items 35,873 32,520 3,353 — — Total Assets $ 1,260,572 $ 297,323 $ 404,466 $ — $ 558,783 In accordance with FASB Topic Fair Value Measurements , certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. These investments are measured on the fair value of the underlying investments but may not be redeemable at that fair value. When appropriate, we adjust these net asset values for contributions and distributions, if any, made during the period beginning on the latest NAV valuation date and ending on our measurement date. We also consider available market data, relevant index returns, preliminary estimates from our investees and other data obtained through research and consultation with third-party advisors in determining the fair value of these investments. Cash Flows Domestic Plans Foreign Plans Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Expected employer contributions to trusts of defined benefit plans: 2018 $ 25,710 $ 392 $ 6,387 N/A Expected benefit payments: 2018 $ 75,750 $ 2,795 $ 6,810 $ 411 2019 78,056 3,038 6,975 387 2020 80,007 3,213 7,125 393 2021 81,454 3,363 7,276 414 2022 82,740 3,514 7,530 409 2023-2027 421,326 17,906 39,160 2,328 Defined Contribution Plans We also provide benefits under the BWXT Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of the first 6% of compensation, as defined in the Thrift Plan, contributed by participants, and fully vest and are nonforfeitable after three years of service or upon retirement, death, lay-off or approved disability. Starting May 15, 2015, these matching employer contributions are made in cash and invested at the employees' discretion. Previously, matching contributions were provided in the form of Company stock. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Amounts charged to expense for employer contributions under the Thrift Plan totaled approximately $26.7 million , $26.0 million and $17.5 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. Effective January 1, 2012, a defined contribution component was added to those Canadian Plans previously offering defined benefits to salaried employees. As of January 1, 2012, we made cash, service-based contributions under this arrangement. The amounts charged to expense for employer contributions were approximately $2.4 million , $1.1 million and $0.7 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Capital Stock | CAPITAL STOCK In May 2013, 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 $250 million ; this authorization expired on December 10, 2015 . In February 2014, our Board of Directors authorized an additional share repurchase of up to an aggregate market value of $250 million ; this authorization expired on February 26, 2016 . In October 2015, our Board of Directors authorized an additional share repurchase of up to an aggregate market value of $300 million ; this authorization expires on February 26, 2018 . On February 24, 2017, our Board of Directors authorized an additional share repurchase of up to an aggregate market value of $150 million during a three-year period from February 24, 2017 to February 24, 2020. On September 15, 2016, we entered into a $200 million accelerated share repurchase agreement (the "ASR Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"). Pursuant to the terms of the ASR Agreement, on September 16, 2016, we paid Wells Fargo $200 million in cash and received 4,135,435 shares of BWXT common stock. On March 24, 2017, the final settlement of the ASR Agreement was completed, and we received an additional 846,568 shares of BWXT common stock. The total number of shares repurchased under the ASR Agreement was 4,982,003 shares at an average price of $40.14 per share based on the volume-weighted average stock price of BWXT common stock traded during the term of the ASR Agreement, less a customary discount. We immediately reduced the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share as of the dates the initial and final repurchases of shares were physically delivered. The ASR Agreement was accounted for as a treasury stock transaction and forward stock purchase contract. The shares were recorded in treasury stock on our consolidated balance sheets. The forward stock purchase contract was indexed to BWXT's own stock and classified as an equity instrument. In the year ended December 31, 2017 , we received 846,568 shares under the final settlement of the ASR Agreement and made no other share repurchases. In the year ended December 31, 2016 , we repurchased 7,025,203 shares of common stock for approximately $292.9 million , which includes only the initial shares received under the ASR Agreement. In the year ended December 31, 2015 , we repurchased 2,429,016 shares of common stock for approximately $69.7 million . As of December 31, 2017 , we had approximately $193.0 million available to us for share repurchase under the $300 million and $150 million authorizations described above. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION 2010 Long-Term Incentive Plan of BWX Technologies, Inc. Members of the Board of Directors, executive officers, key employees and consultants are eligible to participate in the 2010 Long-Term Incentive Plan of BWX Technologies, Inc. (the "Plan"). The Compensation Committee of the Board of Directors selects the participants for the Plan. The Plan provides for a number of forms of stock-based compensation, including incentive and non-qualified stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. Shares subject to awards under the Plan that are cancelled, forfeited, terminated or expire unexercised, shall immediately become available for the granting of awards under this Plan. As part of the approval of the Plan, 10,000,000 shares of common stock were initially authorized for issuance through the Plan, with an additional 2,300,000 authorized for issuance in 2014. Options to purchase shares are granted at not less than 100% of the fair market value closing price on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant. At December 31, 2017 , we had awarded 8,549,474 shares under the Plan and had a total of 3,750,526 shares of our common stock available for future awards. In the event of a change in control of our company, the terms of the awards under the Plan contain provisions that may cause restrictions to lapse and accelerate the vesting of plan awards. Long-Term Incentive Plan of BWXT Technical Services Group, Inc. In June 2012, we established the 2012 Long-Term Incentive Plan of BWXT Technical Services Group, Inc., a cash-settled plan for employees of certain subsidiaries and unconsolidated affiliates as selected by the plan committee. The cash-settled plan provides for a number of forms of stock-based compensation, including stock appreciation rights, restricted stock units and performance units, subject to satisfaction of specific performance goals. Stock appreciation rights are granted at not less than 100% of the fair market value closing price of a share of BWXT common stock on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant. Stock appreciation rights are cash settled for the excess of the market price of BWXT common stock on the exercise date minus the exercise price. Restricted stock units and performance units are cash settled upon vesting as determined when granted. We will not issue any shares of BWXT common stock under this plan, as all awards are cash settled. In the event of a change in control of our company, the terms of the awards under the cash-settled plan contain provisions that may cause restrictions to lapse and accelerate the vesting of plan awards. Impact of the Spin-off on our Equity-Based Compensation Awards In connection with the spin-off of BWE, in accordance with the provisions of the Plan, conversion adjustments were made to our outstanding non-qualified stock options, performance shares and restricted stock units. The conversion of these awards was designed to preserve the intrinsic value of the original award, which resulted in no incremental compensation expense. The awards continue to vest over the original vesting period, and to the extent that the adjusted awards had previously vested, the adjusted awards are also vested. Each outstanding option or restricted stock unit award that was granted during 2015 to officers or employees who remained officers or employees of BWXT was replaced with an adjusted BWXT award. In addition, each outstanding option or restricted stock unit award that was granted during 2015 to a person who became an officer or employee of BWE immediately after the spin-off was replaced with a substitute BWE award. Outstanding options or restricted stock units that were granted prior to 2015 were replaced with both an adjusted BWXT award and a substitute BWE award. Outstanding performance share awards granted prior to 2015 were converted into unvested restricted stock units of both BWXT and BWE. Stock-based compensation expense for all of our plans recognized for the years ended December 31, 2017 , 2016 and 2015 totaled $18.5 million , $16.8 million and $25.9 million , respectively, with associated tax benefit recognized for the years ended December 31, 2017 , 2016 and 2015 totaling $3.7 million , $6.0 million and $9.0 million , respectively. Included in stock-based compensation expense for the years ended December 31, 2017 and 2016 is $2.5 million and $3.3 million , respectively, associated with executive reorganizations that resulted in the acceleration of previously granted equity awards. We recognized $13.2 million of stock-based compensation expense during the year ended December 31, 2015 as costs to spin-off our former Power Generation business. This expense related primarily to equity retention awards and expense acceleration associated with employee terminations. As of December 31, 2017 , unrecognized estimated compensation expense related to nonvested awards was $14.1 million , which is expected to be recognized over a weighted-average period of 1.7 years . BWXT Stock Options The fair value of each option grant was estimated at the date of grant using the Black-Scholes option pricing model, with the following weighted-average assumptions: Year Ended December 31, 2015 Risk-free interest rate 1.33 % Expected volatility .29 Expected life of the option in years 4.04 Expected dividend yield 1.27 % The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected life of the option. The expected volatility is based on implied volatility from publicly traded options on our common stock, historical volatility of the price of our common stock and other factors. The expected life of the option is based on observed historical patterns. The expected dividend yield is based on the projected annual dividend payment per share divided by the stock price at the date of grant. The following table summarizes activity for our stock options for the year ended December 31, 2017 (share data in thousands): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of period 1,723 $ 23.56 Granted — N/A Exercised (921 ) 23.57 Cancelled/expired/forfeited (20 ) 23.71 Outstanding at end of period 782 $ 23.54 4.3 Years $ 28.9 Exercisable at end of period 608 $ 23.47 3.5 Years $ 22.5 The aggregate intrinsic value included in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their options on December 31, 2017 . The intrinsic value is calculated as the total number of option shares multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the options. This amount changes based on the price of our common stock. There were no stock options granted during 2017 and 2016. The weighted-average fair value of the stock options granted in the year ended December 31, 2015 was $6.59 . During the years ended December 31, 2017 , 2016 and 2015 , the total intrinsic value of stock options exercised was $22.6 million , $12.0 million and $3.3 million , respectively. The actual tax benefits realized related to the stock options exercised during the year ended December 31, 2017 was $6.2 million . BWXT Performance Shares Nonvested performance shares as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 350 $ 32.88 Adjustment to assumed vesting percentage 68 32.96 Granted 151 48.51 Vested — N/A Cancelled/forfeited (8 ) 37.79 Nonvested at end of period 561 $ 38.06 For performance shares granted during 2017 and 2016, the actual number of shares in which each participant vests is dependent upon achievement of certain Return on Invested Capital and Diluted Earnings Per Share targets over a three -year performance period. The number of shares in which participants can vest ranges from zero to 200% of the initial performance shares granted, to be determined upon completion of the three -year performance period. The nonvested shares at the end of the period in the table above assumes weighted-average vesting of 158% . BWXT Restricted Stock Units Nonvested restricted stock units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 595 $ 26.07 Granted 127 48.49 Vested (366 ) 25.62 Cancelled/forfeited (20 ) 27.21 Nonvested at end of period 336 $ 35.17 The actual tax benefits realized related to the restricted stock units vested during the year ended December 31, 2017 were $3.6 million . Cash-Settled Stock Appreciation Rights The fair value of each stock appreciation right grant was calculated at the grant date using the Black-Scholes option pricing model and was remeasured at the end of the reporting period with the following weighted-average assumptions: Year Ended December 31, 2015 Risk-free interest rate 1.33 % Expected volatility 0.15 Expected life of the option in years 0.20 Expected dividend yield 0.72 % The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected life of the stock appreciation right. The expected volatility is based on implied volatility from publicly traded options on our common stock, historical volatility of the price of our common stock and other factors. The expected life of the stock appreciation right is based on observed historical patterns and the length of time each award has been outstanding as of each measurement date. The expected dividend yield is based on the projected annual dividend payment per share divided by the stock price at the date of measurement. The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2017 (unit data in thousands): Number of Units Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of period 99 $ 23.14 Granted — N/A Exercised (10 ) 23.84 Cancelled/expired/forfeited (3 ) 23.62 Outstanding at end of period 86 $ 23.05 4.7 Years $ 3.2 Exercisable at end of period 77 $ 22.98 4.5 Years $ 2.9 The aggregate intrinsic value included in the table above represents the total pre-tax intrinsic value that would have been received by the stock appreciation rights holders had all holders exercised their rights on December 31, 2017 . The intrinsic value is calculated as the total number of stock appreciation rights multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the stock appreciation rights. This amount changes based on the price of our common stock. There were no cash-settled stock appreciation rights granted during 2017 and 2016. The weighted-average fair value as of December 31, 2017 for stock appreciation rights granted in the year ended December 31, 2015 was $37.40 . The fair value is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. Cash-Settled Performance Units Nonvested cash-settled performance units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (unit data in thousands): Number of Units Weighted- Average Fair Value Nonvested at beginning of period 9 Adjustment to assumed vesting percentage 2 Granted 3 Vested — Cancelled/forfeited — Nonvested at end of period 14 $ 60.49 For performance units granted during 2017 and 2016, the actual number of units in which each participant vests is dependent upon achievement of certain Return on Invested Capital and Diluted Earnings Per Share targets over a three -year performance period. The number of units in which participants can vest ranges from zero to 200% of the initial performance units granted, to be determined upon completion of the three -year performance period. The nonvested shares at the end of the period in the table above assumes weighted-average vesting of 165% . The weighted-average fair value for these cash-settled awards is based on our closing stock price as of December 31, 2017. The fair value is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. Cash-Settled Restricted Stock Units Nonvested restricted stock units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (unit data in thousands): Number of Units Weighted- Average Fair Value Nonvested at beginning of period 32 Granted 2 Vested (21 ) Cancelled/forfeited (2 ) Nonvested at end of period 11 $ 60.49 The weighted-average fair value for these cash-settled awards is based on our closing stock price as of December 31, 2017 . The fair value is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Investigations and Litigation Apollo and Parks Township In January 2010, Michelle McMunn, Cara D. Steele and Yvonne Sue Robinson filed suit against Babcock & Wilcox Power Generation Group, Inc. ("B&W PGG"), Babcock & Wilcox Technical Services Group, Inc., formerly known as B&W Nuclear Environmental Services, Inc. and now known as BWXT Technical Services Group, Inc. (the "BWXT Parties") and Atlantic Richfield Company ("ARCO") in the U.S. District Court for the Western District of Pennsylvania. Since January 2010, additional suits were filed by additional plaintiffs and there are currently 17 lawsuits pending in the U.S. District Court for the Western District of Pennsylvania (the "Trial Court") against the BWXT Parties and ARCO, including the most recent lawsuits filed in June and October 2015. In total, the suits involve approximately 107 primary claimants. The primary claimants allege, among other things, personal injuries and property damage as a result of alleged releases of radioactive material relating to the operation, remediation and/or decommissioning of two former nuclear fuel processing facilities located in the Borough of Apollo and Parks Township, Pennsylvania (collectively, the "Apollo and Parks Litigation"). Those facilities previously were owned by Nuclear Materials and Equipment Company, a former subsidiary of ARCO ("NUMEC"), which was acquired by B&W PGG. The plaintiffs in the Apollo and Parks Litigation seek compensatory and punitive damages, and in November 2014 delivered a demand of $125.0 million for the settlement of all then-filed actions. While we consider the likelihood of the plaintiffs' recovery to be remote, solely on the basis of this demand we estimate the range of a possible loss at between $0.0 million and $125.0 million . In connection with the spin-off, we agreed to indemnify B&W PGG and its affiliates for any losses arising from the Apollo and Parks Litigation pursuant to the Master Separation Agreement. Between May 2015 and March 2016, the presiding judge in the Apollo and Parks Litigation granted the BWXT Parties' motions to dismiss or motions for summary judgment in all 17 of the existing lawsuits. Accordingly, all current claims in the Apollo and Parks Litigation have been dismissed by the Trial Court. All plaintiffs filed notices of appeal, and the appeals were consolidated in the U.S. Court of Appeals for the Third Circuit (the "Court of Appeals"). On August 23, 2017, the Court of Appeals affirmed the rulings of the Trial Court, dismissing all claims against the BWXT Parties and other defendants in the cases. Plaintiffs filed a notice of petition for rehearing, which was denied by the Court of Appeals on September 21, 2017. The plaintiffs filed a writ of certiorari for review by the U.S. Supreme Court on December 20, 2017. On February 20, 2018, the U.S. Supreme Court denied plaintiffs' petition for writ of certiorari making the Court of Appeals decision affirming the dismissal of all 17 lawsuits final. At the time of ARCO's sale of NUMEC stock to B&W PGG, B&W PGG received an indemnity and hold harmless agreement from ARCO, which has been assigned to BWXT and its affiliates, with respect to claims and liabilities arising prior to or as a result of conduct or events predating the acquisition. Insurance coverage and/or the ARCO indemnity currently provides coverage for the claims alleged in the Apollo and Parks Litigation, although no assurance can be given that insurance and/or the indemnity will be available or sufficient in the event of liability, if any. Other Litigation and Settlements Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities, including, among other things: • performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and • workers' compensation, employment, premises liability and other claims. Based upon our prior experience, we do not expect that any of these other litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Environmental Matters We have been identified as a potentially responsible party at various cleanup sites under the Comprehensive Environmental Response, Compensation, and Liability Act, as amended ("CERCLA"). CERCLA and other environmental laws can impose liability for the entire cost of cleanup on any of the potentially responsible parties, regardless of fault or the lawfulness of the original conduct. Generally, however, where there are multiple responsible parties, a final allocation of costs is made based on the amount and type of wastes disposed of by each party and the number of financially viable parties, although this may not be the case with respect to any particular site. We have not been determined to be a major contributor of wastes to any of these sites. On the basis of our relative contribution of waste to each site, we expect our share of the ultimate liability for the various sites will not have a material adverse effect on our consolidated financial condition, results of operations or cash flows in any given year. The Department of Environmental Protection of the Commonwealth of Pennsylvania ("PADEP") advised us in March 1994 that it would seek monetary sanctions and remedial and monitoring relief related to the former production facility located in Parks Township, Pennsylvania (the "Parks Facility"). The relief sought was related to potential groundwater contamination resulting from previous operations at the facility. The Parks Facility was decommissioned in the 1990s, including facilities dismantlement and soil restoration. The NRC terminated the Parks Facility license in 2004 and released the facility for unrestricted use. What remains of the Parks Facility is currently owned by a subsidiary in our Nuclear Operations Group segment. Based on favorable results from groundwater sampling completed by our Nuclear Operations Group segment, we have sought approval by PADEP for release of the property, subject to limitations on future use, under Pennsylvania's voluntary cleanup program. In 2017, PADEP approved release of the Parks Facility under Pennsylvania's voluntary cleanup program. In connection with completion of this matter, BWXT has agreed with PADEP to restrict future use and activity restrictions for the property. We perform significant amounts of work for the U.S. Government under both prime contracts and subcontracts and operate certain facilities that are licensed to possess and process special nuclear materials. As a result of these activities, we are subject to continuing reviews by governmental agencies, including the U.S. Environmental Protection Agency and the NRC. We are also involved in the design and manufacture of commercial nuclear fuel at two licensed facilities in Canada that are also subject to continuing reviews by governmental agencies in Canada, including the CNSC. The NRC's decommissioning regulations require our Nuclear Operations Group segment to provide financial assurance that it will be able to pay the expected cost of decommissioning its licensed facilities at the end of their service lives. We provided financial assurance totaling $56.2 million during the years ended December 31, 2017 and 2016 with surety bonds and letters of credit for the ultimate decommissioning of these licensed facilities. These two facilities have provisions in their government contracts pursuant to which substantially all of our decommissioning costs and financial assurance obligations are covered by the DOE, including the costs to complete the decommissioning projects underway at the facility in Erwin, Tennessee. These surety bonds and letters of credit are to cover decommissioning required pursuant to work not subject to this DOE obligation. In Canada, the CNSC's decommissioning regulations require our Nuclear Power Group segment to provide financial assurance that it will be able to pay the expected cost of decommissioning its two CNSC-licensed facilities at the end of their service lives. We provided financial assurance totaling $41.7 million and $39.5 million during the years ended December 31, 2017 and 2016 , respectively, with letters of credit for the ultimate decommissioning of these licensed facilities. Our compliance with U.S. federal, state and local environmental control and protection regulations resulted in pre-tax charges of approximately $14.1 million , $14.2 million and $14.1 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. In addition, compliance with existing environmental regulations necessitated capital expenditures of $0.9 million , $1.3 million and $0.7 million in the years ended December 31, 2017 , 2016 and 2015 , respectively. At December 31, 2017 and 2016 , we had total environmental accruals (including provisions for the facilities discussed above) of $93.3 million and $86.3 million , respectively. Of our total environmental accruals at December 31, 2017 and 2016 , $13.5 million and $4.6 million , respectively, were included in current liabilities. Inherent in the estimates of those accruals and recoveries are our expectations regarding the levels of contamination, decommissioning costs and recoverability from other parties, which may vary significantly as decommissioning activities progress. Accordingly, changes in estimates could result in material adjustments to our operating results, and the ultimate loss may differ materially from the amounts that we have provided for in our consolidated financial statements. Operating Leases Future minimum payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year at December 31, 2017 were as follows (in thousands): Year Ending December 31, Amount 2018 $ 3,525 2019 $ 2,565 2020 $ 817 2021 $ 749 2022 $ 573 Thereafter $ — Total rental expenses for the years ended December 31, 2017 , 2016 and 2015 were $5.1 million , $4.6 million and $4.9 million , respectively. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES Percentage-of-Completion Accounting As of December 31, 2017 , in accordance with the percentage-of-completion method of accounting, we have provided for our 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 costs. The risk on fixed-priced contracts is that revenue from the customer does not cover increases in our costs. It is possible that current estimates could materially change for various reasons, including, but not limited to, fluctuations in forecasted labor productivity or steel and other raw material prices. Increases in costs on our fixed-price contracts could have a material adverse impact on our consolidated financial condition, results of operations and cash flows. Alternatively, reductions in overall contract costs at completion could materially improve our consolidated financial condition, results of operations and cash flows. Insurance Upon the February 22, 2006 effectiveness of the settlement relating to the Chapter 11 proceedings involving several of our subsidiaries, most of our subsidiaries contributed substantial insurance rights to the asbestos personal injury trust, including rights to (1) certain pre-1979 primary and excess insurance coverages and (2) certain of our 1979-1986 excess insurance coverage. These insurance rights provided coverage for, among other things, asbestos and other personal injury claims, subject to the terms and conditions of the policies. The contribution of these insurance rights was made in exchange for the agreement on the part of the representatives of the asbestos claimants, including the representative of future claimants, to the entry of a permanent injunction, pursuant to Section 524(g) of the U.S. Bankruptcy Code, to channel to the asbestos trust all asbestos-related claims against our subsidiaries and former subsidiaries arising out of, resulting from or attributable to their operations, and the implementation of related releases and indemnification provisions protecting those subsidiaries and their affiliates from future liability for such claims. Although we are not aware of any significant, unresolved claims against our subsidiaries and former subsidiaries that are not subject to the channeling injunction and that relate to the periods during which such excess insurance coverage related, with the contribution of these insurance rights to the asbestos personal injury trust, it is possible that we could have underinsured or uninsured exposure for non-derivative asbestos claims or other personal injury or other claims that would have been insured under these coverages had the insurance rights not been contributed to the asbestos personal injury trust. In conjunction with the spin-off, claims and liabilities associated with these asbestos personal injury, property damage and indirect property damage claims have been expressly assumed by BWE pursuant to the master separation agreement between us and BWE. |
Financial Instruments with Conc
Financial Instruments with Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Concentrations of Credit Risk | FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK The primary customer of our Nuclear Operations Group and Nuclear Services Group segments is the U.S. Government, including some of its contractors. Our Nuclear Power Group segment's major customers are large utilities. These concentrations of customers may impact our overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic or other conditions. In the years ended December 31, 2017 , 2016 and 2015 , U.S. Government contracts accounted for approximately 81% , 87% and 88% of our total consolidated revenues, respectively. Accounts receivable due directly or indirectly from the U.S. Government represented 65% and 82% of net receivables at December 31, 2017 and December 31, 2016 , respectively. See Note 16 for additional information about our operations in different geographic areas. We believe that our provision for possible losses on uncollectible accounts receivable is adequate for our credit loss exposure. At December 31, 2017 and 2016 , the allowances for possible losses that we deducted from Accounts receivable – trade, net on our consolidated balance sheets were $0.1 million and $0.0 million , respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following is a summary of our investments at December 31, 2017 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available-for-sale securities U.S. Government and agency securities $ 1,300 $ — $ (1 ) $ 1,299 Corporate bonds 3,114 55 — 3,169 Equities 908 1,851 — 2,759 Mutual funds 4,382 465 — 4,847 Asset-backed securities and collateralized mortgage obligations 204 — (43 ) 161 Total $ 9,908 $ 2,371 $ (44 ) $ 12,235 The following is a summary of our investments at December 31, 2016 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Trading securities Corporate bonds $ 2,708 $ — $ (406 ) $ 2,302 Equities 39 — (1 ) 38 Available-for-sale securities U.S. Government and agency securities 8,405 — (1 ) 8,404 Corporate bonds 3,313 — (1 ) 3,312 Equities 948 3,634 — 4,582 Mutual funds 4,156 27 — 4,183 Asset-backed securities and collateralized mortgage obligations 258 — (49 ) 209 Commercial paper 500 — — 500 Total $ 20,327 $ 3,661 $ (458 ) $ 23,530 Proceeds, gross realized gains and gross realized losses on sales of available-for-sale securities were as follows: Proceeds Gross Realized Gains Gross Realized Losses (In thousands) Year Ended December 31, 2017 $ 148 $ 108 $ — Year Ended December 31, 2016 $ 9,261 $ 337 $ — Year Ended December 31, 2015 $ 6,456 $ 343 $ — |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS We have designated all 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 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 December 31, 2017 , we had deferred approximately $0.4 million of net gains on these derivative financial instruments in Accumulated other comprehensive income. Assuming market conditions continue, we expect to recognize substantially all of this amount in the next twelve months. At December 31, 2017 , our derivative financial instruments consisted of FX forward contracts. The notional value of our FX forward contracts totaled $36.6 million at December 31, 2017 , with maturities extending to December 2021 . These instruments consist primarily of contracts to purchase or sell Canadian Dollars. We are exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. The counterparties to all of our FX forward contracts are financial institutions included in our credit facility. Our hedge counterparties have the benefit of the same collateral arrangements and covenants as described under our credit facility. The following tables summarize our derivative financial instruments at December 31, 2017 and 2016 : Asset and Liability Derivatives December 31, 2017 2016 (In thousands) Derivatives Designated as Hedges: Foreign Exchange Contracts: Location Accounts receivable – other $ 250 $ 70 Other Assets $ 348 $ — Accounts payable $ 177 $ 462 Other Liabilities $ 93 $ — The effects of derivatives on our financial statements are outlined below: Year Ended December 31, 2017 2016 2015 (In thousands) Derivatives Designated as Hedges: Cash Flow Hedges: Foreign Exchange Contracts: Amount of gain (loss) recognized in other comprehensive income $ 1,021 $ 807 $ (6,550 ) Gain (loss) reclassified from accumulated other comprehensive income into earnings: effective portion Location Revenues $ 169 $ (30 ) $ 455 Cost of operations $ (84 ) $ 366 $ (6,259 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS FASB Topic Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. This topic also sets forth the disclosure requirements regarding fair value and establishes a hierarchy for valuation inputs that emphasizes the use of observable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy established by this topic is as follows: • Level 1 – inputs are based upon quoted prices for identical instruments traded in active markets. • Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for similar or identical instruments in inactive markets and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets and liabilities. • Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar valuation techniques. The following sections describe the valuation methodologies we use to measure the fair values of our investments, derivatives and nonrecurring fair value measurements. Investments Investments primarily include U.S. Government and agency securities, money-market funds, mortgage-backed securities, corporate bonds and equities. In general, and where applicable, we principally use a composite of observable prices and quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to our Level 1 and Level 2 investments. Fair Value Measurements The following is a summary of our investments measured at fair value at December 31, 2017 : 12/31/2017 Level 1 Level 2 Level 3 (In thousands) Available-for-sale securities U.S. Government and agency securities $ 1,299 $ 1,299 $ — $ — Corporate bonds 3,169 1,534 1,635 — Equities 2,759 — 2,759 — Mutual funds 4,847 — 4,847 — Asset-backed securities and collateralized mortgage obligations 161 — 161 — Total $ 12,235 $ 2,833 $ 9,402 $ — The following is a summary of our investments measured at fair value at December 31, 2016 : 12/31/2016 Level 1 Level 2 Level 3 (In thousands) Trading securities Corporate bonds $ 2,302 $ 2,302 $ — $ — Equities 38 38 — — Available-for-sale securities U.S. Government and agency securities 8,404 8,404 — — Corporate bonds 3,312 — 3,312 — Equities 4,582 — 4,582 — Mutual funds 4,183 — 4,183 — Asset-backed securities and collateralized mortgage obligations 209 — 209 — Commercial paper 500 — 500 — Total $ 23,530 $ 10,744 $ 12,786 $ — 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 December 31, 2017 and 2016 , we had forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian Dollars, with a total fair value of $0.3 million and $(0.4) million , respectively. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying 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 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. The fair value of our debt instruments approximated their carrying value at December 31, 2017 and December 31, 2016 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING As described in Note 1 , our operations are assessed based on three reportable segments. In connection with our segment reporting change, we have revised historical amounts to conform to current segment presentation. The operations of our segments are managed separately, and each segment has unique technology, services and customer classes. We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on operating income exclusive of general corporate expenses, the mPower Framework Agreement, income related to litigation proceeds, gains (losses) on sales of corporate assets, special charges for restructuring activities, mark to market charges related to our pension and postretirement benefit plans and the costs incurred to spin-off our former Power Generation business. 1. Information about Operations in our Different Industry Segments: Year Ended December 31, 2017 2016 2015 (In thousands) REVENUES (1) : Nuclear Operations Group $ 1,271,861 $ 1,269,272 $ 1,179,896 Nuclear Services Group 137,249 128,021 121,247 Nuclear Power Group 285,831 161,572 121,061 Adjustments and Eliminations (7,203 ) (8,292 ) (6,675 ) $ 1,687,738 $ 1,550,573 $ 1,415,529 (1) Segment revenues are net of the following intersegment transfers and other adjustments: Nuclear Operations Group Transfers $ (1,322 ) $ (208 ) $ (3,087 ) Nuclear Services Group Transfers (5,635 ) (7,016 ) (2,101 ) Nuclear Power Group Transfers (246 ) (1,068 ) (1,487 ) $ (7,203 ) $ (8,292 ) $ (6,675 ) OPERATING INCOME: Nuclear Operations Group $ 289,852 $ 268,503 $ 257,400 Nuclear Services Group 23,118 12,171 7,955 Nuclear Power Group 39,978 42,808 11,803 Other (10,688 ) (6,398 ) (13,949 ) $ 342,260 $ 317,084 $ 263,209 Unallocated Corporate (1) (22,332 ) (26,353 ) (25,747 ) mPower Framework Agreement — (30,000 ) — Income Related to Litigation Proceeds — — 65,728 Special Charges for Restructuring Activities — — (16,608 ) Cost to spin-off Power Generation business — — (25,987 ) Mark to Market Adjustment (11,043 ) (21,468 ) (54,654 ) Total Operating Income (2) $ 308,885 $ 239,263 $ 205,941 Other Income (Expense) : Interest income 1,405 651 30,331 Interest expense (14,879 ) (8,393 ) (10,181 ) Other – net 369 25,747 (5,026 ) Total Other Income (Expense) (13,105 ) 18,005 15,124 Income before Provision for Income Taxes $ 295,780 $ 257,268 $ 221,065 (1) Unallocated corporate includes general corporate overhead not allocated to segments (2) Included in operating income is the following: Losses (Gains) on Asset Disposals and Impairments, Net: Nuclear Operations Group $ (65 ) $ — $ — Nuclear Services Group — — — Nuclear Power Group (129 ) (43 ) 4 Unallocated Corporate — — 378 $ (194 ) $ (43 ) $ 382 Equity in Income of Investees : Nuclear Operations Group $ — $ — $ — Nuclear Services Group 13,612 15,099 13,396 Nuclear Power Group — — — Other — 970 — $ 13,612 $ 16,069 $ 13,396 Year Ended December 31, 2017 2016 2015 (In thousands) CAPITAL EXPENDITURES: Nuclear Operations Group $ 86,323 $ 43,546 $ 35,658 Nuclear Services Group 1,514 528 3,853 Nuclear Power Group 3,856 3,102 2,629 Other 628 — — Segment Capital Expenditures 92,321 47,176 42,140 Corporate Capital Expenditures 4,559 5,458 14,701 Total Capital Expenditures $ 96,880 $ 52,634 $ 56,841 DEPRECIATION AND AMORTIZATION: Nuclear Operations Group $ 31,289 $ 34,364 $ 38,836 Nuclear Services Group 3,702 3,754 3,485 Nuclear Power Group 13,751 3,459 3,081 Other — — 550 Segment Depreciation and Amortization 48,742 41,577 45,952 Corporate Depreciation and Amortization 7,815 8,977 11,211 Total Depreciation and Amortization $ 56,557 $ 50,554 $ 57,163 December 31, 2017 2016 2015 (In thousands) SEGMENT ASSETS: Nuclear Operations Group $ 947,055 $ 854,310 $ 777,885 Nuclear Services Group 161,948 169,850 163,810 Nuclear Power Group 313,959 315,687 127,549 Other 2,511 3,156 2,430 Total Segment Assets 1,425,473 1,343,003 1,071,674 Corporate Assets 286,866 236,812 303,724 Total Assets $ 1,712,339 $ 1,579,815 $ 1,375,398 INVESTMENT IN UNCONSOLIDATED AFFILIATES: Nuclear Operations Group $ — $ — $ — Nuclear Services Group 43,266 41,491 32,088 Nuclear Power Group — — — Other — 1,363 — Total Investment in Unconsolidated Affiliates $ 43,266 $ 42,854 $ 32,088 2. Information about our Product and Service Lines: Year Ended December 31, 2017 2016 2015 (In thousands) REVENUES: Nuclear Operations Group: Nuclear Component Program $ 1,262,792 $ 1,259,336 $ 1,179,662 Commercial Operations 8,932 9,813 51 Eliminations/Other 137 123 183 1,271,861 1,269,272 1,179,896 Nuclear Services Group: Nuclear Environmental Services 101,056 86,425 75,218 Management & Operation Contracts of U.S. Government Facilities 9,746 10,794 8,589 Nuclear Services and Advanced Reactor Design and Engineering 26,447 30,814 37,474 Eliminations/Other — (12 ) (34 ) 137,249 128,021 121,247 Nuclear Power Group: Nuclear Services and Engineering 126,900 96,529 76,557 Nuclear Components 158,931 65,043 44,504 Eliminations/Other — — — 285,831 161,572 121,061 Other: — — — Eliminations (7,203 ) (8,292 ) (6,675 ) $ 1,687,738 $ 1,550,573 $ 1,415,529 3. Information about our Consolidated Operations in Different Geographic Areas: Year Ended December 31, 2017 2016 2015 (In thousands) REVENUES (1) : U.S. $ 1,408,817 $ 1,397,505 $ 1,306,811 Canada 245,073 124,964 88,380 China 26,228 13,033 10,657 Romania 2,781 10,743 6,106 All Other Countries 4,839 4,328 3,575 $ 1,687,738 $ 1,550,573 $ 1,415,529 (1) We allocate geographic revenues based on the location of the customers' operations. December 31, 2017 2016 2015 (In thousands) NET PROPERTY, PLANT AND EQUIPMENT: U.S. $ 308,561 $ 256,672 $ 250,867 Canada 40,068 43,014 17,977 $ 348,629 $ 299,686 $ 268,844 4. Information about our Major Customers: In the years ended December 31, 2017 , 2016 and 2015 , U.S. Government contracts accounted for approximately 81% , 87% and 88% of our total consolidated revenues, respectively. Substantially all of these revenues are included in our Nuclear Operations Group and Nuclear Services Group segments. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2017 and 2016 : Year Ended December 31, 2017 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 428,229 $ 410,011 $ 419,360 $ 430,138 Operating income (1) $ 83,205 $ 92,347 $ 73,681 $ 59,652 Equity in income of investees $ 3,875 $ 3,327 $ 3,630 $ 2,780 Net income attributable to BWX Technologies, Inc. $ 55,719 $ 61,263 $ 46,553 $ (15,691 ) Earnings per common share: Basic: Net income attributable to BWX Technologies, Inc. $ 0.56 $ 0.62 $ 0.47 $ (0.16 ) Diluted: Net income attributable to BWX Technologies, Inc. $ 0.55 $ 0.61 $ 0.46 $ (0.16 ) (1) Includes equity in income of investees. Year Ended December 31, 2016 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 364,826 $ 402,382 $ 379,505 $ 403,860 Operating income (1) $ 42,609 $ 88,458 $ 62,373 $ 45,823 Equity in income of investees $ 3,533 $ 4,708 $ 5,008 $ 2,820 Net income attributable to BWX Technologies, Inc. $ 49,631 $ 58,372 $ 41,062 $ 33,992 Earnings per common share: Basic: Net income attributable to BWX Technologies, Inc. $ 0.48 $ 0.56 $ 0.40 $ 0.34 Diluted: Net income attributable to BWX Technologies, Inc. $ 0.47 $ 0.56 $ 0.39 $ 0.34 (1) Includes equity in income of investees. In the quarter ended June 30, 2017, we settled a contract dispute related to task order work that ended in 2013, which resulted in the recovery of $7.9 million of revenue. In the quarter ended December 31, 2017, we recognized $53.0 million of expense in our provision for income taxes related to significant changes to existing U.S. tax laws. In the quarter ended March 31, 2016, we recorded a gain of approximately $13.6 million related to the deconsolidation of GmP and we recorded a $30.0 million loss contingency pursuant to the terms of the mPower Framework Agreement. We also recorded a gain of approximately $9.3 million related to the release from performance guarantees for various projects executed by our former Power Generation business. In the quarter ended June 30, 2016, we reversed a $16.1 million loss contingency resulting from a favorable ruling in a lawsuit involving commercial nuclear contracts. We immediately recognize actuarial gains (losses) for our pension and postretirement benefit plans into earnings in the fourth quarter of each year as a component of net periodic benefit cost. Recorded in the quarters ended December 31, 2017 and 2016 , the effects of these adjustments on pre-tax income were $(11.1) million and $(21.3) million , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, 2017 2016 2015 (In thousands, except shares and Basic: Income from continuing operations $ 147,844 $ 183,057 $ 140,774 Income (loss) from discontinued operations — — (9,309 ) Net income attributable to BWX Technologies, Inc. $ 147,844 $ 183,057 $ 131,465 Weighted-average common shares 99,334,472 102,471,788 106,703,145 Basic earnings per common share: Income from continuing operations $ 1.49 $ 1.79 $ 1.32 Income (loss) from discontinued operations — — (0.09 ) Net income attributable to BWX Technologies, Inc. $ 1.49 $ 1.79 $ 1.23 Diluted: Income from continuing operations $ 147,844 $ 183,057 $ 140,774 Income (loss) from discontinued operations — — (9,309 ) Net income attributable to BWX Technologies, Inc. $ 147,844 $ 183,057 $ 131,465 Weighted-average common shares (basic) 99,334,472 102,471,788 106,703,145 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 1,034,718 1,368,950 879,877 Adjusted weighted-average common shares 100,369,190 103,840,738 107,583,022 Diluted earnings per common share: Income from continuing operations $ 1.47 $ 1.76 $ 1.31 Income (loss) from discontinued operations — — (0.09 ) Net income attributable to BWX Technologies, Inc. $ 1.47 $ 1.76 $ 1.22 (1) At December 31, 2017 , 2016 and 2015 , we excluded 41,854 , 0 and 20,148 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig28
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Spin-off | Spin-off On June 30, 2015, we completed the spin-off of our former Power Generation business (the "spin-off") into an independent, publicly traded company named Babcock & Wilcox Enterprises, Inc. ("BWE"). The separation was effected through a pro rata distribution of 100% of BWE's common stock to BWXT's stockholders. The distribution of BWE common stock consisted of one share of BWE common stock for every two shares of BWXT common stock to holders of our common stock on the record date of June 18, 2015. Cash was paid in lieu of any fractional shares of BWE common stock. Following the spin-off, BWXT did not retain any ownership interest in BWE. Prior to June 30, 2015, we completed an internal restructuring that reorganized the subsidiaries involved in our former Power Generation business and established BWE as the direct or indirect parent company of those subsidiaries. Concurrent with the spin-off, The Babcock & Wilcox Company was renamed BWX Technologies, Inc. The results of operations of our former Power Generation business are presented as discontinued operations on the consolidated statements of income. See Note 3 for further information regarding the spin-off. |
Reportable Segments | Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Services Group and Nuclear Power Group. Our reportable segments reflect changes we made during the first quarter of 2017 in the manner for which our segment operating information is reported for purposes of assessing operating performance and allocating resources. Prior to 2017, we reported three segments: Nuclear Operations, Nuclear Energy and Technical Services. The U.S. commercial nuclear services business, a component of our former Nuclear Energy segment, is now reported in our Nuclear Services Group segment along with our former Technical Services segment. The remainder of our former Nuclear Energy segment is now reported in our Nuclear Power Group segment, which comprises our Canadian operations, including BWXT Nuclear Energy Canada Inc. Our Nuclear Operations Group segment represents our former Nuclear Operations segment. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the U.S. Department of Energy ("DOE")/National Nuclear Security Administration's ("NNSA") Naval Nuclear Propulsion Program, which in turn supplies them to the U.S. Navy for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Barberton, Ohio; Mount Vernon, Indiana; Euclid, Ohio; and Erwin, Tennessee. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. 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. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components inclusive of development and fabrication activities for submarine missile launch tubes. The Euclid facility fabricates electro-mechanical equipment and performs design, manufacturing, inspection, assembly and testing activities. Fuel for the naval nuclear reactors is provided by Nuclear Fuel Services, Inc. ("NFS"), one of our wholly owned subsidiaries. Located in Erwin, NFS also downblends Cold War-era government stockpiles of high-enriched uranium into material suitable for further processing into commercial nuclear reactor fuel. • Our Nuclear Services Group segment provides various services to the U.S. Government and the commercial nuclear industry. Services provided to the U.S. Government include nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the DOE, including the NNSA, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. Through this segment we deliver services and management solutions to nuclear and high-consequence operations. A significant portion of this segment's operations are conducted through joint ventures. Our Nuclear Services Group segment also provides inspection and maintenance services primarily for the U.S. commercial nuclear industry including steam generator and heat exchanger inspection services, high pressure water lancing, non-destructive examination and customized tooling solutions. This segment also offers complete advanced fuel and reactor engineering, licensing and manufacturing services for new advanced nuclear reactors. • Our Nuclear Power Group segment fabricates 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, for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only heavy nuclear component, N-Stamp certified 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. |
Use of Estimates | Use of Estimates We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include our estimates of costs to complete long-term construction contracts, estimates of the fair value of acquired intangible assets, estimates of costs to be incurred to satisfy contractual warranty requirements, and estimates we make in selecting assumptions related to the valuations of our pension and postretirement plans, including the selection of our discount rates, mortality and expected rates of return on our pension plan assets. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. |
Earnings Per Share | Earnings Per Share We have computed earnings per common share on the basis of the weighted-average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We issue a number of forms of stock-based compensation periodically, including incentive and non-qualified stock options, restricted stock, restricted stock units and performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in our computation of diluted earnings per share when related performance criteria have been met. |
Investments | Investments Our investment portfolio consists primarily of U.S. Government and agency securities, corporate bonds and equities, mutual funds and asset-backed securities. Our investments 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 the unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as non-current assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity. That amortization is included in Interest income. We include realized gains and losses on our investments in Other – net. The cost of securities sold is based on the specific identification method. We include interest on securities in Interest income. |
Foreign Currency Translation | Foreign Currency Translation We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate income statement items at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency financial statements as a component of accumulated other comprehensive income. We report foreign currency transaction gains and losses in income. |
Contracts and Revenue Recognition | Contracts and Revenue Recognition We generally recognize contract revenues and related costs on a percentage-of-completion method for individual contracts or combinations of contracts based on work performed, man hours, cost-to-cost or a units of delivery method, as applicable to the product or activity involved. We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress 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 materials and major third-party subcontractors, if it appears that such exclusion would result in a more meaningful measurement of actual contract progress and resulting periodic allocation of income. We include revenues and related costs so recorded, 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 and costs recognized under the percentage-of-completion method. 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 revenues. 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. 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. For contracts for which we are unable to estimate the final profitability except to assure that no loss will ultimately be incurred, we recognize equal amounts of revenue and cost until the final results can be estimated more precisely. For these deferred profit recognition contracts, we recognize revenue and cost equally and only recognize gross margin when probable and reasonably estimable, which we generally determine to be when the contract is approximately 70% complete. We treat long-term construction contracts that contain such a level of risk and uncertainty that estimation of the final outcome is impractical, except to assure that no loss will be incurred, as deferred profit recognition contracts. Our policy is to account for fixed-price contracts under the completed-contract method if we believe that we are unable to reasonably forecast cost to complete at start-up. Under the completed-contract method, income is recognized only when a contract is completed or substantially complete. We have included retainages expected to be collected in 2018 in Accounts receivable – trade, net. Retainages expected to be collected after one year are included in Other Assets. |
Warranty Expense | Warranty Expense We accrue estimated expense, included in Cost of operations on our consolidated statements of income, to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. |
Asset Retirement Obligations and Environmental Clean-up Costs | Asset Retirement Obligations and Environmental Cleanup Costs We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility's life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission ("NRC") and the CNSC. In accordance with the Financial Accounting Standards Board ("FASB") Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of cleanup activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. Substantially all of our asset retirement obligations relate to the remediation of our nuclear analytical laboratory and the NFS facility in our Nuclear Operations Group segment as well as the facilities operated by NEC. |
Research and Development | Research and Development Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Excluding customer-sponsored research and development, the majority of our activities in this area, for the year ended December 31, 2017, related to the development of technologies in the area of medical and industrial radioisotopes. During the years ended December 31, 2016 and 2015, substantially all of these costs related to our mPower program for the development of our BWXT mPower™ reactor and the associated power plant. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis and include contracts, cooperative agreements and grants. |
Pension Plans and Postretirement Benefits | Pension Plans and Postretirement Benefits We sponsor various defined benefit pension and postretirement plans covering certain employees of our U.S. and Canadian subsidiaries. We utilize actuarial valuations to calculate the cost and benefit obligations of our pension and postretirement benefits. The actuarial valuations utilize significant assumptions in the determination of our benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends. We determine our discount rate based on a yield curve comprised of rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement plan obligations. The expected rate of return on plan assets assumption is based on capital market assumptions of the long-term expected returns for the investment mix of assets currently in the portfolio. The expected rate of return on plan assets is determined to be the weighted-average of the nominal returns based on the weightings of the classes within the total asset portfolio. Expected health care cost trends represent expected annual rates of change in the cost of health care benefits and are estimated based on analysis of health care cost inflation. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we immediately recognize net actuarial gains and losses into earnings as a component of net periodic benefit cost. Recognized net actuarial gains and losses consist primarily of our reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets. We recognize the funded status of each plan as either an asset or a liability in the consolidated balance sheets. The funded status is the difference between the fair value of plan assets and the present value of its benefit obligation, determined on a plan-by-plan basis. Our pension plan assets can include assets that are difficult to value. |
Income Taxes | Income Taxes Income tax expense for federal, foreign, state and local income taxes is calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Provision for Income Taxes on our consolidated statements of income. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries, and unrecognized deferred income tax liabilities, including withholding taxes, would be payable upon distribution of these earnings. We consider the earnings of our non-U.S. subsidiaries to be permanently reinvested. |
Inventories | Inventories We carry our inventory at the lower of cost or net realizable value using either the weighted average or first-in, first-out methods. |
Property, Plant and Equipment | Property, Plant and Equipment We carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight to 33 years for buildings and three to 14 years for machinery and equipment. Our depreciation expense was $47.3 million , $48.4 million and $55.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. We expense the costs of maintenance, repairs and renewals that do not materially prolong the useful life of an asset as we incur them. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, substantially all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which our investment ownership is less than 20% and where we are unable to exert significant influence are carried at cost. |
Goodwill | Goodwill Goodwill represents the excess of the cost of our acquired businesses over the fair value of the net assets acquired. We perform testing of goodwill for impairment annually. We may elect to perform a qualitative test when we believe that there is sufficient excess fair value over carrying value based on our most recent quantitative assessment, adjusted for relevant events and circumstances that could affect fair value during the current year. If we conclude based on this assessment that it is more likely than not that the reporting unit is not impaired, we do not perform a quantitative impairment test. In all other circumstances, we utilize a two-step quantitative impairment test to identify potential goodwill impairment and measure the amount of any goodwill impairment. The first step of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. The second step compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. |
Intangible Assets | Intangible Assets Intangible assets are recognized at fair value when acquired. Intangible assets with definite lives are amortized to operating expense using the straight-line method over their estimated useful lives and tested for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets with indefinite lives are not amortized and are subject to annual impairment testing. We may elect to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment to determine whether events or circumstances affecting significant inputs related to the most recent quantitative evaluation have occurred, indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Otherwise, we test indefinite-lived intangible assets for impairment by quantitatively determining the fair value of the indefinite-lived intangible asset and comparing the fair value of the intangible asset to its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, we recognize impairment for the amount of the difference. |
Deferred Debt Issuance Costs | Deferred Debt Issuance Costs We have included deferred debt issuance costs in the consolidated balance sheets as a direct deduction from the carrying amount of our debt liability. We amortize deferred debt issuance costs as interest expense over the life of the related debt. |
Capitalization of Interest Cost | Capitalization of Interest Cost We capitalize interest in accordance with FASB Topic Interest . |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Our cash equivalents are highly liquid investments with maturities of three months or less when we purchase them. We record cash and cash equivalents as restricted when we are unable to freely use such cash and cash equivalents for our general operating purposes. |
Derivative Financial Instruments | Derivative Financial Instruments Our Canadian 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 primarily to hedge our exposure associated with revenues or costs on our long-term contracts 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 denominated in foreign currencies. We record these contracts at fair value on our consolidated balance sheets and defer the related gains and losses as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. Any ineffective portion of a derivative's change in fair value and any portion excluded from the assessment of effectiveness is immediately recognized in Other – net on our consolidated statements of income. The gain or loss on a derivative instrument not designated as a hedging instrument is also 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 consolidated statements of income. |
Self-Insurance | Self-Insurance We have a wholly owned insurance subsidiary that provides employer's liability, general and automotive liability and primary workers' compensation insurance and, from time to time, builder's risk insurance (within certain limits) to our companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. |
Loss Contingencies | Loss Contingencies We estimate liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. We provide disclosure when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not reasonably estimable. We are currently involved in some significant litigation, as discussed in Note 10 . Our losses are typically resolved over long periods of time and are often difficult to assess and estimate due to, among other reasons, the possibility of multiple actions by third parties; the attribution of damages, if any, among multiple defendants; plaintiffs, in most cases involving personal injury claims, do not specify the amount of damages claimed; the discovery process may take multiple years to complete; during the litigation process, it is common to have multiple complex unresolved procedural and substantive issues; the potential availability of insurance and indemnity coverages; the wide-ranging outcomes reached in similar cases, including the variety of damages awarded; the likelihood of settlements for de minimus amounts prior to trial; the likelihood of success at trial; and the likelihood of success on appeal. Consequently, it is possible future earnings could be affected by changes in our assessments of the probability that a loss has been incurred in a material pending litigation against us and/or changes in our estimates related to such matters. |
Stock-Based Compensation | Stock-Based Compensation We expense stock-based compensation in accordance with FASB Topic Compensation – Stock Compensation. Under this topic, the fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Grant date fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Grant date fair values for stock options and stock appreciation rights are determined using the Black-Scholes option pricing model ("Black-Scholes"). The determination of the fair value of a share-based payment award using an option-pricing model requires the input of significant assumptions, such as the expected life of the award and stock price volatility. Under the provisions of this FASB topic, we recognize expense for all share-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. This topic requires compensation expense to be recognized such that compensation expense is recorded only for those awards expected to vest. As a result, we periodically review the amount of actual forfeitures and record any adjustments deemed necessary each reporting period. We also recognize excess tax benefits in our provision for income taxes. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. Additionally, this FASB topic amended FASB Topic Statement of Cash Flows to require excess tax benefits to be classified along with other income tax cash flows as an operating activity. In addition, cash flows related to employee taxes paid for withheld shares are classified as a financing activity. |
Recently Adopted and New Accounting Standards | Recently Adopted Accounting Standards In July 2015, the FASB issued an update to the Topic Inventory . This update requires reporting entities measuring inventories under the first-in, first-out or average cost methods to measure inventory at the lower of cost or net realizable value, where net realizable value is "estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation." Inventory was previously required to be measured at the lower of cost or market value, where the measurement of market value had several potential outcomes. On January 1, 2017, we adopted this update. The adoption of these provisions did not have an impact on our financial statements. New Accounting Standards In May 2014, the FASB issued the Topic Revenue from Contracts with Customers , which supersedes the revenue recognition requirements in the Topic Revenue Recognition and most industry specific guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The guidance also outlines a five-step model whereby companies must identify contractual performance obligations and determine whether revenue should be recorded at a point in time or over time. In August 2015, the FASB deferred the effective date of this amendment until 2018. The update may be adopted either retrospectively to each prior period or using the modified retrospective method as a cumulative-effect adjustment on the date of adoption. During 2017, we completed our assessment of the standard and have analyzed the standard's impact on our contract portfolio, comparing current accounting policies and practices to the requirements of the new standard and identifying potential differences from applying the requirements of the new standard to our contracts. We developed processes to ensure adequate analysis of our contracts, and we designed and implemented specific controls over our evaluation of the impact as well as the cumulative effect of adopting the standard. While the new revenue standard may impact the timing of when we recognize revenue and profit, it will not impact the timing of cash flows associated with our contracts, and the overall revenue and profit recognized on our contracts will not change. Within our Nuclear Operations Group segment, we will continue to recognize revenue over time, and we will measure progress on performance obligations using a cost-to-cost method. Historically, we utilized man-hours or a cost-to-cost method to measure progress on certain of our units of account within this segment. The performance obligations identified for recognizing revenue will be similar to our historical units of account. As a result of the change to a cost-to-cost method, the timing of revenue recognition on affected contracts will, in the aggregate, result in the recognition of revenue and cost of operations earlier in the process of satisfying performance obligations. The new standard will also result in a reduction in both our contracts in progress and advanced billings on contracts account balances upon adoption as a result of measuring the asset and liability at the contract level and using a cost-to-cost method for measuring progress on performance obligations. The impact of the adoption of the new revenue standard on our Nuclear Power Group and Nuclear Services Group segments will not have a material impact on our financial statements. We intend to utilize the modified retrospective method for adopting the new revenue recognition standard. As a result of the adoption of the new revenue recognition standard in 2018, we will also be required to expand our disclosures to include tabular disaggregation of our revenues. We intend to disclose revenue for each segment by geographical area and customer type, by timing of transfer of goods or services and by contract type. In addition, we intend to disclose the nature, timing and uncertainty of revenue, cash flow and customer contract balances, including how and when we satisfy our performance obligations and the relationship between revenue recognition and changes in contract balances during a reporting period. In February 2016, the FASB issued an update to the Topic Leases , which supersedes the lease reporting requirements in Topic Leases (previously "FAS 13"). This update requires that a lessee recognize on its balance sheet the assets and liabilities for all leases with lease terms of more than 12 months, along with additional qualitative and quantitative disclosures. The effect of leases in a consolidated statement of income and a consolidated statement of cash flows is expected to be largely unchanged. Accounting by lessors was not significantly impacted by this update. This update will be effective for us in 2019, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our financial statements. In October 2016, the FASB issued an update to the Topic Statement of Cash Flows. This update clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. Restricted cash will now be included in the cash and cash equivalent balances in the statement of cash flows. Reconciliations between the balance sheet and the statement of cash flows, along with additional disclosures if certain criteria are met, are now required as well. This update is applicable to us and will be effective for interim periods beginning in 2018, with early adoption permitted. This update will affect the presentation of restricted cash and cash equivalents on the statement of cash flows, but will otherwise not have a material impact to our financial statements. In March 2017, the FASB issued an update to the Topic Compensation – Retirement Benefits . This update amends the guidance on the consolidated statement of income presentation of the components of net periodic benefit cost related to defined benefit pension and postretirement plans. Under current GAAP, components of net periodic benefit cost are aggregated and reported net in the consolidated statements of income as part of operating income. This update requires entities to disaggregate the service cost component of net periodic benefit cost and present it with other current compensation costs within operating income. Other components of net periodic benefit cost are required to be classified outside of operating income within the consolidated statements of income. These changes to classification within the consolidated statements of income will result in no changes to net income. This update will be effective for us in 2018 with retrospective presentation. |
Basis of Presentation and Sig29
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Contracts in Progress and Advance Billings | The following represent the components of our Contracts in progress and Advance billings on contracts included in our consolidated balance sheets: December 31, 2017 2016 (In thousands) Included in Contracts in progress: Costs incurred less costs of revenue recognized $ 49,740 $ 76,763 Revenues recognized less billings to customers 370,888 280,030 Contracts in progress $ 420,628 $ 356,793 Included in Advance billings on contracts: Billings to customers less revenues recognized $ 274,311 $ 162,833 Costs incurred less costs of revenue recognized (28,119 ) (15,685 ) Advance billings on contracts $ 246,192 $ 147,148 |
Retainages on Contracts | The following amounts represent retainages on contracts: December 31, 2017 2016 (In thousands) Retainages expected to be collected within one year $ 82,801 $ 74,452 Retainages expected to be collected after one year 1,669 1,674 Total retainages $ 84,470 $ 76,126 |
Accumulated Other Comprehensive Income | The components of Accumulated other comprehensive income included in Stockholders' Equity are as follows: December 31, 2017 2016 (In thousands) Currency translation adjustments $ 13,148 $ 6,911 Net unrealized gain (loss) on derivative financial instruments 353 (340 ) Unrecognized prior service cost on benefit obligations (6,237 ) (6,392 ) Net unrealized gain on available-for-sale investments 2,190 3,632 Accumulated other comprehensive income $ 9,454 $ 3,811 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The amounts reclassified out of Accumulated other comprehensive income by component and the affected consolidated statements of income line items are as follows: Year Ended December 31, 2017 2016 2015 Accumulated Other Comprehensive Income Component Recognized (In thousands) Line Item Presented Realized (loss) gain on derivative financial instruments $ 169 $ (30 ) $ 455 Revenues (84 ) 366 (6,259 ) Cost of operations 85 336 (5,804 ) Total before tax (21 ) (86 ) 1,492 Provision for Income Taxes $ 64 $ 250 $ (4,312 ) Net Income Amortization of prior service cost on benefit obligations $ (1,760 ) $ (1,601 ) $ (1,508 ) Cost of operations — (29 ) (35 ) Selling, general and administrative expenses (1,760 ) (1,630 ) (1,543 ) Total before tax 618 566 501 Provision for Income Taxes $ (1,142 ) $ (1,064 ) $ (1,042 ) Net Income Realized gains on investments $ 735 $ 164 $ 343 Other – net (223 ) (57 ) (123 ) Provision for Income Taxes $ 512 $ 107 $ 220 Net Income Total reclassification for the period $ (566 ) $ (707 ) $ (5,134 ) |
Summary of Changes in Carrying Amount of Accrued Warranty Expense | The following summarizes the changes in the carrying amount of Accrued warranty expense: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 11,477 $ 13,542 $ 15,889 Additions 3,783 1,192 1,223 Acquisition of NEC — 282 — Expirations and other changes (1) (2,213 ) (3,631 ) (2,551 ) Payments (70 ) (20 ) (130 ) Translation 451 112 (889 ) Balance at end of period $ 13,428 $ 11,477 $ 13,542 (1) Includes discounts provided to customers in satisfaction of warranty obligations totaling $1.2 million in each of the years ended December 31, 2017 , 2016 and 2015 . The following summarizes the changes in the carrying amount of Accrued warranty expense: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 11,477 $ 13,542 $ 15,889 Additions 3,783 1,192 1,223 Acquisition of NEC — 282 — Expirations and other changes (1) (2,213 ) (3,631 ) (2,551 ) Payments (70 ) (20 ) (130 ) Translation 451 112 (889 ) Balance at end of period $ 13,428 $ 11,477 $ 13,542 (1) Includes discounts provided to customers in satisfaction of warranty obligations totaling $1.2 million in each of the years ended December 31, 2017 , 2016 and 2015 . |
Asset Retirement Obligations | The following table reflects our asset retirement obligations: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 71,899 $ 50,514 $ 47,811 Costs incurred (2 ) (141 ) — Additions/adjustments — — 832 Acquisition of NEC — 18,505 — Accretion 4,728 3,148 2,158 Distributed in connection with the spin-off — — (287 ) Translation 1,411 (127 ) — Balance at end of period $ 78,036 $ 71,899 $ 50,514 |
Property, Plant and Equipment | Property, plant and equipment is stated at cost and is set forth below: December 31, 2017 2016 (In thousands) Land $ 8,695 $ 8,596 Buildings 167,917 156,848 Machinery and equipment 728,630 697,896 Property under construction 107,899 59,301 1,013,141 922,641 Less accumulated depreciation 664,512 622,955 Net Property, Plant and Equipment $ 348,629 $ 299,686 |
Changes in Carrying Amount of Goodwill | The following summarizes the changes in the carrying amount of Goodwill: Nuclear Operations Group Nuclear Services Group Nuclear Power Group Total (In thousands) Balance at December 31, 2015 $ 110,939 $ 45,000 $ 12,495 $ 168,434 Acquisition of NEC (Note 2) — — 42,532 42,532 Translation — — (178 ) (178 ) Balance at December 31, 2016 $ 110,939 $ 45,000 $ 54,849 $ 210,788 NEC Purchase Price Allocation Adjustment (Note 2) — — 3,792 3,792 Translation — — 3,751 3,751 Balance at December 31, 2017 $ 110,939 $ 45,000 $ 62,392 $ 218,331 |
Schedule of Intangible Assets | Our Intangible Assets are as follows: December 31, 2017 2016 2015 (In thousands) Amortized intangible assets: Gross cost: Customer relationships $ 30,339 $ 29,679 $ 20,790 CNSC class 1B nuclear facility license 27,055 24,444 — Acquired backlog 13,527 12,592 — Favorable operating lease 8,832 8,222 — Unpatented technology 8,379 8,104 4,400 Tradename 1,500 1,500 1,500 Patented technology 796 741 — All other 2,200 2,200 2,200 Total $ 92,628 $ 87,482 $ 28,890 Accumulated amortization: Customer relationships $ (11,505 ) $ (10,415 ) $ (9,313 ) CNSC class 1B nuclear facility license (938 ) (34 ) — Acquired backlog (6,113 ) (209 ) — Favorable operating lease (459 ) (16 ) — Unpatented technology (4,456 ) (3,750 ) (3,312 ) Tradename (1,425 ) (1,275 ) (1,125 ) Patented technology (75 ) (3 ) — All other (1,082 ) (862 ) (642 ) Total $ (26,053 ) $ (16,564 ) $ (14,392 ) Net amortized intangible assets $ 66,575 $ 70,918 $ 14,498 Unamortized intangible assets: NRC category 1 license $ 43,830 $ 43,830 $ 43,830 |
Changes in Carrying Amount of Intangible Assets | The following summarizes the changes in the carrying amount of Intangible Assets: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 114,748 $ 58,328 $ 60,227 Acquisition of NEC (Note 2) 746 58,999 — Amortization expense (9,210 ) (2,174 ) (1,899 ) Translation 4,121 (405 ) — Balance at end of period $ 110,405 $ 114,748 $ 58,328 |
Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows (in thousands): Year Ended December 31, Amount 2018 $ 9,055 2019 $ 5,195 2020 $ 3,573 2021 $ 3,573 2022 $ 3,573 |
Changes in Carrying Amount of Debt Issuance Costs | The following summarizes the changes in the carrying amount of these assets: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 5,892 $ 6,741 $ 9,921 Additions — 712 4,893 Interest expense – debt issuance costs (1,690 ) (1,561 ) (1,852 ) Distributed in connection with the spin-off — — (6,221 ) Balance at end of period $ 4,202 $ 5,892 $ 6,741 |
Schedule of Modified Retrospective Adoption for New Revenue Recognition Standard | This method requires that we recognize a cumulative catch-up adjustment upon adoption (January 1, 2018) to adjust the contract-to-date revenue and costs to the amounts that would have been recognized under the new revenue recognition standard as illustrated below: December 31, January 1, 2017 2018 (In thousands) Assets: Contracts in progress $ 420,628 $ 262,314 Deferred Income Taxes $ 86,740 $ 85,193 Liabilities: Accrued liabilities – other $ 64,738 $ 66,699 Advance billings on contracts $ 246,192 $ 73,468 Equity: Retained earnings $ 990,652 $ 1,001,554 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition Assets Acquired and Liabilities Assumed | The purchase price of the acquisition has been allocated among assets acquired and liabilities assumed at fair value, with the excess purchase price recorded as goodwill. During the year ended December 31, 2017, we adjusted our purchase price allocation, which included adjustments to the value of contracts in progress of $(1.6) million , property, plant and equipment of $(3.0) million , intangible assets of $0.7 million and certain other assets and liabilities, with a resulting increase to goodwill of $3.8 million . Our purchase price allocation is as follows: NEC (In thousands) Accounts receivable – trade $ 15,659 Accounts receivable – other 1,359 Contracts in progress 19,956 Other current assets 84 Property, plant and equipment 21,356 Goodwill 46,324 Intangible assets 59,745 Total assets acquired $ 164,483 Accounts payable $ 3,922 Accrued employee benefits 1,965 Accrued liabilities – other 3,184 Accrued warranty expense 282 Accumulated postretirement benefit obligation 5,695 Environmental liabilities 18,505 Pension liability 1,054 Other liabilities 11,381 Total liabilities assumed $ 45,988 Net assets acquired $ 118,495 Amount of tax deductible goodwill $ — |
Schedule of Preliminary Intangible Assets Acquired | The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period CNSC class 1B nuclear facility license $ 25,360 30 years Backlog $ 12,680 2 years Customer relationships $ 8,951 14 years Favorable operating lease $ 8,279 20 years Unpatented technology $ 3,729 15 years Patented technology $ 746 11 years |
Schedule of Unaudited Pro Forma Financial Information | Additionally, the following unaudited pro forma financial information presents our results of operations for the years ended December 31, 2016 and 2015 had the acquisition of NEC occurred on January 1, 2015. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2015. This information is presented for comparative purposes only and should not be taken as representative of our future consolidated results of operations. Year Ended December 31, 2016 2015 (In thousands, except per share amounts) Revenues $ 1,630,069 $ 1,513,768 Net Income Attributable to BWX Technologies, Inc. $ 182,074 $ 129,112 Basic Earnings per Common Share $ 1.78 $ 1.21 Diluted Earnings per Common Share $ 1.75 $ 1.20 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Financial Information Regarding Results of Operations | The following table presents selected financial information regarding the results of operations of our former Power Generation business through June 30, 2015 with certain tax related adjustments made during the six month period ended December 31, 2015: Year Ended December 31, 2015 (In thousands) Revenues $ 830,234 Costs and Expenses: Cost of operations 665,558 Research and development costs 8,480 Losses on asset disposals and impairments 8,963 Selling, general and administrative expenses (1) 108,911 Special charges for restructuring activities 7,666 Costs to spin-off 34,358 Total Costs and Expenses 833,936 Equity in Income (Loss) of Investees (1,104 ) Operating Income (Loss) (4,806 ) Other Income (Loss) (1,693 ) Income (Loss) before Provision for Income Taxes (6,499 ) Provision for Income Taxes 2,704 Net Income (Loss) (9,203 ) Net Income Attributable to Noncontrolling Interest (106 ) Income (Loss) from Discontinued Operations $ (9,309 ) (1) Included in selling, general and administrative expenses is an allocation of corporate administrative expenses of $28.0 million for the year ended December 31, 2015. |
Selected Financial Information Regarding Cash Flows Included in Condensed Consolidated Statements of Cash Flows | The following table presents selected financial information regarding cash flows of our former Power Generation business that are included in the consolidated statements of cash flows: Year Ended December 31, 2015 (In thousands) Non-cash items included in net income (loss): Depreciation and amortization $ 21,458 Income (loss) of investees, net of dividends $ (2,293 ) Losses on asset disposals and impairments, net $ 10,544 Purchases of property, plant and equipment $ 11,494 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Combined Balance Sheet Information | The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method: December 31, 2017 2016 (In thousands) Current assets $ 261,467 $ 233,546 Noncurrent assets 1,891 — Total Assets $ 263,358 $ 233,546 Current liabilities $ 137,623 $ 119,633 Owners' equity 125,735 113,913 Total Liabilities and Owners' Equity $ 263,358 $ 233,546 |
Summary of Combined Income Statement Information | Year Ended December 31, 2017 2016 2015 (In thousands) Revenues $ 678,080 $ 693,441 $ 624,756 Gross profit $ 35,081 $ 38,858 $ 33,397 Net Income $ 35,081 $ 38,862 $ 33,406 |
Reconciliation of Net Income to Equity in Income | Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Equity income based on stated ownership percentages $ 13,412 $ 16,480 $ 14,011 Timing of GAAP and other adjustments 200 (411 ) (615 ) Equity in income of investees $ 13,612 $ 16,069 $ 13,396 |
Schedule of Transactions with Unconsolidated Affiliates | Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Sales to $ 22,259 $ 24,870 $ 18,458 Dividends received $ 16,132 $ 15,052 $ 13,050 Capital contributions, net of returns $ 2,789 $ 9,165 $ 200 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Unrecognized Tax Benefits | We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Balance at beginning of period $ 1,651 $ 2,222 $ 8,597 Increases based on tax positions taken in the current year — — 185 Increases based on tax positions taken in the prior years — — — Decreases based on tax positions taken in the prior years — — (134 ) Decreases due to settlements with tax authorities — (571 ) (5,934 ) Decreases due to lapse of applicable statute of limitation — — (492 ) Other, net 29 — — Balance at end of period $ 1,680 $ 1,651 $ 2,222 |
Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: December 31, 2017 2016 (In thousands) Deferred tax assets: Pension liability $ 59,229 $ 129,603 Accrued warranty expense 3,482 3,868 Accrued vacation pay 6,557 9,892 Accrued liabilities for self-insurance (including postretirement health care benefits) 6,355 7,663 Accrued liabilities for executive and employee incentive compensation 8,647 20,670 Environmental and products liabilities 17,195 34,798 Investments in joint ventures and affiliated companies 8,343 15,067 Long-term contracts 4,057 10,039 State tax net operating loss carryforward 8,460 5,573 Tax credit carryforward 1,016 160 Other 8,638 9,373 Total deferred tax assets 131,979 246,706 Valuation allowance for deferred tax assets (15,252 ) (17,226 ) Deferred tax assets 116,727 229,480 Deferred tax liabilities: Property, plant and equipment 11,573 10,249 Long-term contracts — 11,920 Intangibles 27,875 35,920 Other — — Total deferred tax liabilities 39,448 58,089 Net deferred tax assets $ 77,279 $ 171,391 |
Income from Continuing Operations Before Provision for Income Taxes | Income from continuing operations before provision for income taxes and noncontrolling interest were as follows: Year Ended December 31, 2017 2016 2015 (In thousands) U.S. $ 255,194 $ 215,572 $ 211,285 Other than U.S. 40,586 41,696 9,780 Income before Provision for Income Taxes $ 295,780 $ 257,268 $ 221,065 |
Components of Provision for Income Taxes | The components of Provision for Income Taxes were as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Current: U.S. – federal $ 26,632 $ 73,383 $ 95,854 U.S. – state and local 3,023 3,068 3,498 Other than U.S. 24,299 4,436 (2,170 ) Total current 53,954 80,887 97,182 Deferred: U.S. – federal 107,844 (12,665 ) (25,981 ) U.S. – state and local (158 ) 222 3,423 Other than U.S. (14,225 ) 5,212 5,792 Total deferred 93,461 (7,231 ) (16,766 ) Provision for Income Taxes $ 147,415 $ 73,656 $ 80,416 |
Reconciliation of Income Tax Provision Related to Continuing Operations from U.S. Statutory Federal Tax Rate | The following is a reconciliation of our income tax provision related to continuing operations from the U.S. statutory federal tax rate ( 35% ) to our consolidated effective tax rate: Year Ended December 31, 2017 2016 2015 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 1.2 % 0.8 % 3.3 % Foreign rate differential (1.4 )% (1.5 )% (0.4 )% Foreign operations — % (1.4 )% 1.7 % Excess tax deductions on equity compensation (2.0 )% (0.9 )% — % Impact of U.S. Tax Cuts & Jobs Act 17.7 % — % — % Manufacturing deduction (1.4 )% (2.6 )% (2.9 )% Minority interest (0.1 )% (1.9 )% 0.3 % Other 0.8 % 1.1 % (0.6 )% Effective tax rate 49.8 % 28.6 % 36.4 % |
Valuation Allowance for Deferred Tax Assets | The following is an analysis of our valuation allowance for deferred tax assets: Beginning Balance Charges To Costs and Expenses Charged To Other Accounts Ending Balance (In thousands) Year Ended December 31, 2017 $ (17,226 ) 2,544 (570 ) $ (15,252 ) Year Ended December 31, 2016 $ (17,752 ) (760 ) 1,286 $ (17,226 ) Year Ended December 31, 2015 $ (14,239 ) (3,513 ) — $ (17,752 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Our Long-Term Debt consists of the following: December 31, 2017 2016 (In thousands) Secured Debt: Revolving Credit Facility $ — $ — Term Loan 270,000 285,000 Incremental Term Loans 243,131 245,986 Less: Amounts due within one year 27,870 27,370 Long-Term Debt, gross 485,261 503,616 Less: Deferred debt issuance costs 4,202 5,892 Long-Term Debt $ 481,059 $ 497,724 |
Pension Plans and Postretirem35
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Obligations and Funded Status | Obligations and Funded Status Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2017 2016 2017 2016 (In thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 1,571,586 $ 1,565,905 $ 62,994 $ 62,788 Service cost 8,031 7,358 567 575 Interest cost 54,353 54,860 2,182 2,201 Plan participants' contributions 68 75 585 606 Amendments 1,519 1,731 — — Acquisition — 1,054 — 5,695 Settlements (117,354 ) (2,606 ) — — Actuarial loss (gain) 102,807 28,108 5,099 (5,469 ) Transfers — — — — Foreign currency exchange rate changes 10,344 3,376 642 174 Benefits paid (88,011 ) (88,275 ) (3,830 ) (3,576 ) Benefit obligation at end of period $ 1,543,343 $ 1,571,586 $ 68,239 $ 62,994 Change in plan assets: Fair value of plan assets at beginning of period $ 1,217,859 $ 1,209,814 $ 42,713 $ 41,219 Actual return on plan assets 182,290 83,168 4,630 3,059 Plan participants' contributions 68 75 585 606 Company contributions 56,079 12,293 1,504 1,399 Settlements (121,196 ) (2,606 ) — — Transfers — — — — Foreign currency exchange rate changes 10,610 3,390 — — Benefits paid (88,011 ) (88,275 ) (3,830 ) (3,570 ) Fair value of plan assets at the end of period 1,257,699 1,217,859 45,602 42,713 Funded status $ (285,644 ) $ (353,727 ) $ (22,637 ) $ (20,281 ) Amounts recognized in the balance sheet consist of: Accrued employee benefits $ (3,303 ) $ (3,171 ) $ (1,269 ) $ (1,222 ) Accumulated postretirement benefit obligation — — (21,368 ) (19,059 ) Pension liability (295,814 ) (356,380 ) — — Prepaid pension 13,473 5,824 — — Accrued benefit liability, net $ (285,644 ) $ (353,727 ) $ (22,637 ) $ (20,281 ) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 11,227 $ 11,782 $ (1,874 ) $ (2,188 ) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,393,141 $ 1,438,979 N/A N/A Accumulated benefit obligation $ 1,392,662 $ 1,438,503 $ 68,239 $ 62,994 Fair value of plan assets $ 1,094,023 $ 1,079,428 $ 45,602 $ 42,713 Plans with plan assets in excess of accumulated benefit obligation: Projected benefit obligation $ 150,202 $ 132,607 N/A N/A Accumulated benefit obligation $ 150,202 $ 132,607 $ — $ — Fair value of plan assets $ 163,676 $ 138,431 $ — $ — |
Components of Net Periodic Benefit Cost | Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2017 2016 2015 2017 2016 2015 (In thousands) Components of net periodic benefit cost: Service cost $ 8,031 $ 7,358 $ 23,562 $ 567 $ 575 $ 690 Interest cost 54,353 54,860 63,867 2,182 2,201 2,600 Expected return on plan assets (83,617 ) (82,690 ) (90,137 ) (2,383 ) (2,306 ) (2,348 ) Amortization of prior service cost 2,074 1,932 1,797 (314 ) (302 ) (254 ) Recognized net actuarial loss (gain) 8,322 27,531 60,863 2,741 (6,221 ) (6,207 ) Net periodic benefit cost (income) $ (10,837 ) $ 8,991 $ 59,952 $ 2,793 $ (6,053 ) $ (5,519 ) |
Recognized Net Actuarial Losses (Gains) | The effects of recognized net actuarial losses (gains) on the consolidated statements of income are as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Cost of operations $ 6,787 $ 14,729 $ 51,588 Selling, general and administrative expenses 4,256 6,739 3,066 Other – net 20 (158 ) 2 Total $ 11,063 $ 21,310 $ 54,656 |
Summary of Additional Information | Additional Information Pension Benefits Year Ended December 31, Other Benefits Year Ended December 31, 2017 2016 2017 2016 (In thousands) Increase (decrease) in accumulated other comprehensive income due to actuarial losses – before taxes $ (1,519 ) $ (1,731 ) $ — $ — |
Weighted Average Assumptions | Assumptions Pension Benefits Other Benefits 2017 2016 2017 2016 Weighted-average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 3.68 % 4.18 % 3.64 % 4.12 % Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate to determine service cost 3.84 % 3.66 % 4.00 % 4.29 % 3.96 % 3.91 % Discount rate to determine interest cost 3.17 % 3.17 % 4.00 % 3.71 % 3.55 % 3.91 % Expected return on plan assets 7.00 % 7.03 % 7.04 % 5.71 % 5.71 % 5.72 % Rate of compensation increase — — 2.57 % — — — |
Assumed Health-Care Cost Trend Rates | 2017 2016 Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year 7.50 % 8.00 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2030 2024 |
Effect of One-Percentage-Point Change in Assumed Health-Care Cost Trend Rates | A one-percentage-point change in our assumed health care cost trend rates would have the following effects: One-Percentage- One-Percentage- (In thousands) Effect on total of service and interest cost $ 332 $ (296 ) Effect on postretirement benefit obligation $ 7,390 $ (6,170 ) |
Plan Asset Allocations by Asset Category | The following is a summary of the asset allocations for the Master Trust at December 31, 2017 and 2016 by asset category: December 31, 2017 2016 Asset Category: Commingled and Mutual Funds 35 % 31 % Fixed Income (excluding U.S. Government Securities) 33 % 35 % U.S. Government Securities 20 % 16 % Partnerships with Security Holdings 6 % 7 % Real Estate 1 % 1 % Equity Securities — % 7 % Other 5 % 3 % Total 100 % 100 % The combined weighted-average asset allocations of these plans at December 31, 2017 and 2016 by asset category were as follows: December 31, 2017 2016 Asset Category: Equity Securities and Commingled Mutual Funds 56 % 55 % Fixed Income 42 % 43 % Other 2 % 2 % Total 100 % 100 % |
Target Allocation by Asset Class | The target allocation for 2018 for the domestic plans, by asset class, is as follows: Asset Class: Fixed Income 55 % Equities 45 % The target allocation for 2018 for the foreign plans, by asset class, is as follows: Canadian Plans Asset Class: Fixed Income 45 % Global Equity 30 % U.S. Equity 25 % |
Summary of Total Investments Measured at Fair Value | The following is a summary of total investments for our plans measured at fair value at December 31, 2017 : 12/31/2017 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 445,080 $ — $ 375,070 $ — $ 70,010 Commingled and Mutual Funds 502,616 86,515 — — 416,101 U.S. Government Securities 215,310 211,301 4,009 — — Partnerships with Security Holdings 79,708 — — — 79,708 Real Estate 1,400 — — — 1,400 Cash and Accrued Items 59,187 55,735 3,452 — — Total Assets $ 1,303,301 $ 353,551 $ 382,531 $ — $ 567,219 The following is a summary of total investments for our plans measured at fair value at December 31, 2016 : 12/31/2016 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 457,167 $ — $ 397,033 $ — $ 60,134 Equities 70,811 70,811 — — — Commingled and Mutual Funds 433,945 19,500 — — 414,445 U.S. Government Securities 178,572 174,492 4,080 — — Partnerships with Security Holdings 82,502 — — — 82,502 Real Estate 1,702 — — — 1,702 Cash and Accrued Items 35,873 32,520 3,353 — — Total Assets $ 1,260,572 $ 297,323 $ 404,466 $ — $ 558,783 |
Cash Flows | Cash Flows Domestic Plans Foreign Plans Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Expected employer contributions to trusts of defined benefit plans: 2018 $ 25,710 $ 392 $ 6,387 N/A Expected benefit payments: 2018 $ 75,750 $ 2,795 $ 6,810 $ 411 2019 78,056 3,038 6,975 387 2020 80,007 3,213 7,125 393 2021 81,454 3,363 7,276 414 2022 82,740 3,514 7,530 409 2023-2027 421,326 17,906 39,160 2,328 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Assumptions Used to Calculate Fair Value of Option Grant | The fair value of each option grant was estimated at the date of grant using the Black-Scholes option pricing model, with the following weighted-average assumptions: Year Ended December 31, 2015 Risk-free interest rate 1.33 % Expected volatility .29 Expected life of the option in years 4.04 Expected dividend yield 1.27 % The fair value of each stock appreciation right grant was calculated at the grant date using the Black-Scholes option pricing model and was remeasured at the end of the reporting period with the following weighted-average assumptions: Year Ended December 31, 2015 Risk-free interest rate 1.33 % Expected volatility 0.15 Expected life of the option in years 0.20 Expected dividend yield 0.72 % |
Summarized Activity of Stock Options | The following table summarizes activity for our stock options for the year ended December 31, 2017 (share data in thousands): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of period 1,723 $ 23.56 Granted — N/A Exercised (921 ) 23.57 Cancelled/expired/forfeited (20 ) 23.71 Outstanding at end of period 782 $ 23.54 4.3 Years $ 28.9 Exercisable at end of period 608 $ 23.47 3.5 Years $ 22.5 |
Schedule of Restricted Stock Units | Nonvested performance shares as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 350 $ 32.88 Adjustment to assumed vesting percentage 68 32.96 Granted 151 48.51 Vested — N/A Cancelled/forfeited (8 ) 37.79 Nonvested at end of period 561 $ 38.06 Nonvested cash-settled performance units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (unit data in thousands): Number of Units Weighted- Average Fair Value Nonvested at beginning of period 9 Adjustment to assumed vesting percentage 2 Granted 3 Vested — Cancelled/forfeited — Nonvested at end of period 14 $ 60.49 Nonvested restricted stock units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (share data in thousands): Number of Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of period 595 $ 26.07 Granted 127 48.49 Vested (366 ) 25.62 Cancelled/forfeited (20 ) 27.21 Nonvested at end of period 336 $ 35.17 Nonvested restricted stock units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows (unit data in thousands): Number of Units Weighted- Average Fair Value Nonvested at beginning of period 32 Granted 2 Vested (21 ) Cancelled/forfeited (2 ) Nonvested at end of period 11 $ 60.49 |
Schedule of Summarized Activity of Stock Appreciation | The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2017 (unit data in thousands): Number of Units Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of period 99 $ 23.14 Granted — N/A Exercised (10 ) 23.84 Cancelled/expired/forfeited (3 ) 23.62 Outstanding at end of period 86 $ 23.05 4.7 Years $ 3.2 Exercisable at end of period 77 $ 22.98 4.5 Years $ 2.9 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases | Future minimum payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year at December 31, 2017 were as follows (in thousands): Year Ending December 31, Amount 2018 $ 3,525 2019 $ 2,565 2020 $ 817 2021 $ 749 2022 $ 573 Thereafter $ — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available for Sale Securities | The following is a summary of our investments at December 31, 2017 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available-for-sale securities U.S. Government and agency securities $ 1,300 $ — $ (1 ) $ 1,299 Corporate bonds 3,114 55 — 3,169 Equities 908 1,851 — 2,759 Mutual funds 4,382 465 — 4,847 Asset-backed securities and collateralized mortgage obligations 204 — (43 ) 161 Total $ 9,908 $ 2,371 $ (44 ) $ 12,235 The following is a summary of our investments at December 31, 2016 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Trading securities Corporate bonds $ 2,708 $ — $ (406 ) $ 2,302 Equities 39 — (1 ) 38 Available-for-sale securities U.S. Government and agency securities 8,405 — (1 ) 8,404 Corporate bonds 3,313 — (1 ) 3,312 Equities 948 3,634 — 4,582 Mutual funds 4,156 27 — 4,183 Asset-backed securities and collateralized mortgage obligations 258 — (49 ) 209 Commercial paper 500 — — 500 Total $ 20,327 $ 3,661 $ (458 ) $ 23,530 |
Summary of Proceeds, Gross Realized Gains and Gross Realized Losses on Sales of Available for Sale Securities | Proceeds, gross realized gains and gross realized losses on sales of available-for-sale securities were as follows: Proceeds Gross Realized Gains Gross Realized Losses (In thousands) Year Ended December 31, 2017 $ 148 $ 108 $ — Year Ended December 31, 2016 $ 9,261 $ 337 $ — Year Ended December 31, 2015 $ 6,456 $ 343 $ — |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments | The following tables summarize our derivative financial instruments at December 31, 2017 and 2016 : Asset and Liability Derivatives December 31, 2017 2016 (In thousands) Derivatives Designated as Hedges: Foreign Exchange Contracts: Location Accounts receivable – other $ 250 $ 70 Other Assets $ 348 $ — Accounts payable $ 177 $ 462 Other Liabilities $ 93 $ — |
Schedule of Effect of Derivative Instruments on Statements of Financial Performance | The effects of derivatives on our financial statements are outlined below: Year Ended December 31, 2017 2016 2015 (In thousands) Derivatives Designated as Hedges: Cash Flow Hedges: Foreign Exchange Contracts: Amount of gain (loss) recognized in other comprehensive income $ 1,021 $ 807 $ (6,550 ) Gain (loss) reclassified from accumulated other comprehensive income into earnings: effective portion Location Revenues $ 169 $ (30 ) $ 455 Cost of operations $ (84 ) $ 366 $ (6,259 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments and Available-for-Sale Securities Measured at Fair Value | The following is a summary of our investments measured at fair value at December 31, 2017 : 12/31/2017 Level 1 Level 2 Level 3 (In thousands) Available-for-sale securities U.S. Government and agency securities $ 1,299 $ 1,299 $ — $ — Corporate bonds 3,169 1,534 1,635 — Equities 2,759 — 2,759 — Mutual funds 4,847 — 4,847 — Asset-backed securities and collateralized mortgage obligations 161 — 161 — Total $ 12,235 $ 2,833 $ 9,402 $ — The following is a summary of our investments measured at fair value at December 31, 2016 : 12/31/2016 Level 1 Level 2 Level 3 (In thousands) Trading securities Corporate bonds $ 2,302 $ 2,302 $ — $ — Equities 38 38 — — Available-for-sale securities U.S. Government and agency securities 8,404 8,404 — — Corporate bonds 3,312 — 3,312 — Equities 4,582 — 4,582 — Mutual funds 4,183 — 4,183 — Asset-backed securities and collateralized mortgage obligations 209 — 209 — Commercial paper 500 — 500 — Total $ 23,530 $ 10,744 $ 12,786 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | Information about Operations in our Different Industry Segments: Year Ended December 31, 2017 2016 2015 (In thousands) REVENUES (1) : Nuclear Operations Group $ 1,271,861 $ 1,269,272 $ 1,179,896 Nuclear Services Group 137,249 128,021 121,247 Nuclear Power Group 285,831 161,572 121,061 Adjustments and Eliminations (7,203 ) (8,292 ) (6,675 ) $ 1,687,738 $ 1,550,573 $ 1,415,529 (1) Segment revenues are net of the following intersegment transfers and other adjustments: Nuclear Operations Group Transfers $ (1,322 ) $ (208 ) $ (3,087 ) Nuclear Services Group Transfers (5,635 ) (7,016 ) (2,101 ) Nuclear Power Group Transfers (246 ) (1,068 ) (1,487 ) $ (7,203 ) $ (8,292 ) $ (6,675 ) OPERATING INCOME: Nuclear Operations Group $ 289,852 $ 268,503 $ 257,400 Nuclear Services Group 23,118 12,171 7,955 Nuclear Power Group 39,978 42,808 11,803 Other (10,688 ) (6,398 ) (13,949 ) $ 342,260 $ 317,084 $ 263,209 Unallocated Corporate (1) (22,332 ) (26,353 ) (25,747 ) mPower Framework Agreement — (30,000 ) — Income Related to Litigation Proceeds — — 65,728 Special Charges for Restructuring Activities — — (16,608 ) Cost to spin-off Power Generation business — — (25,987 ) Mark to Market Adjustment (11,043 ) (21,468 ) (54,654 ) Total Operating Income (2) $ 308,885 $ 239,263 $ 205,941 Other Income (Expense) : Interest income 1,405 651 30,331 Interest expense (14,879 ) (8,393 ) (10,181 ) Other – net 369 25,747 (5,026 ) Total Other Income (Expense) (13,105 ) 18,005 15,124 Income before Provision for Income Taxes $ 295,780 $ 257,268 $ 221,065 (1) Unallocated corporate includes general corporate overhead not allocated to segments (2) Included in operating income is the following: Losses (Gains) on Asset Disposals and Impairments, Net: Nuclear Operations Group $ (65 ) $ — $ — Nuclear Services Group — — — Nuclear Power Group (129 ) (43 ) 4 Unallocated Corporate — — 378 $ (194 ) $ (43 ) $ 382 Equity in Income of Investees : Nuclear Operations Group $ — $ — $ — Nuclear Services Group 13,612 15,099 13,396 Nuclear Power Group — — — Other — 970 — $ 13,612 $ 16,069 $ 13,396 Year Ended December 31, 2017 2016 2015 (In thousands) CAPITAL EXPENDITURES: Nuclear Operations Group $ 86,323 $ 43,546 $ 35,658 Nuclear Services Group 1,514 528 3,853 Nuclear Power Group 3,856 3,102 2,629 Other 628 — — Segment Capital Expenditures 92,321 47,176 42,140 Corporate Capital Expenditures 4,559 5,458 14,701 Total Capital Expenditures $ 96,880 $ 52,634 $ 56,841 DEPRECIATION AND AMORTIZATION: Nuclear Operations Group $ 31,289 $ 34,364 $ 38,836 Nuclear Services Group 3,702 3,754 3,485 Nuclear Power Group 13,751 3,459 3,081 Other — — 550 Segment Depreciation and Amortization 48,742 41,577 45,952 Corporate Depreciation and Amortization 7,815 8,977 11,211 Total Depreciation and Amortization $ 56,557 $ 50,554 $ 57,163 December 31, 2017 2016 2015 (In thousands) SEGMENT ASSETS: Nuclear Operations Group $ 947,055 $ 854,310 $ 777,885 Nuclear Services Group 161,948 169,850 163,810 Nuclear Power Group 313,959 315,687 127,549 Other 2,511 3,156 2,430 Total Segment Assets 1,425,473 1,343,003 1,071,674 Corporate Assets 286,866 236,812 303,724 Total Assets $ 1,712,339 $ 1,579,815 $ 1,375,398 INVESTMENT IN UNCONSOLIDATED AFFILIATES: Nuclear Operations Group $ — $ — $ — Nuclear Services Group 43,266 41,491 32,088 Nuclear Power Group — — — Other — 1,363 — Total Investment in Unconsolidated Affiliates $ 43,266 $ 42,854 $ 32,088 |
Schedule of Revenue Information from Products and Service Lines | Information about our Product and Service Lines: Year Ended December 31, 2017 2016 2015 (In thousands) REVENUES: Nuclear Operations Group: Nuclear Component Program $ 1,262,792 $ 1,259,336 $ 1,179,662 Commercial Operations 8,932 9,813 51 Eliminations/Other 137 123 183 1,271,861 1,269,272 1,179,896 Nuclear Services Group: Nuclear Environmental Services 101,056 86,425 75,218 Management & Operation Contracts of U.S. Government Facilities 9,746 10,794 8,589 Nuclear Services and Advanced Reactor Design and Engineering 26,447 30,814 37,474 Eliminations/Other — (12 ) (34 ) 137,249 128,021 121,247 Nuclear Power Group: Nuclear Services and Engineering 126,900 96,529 76,557 Nuclear Components 158,931 65,043 44,504 Eliminations/Other — — — 285,831 161,572 121,061 Other: — — — Eliminations (7,203 ) (8,292 ) (6,675 ) $ 1,687,738 $ 1,550,573 $ 1,415,529 |
Schedule of Revenues by Geographical Area | Information about our Consolidated Operations in Different Geographic Areas: Year Ended December 31, 2017 2016 2015 (In thousands) REVENUES (1) : U.S. $ 1,408,817 $ 1,397,505 $ 1,306,811 Canada 245,073 124,964 88,380 China 26,228 13,033 10,657 Romania 2,781 10,743 6,106 All Other Countries 4,839 4,328 3,575 $ 1,687,738 $ 1,550,573 $ 1,415,529 (1) We allocate geographic revenues based on the location of the customers' operations |
Schedule of Property, Plant and Equipment, Net by Geographical Area | December 31, 2017 2016 2015 (In thousands) NET PROPERTY, PLANT AND EQUIPMENT: U.S. $ 308,561 $ 256,672 $ 250,867 Canada 40,068 43,014 17,977 $ 348,629 $ 299,686 $ 268,844 |
Quarterly Financial Data (Una42
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2017 and 2016 : Year Ended December 31, 2017 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 428,229 $ 410,011 $ 419,360 $ 430,138 Operating income (1) $ 83,205 $ 92,347 $ 73,681 $ 59,652 Equity in income of investees $ 3,875 $ 3,327 $ 3,630 $ 2,780 Net income attributable to BWX Technologies, Inc. $ 55,719 $ 61,263 $ 46,553 $ (15,691 ) Earnings per common share: Basic: Net income attributable to BWX Technologies, Inc. $ 0.56 $ 0.62 $ 0.47 $ (0.16 ) Diluted: Net income attributable to BWX Technologies, Inc. $ 0.55 $ 0.61 $ 0.46 $ (0.16 ) (1) Includes equity in income of investees. Year Ended December 31, 2016 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 364,826 $ 402,382 $ 379,505 $ 403,860 Operating income (1) $ 42,609 $ 88,458 $ 62,373 $ 45,823 Equity in income of investees $ 3,533 $ 4,708 $ 5,008 $ 2,820 Net income attributable to BWX Technologies, Inc. $ 49,631 $ 58,372 $ 41,062 $ 33,992 Earnings per common share: Basic: Net income attributable to BWX Technologies, Inc. $ 0.48 $ 0.56 $ 0.40 $ 0.34 Diluted: Net income attributable to BWX Technologies, Inc. $ 0.47 $ 0.56 $ 0.39 $ 0.34 (1) Includes equity in income of investees. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: Year Ended December 31, 2017 2016 2015 (In thousands, except shares and Basic: Income from continuing operations $ 147,844 $ 183,057 $ 140,774 Income (loss) from discontinued operations — — (9,309 ) Net income attributable to BWX Technologies, Inc. $ 147,844 $ 183,057 $ 131,465 Weighted-average common shares 99,334,472 102,471,788 106,703,145 Basic earnings per common share: Income from continuing operations $ 1.49 $ 1.79 $ 1.32 Income (loss) from discontinued operations — — (0.09 ) Net income attributable to BWX Technologies, Inc. $ 1.49 $ 1.79 $ 1.23 Diluted: Income from continuing operations $ 147,844 $ 183,057 $ 140,774 Income (loss) from discontinued operations — — (9,309 ) Net income attributable to BWX Technologies, Inc. $ 147,844 $ 183,057 $ 131,465 Weighted-average common shares (basic) 99,334,472 102,471,788 106,703,145 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 1,034,718 1,368,950 879,877 Adjusted weighted-average common shares 100,369,190 103,840,738 107,583,022 Diluted earnings per common share: Income from continuing operations $ 1.47 $ 1.76 $ 1.31 Income (loss) from discontinued operations — — (0.09 ) Net income attributable to BWX Technologies, Inc. $ 1.47 $ 1.76 $ 1.22 (1) At December 31, 2017 , 2016 and 2015 , we excluded 41,854 , 0 and 20,148 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig44
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Dec. 16, 2016employee | Jun. 30, 2015 | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)componentfacilitysegment | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Number of reportable segments | segment | 3 | 3 | ||||
Number of large, heavy components supplied to worldwide (more than) | component | 1,300 | |||||
Asset impairment charges | $ 15,900 | |||||
Deconsolidation, gain (loss), amount | $ 13,600 | $ 0 | $ 13,571 | 0 | ||
Net foreign currency transaction gains (losses) | $ (700) | 400 | (1,700) | |||
Revenue recognition, percentage of contract completion | 70.00% | |||||
Long-term retainages, anticipated collection in 2019 | $ 300 | |||||
Long-term retainages, anticipated collection in 2020 | $ 1,400 | |||||
Number of facilities with U.S. Government decommissioning costs obligation | facility | 2 | |||||
Research and development activities | $ 50,400 | 40,100 | 38,200 | |||
Research and development activities, paid by customers | 43,200 | 33,700 | 27,700 | |||
Total inventories | 8,600 | 7,700 | ||||
Depreciation expense | 47,300 | 48,400 | 55,300 | |||
Interest expense | 16,500 | 9,100 | 10,900 | |||
Interest costs capitalized | 1,600 | 700 | 700 | |||
Restricted cash and cash equivalents reclassified into other assets | 9,700 | |||||
Restricted cash and cash equivalents | 7,105 | 6,130 | ||||
Reserves for self-insurance | 6,200 | 7,200 | ||||
Other income (expense) | (13,105) | 18,005 | 15,124 | |||
Mark to market losses | $ 11,000 | 21,500 | 54,700 | |||
Babcock & Wilcox Enterprises Inc | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Spin off, common stock distribution percentage | 100.00% | |||||
Minimum | Buildings | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Estimated economic useful life | 8 years | |||||
Minimum | Machinery and equipment | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Estimated economic useful life | 3 years | |||||
Maximum | Unconsolidated Affiliates | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Investment ownership in percentage (less than) | 20.00% | |||||
Maximum | Buildings | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Estimated economic useful life | 33 years | |||||
Maximum | Machinery and equipment | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Estimated economic useful life | 14 years | |||||
Cash Held for Future Decommissioning of Facilities | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Restricted cash and cash equivalents | $ 2,600 | |||||
Cash Held to Meet Reinsurance Reserve Requirements | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Restricted cash and cash equivalents | 7,100 | |||||
NEC | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Business combination, number of employees | employee | 350 | |||||
Unsuccessful Outcome of Framework Agreement | Bechtel | Framework Agreement | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Loss contingency, settlement amount | 30,000 | |||||
Pro Forma | Accounting Standards Update 2016-09 | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Other income (expense) | $ 16,700 | $ 4,800 | $ (30,200) |
Basis of Presentation and Sig45
Basis of Presentation and Significant Accounting Policies - Contracts in Progress and Advance Billings (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Costs incurred less costs of revenue recognized | $ 49,740 | $ 76,763 |
Revenues recognized less billings to customers | 370,888 | 280,030 |
Contracts in progress | 420,628 | 356,793 |
Billings to customers less revenues recognized | 274,311 | 162,833 |
Costs incurred less costs of revenue recognized | (28,119) | (15,685) |
Advance billings on contracts | $ 246,192 | $ 147,148 |
Basis of Presentation and Sig46
Basis of Presentation and Significant Accounting Policies - Retainages on Contracts (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Retainages expected to be collected within one year | $ 82,801 | $ 74,452 |
Retainages expected to be collected after one year | 1,669 | 1,674 |
Total retainages | $ 84,470 | $ 76,126 |
Basis of Presentation and Sig47
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Currency translation adjustments | $ 13,148 | $ 6,911 |
Net unrealized gain (loss) on derivative financial instruments | 353 | (340) |
Unrecognized prior service cost on benefit obligations | (6,237) | (6,392) |
Net unrealized gain on available-for-sale investments | 2,190 | 3,632 |
Accumulated other comprehensive income | $ 9,454 | $ 3,811 |
Basis of Presentation and Sig48
Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Revenues | $ 430,138 | $ 419,360 | $ 410,011 | $ 428,229 | $ 403,860 | $ 379,505 | $ 402,382 | $ 364,826 | $ 1,687,738 | $ 1,550,573 | $ 1,415,529 |
Cost of operations | (1,170,862) | (1,074,529) | (1,027,437) | ||||||||
Selling, general and administrative expenses | (214,607) | (216,486) | (207,761) | ||||||||
Total before tax | 295,780 | 257,268 | 221,065 | ||||||||
Other – net | 369 | 25,747 | (5,026) | ||||||||
Provision for Income Taxes | (147,415) | (73,656) | (80,416) | ||||||||
Net Income | 148,365 | 183,612 | 131,446 | ||||||||
Accumulated Other Comprehensive Income Component Recognized | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Income | (566) | (707) | (5,134) | ||||||||
Accumulated Other Comprehensive Income Component Recognized | Realized (loss) gain on derivative financial instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | 85 | 336 | (5,804) | ||||||||
Provision for Income Taxes | (21) | (86) | 1,492 | ||||||||
Net Income | 64 | 250 | (4,312) | ||||||||
Accumulated Other Comprehensive Income Component Recognized | Amortization of prior service cost on benefit obligations | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of operations | (1,760) | (1,601) | (1,508) | ||||||||
Selling, general and administrative expenses | 0 | (29) | (35) | ||||||||
Total before tax | (1,760) | (1,630) | (1,543) | ||||||||
Provision for Income Taxes | 618 | 566 | 501 | ||||||||
Net Income | (1,142) | (1,064) | (1,042) | ||||||||
Accumulated Other Comprehensive Income Component Recognized | Realized gains on investments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other – net | 735 | 164 | 343 | ||||||||
Provision for Income Taxes | (223) | (57) | (123) | ||||||||
Net Income | $ 512 | $ 107 | $ 220 |
Basis of Presentation and Sig49
Basis of Presentation and Significant Accounting Policies - Summary of Changes in Carrying Amount of Accrued Warranty Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 11,477 | $ 13,542 | $ 15,889 |
Additions | 3,783 | 1,192 | 1,223 |
Acquisition of NEC | 0 | 282 | 0 |
Expirations and other changes | (2,213) | (3,631) | (2,551) |
Payments | (70) | (20) | (130) |
Translation | 451 | 112 | (889) |
Balance at end of period | 13,428 | 11,477 | 13,542 |
Discount to customers in satisfaction of warranty obligations | $ 1,200 | $ 1,200 | $ 1,200 |
Basis of Presentation and Sig50
Basis of Presentation and Significant Accounting Policies - Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset retirement obligations Abstract | |||
Balance at beginning of period | $ 71,899 | $ 50,514 | $ 47,811 |
Costs incurred | (2) | (141) | 0 |
Additions/adjustments | 0 | 0 | 832 |
Acquisition of NEC | 0 | 18,505 | 0 |
Accretion | 4,728 | 3,148 | 2,158 |
Distributed in connection with the spin-off | 0 | 0 | (287) |
Translation | 1,411 | (127) | 0 |
Balance at end of period | $ 78,036 | $ 71,899 | $ 50,514 |
Basis of Presentation and Sig51
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | $ 1,013,141 | $ 922,641 | |
Less accumulated depreciation | 664,512 | 622,955 | |
Net Property, Plant and Equipment | 348,629 | 299,686 | $ 268,844 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 8,695 | 8,596 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 167,917 | 156,848 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 728,630 | 697,896 | |
Property under construction | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | $ 107,899 | $ 59,301 |
Basis of Presentation and Sig52
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 210,788 | $ 168,434 |
Acquisition of NEC | 42,532 | |
NEC Purchase Price Allocation Adjustment | 3,792 | |
Translation | 3,751 | (178) |
Ending balance | 218,331 | 210,788 |
Nuclear Operations Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 110,939 | 110,939 |
Acquisition of NEC | 0 | |
NEC Purchase Price Allocation Adjustment | 0 | |
Translation | 0 | 0 |
Ending balance | 110,939 | 110,939 |
Nuclear Services Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 45,000 | 45,000 |
Acquisition of NEC | 0 | |
NEC Purchase Price Allocation Adjustment | 0 | |
Translation | 0 | 0 |
Ending balance | 45,000 | 45,000 |
Nuclear Power Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 54,849 | 12,495 |
Acquisition of NEC | 42,532 | |
NEC Purchase Price Allocation Adjustment | 3,792 | |
Translation | 3,751 | (178) |
Ending balance | $ 62,392 | $ 54,849 |
Basis of Presentation and Sig53
Basis of Presentation and Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 92,628 | $ 87,482 | $ 28,890 |
Accumulated amortization | (26,053) | (16,564) | (14,392) |
Net amortized intangible assets | 66,575 | 70,918 | 14,498 |
Customer relationships | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 30,339 | 29,679 | 20,790 |
Accumulated amortization | (11,505) | (10,415) | (9,313) |
CNSC class 1B nuclear facility license | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 27,055 | 24,444 | 0 |
Accumulated amortization | (938) | (34) | 0 |
Acquired backlog | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 13,527 | 12,592 | 0 |
Accumulated amortization | (6,113) | (209) | 0 |
Favorable operating lease | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 8,832 | 8,222 | 0 |
Accumulated amortization | (459) | (16) | 0 |
Unpatented technology | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 8,379 | 8,104 | 4,400 |
Accumulated amortization | (4,456) | (3,750) | (3,312) |
Tradename | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 1,500 | 1,500 | 1,500 |
Accumulated amortization | (1,425) | (1,275) | (1,125) |
Patented technology | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 796 | 741 | 0 |
Accumulated amortization | (75) | (3) | 0 |
All other | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 2,200 | 2,200 | 2,200 |
Accumulated amortization | (1,082) | (862) | (642) |
NRC category 1 license | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Unamortized intangible assets | $ 43,830 | $ 43,830 | $ 43,830 |
Basis of Presentation and Sig54
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance at beginning of period | $ 114,748 | $ 58,328 | $ 60,227 |
Acquisition of NEC | 746 | 58,999 | 0 |
Amortization expense | (9,210) | (2,174) | (1,899) |
Translation | 4,121 | (405) | 0 |
Balance at end of period | $ 110,405 | $ 114,748 | $ 58,328 |
Basis of Presentation and Sig55
Basis of Presentation and Significant Accounting Policies - Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Accounting Policies [Abstract] | |
2,018 | $ 9,055 |
2,019 | 5,195 |
2,020 | 3,573 |
2,021 | 3,573 |
2,022 | $ 3,573 |
Basis of Presentation and Sig56
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Other Non-Current Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Finance Costs [Roll Forward] | |||
Balance at beginning of period | $ 5,892 | $ 6,741 | $ 9,921 |
Additions | 0 | 712 | 4,893 |
Interest expense – debt issuance costs | (1,690) | (1,561) | (1,852) |
Distributed in connection with the spin-off | 0 | 0 | (6,221) |
Balance at end of period | $ 4,202 | $ 5,892 | $ 6,741 |
Basis of Presentation and Sig57
Basis of Presentation and Significant Accounting Policies - Financial Impact of New Accounting Standard (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Contracts in progress | $ 420,628 | $ 356,793 | |
Deferred Income Taxes | 86,740 | 194,464 | |
Liabilities | |||
Accrued liabilities – other | 64,738 | 72,105 | |
Advance billings on contracts | 246,192 | 147,148 | |
Equity | |||
Retained earnings | 990,652 | $ 885,117 | |
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Assets | |||
Contracts in progress | 420,628 | ||
Deferred Income Taxes | 86,740 | ||
Liabilities | |||
Accrued liabilities – other | 64,738 | ||
Advance billings on contracts | 246,192 | ||
Equity | |||
Retained earnings | $ 990,652 | ||
Subsequent Event | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Assets | |||
Contracts in progress | $ 262,314 | ||
Deferred Income Taxes | 85,193 | ||
Liabilities | |||
Accrued liabilities – other | 66,699 | ||
Advance billings on contracts | 73,468 | ||
Equity | |||
Retained earnings | $ 1,001,554 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands, CAD in Millions | Dec. 16, 2016USD ($)facilityemployee | Dec. 16, 2016CADfacilityemployee | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Purchase price allocation adjustment, goodwill | $ 3,792 | |||||
GEH-C | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | $ 117,800 | CAD 157.9 | ||||
Business combination, consideration transferred, working capital adjustment | $ 700 | CAD 1 | ||||
NEC | ||||||
Business Acquisition [Line Items] | ||||||
Number of employees | employee | 350 | 350 | ||||
Number of operating facilities | facility | 2 | 2 | ||||
Purchase price allocation adjustment, contracts in progress | (1,600) | |||||
Purchase price allocation adjustment, property, plant and equipment | (3,000) | |||||
Purchase price allocation adjustment, intangible assets | 700 | |||||
Purchase price allocation adjustment, goodwill | $ 3,800 | |||||
Revenues of acquiree since acquisition date | $ 2,900 | |||||
Earnings (loss) of acquiree since acquisition date, actual | $ (700) | |||||
Pro forma net income (loss) attributable to BWX Technologies, Inc. | $ (182,074) | $ (129,112) | ||||
Increase in Amortization Expense | NEC | ||||||
Business Acquisition [Line Items] | ||||||
Pro forma net income (loss) attributable to BWX Technologies, Inc. | 7,700 | 8,300 | ||||
Elimination of Historical Interest Income | NEC | ||||||
Business Acquisition [Line Items] | ||||||
Pro forma net income (loss) attributable to BWX Technologies, Inc. | 400 | 500 | ||||
Additional Interest Expense Associated with Incremental Borrowings | NEC | ||||||
Business Acquisition [Line Items] | ||||||
Pro forma net income (loss) attributable to BWX Technologies, Inc. | 2,100 | 2,500 | ||||
Additional Accretion | NEC | ||||||
Business Acquisition [Line Items] | ||||||
Pro forma net income (loss) attributable to BWX Technologies, Inc. | (1,500) | (1,600) | ||||
Additional Depreciation Expense | NEC | ||||||
Business Acquisition [Line Items] | ||||||
Pro forma net income (loss) attributable to BWX Technologies, Inc. | 1,000 | $ 1,000 | ||||
Elimination of Recognized Acquisition Related Costs | NEC | ||||||
Business Acquisition [Line Items] | ||||||
Pro forma net income (loss) attributable to BWX Technologies, Inc. | $ (6,800) |
Acquisitions - Business Acquisi
Acquisitions - Business Acquisition Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 218,331 | $ 210,788 | $ 168,434 |
NEC | |||
Business Acquisition [Line Items] | |||
Accounts receivable – trade | 15,659 | ||
Accounts receivable – other | 1,359 | ||
Contracts in progress | 19,956 | ||
Other current assets | 84 | ||
Property, plant and equipment | 21,356 | ||
Goodwill | 46,324 | ||
Intangible assets | 59,745 | ||
Total assets acquired | 164,483 | ||
Accounts payable | 3,922 | ||
Accrued employee benefits | 1,965 | ||
Accrued liabilities – other | 3,184 | ||
Accrued warranty expense | 282 | ||
Accumulated postretirement benefit obligation | 5,695 | ||
Environmental liabilities | 18,505 | ||
Pension liability | 1,054 | ||
Other liabilities | 11,381 | ||
Total liabilities assumed | 45,988 | ||
Net assets acquired | 118,495 | ||
Amount of tax deductible goodwill | $ 0 |
Acquisitions - Preliminary Inta
Acquisitions - Preliminary Intangible Assets Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquisition of NEC | $ 746 | $ 58,999 | $ 0 |
NEC | CNSC class 1B nuclear facility license | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquisition of NEC | $ 25,360 | ||
Acquired finite-lived intangible assets, weighted average useful life | 30 years | ||
NEC | Acquired backlog | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquisition of NEC | $ 12,680 | ||
Acquired finite-lived intangible assets, weighted average useful life | 2 years | ||
NEC | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquisition of NEC | $ 8,951 | ||
Acquired finite-lived intangible assets, weighted average useful life | 14 years | ||
NEC | Favorable operating lease | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquisition of NEC | $ 8,279 | ||
Acquired finite-lived intangible assets, weighted average useful life | 20 years | ||
NEC | Unpatented technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquisition of NEC | $ 3,729 | ||
Acquired finite-lived intangible assets, weighted average useful life | 15 years | ||
NEC | Patented technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquisition of NEC | $ 746 | ||
Acquired finite-lived intangible assets, weighted average useful life | 11 years |
Acquisitions - Unaudited Pro Fo
Acquisitions - Unaudited Pro Forma Financial Information (Details) - NEC - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Revenues | $ 1,630,069 | $ 1,513,768 |
Net Income Attributable to BWX Technologies, Inc. | $ 182,074 | $ 129,112 |
Basic Earnings per Common Share (USD per share) | $ 1.78 | $ 1.21 |
Diluted Earnings per Common Share (USD per share) | $ 1.75 | $ 1.20 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 29, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Fair value of performance guarantees | $ 9.3 | ||||||
Power Generation Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Fair value of performance guarantees | $ 9.3 | ||||||
Spin-Off | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Performance guarantees outstanding amount | $ 1,542 | ||||||
Percentage of income tax rate | 60.00% | ||||||
Spin-Off | Discontinued Operations, Disposed of by Sale | Power Generation Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Spin off costs | $ 66.5 | ||||||
Professional services expenses | 29.8 | ||||||
Retention and severance related charges | $ 23.1 | ||||||
Income from discontinued operations, spin off costs | $ 34.4 | ||||||
Cost to spin-off Power Generation business | $ 26 | ||||||
BWX Technologies, Inc. | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Spin off, percentage of common stock received | 100.00% | ||||||
Cash distribution | $ 132 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Information Regarding Results of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs and Expenses: | |||
Net Income (Loss) | $ 0 | $ 0 | $ (9,203) |
Income (Loss) from Discontinued Operations | $ 0 | $ 0 | (9,309) |
Discontinued Operations, Disposed of by Sale | Power Generation Business | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | 830,234 | ||
Costs and Expenses: | |||
Cost of operations | 665,558 | ||
Research and development costs | 8,480 | ||
Losses on asset disposals and impairments | 8,963 | ||
Selling, general and administrative expenses | 108,911 | ||
Special charges for restructuring activities | 7,666 | ||
Costs to spin-off | 34,358 | ||
Total Costs and Expenses | 833,936 | ||
Equity in Income (Loss) of Investees | (1,104) | ||
Operating Income (Loss) | (4,806) | ||
Other Income (Loss) | (1,693) | ||
Income (Loss) before Provision for Income Taxes | (6,499) | ||
Provision for Income Taxes | 2,704 | ||
Net Income (Loss) | (9,203) | ||
Net Income Attributable to Noncontrolling Interest | (106) | ||
Income (Loss) from Discontinued Operations | (9,309) | ||
Corporate administrative expenses | $ 28,000 |
Discontinued Operations - Selec
Discontinued Operations - Selected Financial information Regarding Cash Flows Included in Condensed Consolidated Statements of Cash Flows (Detail) - Discontinued Operations, Disposed of by Sale - Power Generation Business $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Non-cash items included in net income (loss): | |
Depreciation and amortization | $ 21,458 |
Income (loss) of investees, net of dividends | (2,293) |
Losses on asset disposals and impairments, net | 10,544 |
Purchases of property, plant and equipment | $ 11,494 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Undistributed earnings of equity method investees | $ 5,900,000 | $ 8,100,000 | |
Reimbursable costs included in revenues of equity method investees | 638,400,000 | 671,000,000 | $ 583,500,000 |
Provision for income taxes | 147,415,000 | $ 73,656,000 | $ 80,416,000 |
Investees | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Provision for income taxes | $ 0 |
Equity Method Investments - Sum
Equity Method Investments - Summary of Combined Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 261,467 | $ 233,546 |
Noncurrent assets | 1,891 | 0 |
Total Assets | 263,358 | 233,546 |
Current liabilities | 137,623 | 119,633 |
Owners' equity | 125,735 | 113,913 |
Total Liabilities and Owners' Equity | $ 263,358 | $ 233,546 |
Equity Method Investments - S67
Equity Method Investments - Summary of Combined Income Statement Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Revenues | $ 678,080 | $ 693,441 | $ 624,756 |
Gross profit | 35,081 | 38,858 | 33,397 |
Net Income | $ 35,081 | $ 38,862 | $ 33,406 |
Equity Method Investments - Rec
Equity Method Investments - Reconciliation of Net Income to Equity in Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||
Equity income based on stated ownership percentages | $ 13,412 | $ 16,480 | $ 13,412 | $ 16,480 | $ 14,011 | ||||||
Timing of GAAP and other adjustments | 200 | (411) | 200 | (411) | (615) | ||||||
Equity in income of investees | $ 2,780 | $ 3,630 | $ 3,327 | $ 3,875 | $ 2,820 | $ 5,008 | $ 4,708 | $ 3,533 | $ 13,612 | $ 16,069 | $ 13,396 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Transactions with Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Sales to | $ 22,259 | $ 24,870 | $ 18,458 |
Dividends received | 16,132 | 15,052 | 13,050 |
Capital contributions, net of returns | $ 2,789 | $ 9,165 | $ 200 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Gross unrecognized tax benefits, effective tax rate reduced | $ 1,700 | ||
Decrease in unrecognized tax benefits | 1,400 | ||
Decrease in net deferred tax asset | $ 49,500 | ||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
Valuation allowance for deferred tax asset | $ 15,252 | $ 17,226 | |
Decrease in valuation allowance | 3,700 | ||
Undistributed earnings of subsidiaries | 89,200 | ||
Unrecognized deferred income tax liabilities | 4,500 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 8,400 | ||
Net operating loss carryforwards, valuation allowance | 7,400 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 10,600 | ||
Net operating loss carryforwards, valuation allowance | $ 9,400 | ||
Canada Revenue Agency | |||
Income Tax Contingency [Line Items] | |||
Canadian local statutory rate | 25.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 1,651 | $ 2,222 | $ 8,597 |
Increases based on tax positions taken in the current year | 0 | 0 | 185 |
Increases based on tax positions taken in the prior years | 0 | 0 | 0 |
Decreases based on tax positions taken in the prior years | 0 | 0 | (134) |
Decreases due to settlements with tax authorities | 0 | (571) | (5,934) |
Decreases due to lapse of applicable statute of limitation | 0 | 0 | (492) |
Other, net | 29 | 0 | 0 |
Balance at end of period | $ 1,680 | $ 1,651 | $ 2,222 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Pension liability | $ 59,229 | $ 129,603 |
Accrued warranty expense | 3,482 | 3,868 |
Accrued vacation pay | 6,557 | 9,892 |
Accrued liabilities for self-insurance (including postretirement health care benefits) | 6,355 | 7,663 |
Accrued liabilities for executive and employee incentive compensation | 8,647 | 20,670 |
Environmental and products liabilities | 17,195 | 34,798 |
Investments in joint ventures and affiliated companies | 8,343 | 15,067 |
Long-term contracts | 4,057 | 10,039 |
State tax net operating loss carryforward | 8,460 | 5,573 |
Tax credit carryforward | 1,016 | 160 |
Other | 8,638 | 9,373 |
Total deferred tax assets | 131,979 | 246,706 |
Valuation allowance for deferred tax assets | (15,252) | (17,226) |
Deferred tax assets | 116,727 | 229,480 |
Deferred tax liabilities: | ||
Property, plant and equipment | 11,573 | 10,249 |
Long-term contracts | 0 | 11,920 |
Intangibles | 27,875 | 35,920 |
Other | 0 | 0 |
Total deferred tax liabilities | 39,448 | 58,089 |
Net deferred tax assets | $ 77,279 | $ 171,391 |
Income Taxes - Income from Cont
Income Taxes - Income from Continuing Operations Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 255,194 | $ 215,572 | $ 211,285 |
Other than U.S. | 40,586 | 41,696 | 9,780 |
Total before tax | $ 295,780 | $ 257,268 | $ 221,065 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
U.S. – federal | $ 26,632 | $ 73,383 | $ 95,854 |
U.S. – state and local | 3,023 | 3,068 | 3,498 |
Other than U.S. | 24,299 | 4,436 | (2,170) |
Total current | 53,954 | 80,887 | 97,182 |
Deferred: | |||
U.S. – federal | 107,844 | (12,665) | (25,981) |
U.S. – state and local | (158) | 222 | 3,423 |
Other than U.S. | (14,225) | 5,212 | 5,792 |
Total deferred | 93,461 | (7,231) | (16,766) |
Provision for Income Taxes | $ 147,415 | $ 73,656 | $ 80,416 |
Income Taxes - Reconciliation75
Income Taxes - Reconciliation of the Income Tax Provision Related to Continuing Operations from the U.S. Statutory Federal Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 1.20% | 0.80% | 3.30% |
Foreign rate differential | (1.40%) | (1.50%) | (0.40%) |
Foreign operations | (0.00%) | (1.40%) | 1.70% |
Excess tax deductions on equity compensation | (2.00%) | (0.90%) | (0.00%) |
Impact of U.S. Tax Cuts & Jobs Act | 17.70% | 0.00% | 0.00% |
Manufacturing deduction | (1.40%) | (2.60%) | (2.90%) |
Minority interest | (0.10%) | (1.90%) | 0.30% |
Other | 0.80% | 1.10% | (0.60%) |
Effective tax rate | 49.80% | 28.60% | 36.40% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance for Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $ (17,226) | $ (17,752) | $ (14,239) |
Charges To Costs and Expenses | 2,544 | (760) | (3,513) |
Charged To Other Accounts | (570) | 1,286 | 0 |
Ending Balance | $ (15,252) | $ (17,226) | $ (17,752) |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Less: Amounts due within one year | $ 27,870 | $ 27,370 | ||
Long-Term Debt, gross | 485,261 | 503,616 | ||
Less: Deferred debt issuance costs | 4,202 | 5,892 | $ 6,741 | $ 9,921 |
Long-Term Debt | 481,059 | 497,724 | ||
Revolving Credit Facility | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt including current maturities | 0 | 0 | ||
Term Loan | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt including current maturities | 270,000 | 285,000 | ||
Incremental Term Loans | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt including current maturities | $ 243,131 | $ 245,986 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | May 11, 2015USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 02, 2016USD ($) | Mar. 31, 2016 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Maturity of long-term debt, 2018 | $ 27,900,000 | |||||
Maturity of long-term debt, 2019 | 27,900,000 | |||||
Maturity of long-term debt, 2020 | 457,400,000 | |||||
Maturity of long-term debt, 2021 | 0 | |||||
Maturity of long-term debt, 2022 | 0 | |||||
Bonds issued and outstanding | $ 60,800,000 | |||||
Base Rate Loans | Minimum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||
Base Rate Loans | Maximum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||
Base Rate Loans | One Month LIBOR Rate Plus | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||
Amended Credit Agreement | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Commitment fee on unused portions of credit agreement, variable range | 0.175% | |||||
Aggregate amount to be borrowed to meet letter of credit requirements | $ 324,100,000 | |||||
Interest rate on borrowings | 2.90% | |||||
Amended Credit Agreement | Secured Debt | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Credit agreement, maximum borrowing capacity | $ 250,000,000 | |||||
Maximum leverage ratio | 3 | |||||
Maximum leverage ratio after material acquisition | 3.25 | |||||
Minimum interest coverage ratio | 4 | |||||
Amended Credit Agreement | Term Loan | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Credit facility, aggregate borrowings outstanding | $ 513,100,000 | |||||
Amended Credit Agreement | Term Loan | Eurodollar | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 1.375% | |||||
Amended Credit Agreement | Term Loan | Base Rate | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 0.375% | |||||
Amended Credit Agreement | Term Loan | Secured Debt | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Credit agreement, maximum borrowing capacity | $ 300,000,000 | |||||
Quarterly amortization payment, percentage of principal | 1.25% | |||||
Amended Credit Agreement | U.S. Dollar Term Loan Facility | Eurodollar | Minimum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||
Amended Credit Agreement | U.S. Dollar Term Loan Facility | Eurodollar | Maximum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||
Amended Credit Agreement | U.S. Dollar Term Loan Facility | Federal Funds Rate | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||
Amended Credit Agreement | U.S. Dollar Term Loan Facility | Secured Debt | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Credit agreement, maximum borrowing capacity | $ 112,500,000 | |||||
Quarterly amortization payment, percentage of principal | 1.25% | |||||
Amended Credit Agreement | Canadian Dollar Term Loan Facility | Secured Debt | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Credit agreement, maximum borrowing capacity | $ 137,500,000 | |||||
Quarterly amortization payment, percentage of principal | 1.25% | |||||
Amended Credit Agreement | Performance Letter of Credit | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Line of credit facility, commitment fee percentage | 0.825% | |||||
Amended Credit Agreement | Performance Letter of Credit | Minimum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Commitment fee on unused portions of credit agreement, variable range | 0.75% | |||||
Amended Credit Agreement | Performance Letter of Credit | Maximum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Commitment fee on unused portions of credit agreement, variable range | 1.05% | |||||
Amended Credit Agreement | Revolving Credit Facility | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Credit facility, aggregate borrowings outstanding | $ 0 | |||||
Amended Credit Agreement | Revolving Credit Facility | Minimum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Commitment fee on unused portions of credit agreement, variable range | 0.15% | |||||
Amended Credit Agreement | Revolving Credit Facility | Maximum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Commitment fee on unused portions of credit agreement, variable range | 0.25% | |||||
Amended Credit Agreement | Revolving Credit Facility | Secured Debt | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Credit facility agreement term | 5 years | |||||
Credit agreement, maximum borrowing capacity | $ 400,000,000 | |||||
Amended Credit Agreement | Letter of Credit | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Line of credit facility, commitment fee percentage | 1.375% | |||||
Credit facility, aggregate borrowings outstanding | $ 75,900,000 | |||||
Amended Credit Agreement | Letter of Credit | Minimum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Commitment fee on unused portions of credit agreement, variable range | 1.25% | |||||
Amended Credit Agreement | Letter of Credit | Maximum | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Commitment fee on unused portions of credit agreement, variable range | 1.75% |
Pension Plans and Postretirem79
Pension Plans and Postretirement Benefits - Obligations and Funded Status (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in benefit obligation: | |||||
Actuarial loss (gain) | $ 11,100 | $ 21,300 | $ 11,063 | $ 21,310 | $ 54,656 |
Change in plan assets: | |||||
Fair value of plan assets at beginning of period | 1,260,572 | ||||
Fair value of plan assets at the end of period | 1,303,301 | 1,260,572 | 1,303,301 | 1,260,572 | |
Amounts recognized in the balance sheet consist of: | |||||
Accumulated postretirement benefit obligation | (21,368) | (19,059) | (21,368) | (19,059) | |
Pension liability | (296,444) | (357,049) | (296,444) | (357,049) | |
Pension Plan | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of period | 1,571,586 | 1,565,905 | |||
Service cost | 8,031 | 7,358 | 23,562 | ||
Interest cost | 54,353 | 54,860 | 63,867 | ||
Plan participants' contributions | 68 | 75 | |||
Amendments | 1,519 | 1,731 | |||
Acquisition | 0 | 1,054 | |||
Settlements | (117,354) | (2,606) | |||
Actuarial loss (gain) | 102,807 | 28,108 | |||
Transfers | 0 | 0 | |||
Foreign currency exchange rate changes | 10,344 | 3,376 | |||
Benefits paid | (88,011) | (88,275) | |||
Benefit obligation at end of period | 1,543,343 | 1,571,586 | 1,543,343 | 1,571,586 | 1,565,905 |
Change in plan assets: | |||||
Fair value of plan assets at beginning of period | 1,217,859 | 1,209,814 | |||
Actual return on plan assets | 182,290 | 83,168 | |||
Plan participants' contributions | 68 | 75 | |||
Company contributions | 56,079 | 12,293 | |||
Settlements | (121,196) | (2,606) | |||
Transfers | 0 | 0 | |||
Foreign currency exchange rate changes | 10,610 | 3,390 | |||
Benefits paid | (88,011) | (88,275) | |||
Fair value of plan assets at the end of period | 1,257,699 | 1,217,859 | 1,257,699 | 1,217,859 | 1,209,814 |
Funded status | (285,644) | (353,727) | (285,644) | (353,727) | |
Amounts recognized in the balance sheet consist of: | |||||
Accrued employee benefits | (3,303) | (3,171) | (3,303) | (3,171) | |
Accumulated postretirement benefit obligation | 0 | 0 | 0 | 0 | |
Pension liability | (295,814) | (356,380) | (295,814) | (356,380) | |
Prepaid pension | 13,473 | 5,824 | 13,473 | 5,824 | |
Accrued benefit liability, net | (285,644) | (353,727) | (285,644) | (353,727) | |
Amount recognized in accumulated comprehensive income (before taxes): | |||||
Prior service cost (credit) | 11,227 | 11,782 | 11,227 | 11,782 | |
Plans with accumulated benefit obligation in excess of plan assets: | |||||
Projected benefit obligation | 1,393,141 | 1,438,979 | 1,393,141 | 1,438,979 | |
Accumulated benefit obligation | 1,392,662 | 1,438,503 | 1,392,662 | 1,438,503 | |
Fair value of plan assets | 1,094,023 | 1,079,428 | 1,094,023 | 1,079,428 | |
Plans with plan assets in excess of accumulated benefit obligation: | |||||
Projected benefit obligation | 150,202 | 132,607 | 150,202 | 132,607 | |
Accumulated benefit obligation | 150,202 | 132,607 | 150,202 | 132,607 | |
Fair value of plan assets | 163,676 | 138,431 | 163,676 | 138,431 | |
Other Benefits | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of period | 62,994 | 62,788 | |||
Service cost | 567 | 575 | 690 | ||
Interest cost | 2,182 | 2,201 | 2,600 | ||
Plan participants' contributions | 585 | 606 | |||
Amendments | 0 | 0 | |||
Acquisition | 0 | 5,695 | |||
Settlements | 0 | 0 | |||
Actuarial loss (gain) | 5,099 | (5,469) | |||
Transfers | 0 | 0 | |||
Foreign currency exchange rate changes | 642 | 174 | |||
Benefits paid | (3,830) | (3,576) | |||
Benefit obligation at end of period | 68,239 | 62,994 | 68,239 | 62,994 | 62,788 |
Change in plan assets: | |||||
Fair value of plan assets at beginning of period | 42,713 | 41,219 | |||
Actual return on plan assets | 4,630 | 3,059 | |||
Plan participants' contributions | 585 | 606 | |||
Company contributions | 1,504 | 1,399 | |||
Settlements | 0 | 0 | |||
Transfers | 0 | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | |||
Benefits paid | (3,830) | (3,570) | |||
Fair value of plan assets at the end of period | 45,602 | 42,713 | 45,602 | 42,713 | $ 41,219 |
Funded status | (22,637) | (20,281) | (22,637) | (20,281) | |
Amounts recognized in the balance sheet consist of: | |||||
Accrued employee benefits | (1,269) | (1,222) | (1,269) | (1,222) | |
Accumulated postretirement benefit obligation | (21,368) | (19,059) | (21,368) | (19,059) | |
Pension liability | 0 | 0 | 0 | 0 | |
Prepaid pension | 0 | 0 | 0 | 0 | |
Accrued benefit liability, net | (22,637) | (20,281) | (22,637) | (20,281) | |
Amount recognized in accumulated comprehensive income (before taxes): | |||||
Prior service cost (credit) | (1,874) | (2,188) | (1,874) | (2,188) | |
Plans with accumulated benefit obligation in excess of plan assets: | |||||
Accumulated benefit obligation | 68,239 | 62,994 | 68,239 | 62,994 | |
Fair value of plan assets | 45,602 | 42,713 | 45,602 | 42,713 | |
Plans with plan assets in excess of accumulated benefit obligation: | |||||
Accumulated benefit obligation | 0 | 0 | 0 | 0 | |
Fair value of plan assets | $ 0 | $ 0 | $ 0 | $ 0 |
Pension Plans and Postretirem80
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8,031 | $ 7,358 | $ 23,562 |
Interest cost | 54,353 | 54,860 | 63,867 |
Expected return on plan assets | (83,617) | (82,690) | (90,137) |
Amortization of prior service cost | 2,074 | 1,932 | 1,797 |
Recognized net actuarial loss (gain) | 8,322 | 27,531 | 60,863 |
Net periodic benefit cost (income) | (10,837) | 8,991 | 59,952 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 567 | 575 | 690 |
Interest cost | 2,182 | 2,201 | 2,600 |
Expected return on plan assets | (2,383) | (2,306) | (2,348) |
Amortization of prior service cost | (314) | (302) | (254) |
Recognized net actuarial loss (gain) | 2,741 | (6,221) | (6,207) |
Net periodic benefit cost (income) | $ 2,793 | $ (6,053) | $ (5,519) |
Pension Plans and Postretirem81
Pension Plans and Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Other comprehensive loss as components of net periodic benefit cost for pension benefit in the current fiscal year | $ 2,100 | |||
Other comprehensive income as components of net periodic benefit cost for other benefit in the current fiscal year | (300) | |||
Other comprehensive loss as components of net periodic benefit cost for pension benefit in the next fiscal year | 2,200 | |||
Other comprehensive income as components of net periodic benefit cost for other benefit in the next fiscal year | $ (300) | |||
Expected return on plan assets | 7.20% | |||
Percentage of investment return on domestic plan assets | 17.00% | 9.00% | ||
BWXT Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension benefit obligations transferred | $ 113,600 | |||
Pension settlement related charges | $ 3,800 | |||
Thrift Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of matching contribution by employer | 50.00% | |||
Thrift Plan | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Participants' contributions as a percentage of compensation | 6.00% | |||
Thrift Plan and MII Thrift Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 26,700 | $ 26,000 | $ 17,500 | |
Canadian Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 2,400 | 1,100 | $ 700 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension benefit obligations transferred | 0 | 0 | ||
Pension settlement related charges | $ 117,354 | $ 2,606 | ||
Expected return on plan assets | 7.00% | 7.03% | 7.04% | |
Percentage of total assets | 87.00% | |||
Change in Assumptions for Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (decrease) of service and interest cost | $ (25,700) |
Pension Plans and Postretirem82
Pension Plans and Postretirement Benefits - Recognized Net Actuarial Loss (Gain) and the Affected Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Actuarial loss (gain) | $ 11,100 | $ 21,300 | $ 11,063 | $ 21,310 | $ 54,656 |
Cost of operations | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Actuarial loss (gain) | 6,787 | 14,729 | 51,588 | ||
Selling, general and administrative expenses | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Actuarial loss (gain) | 4,256 | 6,739 | 3,066 | ||
Other – net | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Actuarial loss (gain) | $ 20 | $ (158) | $ 2 |
Pension Plans and Postretirem83
Pension Plans and Postretirement Benefits - Summary of Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Increase (decrease) in accumulated other comprehensive income due to actuarial losses – before taxes | $ (1,519) | $ (1,731) |
Other Benefits | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Increase (decrease) in accumulated other comprehensive income due to actuarial losses – before taxes | $ 0 | $ 0 |
Pension Plans and Postretirem84
Pension Plans and Postretirement Benefits - Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Expected return on plan assets | 7.20% | ||
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.68% | 4.18% | |
Discount rate to determine service cost | 3.84% | 3.66% | 4.00% |
Discount rate to determine interest cost | 3.17% | 3.17% | 4.00% |
Expected return on plan assets | 7.00% | 7.03% | 7.04% |
Rate of compensation increase | 0.00% | 0.00% | 2.57% |
Other Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.64% | 4.12% | |
Discount rate to determine service cost | 4.29% | 3.96% | 3.91% |
Discount rate to determine interest cost | 3.71% | 3.55% | 3.91% |
Expected return on plan assets | 5.71% | 5.71% | 5.72% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Pension Plans and Postretirem85
Pension Plans and Postretirement Benefits - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 7.50% | 8.00% |
Rates to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.50% | |
Year that the rate reaches ultimate trend rate | 2,030 | 2,024 |
Pension Plans and Postretirem86
Pension Plans and Postretirement Benefits - Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Retirement Benefits [Abstract] | |
One-Percentage-Point Increase, Effect on total of service and interest cost | $ 332 |
One-Percentage-Point Increase, Effect on postretirement benefit obligation | 7,390 |
One-Percentage-Point Decrease, Effect on total of service and interest cost | (296) |
One-Percentage-Point Decrease, Effect on postretirement benefit obligation | $ (6,170) |
Pension Plans and Postretirem87
Pension Plans and Postretirement Benefits - Plan Asset Allocations by Asset Category (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
UNITED STATES | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
UNITED STATES | Pension Plan | Commingled and Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 35.00% | 31.00% |
UNITED STATES | Pension Plan | Fixed Income (excluding U.S. Government Securities) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 33.00% | 35.00% |
UNITED STATES | Pension Plan | U.S. Government Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 20.00% | 16.00% |
UNITED STATES | Pension Plan | Partnerships with Security Holdings | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 6.00% | 7.00% |
UNITED STATES | Pension Plan | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 1.00% | 1.00% |
UNITED STATES | Pension Plan | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0.00% | 7.00% |
UNITED STATES | Pension Plan | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 5.00% | 3.00% |
Foreign Plan | Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
Foreign Plan | Other Benefits | Equity Securities and Commingled Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 56.00% | 55.00% |
Foreign Plan | Other Benefits | Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 42.00% | 43.00% |
Foreign Plan | Other Benefits | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 2.00% | 2.00% |
Pension Plans and Postretirem88
Pension Plans and Postretirement Benefits - Target Allocation by Asset Class (Detail) - Pension Plan - Scenario, Forecast | Dec. 31, 2018 |
Foreign Plan | Fixed Income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 25.00% |
Foreign Plan | U. S. Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 45.00% |
Foreign Plan | Global Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 30.00% |
UNITED STATES | Fixed Income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 55.00% |
UNITED STATES | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 45.00% |
Pension Plans and Postretirem89
Pension Plans and Postretirement Benefits - Summary of Total Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | $ 1,303,301 | $ 1,260,572 |
Unclassified | 567,219 | 558,783 |
Fixed Income | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 445,080 | 457,167 |
Unclassified | 70,010 | 60,134 |
Equities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 70,811 | |
Unclassified | 0 | |
Commingled and Mutual Funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 502,616 | 433,945 |
Unclassified | 416,101 | 414,445 |
U.S. Government Securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 215,310 | 178,572 |
Unclassified | 0 | 0 |
Partnerships with Security Holdings | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 79,708 | 82,502 |
Unclassified | 79,708 | 82,502 |
Real Estate | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 1,400 | 1,702 |
Unclassified | 1,400 | 1,702 |
Cash and Accrued Items | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 59,187 | 35,873 |
Unclassified | 0 | 0 |
Level 1 | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 353,551 | 297,323 |
Level 1 | Fixed Income | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Equities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 70,811 | |
Level 1 | Commingled and Mutual Funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 86,515 | 19,500 |
Level 1 | U.S. Government Securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 211,301 | 174,492 |
Level 1 | Partnerships with Security Holdings | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Real Estate | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Cash and Accrued Items | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 55,735 | 32,520 |
Level 2 | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 382,531 | 404,466 |
Level 2 | Fixed Income | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 375,070 | 397,033 |
Level 2 | Equities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | |
Level 2 | Commingled and Mutual Funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | U.S. Government Securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 4,009 | 4,080 |
Level 2 | Partnerships with Security Holdings | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Real Estate | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Cash and Accrued Items | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 3,452 | 3,353 |
Level 3 | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Fixed Income | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Equities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | |
Level 3 | Commingled and Mutual Funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | U.S. Government Securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Partnerships with Security Holdings | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Real Estate | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Cash and Accrued Items | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Total Assets | $ 0 | $ 0 |
Pension Plans and Postretirem90
Pension Plans and Postretirement Benefits - Cash Flows (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
UNITED STATES | Pension Plan | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Expected employer contributions to trusts of defined benefit plans, 2018 | $ 25,710 |
Expected benefit payments, 2018 | 75,750 |
Expected benefit payments, 2019 | 78,056 |
Expected benefit payments, 2020 | 80,007 |
Expected benefit payments, 2021 | 81,454 |
Expected benefit payments, 2022 | 82,740 |
Expected benefit payments, 2023-2027 | 421,326 |
UNITED STATES | Other Benefits | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Expected employer contributions to trusts of defined benefit plans, 2018 | 392 |
Expected benefit payments, 2018 | 2,795 |
Expected benefit payments, 2019 | 3,038 |
Expected benefit payments, 2020 | 3,213 |
Expected benefit payments, 2021 | 3,363 |
Expected benefit payments, 2022 | 3,514 |
Expected benefit payments, 2023-2027 | 17,906 |
Foreign Plan | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Expected employer contributions to trusts of defined benefit plans, 2018 | 6,387 |
Foreign Plan | Pension Plan | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Expected benefit payments, 2018 | 6,810 |
Expected benefit payments, 2019 | 6,975 |
Expected benefit payments, 2020 | 7,125 |
Expected benefit payments, 2021 | 7,276 |
Expected benefit payments, 2022 | 7,530 |
Expected benefit payments, 2023-2027 | 39,160 |
Foreign Plan | Other Benefits | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Expected benefit payments, 2018 | 411 |
Expected benefit payments, 2019 | 387 |
Expected benefit payments, 2020 | 393 |
Expected benefit payments, 2021 | 414 |
Expected benefit payments, 2022 | 409 |
Expected benefit payments, 2023-2027 | $ 2,328 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Feb. 24, 2017 | Sep. 16, 2016 | Oct. 31, 2015 | Feb. 28, 2014 | Mar. 24, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 15, 2016 | May 31, 2013 |
Capital Stock [Line Items] | ||||||||||
Common stock at an aggregate purchase price | $ 250,000,000 | |||||||||
Additional common stock at an aggregate purchase price | $ 150,000,000 | $ 300,000,000 | $ 250,000,000 | |||||||
Common stock repurchased | $ 12,733,000 | $ 303,823,000 | $ 74,356,000 | |||||||
Accelerated Share Repurchase Agreement | ||||||||||
Capital Stock [Line Items] | ||||||||||
Common stock at an aggregate purchase price | $ 200,000,000 | |||||||||
Accelerated share repurchase, settlement (payment) or receipt | $ (200,000,000) | |||||||||
Stock repurchased during period (shares) | 4,135,435 | 4,982,003 | 846,568 | |||||||
Share Repurchase Program | ||||||||||
Capital Stock [Line Items] | ||||||||||
Common stock repurchased (shares) | 0 | 7,025,203 | 2,429,016 | |||||||
Common stock repurchased | $ 292,900,000 | $ 69,700,000 | ||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 193,000,000 | |||||||||
Weighted Average | Accelerated Share Repurchase Agreement | ||||||||||
Capital Stock [Line Items] | ||||||||||
Shares repurchased average price (USD per share) | $ 40.14 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incremental compensation expense as a result of spin-off | $ 0 | |||||
Stock based compensation expense | 18,500,000 | $ 16,800,000 | $ 25,900,000 | |||
Stock-based compensation, tax benefits | 3,700,000 | 6,000,000 | 9,000,000 | |||
Stock-based compensation, accelerated compensation cost | $ 2,500,000 | $ 3,300,000 | ||||
Power Generation Business | Spin-Off | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $ 13,200,000 | |||||
BWXT Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based payment award, grants in period (shares) | 0 | 0 | ||||
Weighted-average fair value of the stock options granted (usd per share) | $ 6.59 | |||||
Total intrinsic value of stock options exercised | $ 22,600,000 | $ 12,000,000 | $ 3,300,000 | |||
Tax benefits realized related to the stock options exercised | $ 6,200,000 | |||||
BWXT Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Share-based payment award, grants in period (shares) | 151,000 | |||||
BWXT Performance Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 0.00% | |||||
BWXT Performance Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 200.00% | |||||
BWXT Performance Shares | Weighted Average | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 158.00% | |||||
BWXT Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Tax benefits realized related to the stock options exercised | $ 3,600,000 | |||||
Share-based payment award, grants in period (shares) | 127,000 | |||||
Stock Appreciation Rights | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average fair value of the stock options granted (usd per share) | $ 37.40 | |||||
Share-based payment award, grants in period (shares) | 0 | 0 | ||||
Cash Settled Performance Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Share-based payment award, grants in period (shares) | 3,000 | |||||
Cash Settled Performance Units | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 0.00% | |||||
Cash Settled Performance Units | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 200.00% | |||||
Cash Settled Performance Units | Weighted Average | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 165.00% | |||||
2010 Long - Term Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance (shares) | 10,000,000 | |||||
Additional shares authorized for issuance (shares) | 2,300,000 | |||||
Minimum percentage of fair market value closing price | 100.00% | |||||
Expiry date of B&W common stock | 10 years | |||||
Shares issued under the plan (shares) | 8,549,474 | |||||
Shares available for issuance of awards in future | 3,750,526 | |||||
2012 Long-Term Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Minimum percentage of fair market value closing price | 100.00% | |||||
Expiry date of B&W common stock | 10 years | |||||
Total unrecognized estimated compensation expense, nonvested awards | $ 14,100,000 | |||||
Unrecognized estimated compensation expense to be recognized, weighted-average period | 1 year 8 months 12 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used to Calculate Fair Value of Option Grant (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
BWXT Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.33% |
Expected volatility | 29.00% |
Expected life of the option in years | 4 years 15 days |
Expected dividend yield | 1.27% |
Stock Appreciation Rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.33% |
Expected volatility | 15.00% |
Expected life of the option in years | 2 months 12 days |
Expected dividend yield | 0.72% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summarized Activity of Stock Options (Detail) - BWXT Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period (shares) | 1,723,000 | |
Granted (shares) | 0 | 0 |
Exercised (shares) | (921,000) | |
Cancelled/expired/forfeited (shares) | (20,000) | |
Outstanding at end of period (shares) | 782,000 | 1,723,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of period (USD per share) | $ 23.56 | |
Exercised (USD per share) | 23.57 | |
Cancelled/expired/forfeited (USD per share) | 23.71 | |
Outstanding at end of period (USD per share) | $ 23.54 | $ 23.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Outstanding at end of period, weighted-average remaining contractual term (in years) | 4 years 3 months 18 days | |
Outstanding at end of period, aggregate intrinsic value | $ 28.9 | |
Exercisable at end of period, Number of options (shares) | 608,000 | |
Exercisable at end of period, weighted-average exercise price (USD per share) | $ 23.47 | |
Exercisable at end of period, weighted-average remaining contractual term | 3 years 6 months | |
Exercisable at end of period, aggregate intrinsic value | $ 22.5 |
Stock-Based Compensation - Sc95
Stock-Based Compensation - Schedule of Changes in Nonvested Stock Awards (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
BWXT Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | 350 |
Adjustment to assumed vesting percentage (shares) | 68 |
Granted (shares) | 151 |
Vested (shares) | 0 |
Cancelled/forfeited (shares) | (8) |
Nonvested at end of period (shares) | 561 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at beginning of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 32.88 |
Adjustment to assumed vesting percentage, weighted-average grant date fair value (USD per share) | $ / shares | 32.96 |
Granted, weighted-average grant date fair value (USD per share) | $ / shares | 48.51 |
Cancelled/forfeited, weighted-average grant date fair value (USD per share) | $ / shares | 37.79 |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 38.06 |
BWXT Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | 595 |
Granted (shares) | 127 |
Vested (shares) | (366) |
Cancelled/forfeited (shares) | (20) |
Nonvested at end of period (shares) | 336 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at beginning of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 26.07 |
Granted, weighted-average grant date fair value (USD per share) | $ / shares | 48.49 |
Vested, weighted-average grant date fair value (USD per share) | $ / shares | 25.62 |
Cancelled/forfeited, weighted-average grant date fair value (USD per share) | $ / shares | 27.21 |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 35.17 |
Stock-Based Compensation - Sc96
Stock-Based Compensation - Schedule of Summarized Activity of Stock Appreciation (Detail) - Stock Appreciation Rights - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period (shares) | 99,000 | |
Granted (shares) | 0 | 0 |
Exercised (shares) | (10,000) | |
Cancelled/expired/forfeited (shares) | (3,000) | |
Outstanding at end of period (shares) | 86,000 | 99,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of period (USD per share) | $ 23.14 | |
Exercised (USD per share) | 23.84 | |
Cancelled/expired/forfeited (USD per share) | 23.62 | |
Outstanding at end of period (USD per share) | $ 23.05 | $ 23.14 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Outstanding at end of period, weighted-average remaining contractual term (in years) | 4 years 8 months 12 days | |
Outstanding at end of period, aggregate intrinsic value | $ 3.2 | |
Exercisable at end of period, Number of options (shares) | 77,000 | |
Exercisable at end of period, weighted-average exercise price (USD per share) | $ 22.98 | |
Exercisable at end of period, weighted-average remaining contractual term | 4 years 6 months | |
Exercisable at end of period, aggregate intrinsic value | $ 2.9 |
Stock-Based Compensation - Sc97
Stock-Based Compensation - Schedule of Nonvested Cash Settled Performance Units (Detail) - Cash Settled Performance Units shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | 9 |
Adjustment to assumed vesting percentage (shares) | 2 |
Granted (shares) | 3 |
Vested (shares) | 0 |
Cancelled/forfeited (shares) | 0 |
Nonvested at end of period (shares) | 14 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 60.49 |
Stock-Based Compensation - Sc98
Stock-Based Compensation - Schedule of Nonvested Cash Settled Restricted Stock Units (Detail) - Cash Settled Restricted Stock Units shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | 32 |
Granted (shares) | 2 |
Vested (shares) | (21) |
Cancelled/forfeited (shares) | (2) |
Nonvested at end of period (shares) | 11 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 60.49 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 20, 2018case | Nov. 30, 2014USD ($) | Mar. 31, 2016case | Dec. 31, 2017USD ($)facilityclaim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)facilitycaseclaim |
Contingencies And Commitments [Line Items] | |||||||
Total rental expense | $ 5,100,000 | $ 4,600,000 | $ 4,900,000 | ||||
Apollo and Parks Township | |||||||
Contingencies And Commitments [Line Items] | |||||||
Number of cases consolidated for most non-dispositive pre-trial matters | case | 17,000 | 17,000 | |||||
Number of claimants | claim | 107 | 107 | |||||
Environmental Matters | |||||||
Contingencies And Commitments [Line Items] | |||||||
Pretax charge to comply U.S. federal, state and local environmental control and protection regulations | $ 14,100,000 | 14,200,000 | 14,100,000 | ||||
Capital expenditure to comply environmental regulations | 900,000 | 1,300,000 | $ 700,000 | ||||
Environmental reserves | 93,300,000 | 86,300,000 | $ 93,300,000 | ||||
Environmental reserves included in current liabilities | 13,500,000 | 4,600,000 | $ 13,500,000 | ||||
Maximum | Apollo and Parks Township | |||||||
Contingencies And Commitments [Line Items] | |||||||
Recovery of damages incurred | $ 125,000,000 | ||||||
Minimum | Apollo and Parks Township | |||||||
Contingencies And Commitments [Line Items] | |||||||
Recovery of damages incurred | $ 0 | ||||||
Nuclear Operations Group | Environmental Matters | |||||||
Contingencies And Commitments [Line Items] | |||||||
Number of facilities | facility | 2 | ||||||
Financial assurance to pay expected cost of decommissioning | $ 56,200,000 | ||||||
Nuclear Power Group | |||||||
Contingencies And Commitments [Line Items] | |||||||
Number of facilities | facility | 2 | ||||||
Nuclear Power Group | Environmental Matters | |||||||
Contingencies And Commitments [Line Items] | |||||||
Financial assurance to pay expected cost of decommissioning | $ 41,700,000 | $ 39,500,000 | |||||
Subsequent Event | Apollo and Parks Township | |||||||
Contingencies And Commitments [Line Items] | |||||||
Number of claims dismissed | case | 17,000 |
Commitments and Contingencie100
Commitments and Contingencies - Schedule of Future Minimum Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 3,525 |
2,019 | 2,565 |
2,020 | 817 |
2,021 | 749 |
2,022 | 573 |
Thereafter | $ 0 |
Financial Instruments with C101
Financial Instruments with Concentrations of Credit Risk - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Allowance for doubtful accounts receivable | $ 0.1 | $ 0 | |
Government Contracts Concentration Risk | Sales Revenue, Net | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Concentration risk percentage | 81.00% | 87.00% | 88.00% |
Government Contracts Concentration Risk | Accounts Receivable | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Concentration risk percentage | 65.00% | 82.00% |
Investments - Summary of Availa
Investments - Summary of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 9,908 | $ 20,327 |
Gross Unrealized Gains | 2,371 | 3,661 |
Gross Unrealized Losses | (44) | (458) |
Estimated Fair Value | 12,235 | 23,530 |
U.S. Government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,300 | 8,405 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | 1,299 | 8,404 |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,708 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (406) | |
Estimated Fair Value | 2,302 | |
Amortized Cost | 3,114 | 3,313 |
Gross Unrealized Gains | 55 | 0 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | 3,169 | 3,312 |
Equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 38 | |
Amortized Cost | 908 | 948 |
Gross Unrealized Gains | 1,851 | 3,634 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2,759 | 4,582 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,382 | 4,156 |
Gross Unrealized Gains | 465 | 27 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 4,847 | 4,183 |
Asset-backed securities and collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 204 | 258 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (43) | (49) |
Estimated Fair Value | $ 161 | 209 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 500 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 500 |
Investments - Summary of Procee
Investments - Summary of Proceeds, Gross Realized Gains and Gross Realized Losses on Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 148 | $ 9,261 | $ 6,456 |
Gross Realized Gains | 108 | 337 | 343 |
Gross Realized Losses | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrum104
Derivative Financial Instruments - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net gains deferred on derivative financial instruments in accumulated other comprehensive income (loss) | $ 0.4 |
Notional amount of foreign currency forward contracts | $ 36.6 |
Derivative Financial Instrum105
Derivative Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||||||||||
Revenues | $ 430,138 | $ 419,360 | $ 410,011 | $ 428,229 | $ 403,860 | $ 379,505 | $ 402,382 | $ 364,826 | $ 1,687,738 | $ 1,550,573 | $ 1,415,529 |
Cost of operations | 1,170,862 | 1,074,529 | 1,027,437 | ||||||||
Derivatives Designated as Hedges | Foreign Exchange Contracts | Cash Flow Hedging | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Amount of gain (loss) recognized in other comprehensive income | 1,021 | 807 | (6,550) | ||||||||
Derivatives Designated as Hedges | Foreign Exchange Contracts | Accounts receivable – other | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives | 250 | 70 | 250 | 70 | |||||||
Derivatives Designated as Hedges | Foreign Exchange Contracts | Other Assets | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives | 348 | 0 | 348 | 0 | |||||||
Derivatives Designated as Hedges | Foreign Exchange Contracts | Accounts payable | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Liability Derivatives | 177 | 462 | 177 | 462 | |||||||
Derivatives Designated as Hedges | Foreign Exchange Contracts | Other Liabilities | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Liability Derivatives | $ 93 | $ 0 | 93 | 0 | |||||||
Derivatives Designated as Hedges | Realized (loss) gain on derivative financial instruments | Accumulated Other Comprehensive Income Component Recognized | Foreign Exchange Contracts | Cash Flow Hedging | Revenues | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Revenues | 169 | (30) | 455 | ||||||||
Derivatives Designated as Hedges | Realized (loss) gain on derivative financial instruments | Accumulated Other Comprehensive Income Component Recognized | Foreign Exchange Contracts | Cash Flow Hedging | Cost of operations | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Cost of operations | $ 84 | $ (366) | $ 6,259 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency forward contracts | $ 0.3 | $ (0.4) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Investments and Available-for-Sale Securities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | $ 12,235 | $ 23,530 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 12,235 | 23,530 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 2,833 | 10,744 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 9,402 | 12,786 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,299 | 8,404 |
U.S. Government and agency securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,299 | 8,404 |
U.S. Government and agency securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 1,299 | 8,404 |
U.S. Government and agency securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
U.S. Government and agency securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,302 | |
Available-for-sale securities measured at fair value | 3,169 | 3,312 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,302 | |
Available-for-sale securities measured at fair value | 3,169 | 3,312 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,302 | |
Available-for-sale securities measured at fair value | 1,534 | 0 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale securities measured at fair value | 1,635 | 3,312 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale securities measured at fair value | 0 | 0 |
Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 38 | |
Available-for-sale securities measured at fair value | 2,759 | 4,582 |
Equities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 38 | |
Available-for-sale securities measured at fair value | 2,759 | 4,582 |
Equities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 38 | |
Available-for-sale securities measured at fair value | 0 | 0 |
Equities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale securities measured at fair value | 2,759 | 4,582 |
Equities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale securities measured at fair value | 0 | 0 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 4,847 | 4,183 |
Mutual funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 4,847 | 4,183 |
Mutual funds | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Mutual funds | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 4,847 | 4,183 |
Mutual funds | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 161 | 209 |
Asset-backed securities and collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 161 | 209 |
Asset-backed securities and collateralized mortgage obligations | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | 0 |
Asset-backed securities and collateralized mortgage obligations | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 161 | 209 |
Asset-backed securities and collateralized mortgage obligations | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | $ 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 500 | |
Commercial paper | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 500 | |
Commercial paper | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 0 | |
Commercial paper | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 500 | |
Commercial paper | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | $ 0 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | $ 430,138 | $ 419,360 | $ 410,011 | $ 428,229 | $ 403,860 | $ 379,505 | $ 402,382 | $ 364,826 | $ 1,687,738 | $ 1,550,573 | $ 1,415,529 | |
Operating income | $ 59,652 | $ 73,681 | $ 92,347 | $ 83,205 | $ 45,823 | $ 62,373 | $ 88,458 | $ 42,609 | 308,885 | 239,263 | 205,941 | |
mPower Framework Agreement | 0 | (30,000) | 0 | |||||||||
Income Related to Litigation Proceeds | $ 7,900 | |||||||||||
Special Charges for Restructuring Activities | 0 | 0 | 16,608 | |||||||||
Interest income | 1,405 | 651 | 30,331 | |||||||||
Interest expense | (14,879) | (8,393) | (10,181) | |||||||||
Other – net | 369 | 25,747 | (5,026) | |||||||||
Total Other Income (Expense) | (13,105) | 18,005 | 15,124 | |||||||||
Income before Provision for Income Taxes | 295,780 | 257,268 | 221,065 | |||||||||
Nuclear Operations Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | 1,271,861 | 1,269,272 | 1,179,896 | |||||||||
Nuclear Services Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | 137,249 | 128,021 | 121,247 | |||||||||
Nuclear Power Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | 285,831 | 161,572 | 121,061 | |||||||||
Reportable Segments | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Operating income | 342,260 | 317,084 | 263,209 | |||||||||
Reportable Segments | Nuclear Operations Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | 1,271,861 | 1,269,272 | 1,179,896 | |||||||||
Operating income | 289,852 | 268,503 | 257,400 | |||||||||
Reportable Segments | Nuclear Services Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | 137,249 | 128,021 | 121,247 | |||||||||
Operating income | 23,118 | 12,171 | 7,955 | |||||||||
Reportable Segments | Nuclear Power Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | 285,831 | 161,572 | 121,061 | |||||||||
Operating income | 39,978 | 42,808 | 11,803 | |||||||||
Reportable Segments | Other Segments | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Operating income | (10,688) | (6,398) | (13,949) | |||||||||
Adjustments and Eliminations | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | (7,203) | (8,292) | (6,675) | |||||||||
Adjustments and Eliminations | Nuclear Operations Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | (1,322) | (208) | (3,087) | |||||||||
Adjustments and Eliminations | Nuclear Services Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | (5,635) | (7,016) | (2,101) | |||||||||
Adjustments and Eliminations | Nuclear Power Group | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Revenues | (246) | (1,068) | (1,487) | |||||||||
Corporate, Non-Segment | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Operating income | (22,332) | (26,353) | (25,747) | |||||||||
Segment Reconciling Items | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
mPower Framework Agreement | 0 | (30,000) | 0 | |||||||||
Income Related to Litigation Proceeds | 0 | 0 | 65,728 | |||||||||
Special Charges for Restructuring Activities | 0 | 0 | (16,608) | |||||||||
Cost to spin-off Power Generation business | 0 | 0 | (25,987) | |||||||||
Mark to Market Adjustment | $ (11,043) | $ (21,468) | $ (54,654) |
Segment Reporting - Schedule109
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | $ (194) | $ (43) | $ 382 | ||||||||
Equity in income of investees | $ 2,780 | $ 3,630 | $ 3,327 | $ 3,875 | $ 2,820 | $ 5,008 | $ 4,708 | $ 3,533 | 13,612 | 16,069 | 13,396 |
Total Capital Expenditures | 96,880 | 52,634 | 56,841 | ||||||||
Total Depreciation and Amortization | 56,557 | 50,554 | 57,163 | ||||||||
Total Assets | 1,712,339 | 1,579,815 | 1,712,339 | 1,579,815 | 1,375,398 | ||||||
Total Investment in Unconsolidated Affiliates | 43,266 | 42,854 | 43,266 | 42,854 | 32,088 | ||||||
Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 92,321 | 47,176 | 42,140 | ||||||||
Total Depreciation and Amortization | 48,742 | 41,577 | 45,952 | ||||||||
Total Assets | 1,425,473 | 1,343,003 | 1,425,473 | 1,343,003 | 1,071,674 | ||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | (65) | 0 | 0 | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 86,323 | 43,546 | 35,658 | ||||||||
Total Depreciation and Amortization | 31,289 | 34,364 | 38,836 | ||||||||
Total Assets | 947,055 | 854,310 | 947,055 | 854,310 | 777,885 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Equity in income of investees | 13,612 | 15,099 | 13,396 | ||||||||
Total Capital Expenditures | 1,514 | 528 | 3,853 | ||||||||
Total Depreciation and Amortization | 3,702 | 3,754 | 3,485 | ||||||||
Total Assets | 161,948 | 169,850 | 161,948 | 169,850 | 163,810 | ||||||
Total Investment in Unconsolidated Affiliates | 43,266 | 41,491 | 43,266 | 41,491 | 32,088 | ||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | (129) | (43) | 4 | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 3,856 | 3,102 | 2,629 | ||||||||
Total Depreciation and Amortization | 13,751 | 3,459 | 3,081 | ||||||||
Total Assets | 313,959 | 315,687 | 313,959 | 315,687 | 127,549 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Reportable Segments | Other Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Equity in income of investees | 0 | 970 | 0 | ||||||||
Total Capital Expenditures | 628 | 0 | 0 | ||||||||
Total Depreciation and Amortization | 0 | 0 | 550 | ||||||||
Total Assets | 2,511 | 3,156 | 2,511 | 3,156 | 2,430 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 1,363 | 0 | 1,363 | 0 | ||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net | 0 | 0 | 378 | ||||||||
Total Capital Expenditures | 4,559 | 5,458 | 14,701 | ||||||||
Total Depreciation and Amortization | 7,815 | 8,977 | 11,211 | ||||||||
Total Assets | $ 286,866 | $ 236,812 | $ 286,866 | $ 236,812 | $ 303,724 |
Segment Reporting - Schedule110
Segment Reporting - Schedule of Revenue Information from Products and Service Lines (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 430,138 | $ 419,360 | $ 410,011 | $ 428,229 | $ 403,860 | $ 379,505 | $ 402,382 | $ 364,826 | $ 1,687,738 | $ 1,550,573 | $ 1,415,529 |
Nuclear Operations Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,271,861 | 1,269,272 | 1,179,896 | ||||||||
Nuclear Services Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 137,249 | 128,021 | 121,247 | ||||||||
Nuclear Power Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 285,831 | 161,572 | 121,061 | ||||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,271,861 | 1,269,272 | 1,179,896 | ||||||||
Reportable Segments | Nuclear Operations Group | Nuclear Component Program | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,262,792 | 1,259,336 | 1,179,662 | ||||||||
Reportable Segments | Nuclear Operations Group | Commercial Operations | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 8,932 | 9,813 | 51 | ||||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 137,249 | 128,021 | 121,247 | ||||||||
Reportable Segments | Nuclear Services Group | Nuclear Environmental Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 101,056 | 86,425 | 75,218 | ||||||||
Reportable Segments | Nuclear Services Group | Management & Operation Contracts of U.S. Government Facilities | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 9,746 | 10,794 | 8,589 | ||||||||
Reportable Segments | Nuclear Services Group | Nuclear Services and Advanced Reactor Design and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 26,447 | 30,814 | 37,474 | ||||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 285,831 | 161,572 | 121,061 | ||||||||
Reportable Segments | Nuclear Power Group | Nuclear Services and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 126,900 | 96,529 | 76,557 | ||||||||
Reportable Segments | Nuclear Power Group | Nuclear Components | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 158,931 | 65,043 | 44,504 | ||||||||
Reportable Segments | Other Segments | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Eliminations/Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | (7,203) | (8,292) | (6,675) | ||||||||
Eliminations/Other | Nuclear Operations Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 137 | 123 | 183 | ||||||||
Eliminations/Other | Nuclear Services Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 0 | (12) | (34) | ||||||||
Eliminations/Other | Nuclear Power Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 0 | $ 0 | $ 0 |
Segment Reporting - Schedule111
Segment Reporting - Schedule of Revenues by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 430,138 | $ 419,360 | $ 410,011 | $ 428,229 | $ 403,860 | $ 379,505 | $ 402,382 | $ 364,826 | $ 1,687,738 | $ 1,550,573 | $ 1,415,529 |
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,408,817 | 1,397,505 | 1,306,811 | ||||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 245,073 | 124,964 | 88,380 | ||||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 26,228 | 13,033 | 10,657 | ||||||||
Romania | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,781 | 10,743 | 6,106 | ||||||||
All Other Countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 4,839 | $ 4,328 | $ 3,575 |
Segment Reporting - Schedule112
Segment Reporting - Schedule of Property, Plant and Equipment, Net by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property, Plant and Equipment | $ 348,629 | $ 299,686 | $ 268,844 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property, Plant and Equipment | 308,561 | 256,672 | 250,867 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property, Plant and Equipment | $ 40,068 | $ 43,014 | $ 17,977 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Government Contracts Concentration Risk | Sales Revenue, Net | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 81.00% | 87.00% | 88.00% |
Quarterly Financial Data - Sele
Quarterly Financial Data - Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 430,138 | $ 419,360 | $ 410,011 | $ 428,229 | $ 403,860 | $ 379,505 | $ 402,382 | $ 364,826 | $ 1,687,738 | $ 1,550,573 | $ 1,415,529 |
Operating income | 59,652 | 73,681 | 92,347 | 83,205 | 45,823 | 62,373 | 88,458 | 42,609 | 308,885 | 239,263 | 205,941 |
Equity in income of investees | 2,780 | 3,630 | 3,327 | 3,875 | 2,820 | 5,008 | 4,708 | 3,533 | 13,612 | 16,069 | 13,396 |
Net income attributable to BWX Technologies, Inc. | $ (15,691) | $ 46,553 | $ 61,263 | $ 55,719 | $ 33,992 | $ 41,062 | $ 58,372 | $ 49,631 | $ 147,844 | $ 183,057 | $ 131,465 |
Basic: | |||||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ (0.16) | $ 0.47 | $ 0.62 | $ 0.56 | $ 0.34 | $ 0.40 | $ 0.56 | $ 0.48 | $ 1.49 | $ 1.79 | $ 1.23 |
Diluted: | |||||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ (0.16) | $ 0.46 | $ 0.61 | $ 0.55 | $ 0.34 | $ 0.39 | $ 0.56 | $ 0.47 | $ 1.47 | $ 1.76 | $ 1.22 |
Quarterly Financial Data - Addi
Quarterly Financial Data - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Line Items] | ||||||||
Income related to litigation proceeds | $ 7,900 | |||||||
Expense in income tax provision related to significant changes in U.S. tax laws | $ 53,000 | |||||||
Deconsolidation, gain (loss), amount | $ 13,600 | $ 0 | $ 13,571 | $ 0 | ||||
Loss contingency, loss period | 0 | 30,000 | 0 | |||||
Gain related to fair value of performance guarantees | 9,300 | |||||||
Defined benefit plan, actuarial gain (loss) | $ (11,100) | $ (21,300) | $ (11,063) | $ (21,310) | $ (54,656) | |||
Favorable Regulatory Action | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Loss contingency accrual, period increase (decrease) | $ (16,100) | |||||||
Power Generation Business | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Gain related to fair value of performance guarantees | 9,300 | |||||||
Bechtel | Unsuccessful Outcome of Framework Agreement | Framework Agreement | ||||||||
Quarterly Financial Data [Line Items] | ||||||||
Loss contingency, loss period | $ 30,000 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic: | |||||||||||
Income from continuing operations | $ 147,844 | $ 183,057 | $ 140,774 | ||||||||
Income (loss) from discontinued operations | 0 | 0 | (9,309) | ||||||||
Net income attributable to BWX Technologies, Inc. | $ 147,844 | $ 183,057 | $ 131,465 | ||||||||
Basic weighted average common shares (in shares) | 99,334,472 | 102,471,788 | 106,703,145 | ||||||||
Basic earnings per common share: | |||||||||||
Income from continuing operations (USD per share) | $ 1.49 | $ 1.79 | $ 1.32 | ||||||||
Income (loss) from discontinued operations (USD per share) | 0 | 0 | (0.09) | ||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ (0.16) | $ 0.47 | $ 0.62 | $ 0.56 | $ 0.34 | $ 0.40 | $ 0.56 | $ 0.48 | $ 1.49 | $ 1.79 | $ 1.23 |
Diluted: | |||||||||||
Income from continuing operations, net of tax | $ 147,844 | $ 183,057 | $ 140,774 | ||||||||
Income (loss) from discontinued operations | 0 | 0 | (9,309) | ||||||||
Net income attributable to BWX Technologies, Inc. | $ 147,844 | $ 183,057 | $ 131,465 | ||||||||
Basic weighted average common shares (in shares) | 99,334,472 | 102,471,788 | 106,703,145 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options, restricted stock and performance shares (in shares) | 1,034,718 | 1,368,950 | 879,877 | ||||||||
Adjusted weighted average common shares (in shares) | 100,369,190 | 103,840,738 | 107,583,022 | ||||||||
Diluted earnings per common share: | |||||||||||
Income from continuing operations (USD per share) | $ 1.47 | $ 1.76 | $ 1.31 | ||||||||
Income (loss) from discontinued operations (USD per share) | 0 | 0 | (0.09) | ||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ (0.16) | $ 0.46 | $ 0.61 | $ 0.55 | $ 0.34 | $ 0.39 | $ 0.56 | $ 0.47 | $ 1.47 | $ 1.76 | $ 1.22 |
Antidilutive shares related to stock options excluded from the diluted share (in shares) | 41,854 | 0 | 20,148 |