Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34658 | |
Entity Registrant Name | BWX TECHNOLOGIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0558025 | |
Entity Address, Address Line One | 800 Main Street, 4th Floor | |
Entity Address, City or Town | Lynchburg, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24504 | |
City Area Code | 980 | |
Local Phone Number | 365-4300 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | BWXT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 95,289,392 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001486957 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 61,584 | $ 86,540 |
Restricted cash and cash equivalents | 3,069 | 3,056 |
Investments | 3,710 | 5,843 |
Accounts receivable – trade, net | 64,846 | 56,721 |
Accounts receivable – other | 9,480 | 13,426 |
Retainages | 46,767 | 46,670 |
Contracts in progress | 395,847 | 376,037 |
Other current assets | 38,670 | 41,462 |
Total Current Assets | 623,973 | 629,755 |
Property, Plant and Equipment, Net | 656,205 | 580,241 |
Investments | 7,236 | 7,620 |
Goodwill | 274,345 | 275,502 |
Deferred Income Taxes | 55,747 | 58,689 |
Investments in Unconsolidated Affiliates | 70,564 | 70,116 |
Intangible Assets | 186,442 | 191,392 |
Other Assets | 96,851 | 95,598 |
TOTAL | 1,971,363 | 1,908,913 |
Current Liabilities: | ||
Current maturities of long-term debt | 0 | 14,711 |
Accounts payable | 141,459 | 170,678 |
Accrued employee benefits | 66,489 | 82,640 |
Accrued liabilities – other | 60,467 | 52,213 |
Advance billings on contracts | 64,815 | 75,425 |
Accrued warranty expense | 5,131 | 9,042 |
Income taxes payable | 36,974 | 0 |
Total Current Liabilities | 375,335 | 404,709 |
Long-Term Debt | 826,831 | 809,442 |
Accumulated Postretirement Benefit Obligation | 22,021 | 23,259 |
Environmental Liabilities | 83,845 | 80,368 |
Pension Liability | 157,229 | 172,508 |
Other Liabilities | 24,570 | 14,515 |
Commitments and Contingencies (Note 6) | ||
Stockholders' Equity: | ||
Common Stock, Value, Issued | 1,269 | 1,266 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | 0 | 0 |
Capital in excess of par value | 143,412 | 134,069 |
Retained earnings | 1,447,642 | 1,344,383 |
Treasury Stock, Value | (1,093,287) | (1,068,164) |
Accumulated other comprehensive income (loss) | (17,519) | (7,448) |
Stockholders' Equity – BWX Technologies, Inc. | 481,517 | 404,106 |
Noncontrolling interest | 15 | 6 |
Total Stockholders' Equity | 481,532 | 404,112 |
TOTAL | $ 1,971,363 | $ 1,908,913 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (in shares) | 126,949,882 | 126,579,285 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock at cost, shares (in shares) | 31,660,490 | 31,266,670 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 504,520 | $ 471,231 | $ 1,046,728 | $ 887,685 |
Costs and Expenses: | ||||
Cost of operations | 367,534 | 338,023 | 759,977 | 641,658 |
Research and development costs | 4,029 | 5,332 | 8,632 | 10,506 |
Losses on asset disposals and impairments, net | 299 | 151 | 299 | 151 |
Selling, general and administrative expenses | 55,137 | 54,052 | 108,095 | 105,735 |
Total Costs and Expenses | 426,999 | 397,558 | 877,003 | 758,050 |
Equity in Income of Investees | 4,913 | 6,862 | 10,976 | 14,544 |
Operating Income | 82,434 | 80,535 | 180,701 | 144,179 |
Other Income (Expense): | ||||
Interest income | 61 | 137 | 292 | 552 |
Interest expense | (7,865) | (9,542) | (15,832) | (18,245) |
Other – net | 9,450 | 6,604 | 17,367 | 14,125 |
Total Other Income (Expense) | 1,646 | (2,801) | 1,827 | (3,568) |
Income before Provision for Income Taxes | 84,080 | 77,734 | 182,528 | 140,611 |
Provision for Income Taxes | 19,684 | 18,734 | 42,512 | 32,501 |
Net Income | 64,396 | 59,000 | 140,016 | 108,110 |
Net Income Attributable to Noncontrolling Interest | (138) | (122) | (259) | (254) |
Net Income Attributable to BWX Technologies, Inc. | $ 64,258 | $ 58,878 | $ 139,757 | $ 107,856 |
Basic: | ||||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.67 | $ 0.62 | $ 1.46 | $ 1.13 |
Diluted: | ||||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.67 | $ 0.62 | $ 1.46 | $ 1.13 |
Shares used in the computation of earnings per share (Note 10): | ||||
Basic (in shares) | 95,457,629 | 95,357,311 | 95,434,990 | 95,306,210 |
Diluted (in shares) | 95,633,571 | 95,677,204 | 95,694,972 | 95,749,280 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 64,396 | $ 59,000 | $ 140,016 | $ 108,110 |
Other Comprehensive Income (Loss): | ||||
Currency translation adjustments | 856 | 4,295 | (11,084) | 5,238 |
Derivative financial instruments: | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (404) | (634) | (91) | (1,075) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (89) | 203 | 331 | 62 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 609 | 493 | 1,219 | 1,004 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 154 | 27 | (446) | 51 |
Other Comprehensive Income (Loss) | 1,126 | 4,384 | (10,071) | 5,280 |
Total Comprehensive Income | 65,522 | 63,384 | 129,945 | 113,390 |
Comprehensive Income Attributable to Noncontrolling Interest | (138) | (122) | (259) | (254) |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 65,384 | $ 63,262 | $ 129,686 | $ 113,136 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax benefit on derivative financial instruments, unrealized losses | $ 141 | $ 226 | $ 32 | $ (390) |
Tax provision (benefit) on derivative financial instruments for reclassification adjustments included in net income | 32 | (70) | (106) | (21) |
Tax benefit for amortization of benefit plans | (167) | (155) | (334) | (291) |
Tax provision on unrealized gains (losses) on investments | $ 0 | $ 3 | $ 2 | $ 10 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Capital In Excess of Par Value | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Stockholders' Equity | Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2018 | 125,871,866 | |||||||||||
Beginning balance at Dec. 31, 2018 | $ 235,701 | $ 1,259 | $ 115,725 | $ 1,166,762 | $ (10,289) | $ (1,037,795) | $ 235,662 | $ 39 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 49,110 | 48,978 | 48,978 | 132 | ||||||||
Dividends declared | (16,323) | (16,323) | (16,323) | |||||||||
Currency translation adjustments | 943 | 943 | 943 | |||||||||
Derivative financial instruments | (582) | (582) | (582) | |||||||||
Defined benefit obligations | 511 | 511 | 511 | |||||||||
Available-for-sale investments | 24 | 24 | 24 | |||||||||
Exercises of stock options (in shares) | 58,655 | |||||||||||
Exercises of stock options | 1,276 | $ 1 | 1,275 | 1,276 | ||||||||
Shares placed in treasury | (29,027) | (29,027) | (29,027) | |||||||||
Stock-based compensation charges (in shares) | 449,275 | |||||||||||
Stock-based compensation charges | 2,529 | $ 4 | 2,525 | 2,529 | ||||||||
Distributions to noncontrolling interests | (146) | (146) | ||||||||||
Ending balance (in shares) at Mar. 31, 2019 | 126,379,796 | |||||||||||
Ending balance at Mar. 31, 2019 | 242,874 | $ 1,264 | 119,525 | 1,198,198 | (9,316) | (1,066,822) | 242,849 | 25 | ||||
Beginning balance (in shares) at Dec. 31, 2018 | 125,871,866 | |||||||||||
Beginning balance at Dec. 31, 2018 | 235,701 | $ 1,259 | 115,725 | 1,166,762 | (10,289) | (1,037,795) | 235,662 | 39 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 108,110 | |||||||||||
Currency translation adjustments | 5,238 | |||||||||||
Ending balance (in shares) at Jun. 30, 2019 | 126,416,746 | |||||||||||
Ending balance at Jun. 30, 2019 | 294,149 | $ 1,264 | 124,105 | 1,240,775 | (4,932) | (1,067,082) | 294,130 | 19 | ||||
Beginning balance (in shares) at Mar. 31, 2019 | 126,379,796 | |||||||||||
Beginning balance at Mar. 31, 2019 | 242,874 | $ 1,264 | 119,525 | 1,198,198 | (9,316) | (1,066,822) | 242,849 | 25 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 59,000 | 58,878 | 58,878 | 122 | ||||||||
Dividends declared | (16,301) | (16,301) | (16,301) | |||||||||
Currency translation adjustments | 4,295 | 4,295 | 4,295 | |||||||||
Derivative financial instruments | (431) | (431) | (431) | |||||||||
Defined benefit obligations | 493 | 493 | 493 | |||||||||
Available-for-sale investments | 27 | 27 | 27 | |||||||||
Exercises of stock options (in shares) | 32,023 | |||||||||||
Exercises of stock options | 757 | 757 | 757 | |||||||||
Shares placed in treasury | (260) | (260) | (260) | |||||||||
Stock-based compensation charges (in shares) | 4,927 | |||||||||||
Stock-based compensation charges | 3,823 | 3,823 | 3,823 | |||||||||
Distributions to noncontrolling interests | (128) | (128) | ||||||||||
Ending balance (in shares) at Jun. 30, 2019 | 126,416,746 | |||||||||||
Ending balance at Jun. 30, 2019 | $ 294,149 | $ 1,264 | 124,105 | 1,240,775 | (4,932) | (1,067,082) | 294,130 | 19 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 126,579,285 | 126,579,285 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 404,112 | $ (1,142) | $ 1,266 | 134,069 | 1,344,383 | $ (1,219) | (7,448) | $ 77 | (1,068,164) | 404,106 | $ (1,142) | 6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 75,620 | 75,499 | 75,499 | 121 | ||||||||
Dividends declared | (18,254) | (18,254) | (18,254) | |||||||||
Currency translation adjustments | (11,940) | (11,940) | (11,940) | |||||||||
Derivative financial instruments | 733 | 733 | 733 | |||||||||
Defined benefit obligations | 610 | 610 | 610 | |||||||||
Available-for-sale investments | (600) | (600) | (600) | |||||||||
Exercises of stock options (in shares) | 56,431 | |||||||||||
Exercises of stock options | 1,332 | $ 1 | 1,331 | 1,332 | ||||||||
Shares placed in treasury | (25,076) | (25,076) | (25,076) | |||||||||
Stock-based compensation charges (in shares) | 252,943 | |||||||||||
Stock-based compensation charges | 3,102 | $ 2 | 3,100 | 3,102 | ||||||||
Distributions to noncontrolling interests | (127) | (127) | ||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 126,888,659 | |||||||||||
Ending balance at Mar. 31, 2020 | $ 429,512 | $ 1,269 | 138,500 | 1,401,628 | (18,645) | (1,093,240) | 429,512 | 0 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 126,579,285 | 126,579,285 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 404,112 | $ (1,142) | $ 1,266 | 134,069 | 1,344,383 | $ (1,219) | (7,448) | $ 77 | (1,068,164) | 404,106 | $ (1,142) | 6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 140,016 | |||||||||||
Currency translation adjustments | $ (11,084) | |||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 126,949,882 | 126,949,882 | ||||||||||
Ending balance at Jun. 30, 2020 | $ 481,532 | $ 1,269 | 143,412 | 1,447,642 | (17,519) | (1,093,287) | 481,517 | 15 | ||||
Beginning balance (in shares) at Mar. 31, 2020 | 126,888,659 | |||||||||||
Beginning balance at Mar. 31, 2020 | 429,512 | $ 1,269 | 138,500 | 1,401,628 | (18,645) | (1,093,240) | 429,512 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 64,396 | 64,258 | 64,258 | 138 | ||||||||
Dividends declared | (18,244) | (18,244) | (18,244) | |||||||||
Currency translation adjustments | 856 | 856 | 856 | |||||||||
Derivative financial instruments | (493) | (493) | (493) | |||||||||
Defined benefit obligations | 609 | 609 | 609 | |||||||||
Available-for-sale investments | 154 | 154 | 154 | |||||||||
Exercises of stock options (in shares) | 22,556 | |||||||||||
Exercises of stock options | 537 | 537 | 537 | |||||||||
Shares placed in treasury | (47) | (47) | (47) | |||||||||
Stock-based compensation charges (in shares) | 38,667 | |||||||||||
Stock-based compensation charges | 4,375 | 4,375 | 4,375 | |||||||||
Distributions to noncontrolling interests | $ (123) | (123) | ||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 126,949,882 | 126,949,882 | ||||||||||
Ending balance at Jun. 30, 2020 | $ 481,532 | $ 1,269 | $ 143,412 | $ 1,447,642 | $ (17,519) | $ (1,093,287) | $ 481,517 | $ 15 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (in usd per share) | $ 0.19 | $ 0.19 | $ 0.17 | $ 0.17 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 140,016 | $ 108,110 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 30,565 | 30,833 |
Income of investees, net of dividends | (927) | (6,314) |
Recognition of losses for pension and postretirement plans | 1,553 | 1,295 |
Stock-based compensation expense | 7,477 | 6,352 |
Other, net | 2,025 | (977) |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | (2,433) | 6,836 |
Accounts payable | (6,641) | 11,191 |
Retainages | (76) | (2,602) |
Contracts in progress and advance billings on contracts | (27,560) | (69,549) |
Income taxes | 39,098 | (6,184) |
Accrued and other current liabilities | 2,612 | (15,192) |
Pension liabilities, accrued postretirement benefit obligations and employee benefits | (32,996) | (22,983) |
Other, net | 2,917 | 6,250 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 155,630 | 47,066 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (115,477) | (75,701) |
Acquisition of business | (16,174) | 0 |
Purchases of securities | (2,159) | (2,038) |
Sales and maturities of securities | 4,305 | 2,054 |
Investments, net of return of capital, in equity method investees | 88 | 0 |
Other, net | 0 | 17 |
NET CASH USED IN INVESTING ACTIVITIES | (129,417) | (75,668) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of long-term debt | 643,000 | 483,400 |
Repayments of long-term debt | (628,176) | (390,714) |
Payment of debt issuance costs | (6,310) | 0 |
Repurchases of common shares | (20,000) | (20,000) |
Dividends paid to common shareholders | (36,764) | (32,976) |
Exercises of stock options | 1,790 | 1,400 |
Cash paid for shares withheld to satisfy employee taxes | (5,044) | (8,654) |
Other, net | 1,137 | 815 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (50,367) | 33,271 |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (690) | 447 |
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (24,844) | 5,116 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 92,400 | 36,408 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | 67,556 | 41,524 |
Cash paid during the period for: | ||
Interest | 17,923 | 19,827 |
Income taxes (net of refunds) | 3,274 | 38,103 |
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||
Accrued capital expenditures included in accounts payable | $ 17,235 | $ 11,204 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2019 (our "2019 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at June 30, 2020 and for the three and six months ended June 30, 2020. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the U.S. Naval Nuclear Propulsion Program 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 Power Group segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. • 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 U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("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. This segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. See Note 9 for financial information about our segments. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. For further information, refer to the consolidated financial statements and notes included in our 2019 10-K. Divestiture of U.S.-Based Commercial Nuclear Services Business On May 29, 2020, our subsidiary BWXT Nuclear Energy, Inc. divested its U.S.-based commercial nuclear services business, a component of our Nuclear Services Group segment. In a cashless transaction, we exchanged net assets totaling $18.0 million, consisting primarily of property, plant and equipment and certain warranty obligations, for a manufacturing facility and the associated land of approximately the same value. The acquired assets are reported as part of the Nuclear Services Group segment. Recently Adopted Accounting Standards On January 1, 2020, we adopted the update to the Financial Accounting Standards Board ("FASB") Topic Financial Instruments – Credit Losses . This update requires entities to recognize expected credit losses immediately in the financial statements. We considered our customer base, credit loss history and expected loss rate in our evaluation of expected credit losses. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. On January 1, 2020, we adopted the update to the FASB Topic Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update simplifies the accounting for goodwill impairment by eliminating the second step from the goodwill impairment test. Goodwill impairment will now be determined by comparing the fair value of a reporting unit with its carrying amount. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. In December 2019, the FASB issued an update to the FASB Topic Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update simplifies various aspects related to the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740, simplifies when companies recognize deferred taxes in an interim period and clarifies certain aspects of the current guidance to promote consistent application. We elected to early adopt this update effective January 1, 2020, which did not have a material impact on our financial position, results of operations or cash flows. Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Nuclear Power Group segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. Our effective tax rate for the three months ended June 30, 2020 was 23.4% as compared to 24.1% for the three months ended June 30, 2019. Our effective tax rate for the six months ended June 30, 2020 was 23.3% as compared to 23.1% for the six months ended June 30, 2019. The effective tax rates for the three and six months ended June 30, 2020 and 2019 were higher than the U.S. corporate income tax rate of 21% primarily due to state income taxes within the U.S. and the unfavorable rate differential associated with our Canadian earnings. Our effective tax rates for the six months ended June 30, 2020 and 2019 were favorably impacted by benefits recognized for excess tax benefits related to employee share-based payments of $0.9 million and $1.8 million, respectively. As of June 30, 2020, we had gross unrecognized tax benefits of $4.0 million (exclusive of interest and federal and state benefits), all of which would reduce our effective tax rate if recognized. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At June 30, 2020, we had restricted cash and cash equivalents totaling $6.0 million, $2.9 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.1 million of which was held to meet reinsurance reserve requirements of our captive insurer. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 61,584 $ 86,540 Restricted cash and cash equivalents 3,069 3,056 Restricted cash and cash equivalents included in Other Assets 2,903 2,804 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 67,556 $ 92,400 Inventories At June 30, 2020 and December 31, 2019, Other current assets included inventories totaling $12.0 million and $17.1 million, respectively, consisting entirely of raw materials and supplies. Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: June 30, December 31, (In thousands) Land $ 9,349 $ 8,919 Buildings 254,951 221,462 Machinery and equipment 780,088 775,997 Property under construction 299,954 265,715 1,344,342 1,272,093 Less: Accumulated depreciation 688,137 691,852 Property, Plant and Equipment, Net $ 656,205 $ 580,241 Deferred Debt Issuance Costs We have included deferred debt issuance costs in the condensed consolidated balance sheets as a direct deduction from the carrying amount of our Long-Term Debt. We amortize deferred debt issuance costs as interest expense over the life of the related debt. The following summarizes the changes in the carrying amount of our deferred debt issuance costs: Six Months Ended 2020 2019 (In thousands) Balance at beginning of period $ 8,006 $ 9,583 Additions 6,627 — Interest expense (1) (1,464) (788) Balance at end of period $ 13,169 $ 8,795 (1) Includes the recognition of prior deferred debt issuance costs associated with the Credit Facility, as defined below, of $0.7 million for the six months ended June 30, 2020. Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: June 30, December 31, (In thousands) Currency translation adjustments $ (2,315) $ 8,769 Net unrealized gain on derivative financial instruments 304 64 Unrecognized prior service cost on benefit obligations (15,395) (16,614) Net unrealized gain (loss) on available-for-sale investments (113) 333 Accumulated other comprehensive income (loss) $ (17,519) $ (7,448) The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ 551 $ 64 $ 550 $ 52 Revenues (430) (337) (987) (135) Cost of operations 121 (273) (437) (83) Total before tax (32) 70 106 21 Provision for Income Taxes $ 89 $ (203) $ (331) $ (62) Net Income Amortization of prior service cost on benefit obligations $ (776) $ (648) $ (1,553) $ (1,295) Other – net 167 155 334 291 Provision for Income Taxes $ (609) $ (493) $ (1,219) $ (1,004) Net Income Total reclassification for the period $ (520) $ (696) $ (1,550) $ (1,066) Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At June 30, 2020, we had deferred approximately $0.3 million of net gains on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended June 30, 2020 and 2019, we recognized (gains) losses of $3.6 million and $0.1 million, respectively, and for the six months ended June 30, 2020 and 2019, we recognized (gains) losses of $(1.6) million and $(1.5) million, respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedges. At June 30, 2020, our derivative financial instruments consisted of FX forward contracts with a total notional value of $159.7 million with maturities extending to July 2022. These instruments consist primarily of FX forward contracts to purchase or sell Canadian dollars and Euros. We are exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. Our counterparties to derivative financial instruments have the benefit of the same collateral arrangements and covenants as described under our credit facility. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Laker Energy Products Ltd. On January 2, 2020, our subsidiary BWXT Canada Ltd. acquired Laker Energy Products Ltd. ("Laker Energy Products") for CAD 21.1 million ($16.2 million U.S. dollar equivalent), subject to contingent consideration of up to an additional CAD 12.0 million. Our preliminary purchase price allocation resulted in the recognition of $8.3 million of Property, Plant and Equipment, Net, $6.4 million of Intangible Assets and $3.5 million of Goodwill. In addition, we recognized right-of-use assets and lease liabilities of $2.7 million. Laker Energy Products is a global supplier of nuclear-grade materials and precisely machined components for CANDU nuclear power utilities and employs approximately 140 personnel. Laker Energy Products is reported as part of our Nuclear Power Group segment. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Disaggregated Revenues Revenues by geographical area and customer type were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 370,060 $ — $ 28,486 $ 398,546 $ 343,048 $ — $ 28,823 $ 371,871 Non-Government 38,084 6,989 3,731 48,804 14,612 8,973 788 24,373 $ 408,144 $ 6,989 $ 32,217 $ 447,350 $ 357,660 $ 8,973 $ 29,611 $ 396,244 Canada: Non-Government $ — $ 57,380 $ 1,111 $ 58,491 $ — $ 66,160 $ 218 $ 66,378 Other: Non-Government $ 2,108 $ 3,614 $ — $ 5,722 $ 692 $ 11,506 $ — $ 12,198 Segment Revenues $ 410,252 $ 67,983 $ 33,328 511,563 $ 358,352 $ 86,639 $ 29,829 474,820 Eliminations (7,043) (3,589) Revenues $ 504,520 $ 471,231 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 771,126 $ — $ 53,082 $ 824,208 $ 640,351 $ — $ 53,274 $ 693,625 Non-Government 58,925 16,597 14,940 90,462 19,950 18,135 5,141 43,226 $ 830,051 $ 16,597 $ 68,022 $ 914,670 $ 660,301 $ 18,135 $ 58,415 $ 736,851 Canada: Non-Government $ — $ 131,907 $ 2,071 $ 133,978 $ — $ 134,771 $ 508 $ 135,279 Other: Non-Government $ 3,976 $ 7,396 $ — $ 11,372 $ 2,852 $ 18,132 $ — $ 20,984 Segment Revenues $ 834,027 $ 155,900 $ 70,093 1,060,020 $ 663,153 $ 171,038 $ 58,923 893,114 Eliminations (13,292) (5,429) Revenues $ 1,046,728 $ 887,685 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 410,204 $ 61,590 $ 33,328 $ 505,122 $ 358,294 $ 72,793 $ 29,829 $ 460,916 Point-in-time 48 6,393 — 6,441 58 13,846 — 13,904 Segment Revenues $ 410,252 $ 67,983 $ 33,328 511,563 $ 358,352 $ 86,639 $ 29,829 474,820 Eliminations (7,043) (3,589) Revenues $ 504,520 $ 471,231 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 833,943 $ 138,775 $ 70,093 $ 1,042,811 $ 663,027 $ 143,454 $ 58,923 $ 865,404 Point-in-time 84 17,125 — 17,209 126 27,584 — 27,710 Segment Revenues $ 834,027 $ 155,900 $ 70,093 1,060,020 $ 663,153 $ 171,038 $ 58,923 893,114 Eliminations (13,292) (5,429) Revenues $ 1,046,728 $ 887,685 Revenues by contract type were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 317,180 $ 394 $ — $ 317,574 $ 299,155 $ 1,308 $ — $ 300,463 Firm-Fixed-Price 64,193 61,866 6,911 132,970 36,697 77,205 3,904 117,806 Cost-Plus Fee 28,827 — 24,018 52,845 22,286 8 25,780 48,074 Time-and-Materials 52 5,723 2,399 8,174 214 8,118 145 8,477 Segment Revenues $ 410,252 $ 67,983 $ 33,328 511,563 $ 358,352 $ 86,639 $ 29,829 474,820 Eliminations (7,043) (3,589) Revenues $ 504,520 $ 471,231 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 601,554 $ 886 $ — $ 602,440 $ 544,642 $ 1,581 $ — $ 546,223 Firm-Fixed-Price 177,530 132,702 18,548 328,780 76,040 139,203 10,072 225,315 Cost-Plus Fee 54,823 — 46,511 101,334 42,139 8 48,315 90,462 Time-and-Materials 120 22,312 5,034 27,466 332 30,246 536 31,114 Segment Revenues $ 834,027 $ 155,900 $ 70,093 1,060,020 $ 663,153 $ 171,038 $ 58,923 893,114 Eliminations (13,292) (5,429) Revenues $ 1,046,728 $ 887,685 Performance Obligations As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the three months ended June 30, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $11.4 million and $16.6 million, respectively. During the six months ended June 30, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $21.0 million and $21.4 million, respectively. Contract Assets and Liabilities We include revenues and related costs incurred, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in Contracts in progress. We include in Advance billings on contracts billings that exceed accumulated contract costs and revenues recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. During the six months ended June 30, 2020, our unbilled receivables increased $16.3 million primarily as a result of the timing of milestone billings on certain firm-fixed-price contracts within our Nuclear Power Group segment, partially offset by decreases in unbilled receivables within our Nuclear Operations Group segment. During the six months ended June 30, 2020, our Advance billings on contracts decreased $10.6 million primarily as a result of revenue recognized in excess of billings. Our fixed-price incentive fee contracts for our Nuclear Operations Group segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments made during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. June 30, December 31, 2020 2019 (In thousands) Included in Contracts in progress: Unbilled receivables $ 382,191 $ 365,861 Retainages $ 46,767 $ 46,670 Included in Other Assets: Retainages $ 1,391 $ 1,412 Advance billings on contracts $ 64,815 $ 75,425 During the three months ended June 30, 2020 and 2019, we recognized $12.2 million and $16.7 million of revenues that were in Advance billings on contracts at December 31, 2019 and 2018, respectively. During the six months ended June 30, 2020 and 2019, we recognized $42.4 million and $50.5 million of revenues that were in Advance billings on contracts at December 31, 2019 and 2018, respectively. Remaining Performance Obligations Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. Of the remaining performance obligations on our contracts with customers at June 30, 2020, we expect to recognize revenues as follows: 2020 2021 Thereafter Total (In approximate millions) Nuclear Operations Group $ 722 $ 1,098 $ 2,094 $ 3,914 Nuclear Power Group 178 209 384 771 Nuclear Services Group 33 5 5 43 Total Remaining Performance Obligations $ 933 $ 1,312 $ 2,483 $ 4,728 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Our Long-Term Debt consists of the following: June 30, December 31, (In thousands) Senior Notes $ 800,000 $ 400,000 Credit Facility 40,000 432,159 Less: Amounts due within one year — 14,711 Long-Term Debt, gross 840,000 817,448 Less: Deferred debt issuance costs 13,169 8,006 Long-Term Debt $ 826,831 $ 809,442 Maturities of long-term debt subsequent to June 30, 2020 were as follows: 2020 through 2024 – $0.0 million; 2025 – $40.0 million; and thereafter – $800.0 million. On June 12, 2020, we issued $400 million aggregate principal amount of our 4.125% senior notes due 2028 (the "Senior Notes due 2028") pursuant to an indenture dated June 12, 2020 (the "2020 Indenture") among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee. The proceeds from the issuance of the Senior Notes due 2028 were used to (1) repay in full the Term Loans, as defined below, under our Credit Agreement dated May 24, 2018 (as amended, the "Credit Facility"), (2) repay a portion of the borrowings under the Revolving Credit Facility, as defined below, under the Credit Facility, and (3) pay all fees and expenses related to the issuance of the Senior Notes due 2028. Credit Facility On March 24, 2020, we entered into an Amendment No. 1 to Credit Agreement (the "Amendment"), which amended the Credit Facility with Wells Fargo Bank, N.A., as administrative agent, and the other lenders party thereto. The Credit Facility originally provided for a $500 million senior secured revolving credit facility (the "Revolving Credit Facility"), a $50 million U.S. dollar senior secured term loan A made available to the Company (the "USD Term Loan") and a $250 million (U.S. dollar equivalent) Canadian dollar senior secured term loan A made available to BWXT Canada Ltd. (the "CAD Term Loan" and together with the USD Term Loan, the "Term Loans"). On June 12, 2020, we repaid in full the Term Loans, at par, with a portion of the proceeds from the issuance of the Senior Notes due 2028. The Amendment, among other things, (1) provided additional commitments to increase the Revolving Credit Facility by $250 million, such that the Revolving Credit Facility is now $750 million; (2) extended the maturity date of the Revolving Credit Facility to March 24, 2025; (3) removed BWXT Canada Ltd. as a borrower under the Revolving Credit Facility; (4) modified the applicable margin for borrowings under the Revolving Credit Facility to be, at the Company's option, either (i) the Eurocurrency rate plus a margin ranging from 1.0% to 1.75% per year or (ii) the base rate plus a margin ranging from 0.0% to 0.75% per year, in each case depending on the Company's leverage ratio; (5) modified the commitment fee on the unused portion of the Revolving Credit Facility to range from 0.15% to 0.225% per year, depending on the Company's leverage ratio; and (6) modified the letter of credit fee with respect to each financial letter of credit and performance letter of credit issued under the Revolving Credit Facility to range from 1.0% to 1.75% and 0.75% to 1.05% per year, respectively, in each case, depending on the Company's leverage ratio. All obligations under the Revolving Credit Facility are scheduled to mature on March 24, 2025. The proceeds of loans under the Revolving Credit Facility are available for working capital needs, permitted acquisitions and other general corporate purposes. The Credit Facility allows for additional parties to become lenders and, subject to certain conditions, for the increase of the commitments under the Credit Facility, subject to an aggregate maximum for all additional commitments of (1) the greater of (a) $250 million and (b) 65% of EBITDA, as defined in the Credit Facility, for the last four full fiscal quarters, plus (2) all voluntary prepayments of the Term Loans, plus (3) additional amounts provided the Company is in compliance with a pro forma first lien leverage ratio test of less than or equal to 2.50 to 1.00. The Company's obligations under the Credit Facility are guaranteed, subject to certain exceptions, by substantially all of the Company's present and future wholly owned domestic restricted subsidiaries. The Credit Facility is secured by first-priority liens on certain assets owned by the Company and its subsidiary guarantors (other than its subsidiaries comprising its Nuclear Operations Group segment and a portion of its Nuclear Services Group segment). The Revolving Credit Facility requires interest payments on revolving loans on a periodic basis until maturity. We may prepay all loans under the Credit Facility at any time without premium or penalty (other than customary Eurocurrency breakage costs), subject to notice requirements. The Credit Facility 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 4.00 to 1.00, which may be increased to 4.50 to 1.00 for up to four consecutive fiscal quarters after a material acquisition. The minimum consolidated interest coverage ratio is 3.00 to 1.00. In addition, the Credit Facility contains various restrictive covenants, including with respect to debt, liens, investments, mergers, acquisitions, dividends, equity repurchases and asset sales. As of June 30, 2020, we were in compliance with all covenants set forth in the Credit Facility. Outstanding loans under the Revolving Credit Facility bear interest at our option at either (1) the Eurocurrency rate plus a margin ranging from 1.0% to 1.75% per year or (2) the base rate plus a margin ranging from 0.0% to 0.75% per year. We are charged a commitment fee on the unused portion of the Revolving Credit Facility, and that fee ranges from 0.15% to 0.225% per year. Additionally, we are charged a letter of credit fee of between 1.0% and 1.75% per year with respect to the amount of each financial letter of credit issued under the Credit Facility, and a letter of credit fee of between 0.75% and 1.05% per year with respect to the amount of each performance letter of credit issued under the Credit Facility. The applicable margin for loans, the commitment fee and the letter of credit fees set forth above will vary quarterly based on our leverage ratio. Based on the leverage ratio applicable at June 30, 2020, the margin for Eurocurrency rate and base rate revolving loans was 1.25% and 0.25%, respectively, the letter of credit fee for financial letters of credit and performance letters of credit was 1.25% and 0.825%, respectively, and the commitment fee for the unused portion of the Revolving Credit Facility was 0.175%. As of June 30, 2020, borrowings and letters of credit issued under the Revolving Credit Facility totaled $40.0 million and $64.7 million, respectively. As a result, as of June 30, 2020 we had $645.3 million available under the Revolving Credit Facility for borrowings and to meet letter of credit requirements. As of June 30, 2020, the interest rate on outstanding borrowings under our Credit Facility was 1.43%. The Credit Facility generally includes customary events of default for a secured credit facility. Under the Credit Facility, (1) if an event of default relating to bankruptcy or other insolvency events occurs with respect to the Company, all related obligations will immediately become due and payable; (2) if any other event of default exists, the lenders will be permitted to accelerate the maturity of the related obligations outstanding; and (3) if any event of default exists, the lenders will be permitted to terminate their commitments thereunder and exercise other rights and remedies, including the commencement of foreclosure or other actions against the collateral. If any default occurs under the Credit Facility, or if we are unable to make any of the representations and warranties in the Credit Facility, we will be unable to borrow funds or have letters of credit issued under the Credit Facility. Senior Notes due 2028 We issued $400 million aggregate principal amount of our Senior Notes due 2028 pursuant to the 2020 Indenture. The Senior Notes due 2028 are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility. Interest on the Senior Notes due 2028 is payable semi-annually in cash in arrears on June 30 and December 30 of each year, commencing on December 30, 2020, at a rate of 4.125% per annum. The Senior Notes due 2028 will mature on June 30, 2028. The Company may redeem the Senior Notes due 2028, in whole or in part, at any time on or after June 30, 2023 at a redemption price equal to (i) 102.063% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on June 30, 2023, (ii) 101.031% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on June 30, 2024 and (iii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after June 30, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to June 30, 2023, the Company may also redeem up to 40.0% of the Senior Notes due 2028 with net cash proceeds of certain equity offerings at a redemption price equal to 104.125% of the principal amount of the Senior Notes due 2028 to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to June 30, 2023, the Company may redeem the Senior Notes due 2028, in whole or in part, at a redemption price equal to 100.0% of the principal amount of the Senior Notes due 2028 to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable "make-whole" premium. The 2020 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2020 Indenture or the Senior Notes due 2028 and certain provisions related to bankruptcy events. The 2020 Indenture also contains customary negative covenants. As of June 30, 2020, we were in compliance with all covenants set forth in the 2020 Indenture and the Senior Notes due 2028. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITS We record the service cost component of net periodic benefit cost within Operating income on our condensed consolidated statements of income. For the three months ended June 30, 2020 and 2019, these amounts were $2.9 million and $2.6 million, respectively. For the six months ended June 30, 2020 and 2019, these amounts were $5.9 million and $5.2 million, respectively. All other components of net periodic benefit cost are included in Other – net within the condensed consolidated statements of income. For the three months ended June 30, 2020 and 2019, these amounts were $(9.5) million and $(5.3) million, respectively. For the six months ended June 30, 2020 and 2019, these amounts were $(19.0) million and $(10.5) million, respectively. Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Service cost $ 2,779 $ 2,469 $ 5,598 $ 4,925 $ 161 $ 144 $ 327 $ 289 Interest cost 9,221 11,563 18,523 23,155 404 585 814 1,170 Expected return on plan assets (19,211) (17,418) (38,575) (34,854) (672) (628) (1,344) (1,255) Amortization of prior service cost (credit) 825 725 1,650 1,450 (49) (77) (97) (155) Net periodic benefit (income) cost $ (6,386) $ (2,661) $ (12,804) $ (5,324) $ (156) $ 24 $ (300) $ 49 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIESThere were no material contingencies during the period covered by this Form 10-Q. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Investments The following is a summary of our investments measured at fair value at June 30, 2020: Total Level 1 Level 2 Level 3 (In thousands) Equity securities Mutual funds $ 5,752 $ — $ 5,752 $ — Available-for-sale securities U.S. Government and agency securities 2,307 2,307 — — Corporate bonds 2,824 1,421 1,403 — Asset-backed securities and collateralized mortgage obligations 63 — 63 — Total $ 10,946 $ 3,728 $ 7,218 $ — The following is a summary of our investments measured at fair value at December 31, 2019: Total Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 2,172 $ — $ 2,172 $ — Mutual funds 5,685 — 5,685 — Available-for-sale securities U.S. Government and agency securities 2,044 2,044 — — Corporate bonds 3,483 1,855 1,628 — Asset-backed securities and collateralized mortgage obligations 79 — 79 — Total $ 13,463 $ 3,899 $ 9,564 $ — We estimate the fair value of investments based on quoted market prices. For investments for which there are no quoted market prices, we derive fair values from available yield curves for investments of similar quality and terms. Derivatives Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At June 30, 2020 and December 31, 2019, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $(0.2) million and $(0.8) million, respectively. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our 5.375% senior notes due 2026 (the "Senior Notes due 2026") and our Senior Notes due 2028, on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At June 30, 2020 and December 31, 2019, the fair value of our Senior Notes due 2026 was $413.0 million and $423.5 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at June 30, 2020 and December 31, 2019. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Stock-based compensation recognized for all of our plans for the three months ended June 30, 2020 and 2019 totaled $4.7 million and $4.2 million, respectively, with associated tax benefit totaling $0.8 million and $0.8 million, respectively. Stock-based compensation recognized for all of our plans for the six months ended June 30, 2020 and 2019 totaled $7.3 million and $7.8 million, respectively, with associated tax benefit totaling $1.2 million and $1.4 million, respectively. BWX Technologies, Inc. 2020 Omnibus Incentive Plan In May 2020, our stockholders approved the 2020 Omnibus Incentive Plan (the "2020 Plan") which succeeds the 2010 Long-Term Incentive Plan (the "Prior Plan"). Members of the Board of Directors, executive officers, key employees and consultants are eligible to participate in the 2020 Plan. The Compensation Committee of the Board of Directors selects the participants for the 2020 Plan. The 2020 Plan provides for cash awards and equity-based compensation in the form of stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. Shares subject to awards under either the 2020 Plan or the Prior Plan that are cancelled, forfeited, terminated or expire unexercised, shall immediately become available for the granting of awards under the 2020 Plan. As of the effective date of the 2020 Plan, shares available for grant under the Prior Plan are available for grant under the 2020 Plan. In addition, our stockholders approved an additional 1,450,000 shares of common stock for issuance through the 2020 Plan. 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. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING As described in Note 1, our operations are assessed based on three reportable segments. An analysis of our operations by reportable segment is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In thousands) REVENUES: Nuclear Operations Group $ 410,252 $ 358,352 $ 834,027 $ 663,153 Nuclear Power Group 67,983 86,639 155,900 171,038 Nuclear Services Group 33,328 29,829 70,093 58,923 Eliminations (1) (7,043) (3,589) (13,292) (5,429) $ 504,520 $ 471,231 $ 1,046,728 $ 887,685 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (863) $ (1,047) $ (1,536) $ (1,904) Nuclear Power Group Transfers (145) (33) (274) (73) Nuclear Services Group Transfers (6,035) (2,509) (11,482) (3,452) $ (7,043) $ (3,589) $ (13,292) $ (5,429) OPERATING INCOME: Nuclear Operations Group $ 85,972 $ 75,226 $ 176,331 $ 132,851 Nuclear Power Group 1,102 14,883 9,572 27,466 Nuclear Services Group 4,122 1,490 10,522 3,061 Other (5,600) (6,744) (10,959) (12,840) $ 85,596 $ 84,855 $ 185,466 $ 150,538 Unallocated Corporate (2) (3,162) (4,320) (4,765) (6,359) Total Operating Income $ 82,434 $ 80,535 $ 180,701 $ 144,179 Other Income (Expense) 1,646 (2,801) 1,827 (3,568) Income before Provision for Income Taxes $ 84,080 $ 77,734 $ 182,528 $ 140,611 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 64,258 $ 58,878 $ 139,757 $ 107,856 Weighted-average common shares 95,457,629 95,357,311 95,434,990 95,306,210 Basic earnings per common share $ 0.67 $ 0.62 $ 1.46 $ 1.13 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 64,258 $ 58,878 $ 139,757 $ 107,856 Weighted-average common shares (basic) 95,457,629 95,357,311 95,434,990 95,306,210 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 175,942 319,893 259,982 443,070 Adjusted weighted-average common shares 95,633,571 95,677,204 95,694,972 95,749,280 Diluted earnings per common share $ 0.67 $ 0.62 $ 1.46 $ 1.13 (1) At June 30, 2020 and 2019, we excluded 8,321 and 52,386 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2019 (our "2019 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. |
Consolidation | We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at June 30, 2020 and for the three and six months ended June 30, 2020. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. |
Reclassification | We have reclassified certain amounts previously reported to conform to the presentation at June 30, 2020 and for the three and six months ended June 30, 2020. |
Reportable Segments | Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the U.S. Naval Nuclear Propulsion Program 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 Power Group segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. • 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 U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("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- |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards On January 1, 2020, we adopted the update to the Financial Accounting Standards Board ("FASB") Topic Financial Instruments – Credit Losses . This update requires entities to recognize expected credit losses immediately in the financial statements. We considered our customer base, credit loss history and expected loss rate in our evaluation of expected credit losses. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. On January 1, 2020, we adopted the update to the FASB Topic Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update simplifies the accounting for goodwill impairment by eliminating the second step from the goodwill impairment test. Goodwill impairment will now be determined by comparing the fair value of a reporting unit with its carrying amount. The adoption of the provisions in this update did not have an impact on our financial position, results of operations or cash flows. |
Contracts and Revenue Recognition | Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Nuclear Power Group segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. |
Provision for Income Taxes | Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At June 30, 2020, we had restricted cash and cash equivalents totaling $6.0 million, $2.9 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $3.1 million of which was held to meet reinsurance reserve requirements of our captive insurer. |
Inventories | Inventories At June 30, 2020 and December 31, 2019, Other current assets included inventories totaling $12.0 million and $17.1 million, respectively, consisting entirely of raw materials and supplies. |
Derivative Financial Instruments | Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 61,584 $ 86,540 Restricted cash and cash equivalents 3,069 3,056 Restricted cash and cash equivalents included in Other Assets 2,903 2,804 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 67,556 $ 92,400 |
Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 61,584 $ 86,540 Restricted cash and cash equivalents 3,069 3,056 Restricted cash and cash equivalents included in Other Assets 2,903 2,804 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 67,556 $ 92,400 |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: June 30, December 31, (In thousands) Land $ 9,349 $ 8,919 Buildings 254,951 221,462 Machinery and equipment 780,088 775,997 Property under construction 299,954 265,715 1,344,342 1,272,093 Less: Accumulated depreciation 688,137 691,852 Property, Plant and Equipment, Net $ 656,205 $ 580,241 |
Schedule of Other Assets, Noncurrent | The following summarizes the changes in the carrying amount of our deferred debt issuance costs: Six Months Ended 2020 2019 (In thousands) Balance at beginning of period $ 8,006 $ 9,583 Additions 6,627 — Interest expense (1) (1,464) (788) Balance at end of period $ 13,169 $ 8,795 (1) Includes the recognition of prior deferred debt issuance costs associated with the Credit Facility, as defined below, of $0.7 million for the six months ended June 30, 2020. |
Components of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: June 30, December 31, (In thousands) Currency translation adjustments $ (2,315) $ 8,769 Net unrealized gain on derivative financial instruments 304 64 Unrecognized prior service cost on benefit obligations (15,395) (16,614) Net unrealized gain (loss) on available-for-sale investments (113) 333 Accumulated other comprehensive income (loss) $ (17,519) $ (7,448) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ 551 $ 64 $ 550 $ 52 Revenues (430) (337) (987) (135) Cost of operations 121 (273) (437) (83) Total before tax (32) 70 106 21 Provision for Income Taxes $ 89 $ (203) $ (331) $ (62) Net Income Amortization of prior service cost on benefit obligations $ (776) $ (648) $ (1,553) $ (1,295) Other – net 167 155 334 291 Provision for Income Taxes $ (609) $ (493) $ (1,219) $ (1,004) Net Income Total reclassification for the period $ (520) $ (696) $ (1,550) $ (1,066) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | Revenues by geographical area and customer type were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 370,060 $ — $ 28,486 $ 398,546 $ 343,048 $ — $ 28,823 $ 371,871 Non-Government 38,084 6,989 3,731 48,804 14,612 8,973 788 24,373 $ 408,144 $ 6,989 $ 32,217 $ 447,350 $ 357,660 $ 8,973 $ 29,611 $ 396,244 Canada: Non-Government $ — $ 57,380 $ 1,111 $ 58,491 $ — $ 66,160 $ 218 $ 66,378 Other: Non-Government $ 2,108 $ 3,614 $ — $ 5,722 $ 692 $ 11,506 $ — $ 12,198 Segment Revenues $ 410,252 $ 67,983 $ 33,328 511,563 $ 358,352 $ 86,639 $ 29,829 474,820 Eliminations (7,043) (3,589) Revenues $ 504,520 $ 471,231 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 771,126 $ — $ 53,082 $ 824,208 $ 640,351 $ — $ 53,274 $ 693,625 Non-Government 58,925 16,597 14,940 90,462 19,950 18,135 5,141 43,226 $ 830,051 $ 16,597 $ 68,022 $ 914,670 $ 660,301 $ 18,135 $ 58,415 $ 736,851 Canada: Non-Government $ — $ 131,907 $ 2,071 $ 133,978 $ — $ 134,771 $ 508 $ 135,279 Other: Non-Government $ 3,976 $ 7,396 $ — $ 11,372 $ 2,852 $ 18,132 $ — $ 20,984 Segment Revenues $ 834,027 $ 155,900 $ 70,093 1,060,020 $ 663,153 $ 171,038 $ 58,923 893,114 Eliminations (13,292) (5,429) Revenues $ 1,046,728 $ 887,685 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 410,204 $ 61,590 $ 33,328 $ 505,122 $ 358,294 $ 72,793 $ 29,829 $ 460,916 Point-in-time 48 6,393 — 6,441 58 13,846 — 13,904 Segment Revenues $ 410,252 $ 67,983 $ 33,328 511,563 $ 358,352 $ 86,639 $ 29,829 474,820 Eliminations (7,043) (3,589) Revenues $ 504,520 $ 471,231 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 833,943 $ 138,775 $ 70,093 $ 1,042,811 $ 663,027 $ 143,454 $ 58,923 $ 865,404 Point-in-time 84 17,125 — 17,209 126 27,584 — 27,710 Segment Revenues $ 834,027 $ 155,900 $ 70,093 1,060,020 $ 663,153 $ 171,038 $ 58,923 893,114 Eliminations (13,292) (5,429) Revenues $ 1,046,728 $ 887,685 Revenues by contract type were as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 317,180 $ 394 $ — $ 317,574 $ 299,155 $ 1,308 $ — $ 300,463 Firm-Fixed-Price 64,193 61,866 6,911 132,970 36,697 77,205 3,904 117,806 Cost-Plus Fee 28,827 — 24,018 52,845 22,286 8 25,780 48,074 Time-and-Materials 52 5,723 2,399 8,174 214 8,118 145 8,477 Segment Revenues $ 410,252 $ 67,983 $ 33,328 511,563 $ 358,352 $ 86,639 $ 29,829 474,820 Eliminations (7,043) (3,589) Revenues $ 504,520 $ 471,231 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 601,554 $ 886 $ — $ 602,440 $ 544,642 $ 1,581 $ — $ 546,223 Firm-Fixed-Price 177,530 132,702 18,548 328,780 76,040 139,203 10,072 225,315 Cost-Plus Fee 54,823 — 46,511 101,334 42,139 8 48,315 90,462 Time-and-Materials 120 22,312 5,034 27,466 332 30,246 536 31,114 Segment Revenues $ 834,027 $ 155,900 $ 70,093 1,060,020 $ 663,153 $ 171,038 $ 58,923 893,114 Eliminations (13,292) (5,429) Revenues $ 1,046,728 $ 887,685 |
Schedule of Contract Assets and Liabilities | June 30, December 31, 2020 2019 (In thousands) Included in Contracts in progress: Unbilled receivables $ 382,191 $ 365,861 Retainages $ 46,767 $ 46,670 Included in Other Assets: Retainages $ 1,391 $ 1,412 Advance billings on contracts $ 64,815 $ 75,425 |
Schedule of Remaining Performance Obligations | Of the remaining performance obligations on our contracts with customers at June 30, 2020, we expect to recognize revenues as follows: 2020 2021 Thereafter Total (In approximate millions) Nuclear Operations Group $ 722 $ 1,098 $ 2,094 $ 3,914 Nuclear Power Group 178 209 384 771 Nuclear Services Group 33 5 5 43 Total Remaining Performance Obligations $ 933 $ 1,312 $ 2,483 $ 4,728 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Our Long-Term Debt consists of the following: June 30, December 31, (In thousands) Senior Notes $ 800,000 $ 400,000 Credit Facility 40,000 432,159 Less: Amounts due within one year — 14,711 Long-Term Debt, gross 840,000 817,448 Less: Deferred debt issuance costs 13,169 8,006 Long-Term Debt $ 826,831 $ 809,442 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Service cost $ 2,779 $ 2,469 $ 5,598 $ 4,925 $ 161 $ 144 $ 327 $ 289 Interest cost 9,221 11,563 18,523 23,155 404 585 814 1,170 Expected return on plan assets (19,211) (17,418) (38,575) (34,854) (672) (628) (1,344) (1,255) Amortization of prior service cost (credit) 825 725 1,650 1,450 (49) (77) (97) (155) Net periodic benefit (income) cost $ (6,386) $ (2,661) $ (12,804) $ (5,324) $ (156) $ 24 $ (300) $ 49 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments Measured at Fair Value | The following is a summary of our investments measured at fair value at June 30, 2020: Total Level 1 Level 2 Level 3 (In thousands) Equity securities Mutual funds $ 5,752 $ — $ 5,752 $ — Available-for-sale securities U.S. Government and agency securities 2,307 2,307 — — Corporate bonds 2,824 1,421 1,403 — Asset-backed securities and collateralized mortgage obligations 63 — 63 — Total $ 10,946 $ 3,728 $ 7,218 $ — The following is a summary of our investments measured at fair value at December 31, 2019: Total Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 2,172 $ — $ 2,172 $ — Mutual funds 5,685 — 5,685 — Available-for-sale securities U.S. Government and agency securities 2,044 2,044 — — Corporate bonds 3,483 1,855 1,628 — Asset-backed securities and collateralized mortgage obligations 79 — 79 — Total $ 13,463 $ 3,899 $ 9,564 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | An analysis of our operations by reportable segment is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In thousands) REVENUES: Nuclear Operations Group $ 410,252 $ 358,352 $ 834,027 $ 663,153 Nuclear Power Group 67,983 86,639 155,900 171,038 Nuclear Services Group 33,328 29,829 70,093 58,923 Eliminations (1) (7,043) (3,589) (13,292) (5,429) $ 504,520 $ 471,231 $ 1,046,728 $ 887,685 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (863) $ (1,047) $ (1,536) $ (1,904) Nuclear Power Group Transfers (145) (33) (274) (73) Nuclear Services Group Transfers (6,035) (2,509) (11,482) (3,452) $ (7,043) $ (3,589) $ (13,292) $ (5,429) OPERATING INCOME: Nuclear Operations Group $ 85,972 $ 75,226 $ 176,331 $ 132,851 Nuclear Power Group 1,102 14,883 9,572 27,466 Nuclear Services Group 4,122 1,490 10,522 3,061 Other (5,600) (6,744) (10,959) (12,840) $ 85,596 $ 84,855 $ 185,466 $ 150,538 Unallocated Corporate (2) (3,162) (4,320) (4,765) (6,359) Total Operating Income $ 82,434 $ 80,535 $ 180,701 $ 144,179 Other Income (Expense) 1,646 (2,801) 1,827 (3,568) Income before Provision for Income Taxes $ 84,080 $ 77,734 $ 182,528 $ 140,611 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 64,258 $ 58,878 $ 139,757 $ 107,856 Weighted-average common shares 95,457,629 95,357,311 95,434,990 95,306,210 Basic earnings per common share $ 0.67 $ 0.62 $ 1.46 $ 1.13 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 64,258 $ 58,878 $ 139,757 $ 107,856 Weighted-average common shares (basic) 95,457,629 95,357,311 95,434,990 95,306,210 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 175,942 319,893 259,982 443,070 Adjusted weighted-average common shares 95,633,571 95,677,204 95,694,972 95,749,280 Diluted earnings per common share $ 0.67 $ 0.62 $ 1.46 $ 1.13 (1) At June 30, 2020 and 2019, we excluded 8,321 and 52,386 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions | May 29, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)segmentcomponent | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Noncash or Part Noncash Divestitures [Line Items] | ||||||
Number of reportable segments | segment | 3 | |||||
Number of components supplied to worldwide (more than) | component | 1,300 | |||||
Effective tax rate | 23.40% | 24.10% | 23.30% | 23.10% | ||
Benefits recognized for excess tax benefits related to employee share-based payments | $ 0.9 | $ 1.8 | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 4 | 4 | ||||
Restricted cash and cash equivalents | 6 | 6 | ||||
Total inventories | 12 | 12 | $ 17.1 | |||
Net gains on foreign exchange forward contracts | 0.3 | |||||
Recognized gain on FX forward contracts not designated as hedges | 3.6 | $ 0.1 | (1.6) | $ (1.5) | ||
Notional amount of foreign currency forward contracts | $ 159.7 | $ 159.7 | ||||
Nuclear Services Business | ||||||
Noncash or Part Noncash Divestitures [Line Items] | ||||||
Net assets exchanged in non-cash transaction | $ 18 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Restricted cash and cash equivalents | $ 6,000 | |||
Cash and cash equivalents | 61,584 | $ 86,540 | ||
Restricted cash and cash equivalents | 3,069 | 3,056 | ||
Restricted cash and cash equivalents included in Other Assets | 2,903 | 2,804 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows | 67,556 | $ 92,400 | $ 41,524 | $ 36,408 |
Cash Held for Decommissioning of Facilities | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Restricted cash and cash equivalents | 2,900 | |||
Cash Held to Meet Reinsurance Reserve Requirements | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Restricted cash and cash equivalents | $ 3,100 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 1,344,342 | $ 1,272,093 |
Less: Accumulated depreciation | 688,137 | 691,852 |
Property, Plant and Equipment, Net | 656,205 | 580,241 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 9,349 | 8,919 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 254,951 | 221,462 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 780,088 | 775,997 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 299,954 | $ 265,715 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Deferred Debt Issuance Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Deferred Debt Issuance Costs [Roll Forward] | ||
Balance at beginning of period | $ 8,006 | $ 9,583 |
Interest expense | (1,464) | (788) |
Balance at end of period | 13,169 | 8,795 |
Increase (Decrease) Of Debt Issuance Costs During Period | 6,627 | $ 0 |
Former Credit Facility | ||
Deferred Debt Issuance Costs [Roll Forward] | ||
Interest expense | $ (700) |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | $ 481,532 | $ 429,512 | $ 404,112 | $ 294,149 | $ 242,874 | $ 235,701 |
Currency translation adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | (2,315) | 8,769 | ||||
Net unrealized gain on derivative financial instruments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | 304 | 64 | ||||
Unrecognized prior service cost on benefit obligations | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | (15,395) | (16,614) | ||||
Net unrealized gain (loss) on available-for-sale investments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | (113) | 333 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | $ (17,519) | $ (18,645) | $ (7,448) | $ (4,932) | $ (9,316) | $ (10,289) |
Basis of Presentation and Sig_9
Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Revenues | $ 504,520 | $ 471,231 | $ 1,046,728 | $ 887,685 | ||
Cost of operations | (367,534) | (338,023) | (759,977) | (641,658) | ||
Income before Provision for Income Taxes | 84,080 | 77,734 | 182,528 | 140,611 | ||
Provision for Income Taxes | (19,684) | (18,734) | (42,512) | (32,501) | ||
Other – net | 9,450 | 6,604 | 17,367 | 14,125 | ||
Net Income | 64,396 | $ 75,620 | 59,000 | $ 49,110 | 140,016 | 108,110 |
Accumulated Other Comprehensive Income (Loss) Component Recognized | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net Income | (520) | (696) | (1,550) | (1,066) | ||
Accumulated Other Comprehensive Income (Loss) Component Recognized | Realized gain (loss) on derivative financial instruments | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Revenues | 551 | 64 | 550 | 52 | ||
Cost of operations | (430) | (337) | (987) | (135) | ||
Income before Provision for Income Taxes | 121 | (273) | (437) | (83) | ||
Provision for Income Taxes | (32) | 70 | 106 | 21 | ||
Net Income | 89 | (203) | (331) | (62) | ||
Accumulated Other Comprehensive Income (Loss) Component Recognized | Amortization of prior service cost on benefit obligations | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Provision for Income Taxes | 167 | 155 | 334 | 291 | ||
Other – net | (776) | (648) | (1,553) | (1,295) | ||
Net Income | $ (609) | $ (493) | $ (1,219) | $ (1,004) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands, $ in Millions | Jan. 02, 2020USD ($)personnel | Jan. 02, 2020CAD ($)personnel | Jun. 30, 2020USD ($) | Jan. 02, 2020CAD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 274,345 | $ 275,502 | |||
Laker Energy Products, Ltd | |||||
Business Acquisition [Line Items] | |||||
Purchase of business | $ 16,200 | $ 21.1 | |||
Contingent consideration | $ 12 | ||||
Property, plant and equipment | 8,300 | ||||
Intangible assets | 6,400 | ||||
Goodwill | 3,500 | ||||
Right-of-use assets | $ 2,700 | ||||
Number of personnel acquired | personnel | 140 | 140 | |||
Lease liabilities | $ 2,700 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 504,520 | $ 471,231 | $ 1,046,728 | $ 887,685 |
Fixed-Price Incentive Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 317,574 | 300,463 | 602,440 | 546,223 |
Firm-Fixed-Price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 132,970 | 117,806 | 328,780 | 225,315 |
Cost-Plus Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 52,845 | 48,074 | 101,334 | 90,462 |
Time-and-Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,174 | 8,477 | 27,466 | 31,114 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 505,122 | 460,916 | 1,042,811 | 865,404 |
Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,441 | 13,904 | 17,209 | 27,710 |
United States: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 447,350 | 396,244 | 914,670 | 736,851 |
United States: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 398,546 | 371,871 | 824,208 | 693,625 |
United States: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 48,804 | 24,373 | 90,462 | 43,226 |
Canada: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 58,491 | 66,378 | 133,978 | 135,279 |
Other: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,722 | 12,198 | 11,372 | 20,984 |
Nuclear Operations Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 410,252 | 358,352 | 834,027 | 663,153 |
Nuclear Operations Group | Fixed-Price Incentive Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 317,180 | 299,155 | 601,554 | 544,642 |
Nuclear Operations Group | Firm-Fixed-Price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 64,193 | 36,697 | 177,530 | 76,040 |
Nuclear Operations Group | Cost-Plus Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 28,827 | 22,286 | 54,823 | 42,139 |
Nuclear Operations Group | Time-and-Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 52 | 214 | 120 | 332 |
Nuclear Operations Group | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 410,204 | 358,294 | 833,943 | 663,027 |
Nuclear Operations Group | Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 48 | 58 | 84 | 126 |
Nuclear Power Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 67,983 | 86,639 | 155,900 | 171,038 |
Nuclear Power Group | Fixed-Price Incentive Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 394 | 1,308 | 886 | 1,581 |
Nuclear Power Group | Firm-Fixed-Price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 61,866 | 77,205 | 132,702 | 139,203 |
Nuclear Power Group | Cost-Plus Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 8 | 0 | 8 |
Nuclear Power Group | Time-and-Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,723 | 8,118 | 22,312 | 30,246 |
Nuclear Power Group | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 61,590 | 72,793 | 138,775 | 143,454 |
Nuclear Power Group | Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,393 | 13,846 | 17,125 | 27,584 |
Nuclear Services Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 33,328 | 29,829 | 70,093 | 58,923 |
Nuclear Services Group | Fixed-Price Incentive Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Nuclear Services Group | Firm-Fixed-Price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,911 | 3,904 | 18,548 | 10,072 |
Nuclear Services Group | Cost-Plus Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 24,018 | 25,780 | 46,511 | 48,315 |
Nuclear Services Group | Time-and-Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,399 | 145 | 5,034 | 536 |
Nuclear Services Group | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 33,328 | 29,829 | 70,093 | 58,923 |
Nuclear Services Group | Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 511,563 | 474,820 | 1,060,020 | 893,114 |
Operating Segments | Nuclear Operations Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 410,252 | 358,352 | 834,027 | 663,153 |
Operating Segments | Nuclear Operations Group | United States: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 408,144 | 357,660 | 830,051 | 660,301 |
Operating Segments | Nuclear Operations Group | United States: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 370,060 | 343,048 | 771,126 | 640,351 |
Operating Segments | Nuclear Operations Group | United States: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 38,084 | 14,612 | 58,925 | 19,950 |
Operating Segments | Nuclear Operations Group | Canada: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Nuclear Operations Group | Other: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,108 | 692 | 3,976 | 2,852 |
Operating Segments | Nuclear Power Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 67,983 | 86,639 | 155,900 | 171,038 |
Operating Segments | Nuclear Power Group | United States: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,989 | 8,973 | 16,597 | 18,135 |
Operating Segments | Nuclear Power Group | United States: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Segments | Nuclear Power Group | United States: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,989 | 8,973 | 16,597 | 18,135 |
Operating Segments | Nuclear Power Group | Canada: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 57,380 | 66,160 | 131,907 | 134,771 |
Operating Segments | Nuclear Power Group | Other: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,614 | 11,506 | 7,396 | 18,132 |
Operating Segments | Nuclear Services Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 33,328 | 29,829 | 70,093 | 58,923 |
Operating Segments | Nuclear Services Group | United States: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 32,217 | 29,611 | 68,022 | 58,415 |
Operating Segments | Nuclear Services Group | United States: | Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 28,486 | 28,823 | 53,082 | 53,274 |
Operating Segments | Nuclear Services Group | United States: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,731 | 788 | 14,940 | 5,141 |
Operating Segments | Nuclear Services Group | Canada: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,111 | 218 | 2,071 | 508 |
Operating Segments | Nuclear Services Group | Other: | Non-Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (7,043) | (3,589) | (13,292) | (5,429) |
Eliminations | Nuclear Operations Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ (863) | $ (1,047) | $ (1,536) | $ (1,904) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Details (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Net favorable changes in estimate that resulted in an increase in revenue | $ 11,400 | $ 16,600 | $ 21,000 | $ 21,400 |
Contracts in progress increase | 16,300 | |||
Decrease in advanced billings | 10,600 | |||
Revenue recognized from advance billings on contracts | $ 12,200 | $ 16,700 | $ 42,400 | $ 50,500 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Contracts with Customers, Asset and Liability [Line Items] | ||
Advance billings on contracts | $ 64,815 | $ 75,425 |
Unbilled receivables | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 382,191 | 365,861 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 46,767 | 46,670 |
Retainages | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | $ 1,391 | $ 1,412 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions | Jun. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 4,728 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 933 |
Remaining performance obligation, expected timing of satisfaction, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 1,312 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 2,483 |
Remaining performance obligation, expected timing of satisfaction, period | |
Nuclear Operations Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 3,914 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 722 |
Remaining performance obligation, expected timing of satisfaction, period | 6 months |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 1,098 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 2,094 |
Remaining performance obligation, expected timing of satisfaction, period | |
Nuclear Power Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 771 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 178 |
Remaining performance obligation, expected timing of satisfaction, period | 6 months |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 209 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 384 |
Remaining performance obligation, expected timing of satisfaction, period | |
Nuclear Services Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 43 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 33 |
Remaining performance obligation, expected timing of satisfaction, period | 6 months |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 5 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 5 |
Remaining performance obligation, expected timing of satisfaction, period |
Revenue Recognition - Remaini_2
Revenue Recognition - Remaining Performance Obligations Total (Details) $ in Millions | Jun. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 4,728 |
Nuclear Operations Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 3,914 |
Nuclear Power Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 771 |
Nuclear Services Group | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 43 |
Long-term Debt - Components of
Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Less: Amounts due within one year | $ 0 | $ 14,711 | ||
Long-Term Debt, gross | 840,000 | 817,448 | ||
Less: Deferred debt issuance costs | 13,169 | 8,006 | $ 8,795 | $ 9,583 |
Long-Term Debt | 826,831 | 809,442 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 800,000 | 400,000 | ||
Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 40,000 | $ 432,159 |
Long-term Debt Long-term Debt -
Long-term Debt Long-term Debt - Narrative (Details) | Jun. 12, 2020USD ($) | Mar. 24, 2020USD ($) | Jun. 30, 2020USD ($) | May 24, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||
Maturities of long-term debt, 2020 | $ 0 | |||
Maturities of long-term debt, 2021 | 0 | |||
Maturities of long-term debt, 2022 | 0 | |||
Maturities of long-term debt, 2023 | 0 | |||
Maturities of long-term debt, 2024 | 0 | |||
Maturities of long-term debt, 2025 | 40,000,000 | |||
Maturities of long-term debt, thereafter | $ 800,000,000 | |||
Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Stated interest rate | 5.375% | |||
New Credit Facility | Secured Debt | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement, maximum borrowing capacity | $ 500,000,000 | |||
New Credit Facility | Secured Debt | Term Loan Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement, maximum borrowing capacity | 50,000,000 | |||
New Credit Facility | Secured Debt | Canadian Dollar Term Loan Facility | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement, maximum borrowing capacity | $ 250,000,000 | |||
Amendment No. 1 to Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Amount available under revolving credit facility | $ 645,300,000 | |||
Weighted average interest rate on borrowings | 1.43% | |||
Amendment No. 1 to Credit Agreement | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Unused capacity commitment fee percentage | 0.175% | |||
Long-term debt | $ 40,000,000 | |||
Amendment No. 1 to Credit Agreement | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 64,700,000 | |||
Amendment No. 1 to Credit Agreement | Secured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Increase in maximum borrowing capacity under certain conditions | $ 250,000,000 | |||
Line of credit facility covenant, percentage of EBITDA | 65.00% | |||
Maximum leverage ratio required for future credit increase | 2.50 | |||
Maximum leverage ratio | 4 | |||
Maximum leverage ratio after material acquisition | 4.50 | |||
Minimum interest coverage ratio amount | 3 | |||
Amendment No. 1 to Credit Agreement | Secured Debt | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Credit agreement, maximum borrowing capacity | $ 750,000,000 | |||
Senior Notes Due 2028 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate principal amount of debt issued | $ 400,000,000 | |||
Stated interest rate | 4.125% | |||
Redemption price as a percentage | 100.00% | |||
Senior Notes Due 2028 | Senior Notes | Prior to June 23, 2023 | ||||
Line of Credit Facility [Line Items] | ||||
Redemption price as a percentage | 104.125% | |||
Redeemable percentage of Senior Notes due 2028 prior to June 30, 2023 | 40.00% | |||
Senior Notes Due 2028 | Senior Notes | Twelve months beginning June 30, 2023 | ||||
Line of Credit Facility [Line Items] | ||||
Redemption price as a percentage | 102.063% | |||
Senior Notes Due 2028 | Senior Notes | Twelve months beginning on June 30, 2024 | ||||
Line of Credit Facility [Line Items] | ||||
Redemption price as a percentage | 101.031% | |||
Senior Notes Due 2028 | Senior Notes | After June 30, 2025 | ||||
Line of Credit Facility [Line Items] | ||||
Redemption price as a percentage | 100.00% | |||
Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 1.25% | |||
Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 1.25% | |||
Base Rate | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 0.25% | |||
Base Rate | Amendment No. 1 to Credit Agreement | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 0.825% | |||
Minimum | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Unused capacity commitment fee percentage | 0.15% | |||
Minimum | Amendment No. 1 to Credit Agreement | Financial Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 1.00% | |||
Minimum | Amendment No. 1 to Credit Agreement | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 1.00% | |||
Minimum | Amendment No. 1 to Credit Agreement | Performance Letter Of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 0.75% | |||
Minimum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 1.00% | |||
Minimum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 1.00% | |||
Minimum | Base Rate | Amendment No. 1 to Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 0.00% | |||
Maximum | Amendment No. 1 to Credit Agreement | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Unused capacity commitment fee percentage | 0.225% | |||
Maximum | Amendment No. 1 to Credit Agreement | Financial Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 1.75% | |||
Maximum | Amendment No. 1 to Credit Agreement | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 1.75% | |||
Maximum | Amendment No. 1 to Credit Agreement | Performance Letter Of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit fee | 1.05% | |||
Maximum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 1.75% | |||
Maximum | Eurocurrency Rate | Amendment No. 1 to Credit Agreement | Term Loan Credit Facility | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 1.75% | |||
Maximum | Base Rate | Amendment No. 1 to Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Margin on rate | 0.75% |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 2.9 | $ 2.6 | $ 5.9 | $ 5.2 |
Net periodic benefit (income) cost, excluding service costs | $ (9.5) | $ (5.3) | $ (19) | $ (10.5) |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,900 | $ 2,600 | $ 5,900 | $ 5,200 |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,779 | 2,469 | 5,598 | 4,925 |
Interest cost | 9,221 | 11,563 | 18,523 | 23,155 |
Expected return on plan assets | (19,211) | (17,418) | (38,575) | (34,854) |
Amortization of prior service cost (credit) | 825 | 725 | 1,650 | 1,450 |
Net periodic benefit (income) cost | (6,386) | (2,661) | (12,804) | (5,324) |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 161 | 144 | 327 | 289 |
Interest cost | 404 | 585 | 814 | 1,170 |
Expected return on plan assets | (672) | (628) | (1,344) | (1,255) |
Amortization of prior service cost (credit) | (49) | (77) | (97) | (155) |
Net periodic benefit (income) cost | $ (156) | $ 24 | $ (300) | $ 49 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Investments and Available-for-Sale Securities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 10,946 | $ 13,463 |
Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,172 | |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,752 | 5,685 |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,307 | 2,044 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,824 | 3,483 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 63 | 79 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,728 | 3,899 |
Level 1 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 1 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,307 | 2,044 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,421 | 1,855 |
Level 1 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 7,218 | 9,564 |
Level 2 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,172 | |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,752 | 5,685 |
Level 2 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,403 | 1,628 |
Level 2 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 63 | 79 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 3 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 3 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 3 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Senior Notes | ||
Fair Values Of Financial Instruments [Line Items] | ||
Stated interest rate on senior notes | 5.375% | |
Fair value of senior notes | $ 413 | $ 423.5 |
FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ (0.2) | $ (0.8) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 4.7 | $ 4.2 | $ 7.3 | $ 7.8 | |
Stock-based compensation, tax benefits | $ 0.8 | $ 0.8 | $ 1.2 | $ 1.4 | |
2020 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage fair market value of shares (not less than) | 100.00% | ||||
2020 Omnibus Incentive Plan | Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional shares authorized for issuance under the 2020 plan | 1,450,000 | ||||
Expiration period of grants | 10 years |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | $ 504,520 | $ 471,231 | $ 1,046,728 | $ 887,685 |
OPERATING INCOME: | ||||
Total Operating Income | 82,434 | 80,535 | 180,701 | 144,179 |
Other Income (Expense) | 1,646 | (2,801) | 1,827 | (3,568) |
Income before Provision for Income Taxes | 84,080 | 77,734 | 182,528 | 140,611 |
Nuclear Operations Group | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | 410,252 | 358,352 | 834,027 | 663,153 |
Operating Segments | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | 511,563 | 474,820 | 1,060,020 | 893,114 |
OPERATING INCOME: | ||||
Total Operating Income | 85,596 | 84,855 | 185,466 | 150,538 |
Operating Segments | Nuclear Operations Group | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | 410,252 | 358,352 | 834,027 | 663,153 |
OPERATING INCOME: | ||||
Total Operating Income | 85,972 | 75,226 | 176,331 | 132,851 |
Operating Segments | Nuclear Power Group | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | 67,983 | 86,639 | 155,900 | 171,038 |
OPERATING INCOME: | ||||
Total Operating Income | 1,102 | 14,883 | 9,572 | 27,466 |
Operating Segments | Nuclear Services Group | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | 33,328 | 29,829 | 70,093 | 58,923 |
OPERATING INCOME: | ||||
Total Operating Income | 4,122 | 1,490 | 10,522 | 3,061 |
Eliminations | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | (7,043) | (3,589) | (13,292) | (5,429) |
Eliminations | Nuclear Operations Group | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | (863) | (1,047) | (1,536) | (1,904) |
Eliminations | Nuclear Power Group | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | (145) | (33) | (274) | (73) |
Eliminations | Nuclear Services Group | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Revenues | (6,035) | (2,509) | (11,482) | (3,452) |
Segment Reconciling Items | ||||
OPERATING INCOME: | ||||
Total Operating Income | (5,600) | (6,744) | (10,959) | (12,840) |
Unallocated Corporate | ||||
OPERATING INCOME: | ||||
Total Operating Income | $ (3,162) | $ (4,320) | $ (4,765) | $ (6,359) |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic: | ||||
Net Income Attributable to BWX Technologies, Inc. | $ 64,258 | $ 58,878 | $ 139,757 | $ 107,856 |
Weighted-average common shares (in shares) | 95,457,629 | 95,357,311 | 95,434,990 | 95,306,210 |
Basic earnings per common share (in usd per share) | $ 0.67 | $ 0.62 | $ 1.46 | $ 1.13 |
Diluted: | ||||
Net Income Attributable to BWX Technologies, Inc. | $ 64,258 | $ 58,878 | $ 139,757 | $ 107,856 |
Weighted-average common shares (in shares) | 95,457,629 | 95,357,311 | 95,434,990 | 95,306,210 |
Effect of dilutive securities: | ||||
Stock options, restricted stock units and performance shares (in shares) | 175,942 | 319,893 | 259,982 | 443,070 |
Adjusted weighted-average common shares (in shares) | 95,633,571 | 95,677,204 | 95,694,972 | 95,749,280 |
Diluted earnings per common share (in usd per share) | $ 0.67 | $ 0.62 | $ 1.46 | $ 1.13 |
Number of shares that would be antidilutive (in shares) | 8,321 | 52,386 |