Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5.5 | ||
Entity Common Stock, Shares Outstanding | 91,399,448 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive proxy statement for the 2022 Annual Meeting of Stockholders to be held on May 3, 2022 are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001486957 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 33,891 | $ 42,610 |
Restricted cash and cash equivalents | 2,896 | 3,070 |
Investments | 3,811 | 3,707 |
Accounts receivable – trade, net | 70,663 | 153,368 |
Accounts receivable – other | 16,651 | 22,239 |
Retainages | 51,507 | 55,172 |
Contracts in progress | 546,595 | 449,176 |
Other current assets | 47,718 | 44,256 |
Total Current Assets | 773,732 | 773,598 |
Property, Plant and Equipment, Net | 1,045,640 | 816,471 |
Investments | 9,558 | 9,356 |
Goodwill | 285,502 | 283,708 |
Deferred Income Taxes | 21,394 | 49,415 |
Investments in Unconsolidated Affiliates | 85,284 | 71,806 |
Intangible Assets | 185,551 | 192,751 |
Other Assets | 94,719 | 96,398 |
TOTAL | 2,501,380 | 2,293,503 |
Current Liabilities: | ||
Bank overdraft | 0 | 88,694 |
Accounts payable | 189,842 | 184,392 |
Accrued employee benefits | 71,835 | 89,740 |
Accrued liabilities – other | 80,998 | 78,028 |
Advance billings on contracts | 111,619 | 83,581 |
Accrued warranty expense | 5,321 | 5,292 |
Total Current Liabilities | 459,615 | 529,727 |
Long-Term Debt | 1,189,304 | 862,731 |
Accumulated Postretirement Benefit Obligation | 24,333 | 25,689 |
Environmental Liabilities | 92,642 | 84,153 |
Pension Liability | 59,388 | 144,859 |
Other Liabilities | 38,863 | 28,576 |
Commitments and Contingencies (Note 10) | ||
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,311,985 and 127,009,536 shares at December 31, 2021 and 2020, respectively | 1,273 | 1,270 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued | 0 | 0 |
Capital in excess of par value | 174,288 | 153,800 |
Retained earnings | 1,775,751 | 1,549,950 |
Treasury stock at cost, 35,915,747 and 31,698,747 shares at December 31, 2021 and 2020, respectively | (1,326,280) | (1,095,452) |
Accumulated other comprehensive income (loss) | 12,143 | 8,198 |
Stockholders' Equity – BWX Technologies, Inc. | 637,175 | 617,766 |
Noncontrolling interest | 60 | 2 |
Total Stockholders' Equity | 637,235 | 617,768 |
TOTAL | $ 2,501,380 | $ 2,293,503 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (in shares) | 127,311,985 | 127,009,536 |
Preferred stock, par value (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 (in shares) | 35,915,747 | 31,698,747 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 2,124,074 | $ 2,123,516 | $ 1,894,920 |
Costs and Expenses: | |||
Cost of operations | 1,573,797 | 1,548,119 | 1,361,056 |
Research and development costs | 11,059 | 14,189 | 17,672 |
Losses (gains) on asset disposals and impairments, net | (3,532) | (1,361) | 2,824 |
Selling, general and administrative expenses | 230,400 | 231,169 | 216,771 |
Total Costs and Expenses | 1,811,724 | 1,792,116 | 1,598,323 |
Equity in Income of Investees | 33,498 | 27,152 | 28,924 |
Operating Income | 345,848 | 358,552 | 325,521 |
Other Income (Expense): | |||
Interest income | 416 | 518 | 942 |
Interest expense | (35,758) | (31,014) | (35,320) |
Other – net | 85,207 | 34,116 | 22,599 |
Other Income (Expense) | 49,865 | 3,620 | (11,779) |
Total before tax | 395,713 | 362,172 | 313,742 |
Provision for Income Taxes | 89,425 | 82,976 | 69,065 |
Net Income | 306,288 | 279,196 | 244,677 |
Net Income Attributable to Noncontrolling Interest | (417) | (526) | (562) |
Net Income Attributable to BWX Technologies, Inc. | $ 305,871 | $ 278,670 | $ 244,115 |
Basic: | |||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 3.24 | $ 2.92 | $ 2.56 |
Diluted: | |||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 3.24 | $ 2.91 | $ 2.55 |
Shares used in the computation of earnings per share (Note 17): | |||
Basic (in shares) | 94,278,894 | 95,457,193 | 95,377,414 |
Diluted (in shares) | 94,518,422 | 95,726,497 | 95,810,538 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 306,288 | $ 279,196 | $ 244,677 |
Other Comprehensive Income (Loss): | |||
Currency translation adjustments | 6,173 | 15,685 | 5,263 |
Derivative financial instruments: | |||
Unrealized losses arising during the period, net of tax benefit of $170, $24 and $442, respectively | (500) | (73) | (1,586) |
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(103), $173 and $(310), respectively | 302 | (487) | 888 |
Benefit obligations: | |||
Unrecognized losses arising during the period, net of tax benefit of $1,301, $513 and $1,274, respectively | (4,415) | (1,820) | (4,249) |
Recognition of benefit plan costs, net of tax benefit of $(624), $(645) and $(562), respectively | 2,295 | 2,532 | 2,030 |
Investments: | |||
Unrealized gains (losses) arising during the period, net of tax provision of $(24), $(56) and $(3), respectively | 90 | (191) | 418 |
Other Comprehensive Income (Loss) | 3,945 | 15,646 | 2,764 |
Total Comprehensive Income | 310,233 | 294,842 | 247,441 |
Comprehensive Income Attributable to Noncontrolling Interest | (417) | (526) | (562) |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 309,816 | $ 294,316 | $ 246,879 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Derivative financial instruments, unrealized (losses) gains, tax benefit (provision) | $ 170 | $ 24 | $ 442 |
Derivative financial instruments, reclassification adjustment, unrealized tax provision (benefit) | (103) | 173 | (310) |
Benefit obligations, recognition of plan costs, tax benefit | 1,301 | 513 | 1,274 |
Benefit obligations, recognition of plan costs, tax benefit | (624) | (645) | (562) |
Investments, unrealized (losses) gains, tax provision | $ (24) | $ (56) | $ (3) |
Consolidated Statements of Stoc
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 |
Balance (in shares) at Dec. 31, 2018 | 125,871,866 | |||||||||||
Balance at Dec. 31, 2018 | $ 235,701 | $ (1,142) | $ 1,259 | $ 115,725 | $ 1,166,762 | $ (1,219) | $ (10,289) | $ 77 | $ (1,037,795) | $ 235,662 | $ (1,142) | $ 39 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 244,677 | 244,115 | 244,115 | 562 | ||||||||
Dividends declared | (65,275) | (65,275) | (65,275) | |||||||||
Currency translation adjustments | 5,263 | 5,263 | 5,263 | |||||||||
Derivative financial instruments | (698) | (698) | (698) | |||||||||
Defined benefit obligations | (2,219) | (2,219) | (2,219) | |||||||||
Available-for-sale investments | 418 | 418 | 418 | |||||||||
Exercises of stock options (in shares) | 246,967 | |||||||||||
Exercises of stock options | 5,625 | $ 2 | 5,623 | 5,625 | ||||||||
Shares placed in treasury | (30,369) | (30,369) | (30,369) | |||||||||
Stock-based compensation charges (in shares) | 460,452 | |||||||||||
Stock-based compensation charges | 12,726 | $ 5 | 12,721 | 12,726 | ||||||||
Distributions to noncontrolling interests | (595) | (595) | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 126,579,285 | |||||||||||
Balance at Dec. 31, 2019 | 404,112 | 0 | $ 1,266 | 134,069 | 1,344,383 | 0 | (7,448) | 0 | (1,068,164) | 404,106 | 0 | 6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 279,196 | 278,670 | 278,670 | 526 | ||||||||
Dividends declared | (73,103) | (73,103) | (73,103) | |||||||||
Currency translation adjustments | 15,685 | 15,685 | 15,685 | |||||||||
Derivative financial instruments | (560) | (560) | (560) | |||||||||
Defined benefit obligations | 712 | 712 | 712 | |||||||||
Available-for-sale investments | (191) | (191) | (191) | |||||||||
Exercises of stock options (in shares) | 95,750 | |||||||||||
Exercises of stock options | 2,891 | $ 1 | 2,890 | 2,891 | ||||||||
Shares placed in treasury | (27,288) | (27,288) | (27,288) | |||||||||
Stock-based compensation charges (in shares) | 334,501 | |||||||||||
Stock-based compensation charges | 16,844 | $ 3 | 16,841 | 16,844 | ||||||||
Distributions to noncontrolling interests | $ (530) | (530) | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 127,009,536 | 127,009,536 | ||||||||||
Balance at Dec. 31, 2020 | $ 617,768 | $ 0 | $ 1,270 | 153,800 | 1,549,950 | $ 0 | 8,198 | $ 0 | (1,095,452) | 617,766 | $ 0 | 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 306,288 | 305,871 | 305,871 | 417 | ||||||||
Dividends declared | (80,070) | (80,070) | (80,070) | |||||||||
Currency translation adjustments | 6,173 | 6,173 | 6,173 | |||||||||
Derivative financial instruments | (198) | (198) | (198) | |||||||||
Defined benefit obligations | (2,120) | (2,120) | (2,120) | |||||||||
Available-for-sale investments | 90 | 90 | 90 | |||||||||
Exercises of stock options (in shares) | 76,682 | |||||||||||
Exercises of stock options | 1,878 | $ 0 | 1,878 | 1,878 | ||||||||
Shares placed in treasury | (230,828) | (230,828) | (230,828) | |||||||||
Stock-based compensation charges (in shares) | 225,767 | |||||||||||
Stock-based compensation charges | 18,613 | $ 3 | 18,610 | 18,613 | ||||||||
Distributions to noncontrolling interests | $ (359) | (359) | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 127,311,985 | 127,311,985 | ||||||||||
Balance at Dec. 31, 2021 | $ 637,235 | $ 1,273 | $ 174,288 | $ 1,775,751 | $ 12,143 | $ (1,326,280) | $ 637,175 | $ 60 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (usd per share) | $ 0.84 | $ 0.76 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 306,288 | $ 279,196 | $ 244,677 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 69,080 | 60,674 | 61,722 |
Income of investees, net of dividends | (13,023) | (2,147) | (7,969) |
Provision for deferred taxes | 40,091 | 7,890 | 3,794 |
Recognition of (gains) losses for pension and postretirement plans | (36,647) | 9,548 | 6,222 |
Stock-based compensation expense | 18,613 | 16,844 | 12,726 |
Premium for early redemption of senior notes | 10,752 | 0 | 0 |
Recognition of debt issuance costs from former debt instruments | 4,212 | 665 | 0 |
Other, net | 1,401 | (1,457) | 963 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | 84,006 | (98,302) | 15,605 |
Accounts payable | 28,795 | (1,241) | 44,592 |
Retainages | 3,875 | (8,578) | 11,477 |
Contracts in progress and advance billings on contracts | (67,137) | (53,242) | (78,645) |
Income taxes | 4,116 | 1,157 | (3,833) |
Accrued and other current liabilities | (1,991) | 6,843 | (14,135) |
Pension liabilities, accrued postretirement benefit obligations and employee benefits | (69,424) | (29,311) | (8,822) |
Other, net | 3,019 | 7,903 | (9,006) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 386,026 | 196,442 | 279,368 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (311,052) | (255,027) | (182,124) |
Acquisition of businesses | 0 | (15,905) | 0 |
Purchases of securities | (4,739) | (4,232) | (4,208) |
Sales and maturities of securities | 5,553 | 6,360 | 5,874 |
Other, net | 5,585 | 3,485 | 463 |
NET CASH USED IN INVESTING ACTIVITIES | (304,653) | (265,319) | (179,995) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings of long-term debt | 1,324,300 | 844,500 | 699,600 |
Repayments of long-term debt | (999,300) | (794,676) | (654,095) |
Premium for early redemption of senior notes | (10,752) | 0 | 0 |
Payment of debt issuance costs | (4,838) | (6,803) | 0 |
Borrowings and repayments of bank overdraft | (88,694) | 88,694 | 0 |
Repurchases of common stock | (225,786) | (21,960) | (20,000) |
Dividends paid to common shareholders | (79,668) | (72,940) | (65,374) |
Exercises of stock options | 2,033 | 2,812 | 4,446 |
Cash paid for shares withheld to satisfy employee taxes | (5,042) | (5,249) | (9,190) |
Other, net | (2,389) | (9,332) | 900 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (90,136) | 25,046 | (43,713) |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 240 | (271) | 332 |
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (8,523) | (44,102) | 55,992 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 48,298 | 92,400 | 36,408 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | 39,775 | 48,298 | 92,400 |
Cash paid during the period for: | |||
Interest | 50,840 | 38,267 | 39,670 |
Income taxes (net of refunds) | 44,949 | 73,589 | 70,056 |
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | |||
Accrued capital expenditures included in accounts payable | $ 27,495 | $ 51,492 | $ 39,528 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES We have presented the consolidated financial statements of BWX Technologies, Inc. ("BWXT") in U.S. dollars in accordance with accounting principles generally accepted in the United States ("GAAP"). We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at December 31, 2021 and for the year ended December 31, 2021. On June 30, 2015, we completed the spin-off of our former Power Generation business (the "spin-off") into an independent, publicly traded company named Babcock & Wilcox Enterprises, Inc. ("BWE"). We present the notes to our consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. 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 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. • 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 including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("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 is 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 15 and Note 3 for financial information about our segments. During the first quarter of 2022, we made changes to our reportable segments to better align our businesses by their government and commercial nature, which reflects the manner in which resources will be allocated and operating performance will be assessed going forward. Beginning with first quarter of 2022 reporting, our reportable segments will be Government Operations and Commercial Operations, and both segments will now include research and development and certain commercialization activities associated with new technologies previously reported centrally, outside of our reportable segments. Our Government Operations segment will consist of our legacy Nuclear Operations Group and Nuclear Services Group segments with certain research and development activities in the areas of advanced reactors and autonomous manufacturing. Our Commercial Operations segment will consist of our legacy Nuclear Power Group with certain research and development and commercialization activities in the areas of medical and industrial radioisotopes. 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 There were no accounting standards adopted during the year ended December 31, 2021 that had an impact on our financial position, results of operations, cash flows or disclosures. Use of Estimates We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include estimates of costs to complete long-term contracts and the associated revenues, estimates of the fair value of acquired intangible and other assets, estimates we make in selecting assumptions related to the valuations of our pension and postretirement benefit plans, including the selection of our discount rates, mortality and expected rates of return on our pension plan assets and estimates we make in evaluating our asset retirement obligations. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. 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. Warranty Expense We accrue estimated warranty expense, included in Cost of operations on our consolidated statements of income, to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. The following summarizes the changes in the carrying amount of Accrued warranty expense: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 5,292 $ 9,042 $ 10,344 Additions 924 1,341 2,232 Expirations and other changes (1) (424) (1,624) (2,728) Payments (605) (1,026) (1,065) Translation and other (2) 134 (2,441) 259 Balance at end of period $ 5,321 $ 5,292 $ 9,042 (1) Includes discounts provided to customers in satisfaction of warranty obligations totaling $(1.2) million in the year ended December 31, 2019. (2) Includes $(2.5) million related to the divestiture of the U.S.-based commercial nuclear services business during the year ended December 31, 2020. Stock-Based Compensation We expense stock-based compensation in accordance with FASB Topic Compensation – Stock Compensation. Under this topic, the fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Grant date fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Under the provisions of this FASB topic, we recognize expense for all share-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. This topic requires compensation expense to be recognized such that compensation expense is recorded only for those awards expected to vest. As a result, we periodically review the amount of actual forfeitures and record any adjustments deemed necessary each reporting period. We also recognize excess tax benefits in our provision for income taxes. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. See Note 9 for a further discussion of stock-based compensation. Grant Accounting We recognize amounts related to grants as a reduction of expense in the period in which the related costs for which the grants are intended to compensate are recognized and we are reasonably assured to receive payment. On April 11, 2020, the Canadian Government enacted the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan to prevent large layoffs and help employers offset a portion of their employee salaries and wages for a limited period. During the years ended December 31, 2021 and 2020, we recognized subsidies under the CEWS as offsets to operating expenses of $5.4 million and $20.4 million, respectively. Research and Development Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis. Research and development activities totaled $31.4 million, $40.8 million and $66.9 million in the years ended December 31, 2021, 2020 and 2019, respectively. This includes amounts paid for by our customers of $20.3 million, $26.6 million and $49.2 million, in the years ended December 31, 2021, 2020 and 2019, respectively. Capitalization of Interest Cost We capitalize interest in accordance with FASB Topic Interest . We incurred total interest of $51.1 million, $40.8 million and $41.4 million in the years ended December 31, 2021, 2020 and 2019, respectively, of which we capitalized $15.3 million, $9.8 million and $6.1 million in the years ended December 31, 2021, 2020 and 2019, respectively. Income Taxes Income tax expense for federal, foreign, state and local income taxes is calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Provision for Income Taxes on our consolidated statements of income. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries, and unrecognized deferred income tax liabilities, including withholding taxes, would be payable upon distribution of these earnings. We consider the earnings of our non-U.S. subsidiaries to be permanently reinvested. Earnings Per Share We have computed earnings per common share on the basis of the weighted-average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We issue a number of forms of stock-based compensation periodically, including incentive and non-qualified stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in our computation of diluted earnings per share when related performance criteria have been met. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Our cash equivalents are highly liquid investments with maturities of three months or less when we purchase them. We record cash and cash equivalents as restricted when we are unable to freely use such cash and cash equivalents for our general operating purposes. At December 31, 2021, we had restricted cash and cash equivalents totaling $5.9 million, $3.0 million of which was held for future decommissioning of facilities (which is included in Other Assets on our consolidated balance sheets) and $2.9 million of which was held to meet reinsurance reserve requirements of our captive insurer. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets to the totals presented on our consolidated statements of cash flows: December 31, 2021 2020 (In thousands) Cash and cash equivalents $ 33,891 $ 42,610 Restricted cash and cash equivalents 2,896 3,070 Restricted cash and cash equivalents included in Other Assets 2,988 2,618 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our consolidated statements of cash flows $ 39,775 $ 48,298 Investments Our investment portfolio consists primarily of U.S. Government securities, corporate bonds and equities and mutual funds. Our debt securities are carried at fair value and are either classified as trading, with unrealized gains and losses reported in earnings, or as available-for-sale, with the unrealized gains and losses, net of tax, reported as a component of Accumulated other comprehensive income. Our equity securities are carried at fair value with the unrealized gains and losses reported in earnings. We classify investments available for current operations in the consolidated balance sheets as current assets, while we classify investments held for long-term purposes as non-current assets. We adjust the amortized cost of debt securities for amortization of premiums and accretion of discounts to maturity, and such adjustments are included in Interest income. We include realized gains and losses on our investments in Other – net. The cost of securities sold is based on the specific identification method. We include interest on investments in Interest income. Inventories We carry our inventory at the lower of cost or net realizable value using either the weighted average or first-in, first-out methods. At December 31, 2021 and 2020, Other current assets included inventories totaling $16.3 million and $15.0 million, respectively, consisting entirely of raw materials and supplies. Property, Plant and Equipment We carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight three Property, plant and equipment is stated at cost and is set forth below: December 31, 2021 2020 (In thousands) Land $ 9,538 $ 9,585 Buildings 321,872 267,808 Machinery and equipment 957,423 827,785 Property under construction 487,856 420,374 1,776,689 1,525,552 Less: Accumulated depreciation 731,049 709,081 Property, Plant and Equipment, Net $ 1,045,640 $ 816,471 Goodwill Goodwill represents the excess of the cost of our acquired businesses over the fair value of the net assets acquired. We perform testing of goodwill for impairment annually or more frequently whenever events or circumstances indicate the carrying value of goodwill may be impaired. We may elect to perform a qualitative test when we believe that there is sufficient excess fair value over carrying value based on our most recent quantitative assessment, adjusted for relevant events and circumstances that could affect fair value during the current year. If we conclude based on this assessment that it is more likely than not that the reporting unit is not impaired, we do not perform a quantitative impairment test. In all other circumstances, we compare the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying value, no impairment charge is recorded. If the carrying amount of a reporting unit exceeds its fair value, an impairment charge is recorded to goodwill in the amount by which carrying value exceeds fair value. The following summarizes the changes in the carrying amount of Goodwill: Nuclear Nuclear Nuclear Total (In thousands) Balance at December 31, 2019 $ 110,939 $ 119,563 $ 45,000 $ 275,502 Acquisition of Precision Manufacturing (Note 2) — 5,753 — 5,753 Translation — 2,453 — 2,453 Balance at December 31, 2020 $ 110,939 $ 127,769 $ 45,000 $ 283,708 Translation — 1,794 — 1,794 Balance at December 31, 2021 $ 110,939 $ 129,563 $ 45,000 $ 285,502 Investments in Unconsolidated Affiliates We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which we are unable to exert significant influence are carried at fair value. Intangible Assets Intangible assets are recognized at fair value when acquired. Intangible assets with definite lives are amortized to Costs and Expenses using the straight-line method over their estimated useful lives and tested for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets with indefinite lives are not amortized and are subject to annual impairment testing. We may elect to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment to determine whether events or circumstances affecting significant inputs related to the most recent quantitative evaluation have occurred, indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Otherwise, we test indefinite-lived intangible assets for impairment by quantitatively determining the fair value of the indefinite-lived intangible asset and comparing the fair value of the intangible asset to its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, we recognize impairment for the amount of the difference. Our Intangible Assets were as follows: December 31, 2021 2020 2019 (In thousands) Amortized intangible assets: Gross cost: Technical support agreement $ 69,781 $ 68,785 $ 67,423 Customer relationships 40,247 39,954 39,555 Unpatented technology 38,073 37,529 36,785 CNSC class 1B nuclear facility license 26,911 26,528 26,002 Acquired backlog 7,595 7,487 — Patented technology 792 780 765 All other 871 858 2,200 Total $ 184,270 $ 181,921 $ 172,730 Accumulated amortization: Technical support agreement $ (10,366) $ (7,227) $ (4,153) Customer relationships (18,176) (15,996) (13,841) Unpatented technology (6,398) (4,584) (2,805) CNSC class 1B nuclear facility license (4,521) (3,573) (2,635) Acquired backlog (2,531) (1,248) — Patented technology (363) (286) (212) All other (194) (86) (1,522) Total $ (42,549) $ (33,000) $ (25,168) Net amortized intangible assets $ 141,721 $ 148,921 $ 147,562 Unamortized intangible assets: NRC category 1 license $ 43,830 $ 43,830 $ 43,830 The following summarizes the changes in the carrying amount of Intangible Assets: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 192,751 $ 191,392 $ 228,676 Acquisitions (Note 2) — 8,180 — Amortization expense (9,329) (8,824) (9,128) Reclassification of right-of-use assets — — (33,866) Translation and other (1) 2,129 2,003 5,710 Balance at end of period $ 185,551 $ 192,751 $ 191,392 (1) Includes $(0.6) million related to the divestiture of the U.S.-based commercial nuclear services business during the year ended December 31, 2020. Estimated amortization expense for the next five fiscal years is as follows (amounts in thousands): Year Ended December 31, Amount 2022 $ 9,257 2023 $ 9,257 2024 $ 9,257 2025 $ 9,257 2026 $ 7,991 Leases We lease certain manufacturing facilities, office space and equipment under operating leases with terms of one one Other Assets Accrued liabilities – other Other Liabilities During the year ended December 31, 2021, we recognized lease expense of $8.4 million, which included $1.7 million related to the amortization of favorable lease agreements, and paid cash of $6.7 million for our operating leases. During the years ended December 31, 2020 and 2019, we recognized lease expense of $7.7 million and $8.1 million, respectively. At December 31, 2021, our weighted-average remaining lease term was 6.7 years, and for the purpose of measuring the present value of our lease liabilities, the weighted-average discount rate was 4.19%. The maturities of our lease liabilities at December 31, 2021 were as follows (amounts in thousands): 2022 $ 3,979 2023 2,664 2024 2,225 2025 1,849 2026 1,831 Thereafter 5,025 Total lease payments $ 17,573 Less: Interest (2,445) Present value of lease liabilities (1) $ 15,128 (1) Includes current lease liabilities of $3.9 million. At December 31, 2021, our right-of-use assets totaled $46.4 million. The difference between the right-of-use assets and lease liabilities was primarily the result of our adoption of the update to the FASB Topic Leases on January 1, 2019, which resulted in reclassifications from Intangible Assets of favorable leases related to acquisitions. Deferred Debt Issuance Costs We have included deferred debt issuance costs in the consolidated balance sheets as a direct deduction from the carrying amount of our debt liability. We amortize deferred debt issuance costs as interest expense over the life of the related debt. The following summarizes the changes in the carrying amount of these assets: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 12,269 $ 8,006 $ 9,583 Additions 4,838 6,803 — Interest expense (1) (6,411) (2,540) (1,577) Balance at end of period $ 10,696 $ 12,269 $ 8,006 (1) Includes the recognition of prior deferred debt issuance costs associated with former debt instruments of $(4.2) million and $(0.7) million for the years ended December 31, 2021 and 2020, respectively. Pension Plans and Postretirement Benefits We sponsor various defined benefit pension and postretirement benefit plans covering certain employees of our U.S. and Canadian subsidiaries. We utilize actuarial valuations to calculate the cost and benefit obligations of our pension and postretirement benefits. The actuarial valuations utilize significant assumptions in the determination of our benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends. We determine our discount rate based on a yield curve comprising rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement benefit plan obligations. The expected rate of return on plan assets assumption is based on capital market assumptions of the long-term expected returns for the investment mix of assets currently in the portfolio. The expected rate of return on plan assets is determined to be the weighted-average of the nominal returns based on the weightings of the classes within the total asset portfolio. Expected health care cost trends represent expected annual rates of change in the cost of health care benefits and are estimated based on analysis of health care cost inflation. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we immediately recognize net actuarial gains and losses in earnings as a component of net periodic benefit cost. Recognized net actuarial gains and losses consist primarily of our reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets. We recognize the funded status of each plan as either an asset or a liability in the consolidated balance sheets. The funded status is the difference between the fair value of plan assets and the present value of its benefit obligation, determined on a plan-by-plan basis. Our pension plan assets can include assets that are difficult to value. See Note 7 for detailed information regarding our plan assets. Asset Retirement Obligations and Environmental Cleanup Costs We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility's service life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission ("NRC") and the Canadian Nuclear Safety Commission ("CNSC"). In accordance with the FASB Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. When we acquire a business that has an asset retirement obligation, the asset retirement obligation is recognized at fair value without a corresponding increase to the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of cleanup activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. Given the long-lived nature of these facilities, we are required to estimate retirement costs that will be incurred in the future, which may extend up to 40 years at the time the asset retirement obligation is established. Due to the significance of the remaining useful life of these facilities, the timing of retirement and future costs for material components of the asset retirement obligations, such as labor and waste disposal fees, could differ from our estimates. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. Substantially all of our asset retirement obligations relate to the remediation of our nuclear analytical laboratory and the NFS facility in our Nuclear Operations Group segment as well as certain facilities in our Nuclear Power Group segment. The following summarizes the changes in the carrying amount of these liabilities: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 78,110 $ 77,288 $ 90,822 Costs incurred (215) (1,608) (10,380) Additions/adjustments — (3,284) (5,030) Acquisitions — — — Accretion 5,996 5,343 5,379 Translation and other (1) 241 371 (3,503) Balance at end of period (2) $ 84,132 $ 78,110 $ 77,288 (1) Includes an adjustment of $(4.3) million to correct the business combination accounting for our 2016 acquisition during the year ended December 31, 2019. (2) Includes current asset retirement obligations of $4.7 million, $2.8 million and $5.7 million at December 31, 2021, 2020 and 2019, respectively. Self-Insurance We have a wholly owned insurance subsidiary that provides employer's liability, general and automotive liability and primary workers' compensation insurance and, from time to time, builder's risk insurance (within certain limits) to our companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. Included in Other Liabilities on our consolidated balance sheets are reserves for self-insurance totaling $4.5 million and $5.0 million at December 31, 2021 and 2020, respectively. Loss Contingencies We accrue liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. We provide disclosure when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not r |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS Laker Energy Products Ltd. On January 2, 2020, our subsidiary BWXT Canada Ltd. acquired Laker Energy Products Ltd., which was renamed BWXT Precision Manufacturing Inc. ("Precision Manufacturing"), for CAD 23.3 million ($17.8 million U.S. dollar equivalent). We were subject to the payment of contingent consideration of which we had recognized CAD 2.5 million as a component of the purchase price. Our purchase price allocation resulted in the recognition of $8.4 million of Property, Plant and Equipment, Net, $8.2 million of Intangible Assets and $5.8 million of Goodwill. In addition, we recognized right-of-use assets and lease |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Contracts and Revenue Recognition Nuclear Operations Group Our Nuclear Operations Group segment recognizes revenue over time for the manufacturing of naval nuclear reactor components and fuel, submarine missile launch tubes and the downblending of high-enriched uranium. Certain of our contracts contain two or more different types of components, each of which we identify as a separate performance obligation. We recognize revenue using a cost-to-cost method to measure progress as control is continually transferred to the customer as we incur costs on the performance obligations. We allocate revenue to the individual performance obligations within contracts with multiple performance obligations based on the stand-alone selling price of the individual performance obligations. Our fixed-price incentive fee contracts include incentives that we concluded to be variable consideration. The amount of the variable consideration to which we are entitled is dependent on our actual costs incurred on the performance obligation compared to the target costs for that performance obligation and subject to incentive price revisions included within the contracts. We include these incentive fees in revenue when there is sufficient evidence to determine that the variable consideration is not constrained. The remaining contracts typically have immaterial amounts of variable consideration and have a single performance obligation. Our estimates of variable consideration and total estimated costs at completion are determined through a detailed process based on historical performance and our expertise using the most likely method. Variations from estimated contract performance could result in a material effect on our financial condition and results of operations in future periods. Our Nuclear Operations Group segment's contracts primarily allow for billings as costs are incurred, subject to certain retainages on our fixed-price incentive fee contracts that require milestones to be reached for the remaining consideration to be paid. Our fuel and downblending contracts allow billing when we achieve certain milestones related to our progress. Nuclear Power Group Our Nuclear Power Group segment recognizes revenue over time using a cost-to-cost method for the manufacturing of large components, non-standard parts, fuel bundles and service contracts as control continually transfers to the customers. For standard parts, revenue is recognized at the point in time control transfers to the customer, which is consistent with the transfer of ownership. For medical radioisotopes, we recognize revenue either at the point in time control transfers to the customer or over time using a unit of output method. This segment generates revenue primarily from firm-fixed-price contracts that do not contain variable consideration as well as time-and-materials based contracts. Certain of these contracts contain assurance warranties and/or provisions for liquidated damages, which are expected to have an immaterial impact to the contracts based on our historical experience. We are entitled to payment on the majority of our Nuclear Power Group segment contracts when we achieve certain milestones related to our progress. Nuclear Services Group Our contracts within our Nuclear Services Group segment are primarily cost-plus service contracts on which we recognize revenue over time based on a cost-to-cost method, which is consistent with the structure of the billings associated with these contracts. Ownership continuously transfers to the customer as we perform the services. The contracts within this segment do not contain significant variable consideration and contain a single performance obligation. Disaggregated Revenues We allocate geographic revenues based on the location of the customers' operations. Revenues by geographic area and customer type were as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 1,527,704 $ — $ 114,465 $ 1,642,169 $ 1,540,256 $ — $ 113,075 $ 1,653,331 $ 1,368,555 $ — $ 111,236 $ 1,479,791 Non-Government 87,809 44,102 5,560 137,471 98,986 35,432 19,061 153,479 51,802 38,058 17,907 107,767 $ 1,615,513 $ 44,102 $ 120,025 $ 1,779,640 $ 1,639,242 $ 35,432 $ 132,136 $ 1,806,810 $ 1,420,357 $ 38,058 $ 129,143 $ 1,587,558 Canada: Non-Government $ — $ 345,412 $ 3,417 $ 348,829 $ — $ 309,433 $ 4,357 $ 313,790 $ — $ 287,948 $ 2,196 $ 290,144 Other: Non-Government $ 7,085 $ 17,568 $ 96 $ 24,749 $ 7,015 $ 26,404 $ — $ 33,419 $ 8,230 $ 26,634 $ — $ 34,864 Segment Revenues $ 1,622,598 $ 407,082 $ 123,538 2,153,218 $ 1,646,257 $ 371,269 $ 136,493 2,154,019 $ 1,428,587 $ 352,640 $ 131,339 1,912,566 Eliminations (29,144) (30,503) (17,646) Revenues $ 2,124,074 $ 2,123,516 $ 1,894,920 Revenues by timing of transfer of goods or services were as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) (In thousands) Over time $ 1,622,462 $ 355,477 $ 123,538 $ 2,101,477 $ 1,646,092 $ 322,745 $ 136,493 $ 2,105,330 $ 1,428,348 $ 305,075 $ 131,339 $ 1,864,762 Point-in-time 136 51,605 — 51,741 165 48,524 — 48,689 239 47,565 — 47,804 Segment Revenues $ 1,622,598 $ 407,082 $ 123,538 2,153,218 $ 1,646,257 $ 371,269 $ 136,493 2,154,019 $ 1,428,587 $ 352,640 $ 131,339 1,912,566 Eliminations (29,144) (30,503) (17,646) Revenues $ 2,124,074 $ 2,123,516 $ 1,894,920 Revenues by contract type were as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) (In thousands) Fixed-Price Incentive Fee $ 1,244,916 $ 9,279 $ — $ 1,254,195 $ 1,226,770 $ 1,578 $ — $ 1,228,348 $ 1,137,883 $ 2,511 $ — $ 1,140,394 Firm-Fixed-Price 271,656 307,200 38,151 617,007 306,296 296,394 32,334 635,024 210,631 282,014 26,163 518,808 Cost-Plus Fee 104,365 — 73,621 177,986 112,479 — 94,320 206,799 79,741 755 102,726 183,222 Time-and-Materials 1,661 90,603 11,766 104,030 712 73,297 9,839 83,848 332 67,360 2,450 70,142 Segment Revenues $ 1,622,598 $ 407,082 $ 123,538 2,153,218 $ 1,646,257 $ 371,269 $ 136,493 2,154,019 $ 1,428,587 $ 352,640 $ 131,339 1,912,566 Eliminations (29,144) (30,503) (17,646) Revenues $ 2,124,074 $ 2,123,516 $ 1,894,920 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 years ended December 31, 2021, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $30.7 million, $44.9 million and $70.9 million, respectively, as well as increases (decreases) in cost of operations of $4.2 million, $2.1 million and $(0.7) 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 and costs recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled receivables. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. During the year ended December 31, 2021, our unbilled receivables increased $92.4 million primarily as a result of fixed-price incentive fee contracts within our Nuclear Operations Group segment and the timing of milestone billings on certain firm-fixed-price contracts within our Nuclear Power Group segment. During the year ended December 31, 2021, our Advance billings on contracts increased $28.0 million primarily as a result of billings in excess of revenue recognized on certain firm-fixed-price contracts within our Nuclear Operations Group segment. 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. December 31, December 31, 2021 2020 (In thousands) Included in Contracts in progress: Unbilled receivables $ 528,644 $ 436,279 Retainages $ 51,507 $ 55,172 Included in Other Assets: Retainages $ 1,271 $ 1,488 Advance billings on contracts $ 111,619 $ 83,581 Retainages expected to be collected after one year are included in Other Assets. Of the long-term retainages at December 31, 2021, we anticipate collecting $0.3 million in 2023 and $1.0 million in 2024. During the years ended December 31, 2021 and 2020, we recognized $67.5 million and $51.5 million of revenue that was in Advance billings on contracts at the beginning of each year, 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 December 31, 2021, we expect to recognize revenues as follows: 2022 2023 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,573 $ 1,102 $ 1,836 $ 4,511 Nuclear Power Group 260 142 242 644 Nuclear Services Group 21 — — 21 Total Remaining Performance Obligations $ 1,854 $ 1,244 $ 2,078 $ 5,176 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS We have investments in entities that we account for using the equity method. Our share of the undistributed earnings of our equity method investees were $39.4 million and $26.6 million at December 31, 2021 and 2020, respectively. These amounts are included in Investments in Unconsolidated Affiliates on our consolidated balance sheets. The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method: December 31, 2021 2020 (In thousands) Current assets $ 546,233 $ 492,025 Noncurrent assets 634 970 Total Assets $ 546,867 $ 492,995 Current liabilities $ 284,821 $ 270,536 Owners' equity 262,046 222,459 Total Liabilities and Owners' Equity $ 546,867 $ 492,995 Year Ended December 31, 2021 2020 2019 (In thousands) Revenues $ 4,254,635 $ 3,980,066 $ 3,716,548 Gross profit $ 159,935 $ 142,709 $ 133,170 Net income $ 156,994 $ 139,988 $ 130,949 Reimbursable costs recorded in revenues by the unconsolidated joint ventures in our Nuclear Services Group segment totaled $4,102.9 million, $3,851.5 million and $3,516.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Income taxes for the investees are the responsibility of the respective owners. Accordingly, no provision for income taxes has been recorded by the investees. Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Equity income based on stated ownership percentages $ 31,870 $ 27,266 $ 28,272 Timing of GAAP and other adjustments 1,628 (114) 652 Equity in income of investees $ 33,498 $ 27,152 $ 28,924 Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Sales to $ 11,838 $ 12,186 $ 14,668 Dividends received $ 20,475 $ 25,005 $ 20,955 Capital contributions, net of returns $ — $ (88) $ (255) At December 31, 2021 and 2020, Accounts receivable - other included amounts due from unconsolidated affiliates of $1.6 million and $2.5 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. We are currently under audit by various state authorities. With few exceptions, we do not have any returns under examination for years prior to 2017. We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 5,852 $ 3,899 $ 274 Increases based on tax positions taken in the current year 964 2,075 3,736 Increases based on tax positions taken in the prior years — — — Decreases based on tax positions taken in the prior years — — — Decreases due to settlements with tax authorities (6,775) — — Decreases due to lapse of applicable statute of limitation (41) (123) (127) Other, net — 1 16 Balance at end of period $ — $ 5,852 $ 3,899 Deferred income taxes reflect the net tax effects of temporary differences between the financial and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 (In thousands) Deferred tax assets: Pension liability $ 12,047 $ 31,152 Accrued warranty expense 1,363 1,338 Accrued vacation pay 7,633 7,442 Accrued liabilities for self-insurance (including postretirement health care benefits) 2,095 2,602 Accrued liabilities for executive and employee incentive compensation 10,733 13,312 Environmental and products liabilities 21,050 20,261 Lease liabilities 3,667 2,155 Investments in joint ventures and affiliated companies 2,283 1,148 Long-term contracts 21,562 15,974 Accrued payroll taxes 4,753 4,828 U.S. federal tax credits and loss carryforward 7,023 7,224 U.S. state tax credits and loss carryforward 4,866 6,819 Foreign tax credit and loss carryforward 16,477 9,919 Other 2,568 4,961 Total deferred tax assets 118,120 129,135 Valuation allowance for deferred tax assets (13,218) (12,892) Deferred tax assets 104,902 116,243 Deferred tax liabilities: Property, plant and equipment 66,636 39,315 Right-of-use lease assets 11,666 10,509 Intangibles 16,365 17,004 Total deferred tax liabilities 94,667 66,828 Net deferred tax assets $ 10,235 $ 49,415 The components of Income before Provision for Income Taxes were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) U.S. $ 343,091 $ 314,150 $ 270,569 Other than U.S. 52,622 48,022 43,173 Income before Provision for Income Taxes $ 395,713 $ 362,172 $ 313,742 The components of Provision for Income Taxes were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Current: U.S. – federal $ 31,535 $ 53,340 $ 47,693 U.S. – state and local 1,030 7,587 2,180 Other than U.S. 16,769 14,159 15,398 Total current 49,334 75,086 65,271 Deferred: U.S. – federal 40,463 10,852 7,975 U.S. – state and local 3,473 (536) 872 Other than U.S. (3,845) (2,426) (5,053) Total deferred 40,091 7,890 3,794 Provision for Income Taxes $ 89,425 $ 82,976 $ 69,065 The following is a reconciliation of our income tax provision from the U.S. statutory federal tax rate to our consolidated effective tax rate: Year Ended December 31, 2021 2020 2019 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local income taxes 1.1 % 1.9 % 1.0 % Foreign rate differential 0.6 % 0.6 % 0.6 % Excess tax deductions on equity compensation (0.1) % (0.3) % (0.7) % Other — % (0.3) % 0.1 % Effective tax rate 22.6 % 22.9 % 22.0 % At December 31, 2021, we had a valuation allowance of $13.2 million for deferred tax assets, which we expect cannot be realized through carrybacks, future reversals of existing taxable temporary differences and our estimate of future taxable income. We believe that our remaining deferred tax assets are more likely than not realizable through carrybacks, future reversals of existing taxable temporary differences, our estimate of future taxable income and potential tax planning. Any changes to our estimated valuation allowance could be material to our consolidated financial statements. The following is an analysis of our valuation allowance for deferred tax assets: Beginning Charges To Charged To Ending (In thousands) Year Ended December 31, 2021 $ (12,892) (326) — $ (13,218) Year Ended December 31, 2020 $ (13,578) 771 (85) $ (12,892) Year Ended December 31, 2019 $ (13,257) (414) 93 $ (13,578) We have domestic federal and foreign capital losses of $9.3 million available to offset future capital gains. The domestic federal capital losses begin to expire in 2023, while the foreign capital losses have an indefinite carryforward period. We are carrying a full valuation allowance of $9.3 million against the deferred tax asset related to these domestic federal and foreign capital loss carryforwards. In addition, we have state credits and state net operating losses of $6.1 million ($4.9 million net of federal tax benefit) available to offset future taxable income in various states. These state net operating loss carryforwards begin to expire in 2022. We are carrying a valuation allowance of $4.9 million ($3.9 million net of federal tax benefit) against the deferred tax asset related to the state credits and state loss carryforwards. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Our Long-Term Debt consists of the following: December 31, 2021 2020 (In thousands) Debt Instruments: Senior Notes $ 800,000 $ 800,000 Credit Facility 400,000 75,000 Long-Term Debt, gross 1,200,000 875,000 Less: Deferred debt issuance costs 10,696 12,269 Long-Term Debt $ 1,189,304 $ 862,731 Maturities of Long-Term Debt subsequent to December 31, 2021 were as follows: 2022 through 2024 – $0.0 million; 2025 – $400.0 million; 2026 – $0.0 million; and thereafter – $800.0 million. Credit Facility On March 24, 2020, we entered into an Amendment No. 1 to Credit Agreement, which amended the Credit Agreement dated as of May 24, 2018 (as amended, the "Credit Facility") with Wells Fargo Bank, N.A., as administrative agent, and the other lenders party thereto. The Credit Facility provides for a $750 million senior secured revolving credit facility (the "Revolving Credit Facility"). 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 December 31, 2021, 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 December 31, 2021, the margin for Eurocurrency rate and base rate revolving loans was 1.50% and 0.50%, respectively, the letter of credit fee for financial letters of credit and performance letters of credit was 1.50% and 0.90%, respectively, and the commitment fee for the unused portion of the Revolving Credit Facility was 0.20%. As of December 31, 2021, borrowings and letters of credit issued under the Revolving Credit Facility totaled $400.0 million and $36.2 million, respectively. As a result, as of December 31, 2021 we had $313.8 million available under the Revolving Credit Facility for borrowings and to meet letter of credit requirements. As of December 31, 2021, the interest rate on outstanding borrowings under our Credit Facility was 1.61%. 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 2026 We issued $400 million aggregate principal amount of 5.375% senior notes due 2026 (the "Senior Notes due 2026") pursuant to an indenture dated May 24, 2018, among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank National Association, as trustee. On July 15, 2021, using cash on hand and borrowings under the Credit Facility, we redeemed the Senior Notes due 2026 at a redemption price equal to 102.688% of the principal amount, resulting in an early redemption premium of $10.8 million and the write-off of deferred debt issuance costs totaling $4.2 million. These charges were recorded in our consolidated statement of income during the year ended December 31, 2021 as components of Other – net and Interest expense, respectively. Senior Notes due 2028 We issued $400 million aggregate principal amount of 4.125% senior notes due 2028 (the "Senior Notes due 2028") pursuant to an indenture dated June 12, 2020 (the "2020 Indenture"), among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank Trust Company, National Association (formerly known as U.S. Bank National Association) ("U.S. Bank"), as trustee. The Senior Notes due 2028 are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility. Interest on the Senior Notes due 2028 is payable semi-annually in cash in arrears on June 30 and December 30 of each year at a rate of 4.125% per annum. The Senior Notes due 2028 will mature on June 30, 2028. We may redeem the Senior Notes due 2028, in whole or in part, at any time on or after June 30, 2023 at a redemption price equal to (i) 102.063% of the principal amount to be redeemed if the redemption occurs during the 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, we may also redeem up to 40.0% of the Senior Notes due 2028 with net cash proceeds of certain equity offerings at a redemption price equal to 104.125% of the principal amount 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, we may redeem the Senior Notes due 2028, in whole or in part, at a redemption price equal to 100.0% of the principal amount 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 December 31, 2021, we were in compliance with all covenants set forth in the 2020 Indenture and the Senior Notes due 2028. Senior Notes due 2029 We issued $400 million aggregate principal amount of 4.125% senior notes due 2029 (the "Senior Notes due 2029") pursuant to an indenture dated April 13, 2021 (the "2021 Indenture"), among the Company, certain of our subsidiaries, as guarantors, and U.S. Bank, as trustee. The Senior Notes due 2029 are guaranteed by each of the Company's present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Credit Facility. Interest on the Senior Notes due 2029 is payable semi-annually in cash in arrears on April 15 and October 15 of each year at a rate of 4.125% per annum. The Senior Notes due 2029 will mature on April 15, 2029. We may redeem the Senior Notes due 2029, in whole or in part, at any time on or after April 15, 2024 at a redemption price equal to (i) 102.063% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on April 15, 2024, (ii) 101.031% of the principal amount to be redeemed if the redemption occurs during the twelve-month period beginning on April 15, 2025 and (iii) 100.0% of the principal amount to be redeemed if the redemption occurs on or after April 15, 2026, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to April 15, 2024, we may also redeem up to 40.0% of the Senior Notes due 2029 with net cash proceeds of certain equity offerings at a redemption price equal to 104.125% of the principal amount of the Senior Notes due 2029 to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to April 15, 2024, we may redeem the Senior Notes due 2029, in whole or in part, at a redemption price equal to 100.0% of the principal amount of the Senior Notes due 2029 to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable "make-whole" premium. The 2021 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2021 Indenture or the Senior Notes due 2029 and certain provisions related to bankruptcy events. The 2021 Indenture also contains customary negative covenants. As of December 31, 2021, we were in compliance with all covenants set forth in the 2021 Indenture and the Senior Notes due 2029. Other Arrangements We have posted surety bonds to support regulatory and contractual obligations for certain decommissioning responsibilities, projects and legal matters. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion, and the bonding facilities generally permit the surety, in its sole discretion, to terminate the facility or demand collateral. Although there can be no assurance that we will maintain our surety bonding capacity, we believe our current capacity is adequate to support our existing requirements for the next twelve months. In addition, these bonds generally indemnify the beneficiaries should we fail to perform our obligations under the applicable agreements. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue. As of December 31, 2021, bonds issued and outstanding under these arrangements totaled approximately $109.5 million. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | PENSION PLANS AND POSTRETIREMENT BENEFITS We have historically provided defined benefit retirement benefits, primarily through noncontributory pension plans, for most of our regular employees. Certain of our subsidiaries have made other benefits available to certain groups of employees, including postretirement health care and life insurance benefits. For salaried employees, all major U.S. and Canadian defined benefit retirement plans have been closed to new entrants, and benefit accruals have ceased. For hourly employees, certain defined benefit retirement plans have been closed to new entrants. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Assuming we continue as a government contractor, our contractual arrangements with the U.S. Government provide for the recovery of contributions to our pension and other postretirement benefit plans covering employees working primarily in our Nuclear Operations Group segment. Obligations and Funded Status Pension Benefits Other Benefits 2021 2020 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 1,414,055 $ 1,308,798 $ 61,086 $ 58,881 Service cost 11,667 10,650 760 642 Interest cost 27,170 37,199 1,197 1,612 Plan participants' contributions 199 180 488 562 Amendments 2,314 2,333 3,402 — Settlements (38,330) (7,041) — — Actuarial loss (gain) (45,476) 120,126 (4,944) 2,219 Foreign currency exchange rate changes 1,669 3,513 197 331 Benefits paid (65,002) (61,703) (2,885) (3,161) Benefit obligation at end of period $ 1,308,266 $ 1,414,055 $ 59,301 $ 61,086 Change in plan assets: Fair value of plan assets at beginning of period $ 1,281,232 $ 1,150,495 $ 52,077 $ 48,321 Actual return on plan assets 72,030 190,862 2,898 5,293 Plan participants' contributions 199 180 488 562 Company contributions 6,164 5,131 1,008 992 Settlements (39,439) (7,041) — — Foreign currency exchange rate changes 1,615 3,308 — — Benefits paid (65,002) (61,703) (2,959) (3,091) Fair value of plan assets at the end of period 1,256,799 1,281,232 53,512 52,077 Funded status $ (51,467) $ (132,823) $ (5,789) $ (9,009) Amounts recognized in the balance sheet consist of: Prepaid postretirement benefit obligation $ — $ — $ 20,122 $ 18,069 Prepaid pension 10,573 14,588 — — Accrued employee benefits (3,125) (3,082) (1,578) (1,389) Accumulated postretirement benefit obligation — — (24,333) (25,689) Pension liability (58,915) (144,329) — — Accrued benefit liability, net $ (51,467) $ (132,823) $ (5,789) $ (9,009) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 20,536 $ 21,319 $ 2,520 $ (1,059) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,172,881 $ 1,264,764 N/A N/A Accumulated benefit obligation $ 1,166,855 $ 1,255,899 $ 23,503 $ 24,593 Fair value of plan assets $ 1,110,841 $ 1,117,353 $ — $ — Plans with plan assets in excess of accumulated benefit obligation: Projected benefit obligation $ 135,385 $ 149,291 N/A N/A Accumulated benefit obligation $ 135,375 $ 149,270 $ 35,798 $ 36,493 Fair value of plan assets $ 145,958 $ 163,879 $ 53,512 $ 52,077 We record the service cost component of net periodic benefit cost within Operating income on our consolidated statements of income. For the years ended December 31, 2021, 2020 and 2019, these amounts were $12.4 million, $11.3 million and $9.7 million, respectively. All other components of net periodic benefit cost are included in Other – net on our consolidated statements of income. For the years ended December 31, 2021, 2020 and 2019, these amounts were $(92.9) million, $(31.6) million and $(17.5) million, respectively. Components of net periodic benefit cost included in net income are as follows: Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 (In thousands) Components of net periodic benefit cost: Service cost $ 11,667 $ 10,650 $ 9,123 $ 760 $ 642 $ 545 Interest cost 27,170 37,199 46,307 1,197 1,612 2,254 Expected return on plan assets (81,778) (77,298) (69,809) (2,891) (2,691) (2,514) Amortization of prior service cost 3,097 3,370 2,903 (178) (193) (311) Recognized net actuarial loss (gain) (34,690) 6,829 9,353 (4,876) (458) (5,723) Net periodic benefit cost (income) $ (74,534) $ (19,250) $ (2,123) $ (5,988) $ (1,088) $ (5,749) Net periodic benefit cost related to our pension plans is calculated in accordance with GAAP. In addition, we calculate pension costs in accordance with U.S. cost accounting standards ("CAS") for purposes of cost recovery on our U.S. Government contracts to the extent applicable. See further discussion of CAS pension costs under the heading "Critical Accounting Estimates" in Item 7 of this Annual Report on Form 10-K. Recognized net actuarial losses (gains) consist primarily of our reported actuarial losses (gains), settlements, and the differences between the actual returns on plan assets and the expected returns on plan assets. The benefit obligation of our pension plans as of December 31, 2021 and 2020 increased (decreased) by $(43.0) million and $124.2 million, respectively, due to changes in the discount rate. In December 2021, we purchased a group annuity contract that transferred certain foreign hourly pension benefit obligations of approximately $38.3 million to an insurance company for approximately 400 retirees. As a result, we recognized pension settlement-related charges of $1.1 million during the year ended December 31, 2021. Additional Information Pension Benefits Other Benefits 2021 2020 2021 2020 (In thousands) Decrease in accumulated other comprehensive income due to actuarial losses – before taxes $ (2,314) $ (2,333) $ (3,402) $ — In the current fiscal year, we have recognized expense (income) in other comprehensive income as a component of net periodic benefit cost of approximately $3.1 million and $(0.2) million for our pension benefits and other benefits, respectively. Assumptions Pension Benefits Other Benefits 2021 2020 2021 2020 Weighted-average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 2.91 % 2.63 % 2.85 % 2.49 % Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate to determine interest cost 1.96 % 2.78 % 3.98 % 1.87 % 2.62 % 3.92 % Expected return on plan assets 6.80 % 6.95 % 6.95 % 5.66 % 5.66 % 5.68 % The expected return on plan assets rate assumptions are based on the long-term expected returns for the investment mix of assets in the portfolio. In setting these rates, we use a building-block approach. Historical real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to estimate nominal rates of return for each asset class. The expected rate of return on plan assets is then determined to be the weighted-average nominal return based on the weightings of the asset classes within the total asset portfolio. Our existing other benefit plans are unfunded, with the exception of the NFS postretirement benefit plans. These plans provide health benefits to certain salaried and hourly employees, as well as retired employees, of NFS. All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust. 2021 2020 Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year 7.50 % 6.75 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2034 2030 Investment Goals General The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that have been set for the pension trusts, in the aggregate, are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk. Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both our domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plan's overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the pension trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark. The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results. Domestic Plans We sponsor the following domestic defined benefit pension plans: • BWXT Retirement Plan; • Nuclear Fuel Services, Inc. Retirement Plan for Salaried Employees; and • Nuclear Fuel Services, Inc. Retirement Plan for Hourly Employees. The assets of the domestic pension plans are commingled for investment purposes and held by the trustee in the BWXT Master Trust (the "Master Trust"). For the years ended December 31, 2021 and 2020, the investment returns on domestic plan assets of the Master Trust (net of deductions for management fees) were approximately 9% and 19%, respectively. The following is a summary of the asset allocations for the Master Trust at December 31, 2021 and 2020 by asset category: December 31, 2021 2020 Asset Category: Commingled and Mutual Funds 29 % 29 % U.S. Government Securities 32 % 28 % Fixed Income (excluding U.S. Government Securities) 11 % 18 % Diversified Credit 11 % 11 % Real Estate 11 % 7 % Partnerships with Security Holdings 4 % 4 % Other 2 % 3 % Total 100 % 100 % The target allocation for 2022 for the domestic plans, by asset class, is as follows: Asset Class: Fixed Income 45 % Equities 28 % Other 27 % Foreign Plans We sponsor various plans through certain of our Canadian subsidiaries. The combined weighted-average asset allocations of these plans at December 31, 2021 and 2020 by asset category were as follows: December 31, 2021 2020 Asset Category: Fixed Income 20 % 98 % Commingled and Mutual Funds 11 % — % Cash and Other 69 % 2 % Total 100 % 100 % The target allocation for 2022 for the Canadian plans, by asset class, is as follows: Asset Class: Fixed Income 20 % Equities 11 % Cash and Other 69 % Fair Value See Note 14 for a detailed description of fair value measurements and the hierarchy established for valuation inputs. The following is a summary of total assets for our plans measured at fair value at December 31, 2021: 12/31/2021 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: U.S. Government Securities $ 369,980 $ 365,295 $ 4,685 $ — $ — Commingled and Mutual Funds 358,423 77,680 — — 280,743 Fixed Income 182,169 31,856 128,829 — 21,484 Diversified Credit 133,508 — — — 133,508 Real Estate 126,886 — — — 126,886 Investment Contract (1) 46,817 — — 46,817 — Partnerships with Security Holdings 46,515 — — — 46,515 Cash, Cash Equivalents and Accrued Items (2) 46,013 — — — 46,013 Total Assets $ 1,310,311 $ 474,831 $ 133,514 $ 46,817 $ 655,149 (1) During 2021, we filed for regulatory approval for the windup of our foreign salaried pension benefit plan. Based on those participants who elected to receive annuities upon retirement, we purchased a group annuity contract totaling $45.6 million. (2) Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table. The following is a summary of total assets for our plans measured at fair value at December 31, 2020: 12/31/2020 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 391,418 $ — $ 228,857 $ — $ 162,561 Commingled and Mutual Funds 338,473 72,764 — — 265,709 U.S. Government Securities 316,375 310,975 5,400 — — Diversified Credit 126,823 — — — 126,823 Real Estate 77,437 — — — 77,437 Partnerships with Security Holdings 49,007 — — — 49,007 Cash, Cash Equivalents and Accrued Items (1) 33,776 — — — 33,776 Total Assets $ 1,333,309 $ 383,739 $ 234,257 $ — $ 715,313 (1) Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table. The following is a summary of the changes in the Plans' Level 3 instruments for the year ended December 31, 2021: Year Ended December 31, 2021 (In thousands) Balance at beginning of period $ — Purchases 45,645 Unrealized gain 652 Translation 520 Balance at end of period $ 46,817 Cash Flows Domestic Plans Foreign Plans Pension Other Pension Other (In thousands) Expected employer contributions to trusts of defined benefit plans: 2022 $ — $ 90 $ 10,579 N/A Expected benefit payments: 2022 $ 61,599 $ 2,924 $ 3,588 $ 526 2023 $ 63,669 $ 2,914 $ 3,802 $ 547 2024 $ 65,271 $ 2,959 $ 4,009 $ 557 2025 $ 66,406 $ 2,914 $ 4,212 $ 586 2026 $ 67,253 $ 2,855 $ 4,390 $ 639 2027-2031 $ 337,288 $ 12,881 $ 24,724 $ 3,404 Defined Contribution Plans We also provide benefits under the BWXT Thrift Plan (the "Thrift Plan"). The Thrift Plan generally provides for matching employer contributions of 50% of the first 6% of compensation, as defined in the Thrift Plan, contributed by participants, and fully vest and are nonforfeitable after three years of service or upon retirement, death, lay-off or approved disability. These matching employer contributions are made in cash and invested at the employees' discretion. We also provide service-based cash contributions under the Thrift Plan to employees not accruing benefits under our defined benefit plans. Our Canadian plans also include a defined contribution component whereby we make cash, service-based contributions. Amounts charged to expense for employer contributions under our defined contribution plans totaled approximately $37.5 million, $35.8 million and $31.7 million in the years ended December 31, 2021, 2020 and 2019, respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | CAPITAL STOCK On November 6, 2018, our Board of Directors authorized an additional share repurchase of up to an aggregate market value of $250 million during a three-year period from November 6, 2018 to November 6, 2021. This authorization became fully utilized in September 2021. On April 30, 2021, our Board of Directors authorized us to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $500 million with no expiration date. In the year ended December 31, 2021, we repurchased 4,134,767 shares of our common stock for $225.8 million. In the year ended December 31, 2020, we repurchased 338,521 shares of our common stock for $22.0 million. In the year ended December 31, 2019, we repurchased 443,877 shares of our common stock for $20.0 million. As of December 31, 2021, we had approximately $417.6 million available to us for share repurchase under the $500 million authorization described above. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION BWX Technologies, Inc. 2020 Omnibus Incentive Plan In May 2020, our stockholders approved the 2020 Omnibus Incentive Plan (the "2020 Plan") which succeeded the 2010 Long-Term Incentive Plan of BWX Technologies, Inc. (the "2010 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 2010 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 2010 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. At December 31, 2021, we had a total of 4,036,598 shares of our common stock available for future awards. In the event of a change in control of the Company, the terms of the awards under the 2020 Plan contain provisions that may cause restrictions to lapse and accelerate the vesting of awards. 2010 Long-Term Incentive Plan of BWX Technologies, Inc. Members of the Board of Directors, executive officers, key employees and consultants were eligible to participate in the 2010 Plan prior to it being succeeded by the 2020 Plan. The Compensation Committee of the Board of Directors selected the participants for the 2010 Plan. The 2010 Plan provided for a number of forms of stock-based compensation, including incentive and non-qualified stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. Shares subject to award under the 2010 Plan that are cancelled, forfeited, terminated or expire unexercised, shall immediately become available for the granting of awards under the 2020 Plan. As part of the approval of the 2010 Plan, 10,000,000 shares of common stock were initially authorized for issuance, with an additional 2,300,000 authorized for issuance in 2014. Options to purchase shares are granted at not less than 100% of the fair market value closing price on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant. Long-Term Incentive Plan of BWXT Technical Services Group, Inc. In June 2012, we established the 2012 Long-Term Incentive Plan of BWXT Technical Services Group, Inc., a cash-settled plan for employees of certain subsidiaries and unconsolidated affiliates as selected by the plan committee. The cash-settled plan provides for a number of forms of stock-based compensation, including stock appreciation rights, restricted stock units and performance units, subject to satisfaction of specific performance goals. Stock appreciation rights are granted at not less than 100% of the fair market value closing price of a share of BWXT common stock on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant. Stock appreciation rights are cash settled for the excess of the market price of BWXT common stock on the exercise date minus the exercise price. Restricted stock units and performance units are cash settled upon vesting as determined when granted. We will not issue any shares of BWXT common stock under this plan, as all awards are cash settled. In the event of a change in control of the Company, the terms of the awards under the cash-settled plan contain provisions that may cause restrictions to lapse and accelerate the vesting of awards. Stock-based compensation expense for all of our plans recognized for the years ended December 31, 2021, 2020 and 2019 totaled $18.3 million, $16.8 million and $14.8 million, respectively, with associated tax benefit totaling $3.0 million, $2.7 million and $2.5 million, respectively. As of December 31, 2021, unrecognized estimated compensation expense related to nonvested awards was $14.8 million, which is expected to be recognized over a weighted-average period of 1.6 years. Stock Options The following table summarizes activity for our stock options for the year ended December 31, 2021 (share data in thousands): Number Weighted- Weighted- Aggregate Outstanding at beginning of period 201 $ 24.07 Granted — N/A Exercised (76) $ 24.77 Cancelled/expired/forfeited — N/A Outstanding at end of period 125 $ 23.65 3.2 years $ 3.0 Exercisable at end of period 125 $ 23.65 3.2 years $ 3.0 The aggregate intrinsic value included in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their options on December 31, 2021. The intrinsic value is calculated as the total number of option shares multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the options. This amount changes based on the price of our common stock. During the years ended December 31, 2021, 2020 and 2019, the total intrinsic value of stock options exercised was $2.7 million, $4.7 million and $8.1 million, respectively. The actual tax benefits realized related to the stock options exercised during the year ended December 31, 2021 totaled $0.3 million. Performance Shares Nonvested performance shares as of December 31, 2021 and changes during the year ended December 31, 2021 were as follows (share data in thousands): Number Weighted- Nonvested at beginning of period 451 $ 56.15 Adjustment to assumed vesting percentage 52 $ 58.51 Granted 159 $ 59.39 Vested (104) $ 63.81 Cancelled/forfeited (13) $ 56.23 Nonvested at end of period 545 $ 55.90 The actual number of shares in which each participant vests is dependent upon achievement of certain return on invested capital and diluted earnings per share targets over a three three The actual tax benefits realized related to the performance shares vested during the year ended December 31, 2021 totaled $1.0 million. Restricted Stock Units Nonvested restricted stock units as of December 31, 2021 and changes during the year ended December 31, 2021 were as follows (share data in thousands): Number Weighted- Nonvested at beginning of period 185 $ 55.96 Granted 150 $ 60.29 Vested (107) $ 58.45 Cancelled/forfeited (7) $ 57.09 Nonvested at end of period 221 $ 57.66 The actual tax benefits realized related to the restricted stock units vested during the year ended December 31, 2021 totaled $1.1 million. Cash-Settled Stock Appreciation Rights The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2021 (unit data in thousands): Number Weighted- Weighted- Aggregate Outstanding at beginning of period 40 $ 24.04 Granted — N/A Exercised (13) $ 24.97 Cancelled/expired/forfeited — N/A Outstanding at end of period 27 $ 23.62 3.2 years $ 0.7 Exercisable at end of period 27 $ 23.62 3.2 years $ 0.7 The aggregate intrinsic value included in the table above represents the total pre-tax intrinsic value that would have been received by the stock appreciation rights holders had all holders exercised their rights on December 31, 2021. The intrinsic value is calculated as the total number of stock appreciation rights multiplied by the difference between the closing price of our common stock on the last trading day of the period and the exercise price of the stock appreciation rights. This amount changes based on the price of our common stock. Cash-Settled Performance Units The actual number of units in which each participant vests is dependent upon achievement of certain return on invested capital and diluted earnings per share targets over a three three As of December 31, 2021, we had 3,973 nonvested units valued at $47.88 per share with an assumed weighted-average vesting of 128%. The fair value is based on our closing stock price as of December 31, 2021 and is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. Cash-Settled Restricted Stock Units As of December 31, 2021, we had 1,715 nonvested units valued at $47.88 per share. The fair value is based on our closing stock price as of December 31, 2021 and is re-determined at the end of each reporting period for purposes of remeasuring compensation expense associated with these cash-settled awards. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Investigations and Litigation Due to the nature of our business, we are, from time to time, involved in investigations, litigation, disputes or claims related to our business activities, including, among other things: • performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and • workers' compensation, employment, premises liability and other claims. Based upon our prior experience, we do not expect that any of these litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Environmental Matters We have been identified as a potentially responsible party at various cleanup sites under the Comprehensive Environmental Response, Compensation, and Liability Act, as amended ("CERCLA") and other environmental laws. These laws can impose liability for the entire cost of cleanup on any of the potentially responsible parties, regardless of fault or the lawfulness of the original conduct. Generally, however, where there are multiple responsible parties, a final allocation of costs is made based on the amount and type of wastes disposed of by each party and the number of financially viable parties, although this may not be the case with respect to any particular site. We have not been determined to be a major contributor of wastes to any of these sites. On the basis of the relative contribution of waste to each site by potentially responsible parties, as well as the financial solvency of other potentially responsible parties, we expect our share of the ultimate liability for the various sites will not have a material adverse effect on our consolidated financial condition, results of operations or cash flows in any given year. We perform significant amounts of work for the U.S. Government under both prime contracts and subcontracts and operate certain facilities that are licensed to possess and process special nuclear materials. As a result of these activities, we are subject to continuing reviews by governmental agencies, including the U.S. Environmental Protection Agency and the NRC. We are also involved in manufacturing activities at licensed facilities in Canada that are subject to continuing reviews by governmental agencies in Canada, including the CNSC. The NRC's decommissioning regulations require our Nuclear Operations Group segment to provide financial assurance that it will be able to pay the expected cost of decommissioning its two licensed facilities at the end of their service lives. We provided financial assurance totaling $61.8 million during the years ended December 31, 2021 and 2020 with surety bonds for the ultimate decommissioning of these licensed facilities. These facilities have provisions in their government contracts pursuant to which substantially all of our decommissioning costs and financial assurance obligations are covered by the DOE, including the costs to complete the decommissioning projects underway at the facility in Erwin, Tennessee. The surety bonds noted above are to cover decommissioning required pursuant to work not subject to this DOE obligation. In Canada, the CNSC's decommissioning regulations require our Nuclear Power Group segment to provide financial assurance that it will be able to pay the expected cost of decommissioning its CNSC-licensed facilities at the end of their service lives. We provided financial assurance totaling $46.4 million and $47.9 million during the years ended December 31, 2021 and 2020, respectively, with letters of credit and surety bonds for the ultimate decommissioning of these licensed facilities. Our compliance with federal, foreign, state and local environmental control and protection regulations resulted in pre-tax charges of approximately $17.5 million, $16.3 million and $15.9 million in the years ended December 31, 2021, 2020 and 2019, respectively. In addition, compliance with existing environmental regulations necessitated capital expenditures of $3.1 million, $1.2 million and $1.4 million in the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021 and 2020, we had total environmental accruals (including asset retirement obligations) of $102.4 million and $91.3 million, respectively. Of our total environmental accruals at December 31, 2021 and 2020, $9.8 million and $7.1 million, respectively, were included in current liabilities. Inherent in the estimates of these accruals are our expectations regarding the levels of contamination, decommissioning costs and recoverability from other parties, which may vary significantly as decommissioning activities progress. Accordingly, changes in estimates could result in material adjustments to our operating results, and the ultimate loss may differ materially from the amounts that we have provided for in our consolidated financial statements. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES Revenue Recognized Over Time As of December 31, 2021, in accordance with the method of recognizing revenue over time, we have provided for our estimated costs to complete all of our ongoing contracts. However, it is possible that current estimates could change due to unforeseen events, which could result in adjustments to overall contract costs. The risk on fixed-price contracts is that revenue from the customer does not cover increases in our costs. It is possible that current estimates could materially change for various reasons, including, but not limited to, fluctuations in forecasted labor productivity or steel and other raw material prices. Increases in costs on our fixed-price contracts could have a material adverse impact on our consolidated financial condition, results of operations and cash flows. Alternatively, reductions in overall contract costs at completion could materially improve our consolidated financial condition, results of operations and cash flows. Insurance Upon the February 22, 2006 effectiveness of the settlement relating to the Chapter 11 proceedings involving several of our former subsidiaries, most of our subsidiaries contributed substantial insurance rights to the asbestos personal injury trust, including rights to (1) certain pre-1979 primary and excess insurance coverages and (2) certain of our 1979-1986 excess insurance coverage. These insurance rights provided coverage for, among other things, asbestos and other personal injury claims, subject to the terms and conditions of the policies. The contribution of these insurance rights was made in exchange for the agreement on the part of the representatives of the asbestos claimants, including the representative of future claimants, to the entry of a permanent injunction, pursuant to Section 524(g) of the U.S. Bankruptcy Code, to channel to the asbestos trust all asbestos-related general liability claims against our subsidiaries and former subsidiaries arising out of, resulting from or attributable to their operations, and the implementation of related releases and indemnification provisions protecting those subsidiaries and their affiliates from future liability for such claims. Although we are not aware of any significant, unresolved claims against our subsidiaries and former subsidiaries that are not subject to the channeling injunction and that relate to the periods during which such excess insurance coverage related, with the contribution of these insurance rights to the asbestos personal injury trust, it is possible that we could have underinsured or uninsured exposure for non-derivative asbestos claims or other personal injury or other claims that would have been insured under these coverages had the insurance rights not been contributed to the asbestos personal injury trust. In conjunction with the spin-off, claims and liabilities associated with the asbestos personal injury, property damage and indirect property damage claims mentioned above have been expressly assumed by BWE pursuant to the master separation agreement between us and BWE. |
Financial Instruments with Conc
Financial Instruments with Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Concentrations of Credit Risk | FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK The primary customer of our Nuclear Operations Group and Nuclear Services Group segments is the U.S. Government, including some of its contractors. Our Nuclear Power Group segment's major customers are large utilities. These concentrations of customers may impact our overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic or other conditions. In the years ended December 31, 2021, 2020 and 2019, U.S. Government contracts accounted for approximately 76%, 77% and 77% of our total consolidated revenues, respectively. Accounts receivable due directly or indirectly from the U.S. Government represented 68% and 83% of net receivables at December 31, 2021 and 2020, respectively. See Note 15 and Note 3 for additional information about our operations in different geographic areas. We believe that our provision for possible losses on uncollectable accounts receivable is adequate for our credit loss exposure. At December 31, 2021 and 2020, the allowances for possible losses that we deducted from Accounts receivable – trade, net on our consolidated balance sheets were $0.2 million. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following is a summary of our investments at December 31, 2021: Amortized Gross Gross Estimated (In thousands) Equity securities Mutual funds $ 6,001 $ 1,649 $ — $ 7,650 Available-for-sale securities U.S. Government and agency securities 2,742 — (4) 2,738 Corporate bonds 2,559 374 (7) 2,926 Asset-backed securities and collateralized mortgage obligations 107 — (52) 55 Total $ 11,409 $ 2,023 $ (63) $ 13,369 The following is a summary of our investments at December 31, 2020: Amortized Gross Gross Estimated (In thousands) Equity securities Equities $ 172 $ 628 $ — $ 800 Mutual funds 5,323 1,432 — 6,755 Available-for-sale securities U.S. Government and agency securities 2,317 1 (4) 2,314 Corporate bonds 2,879 259 (6) 3,132 Asset-backed securities and collateralized mortgage obligations 115 — (53) 62 Total $ 10,806 $ 2,320 $ (63) $ 13,063 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS FASB Topic Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. This topic also sets forth the disclosure requirements regarding fair value and establishes a hierarchy for valuation inputs that emphasizes the use of observable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy established by this topic is as follows: • Level 1 – inputs are based upon quoted prices for identical instruments traded in active markets. • Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for similar or identical instruments in inactive markets and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets and liabilities. • Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar valuation techniques. In accordance with FASB Topic Fair Value Measurements , certain investments that were measured at net asset value per share (or its equivalent) ("NAV") have not been classified in the fair value hierarchy. These investments are measured on the fair value of the underlying investments but may not be redeemable at that fair value. When appropriate, we adjust these net asset values for contributions and distributions, if any, made during the period beginning on the latest NAV valuation date and ending on our measurement date. We also consider available market data, relevant index returns, preliminary estimates from our investees and other data obtained through research and consultation with third-party advisors in determining the fair value of these investments. The following sections describe the valuation methodologies we use to measure the fair values of our investments, derivatives and nonrecurring fair value measurements. Investments Investments primarily include U.S. Government securities, corporate bonds and equities and mutual funds. In general, and where applicable, we principally use a composite of observable prices and quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to our Level 1 and Level 2 investments. Fair Value Measurements The following is a summary of our investments measured at fair value at December 31, 2021: 12/31/2021 Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 7,650 $ — $ 7,650 $ — $ — Available-for-sale securities U.S. Government and agency securities 2,738 2,738 — — — Corporate bonds 2,926 1,852 1,074 — — Asset-backed securities and collateralized mortgage obligations 55 — 55 — — Total $ 13,369 $ 4,590 $ 8,779 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2020: 12/31/2020 Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Equities $ 800 $ — $ — $ 800 $ — Mutual funds 6,755 — 6,755 — — Available-for-sale securities U.S. Government and agency securities 2,314 2,314 — — — Corporate bonds 3,132 1,738 1,394 — — Asset-backed securities and collateralized mortgage obligations 62 — 62 — — Total $ 13,063 $ 4,052 $ 8,211 $ 800 $ — Derivatives Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At December 31, 2021 and 2020, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $(3.2) million and $(2.2) million, respectively. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our Senior Notes, 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 December 31, 2020, the fair value of our Senior Notes due 2026 was $415.5 million. At December 31, 2021 and 2020, the fair value of our Senior Notes due 2028 was $406.3 million and $416.7 million, respectively. At December 31, 2021, the fair value of our Senior Notes due 2029 was $406.5 million. The fair value of our remaining debt instruments approximated their carrying values at December 31, 2021 and 2020. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTINGAs described in Note 1, our operations are assessed based on three reportable segments. The operations of our segments are managed separately, and each segment has unique technology, services and customer classes. We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on operating income exclusive of general corporate expenses and gains (losses) on sales of corporate assets. 1. Information about Operations in our Different Industry Segments: Year Ended December 31, 2021 2020 2019 (In thousands) REVENUES: Nuclear Operations Group $ 1,622,598 $ 1,646,257 $ 1,428,587 Nuclear Power Group 407,082 371,269 352,640 Nuclear Services Group 123,538 136,493 131,339 Eliminations (1) (29,144) (30,503) (17,646) $ 2,124,074 $ 2,123,516 $ 1,894,920 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (5,402) $ (3,791) $ (4,382) Nuclear Power Group Transfers (778) (553) (208) Nuclear Services Group Transfers (22,964) (26,159) (13,056) $ (29,144) $ (30,503) $ (17,646) OPERATING INCOME: Nuclear Operations Group $ 308,645 $ 326,049 $ 298,328 Nuclear Power Group 52,548 51,989 53,815 Nuclear Services Group 27,932 26,436 14,226 Other (24,333) (22,309) (23,099) $ 364,792 $ 382,165 $ 343,270 Unallocated Corporate (1) (18,944) (23,613) (17,749) Total Operating Income (2) $ 345,848 $ 358,552 $ 325,521 Other Income (Expense) 49,865 3,620 (11,779) Income before Provision for Income Taxes $ 395,713 $ 362,172 $ 313,742 (1) Unallocated Corporate includes general corporate overhead not allocated to segments. (2) The following amounts are included in Operating Income: Losses (Gains) on Asset Disposals and Impairments, Net: Nuclear Operations Group $ (8) $ (8) $ (6) Nuclear Power Group (2,548) (1,681) 103 Nuclear Services Group — 328 2,727 Other — — — Unallocated Corporate (976) — — $ (3,532) $ (1,361) $ 2,824 Equity in Income of Investees : Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 33,498 27,152 28,924 Other — — — $ 33,498 $ 27,152 $ 28,924 Year Ended December 31, 2021 2020 2019 (In thousands) CAPITAL EXPENDITURES: Nuclear Operations Group $ 143,945 $ 135,637 $ 133,279 Nuclear Power Group 153,571 106,596 38,053 Nuclear Services Group 2,940 1,326 1,169 Other 166 252 2,597 Segment Capital Expenditures 300,622 243,811 175,098 Corporate Capital Expenditures 10,430 11,216 7,026 Total Capital Expenditures $ 311,052 $ 255,027 $ 182,124 DEPRECIATION AND AMORTIZATION: Nuclear Operations Group $ 40,514 $ 33,174 $ 33,231 Nuclear Power Group 19,774 18,325 17,054 Nuclear Services Group 1,005 1,685 3,246 Other 1,076 645 787 Segment Depreciation and Amortization 62,369 53,829 54,318 Corporate Depreciation and Amortization 6,711 6,845 7,404 Total Depreciation and Amortization $ 69,080 $ 60,674 $ 61,722 December 31, 2021 2020 2019 (In thousands) SEGMENT ASSETS: Nuclear Operations Group $ 1,243,766 $ 1,184,741 $ 986,827 Nuclear Power Group 974,372 828,729 580,413 Nuclear Services Group 186,249 166,240 177,952 Other 2,858 3,638 3,751 Segment Assets 2,407,245 2,183,348 1,748,943 Corporate Assets 94,135 110,155 159,970 Total Assets $ 2,501,380 $ 2,293,503 $ 1,908,913 INVESTMENT IN UNCONSOLIDATED AFFILIATES: Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 85,284 71,806 70,116 Other — — — Total Investment in Unconsolidated Affiliates $ 85,284 $ 71,806 $ 70,116 2. Information about our Product and Service Lines: Year Ended December 31, 2021 2020 2019 (In thousands) REVENUES: Nuclear Operations Group: Government Programs $ 1,527,704 $ 1,540,256 $ 1,368,555 Commercial Operations 94,894 106,001 60,032 1,622,598 1,646,257 1,428,587 Nuclear Power Group: Nuclear Manufacturing 246,444 250,585 243,472 Nuclear Services and Engineering 160,638 120,684 109,168 407,082 371,269 352,640 Nuclear Services Group: Nuclear Environmental Services 77,514 94,320 102,726 Nuclear Services and Advanced Reactor Design and Engineering 46,024 42,173 28,613 123,538 136,493 131,339 Eliminations (29,144) (30,503) (17,646) $ 2,124,074 $ 2,123,516 $ 1,894,920 3. Information about our Consolidated Operations in Different Geographic Areas: December 31, 2021 2020 2019 (In thousands) NET PROPERTY, PLANT AND EQUIPMENT: U.S. $ 698,772 $ 603,518 $ 494,202 Canada 346,868 212,953 86,039 $ 1,045,640 $ 816,471 $ 580,241 See Note 3 for revenues by geographic area for each of our segments. 4. Information about our Major Customers: In the years ended December 31, 2021, 2020 and 2019, sales to the U.S. Government accounted for approximately 76%, 77% and 77% of our total consolidated revenues, respectively, all of which were included in our Nuclear Operations Group and Nuclear Services Group segments. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 528,273 $ 505,099 $ 498,727 $ 591,975 Operating income (1) $ 82,414 $ 73,751 $ 87,468 $ 102,215 Equity in income of investees $ 8,316 $ 7,263 $ 10,618 $ 7,301 Net Income Attributable to BWX Technologies, Inc. $ 69,749 $ 59,347 $ 59,914 $ 116,861 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.73 $ 0.62 $ 0.64 $ 1.27 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.73 $ 0.62 $ 0.63 $ 1.26 (1) Includes equity in income of investees. Year Ended December 31, 2020 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 542,208 $ 504,520 $ 519,878 $ 556,910 Operating income (1) $ 98,267 $ 82,434 $ 88,770 $ 89,081 Equity in income of investees $ 6,063 $ 4,913 $ 8,271 $ 7,905 Net Income Attributable to BWX Technologies, Inc. $ 75,499 $ 64,258 $ 73,171 $ 65,742 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.79 $ 0.67 $ 0.77 $ 0.69 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.79 $ 0.67 $ 0.76 $ 0.69 (1) Includes equity in income of investees. In the quarter ended September 30, 2021, we recognized an early redemption premium of $10.8 million and wrote-off deferred debt issuance costs totaling $4.2 million. We immediately recognize actuarial gains (losses) for our pension and postretirement benefit plans in earnings as a component of net periodic benefit cost. Recorded in the quarters ended December 31, 2021 and 2020, the effects of these adjustments on pre-tax income were $39.6 million and $(6.4) million, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, 2021 2020 2019 (In thousands, except shares and Basic: Net Income Attributable to BWX Technologies, Inc. $ 305,871 $ 278,670 $ 244,115 Weighted-average common shares 94,278,894 95,457,193 95,377,414 Basic earnings per common share $ 3.24 $ 2.92 $ 2.56 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 305,871 $ 278,670 $ 244,115 Weighted-average common shares (basic) 94,278,894 95,457,193 95,377,414 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 239,528 269,304 433,124 Adjusted weighted-average common shares 94,518,422 95,726,497 95,810,538 Diluted earnings per common share $ 3.24 $ 2.91 $ 2.55 (1) At December 31, 2021, 2020 and 2019, none of our shares were antidilutive. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Spin-off | On June 30, 2015, we completed the spin-off of our former Power Generation business (the "spin-off") into an independent, publicly traded company named Babcock & Wilcox Enterprises, Inc. ("BWE"). |
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 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. • 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 including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("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 is 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. |
Use of Estimates | Use of Estimates We use estimates and assumptions to prepare our financial statements in conformity with GAAP. Some of our more significant estimates include estimates of costs to complete long-term contracts and the associated revenues, estimates of the fair value of acquired intangible and other assets, estimates we make in selecting assumptions related to the valuations of our pension and postretirement benefit plans, including the selection of our discount rates, mortality and expected rates of return on our pension plan assets and estimates we make in evaluating our asset retirement obligations. These estimates and assumptions affect the amounts we report in our financial statements and accompanying notes. Our actual results could differ from these estimates. Variances could result in a material effect on our financial condition and results of operations in future periods. |
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. |
Warranty Expense | Warranty Expense We accrue estimated warranty expense, included in Cost of operations on our consolidated statements of income, to satisfy contractual warranty requirements when we recognize the associated revenue on the related contracts. In addition, we record specific provisions or reductions where we expect the actual warranty costs to significantly differ from the accrued estimates. Such changes could have a material effect on our consolidated financial condition, results of operations and cash flows. |
Stock-Based Compensation | Stock-Based Compensation We expense stock-based compensation in accordance with FASB Topic Compensation – Stock Compensation. Under this topic, the fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Grant date fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Under the provisions of this FASB topic, we recognize expense for all share-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. This topic requires compensation expense to be recognized such that compensation expense is recorded only for those awards expected to vest. As a result, we periodically review the amount of actual forfeitures and record any adjustments deemed necessary each reporting period. We also recognize excess tax benefits in our provision for income taxes. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. |
Grant Accounting | Grant Accounting We recognize amounts related to grants as a reduction of expense in the period in which the related costs for which the grants are intended to compensate are recognized and we are reasonably assured to receive payment. |
Research and Development | Research and Development Our research and development activities are related to the development and improvement of new and existing products and equipment, as well as conceptual and engineering evaluation for translation into practical applications. We charge the costs of research and development unrelated to specific contracts as incurred. Contractual arrangements for customer-sponsored research and development can vary on a case-by-case basis. |
Capitalization of Interest Cost | Capitalization of Interest Cost We capitalize interest in accordance with FASB Topic Interest |
Income Taxes | Income Taxes Income tax expense for federal, foreign, state and local income taxes is calculated on pre-tax income based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We assess deferred taxes and the adequacy of the valuation allowance on a quarterly basis. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Provision for Income Taxes on our consolidated statements of income. We would be subject to withholding taxes if we were to distribute earnings from certain foreign subsidiaries, and unrecognized deferred income tax liabilities, including withholding taxes, would be payable upon distribution of these earnings. We consider the earnings of our non-U.S. subsidiaries to be permanently reinvested. |
Earnings Per Share | Earnings Per Share We have computed earnings per common share on the basis of the weighted-average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We issue a number of forms of stock-based compensation periodically, including incentive and non-qualified stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. We include the shares applicable to these plans in our computation of diluted earnings per share when related performance criteria have been met. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Our cash equivalents are highly liquid investments with maturities of three months or less when we purchase them. |
Investments | Investments Our investment portfolio consists primarily of U.S. Government securities, corporate bonds and equities and mutual funds. Our debt securities are carried at fair value and are either classified as trading, with unrealized gains and losses reported in earnings, or as available-for-sale, with the unrealized gains and losses, net of tax, reported as a component of Accumulated |
Inventories | InventoriesWe carry our inventory at the lower of cost or net realizable value using either the weighted average or first-in, first-out methods. |
Property, Plant and Equipment | Property, Plant and Equipment We carry our property, plant and equipment at depreciated cost, less any impairment provisions. We depreciate our property, plant and equipment using the straight-line method over estimated economic useful lives of eight three |
Goodwill | Goodwill Goodwill represents the excess of the cost of our acquired businesses over the fair value of the net assets acquired. We perform testing of goodwill for impairment annually or more frequently whenever events or circumstances indicate the carrying value of goodwill may be impaired. We may elect to perform a qualitative test when we believe that there is sufficient excess fair value over carrying value based on our most recent quantitative assessment, adjusted for relevant events and circumstances that could affect fair value during the current year. If we conclude based on this assessment that it is more likely than not that the reporting unit is not impaired, we do not perform a quantitative impairment test. In all other circumstances, we compare the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying value, no impairment charge is recorded. If the carrying amount of a reporting unit exceeds its fair value, an impairment charge is recorded to goodwill in the amount by which carrying value exceeds fair value. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates We use the equity method of accounting for affiliates in which we are able to exert significant influence. Currently, all of our material investments in affiliates that are not consolidated are recorded using the equity method. Affiliates in which we are unable to exert significant influence are carried at fair value. |
Intangible Assets | Intangible AssetsIntangible assets are recognized at fair value when acquired. Intangible assets with definite lives are amortized to Costs and Expenses using the straight-line method over their estimated useful lives and tested for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets with indefinite lives are not amortized and are subject to annual impairment testing. We may elect to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment to determine whether events or circumstances affecting significant inputs related to the most recent quantitative evaluation have occurred, indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Otherwise, we test indefinite-lived intangible assets for impairment by quantitatively determining the fair value of the indefinite-lived intangible asset and comparing the fair value of the intangible asset to its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, we recognize impairment for the amount of the difference. |
Leases | Leases We lease certain manufacturing facilities, office space and equipment under operating leases with terms of one one Other Assets Accrued liabilities – other Other Liabilities |
Deferred Debt Issuance Costs | Deferred Debt Issuance CostsWe have included deferred debt issuance costs in the consolidated balance sheets as a direct deduction from the carrying amount of our debt liability. We amortize deferred debt issuance costs as interest expense over the life of the related debt. |
Pension Plans and Postretirement Benefits | Pension Plans and Postretirement Benefits We sponsor various defined benefit pension and postretirement benefit plans covering certain employees of our U.S. and Canadian subsidiaries. We utilize actuarial valuations to calculate the cost and benefit obligations of our pension and postretirement benefits. The actuarial valuations utilize significant assumptions in the determination of our benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends. We determine our discount rate based on a yield curve comprising rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement benefit plan obligations. The expected rate of return on plan assets assumption is based on capital market assumptions of the long-term expected returns for the investment mix of assets currently in the portfolio. The expected rate of return on plan assets is determined to be the weighted-average of the nominal returns based on the weightings of the classes within the total asset portfolio. Expected health care cost trends represent expected annual rates of change in the cost of health care benefits and are estimated based on analysis of health care cost inflation. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we immediately recognize net actuarial gains and losses in earnings as a component of net periodic benefit cost. Recognized net actuarial gains and losses consist primarily of our reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets. |
Asset Retirement Obligations and Environmental Clean-up Costs | Asset Retirement Obligations and Environmental Cleanup Costs We accrue for future decommissioning of our nuclear facilities that will permit the release of these facilities to unrestricted use at the end of each facility's service life, which is a requirement of our licenses from the U.S. Nuclear Regulatory Commission ("NRC") and the Canadian Nuclear Safety Commission ("CNSC"). In accordance with the FASB Topic Asset Retirement and Environmental Obligations, we record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When we initially record such a liability, we capitalize a cost by increasing the carrying amount of the related long-lived asset. When we acquire a business that has an asset retirement obligation, the asset retirement obligation is recognized at fair value without a corresponding increase to the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of a liability, we will settle the obligation for its recorded amount or incur a gain or loss. This topic applies to environmental liabilities associated with assets that we currently operate and are obligated to remove from service. For environmental liabilities associated with assets that we no longer operate, we have accrued amounts based on the estimated costs of cleanup activities for which we are responsible, net of any cost-sharing arrangements. We adjust the estimated costs as further information develops or circumstances change. Given the long-lived nature of these facilities, we are required to estimate retirement costs that will be incurred in the future, which may extend up to 40 years at the time the asset retirement obligation is established. Due to the significance of the remaining useful life of these facilities, the timing of retirement and future costs for material components of the asset retirement obligations, such as labor and waste disposal fees, could differ from our estimates. An exception to this accounting treatment relates to the work we perform for two facilities for which the U.S. Government is obligated to pay substantially all of the decommissioning costs. |
Self-Insurance | Self-InsuranceWe have a wholly owned insurance subsidiary that provides employer's liability, general and automotive liability and primary workers' compensation insurance and, from time to time, builder's risk insurance (within certain limits) to our companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. |
Loss Contingencies | Loss Contingencies We accrue liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. We provide disclosure when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not reasonably estimable. Due to the nature of our business, we are, from time to time, involved in investigations, litigation, disputes or claims related to our business activities, as discussed in Note 10. Our losses are typically resolved over long periods of time and are often difficult to assess and estimate due to, among other reasons, the possibility of multiple actions by third parties; the attribution of damages, if any, among multiple defendants; plaintiffs, in most cases involving personal injury claims, do not specify the amount of damages claimed; the discovery process may take multiple years to complete; during the litigation process, it is common to have multiple complex unresolved procedural and substantive issues; the potential availability of insurance and indemnity coverages; the wide-ranging outcomes reached in similar cases, including the variety of damages awarded; the likelihood of settlements for de minimus amounts prior to trial; the likelihood of success at trial; and the likelihood of success on appeal. Consequently, it is possible future earnings could be affected by changes in our assessments of the probability that a loss has been incurred in a material pending litigation against us and/or changes in our estimates related to such matters. |
Foreign Currency Translation | Foreign Currency Translation We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate income statement items at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency financial statements as a component of Accumulated other comprehensive income. We report foreign currency transaction gains and losses in income. We have included in Other – net transaction gains (losses) of $1.8 million, $(0.6) million and $1.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Derivative Financial Instruments | Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our consolidated balance sheets. Based on the hedge designation at 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 consolidated statements of income and are recorded in the statements of cash flows based on the nature and use of the instruments. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At December 31, 2021, we had deferred approximately $(0.7) million of net losses on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next twelve months. For the years ended December 31, 2021, 2020 and 2019, we recognized $(0.1) million, $8.7 million and $(1.0) million, respectively, of (gains) losses associated with FX forward contracts not designated as hedging instruments. At December 31, 2021, our derivative financial instruments consisted of FX forward contracts with a total notional value of $352.2 million with maturities extending to November 2023. 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. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards There were no accounting standards adopted during the year ended December 31, 2021 that had an impact on our financial position, results of operations, cash flows or disclosures. New Accounting Standards In October 2021, the FASB issued an update to the Topic Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This update requires entities to recognize and measure contract assets and liabilities acquired in a business combination in accordance with FASB Topic Revenue from Contracts with Customers . The update will generally result in an entity recognizing contract assets and liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. We are currently evaluating the impact, if any, of the adoption of this standard on our financial statements. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Changes in Carrying Amount of Accrued Warranty Expense | The following summarizes the changes in the carrying amount of Accrued warranty expense: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 5,292 $ 9,042 $ 10,344 Additions 924 1,341 2,232 Expirations and other changes (1) (424) (1,624) (2,728) Payments (605) (1,026) (1,065) Translation and other (2) 134 (2,441) 259 Balance at end of period $ 5,321 $ 5,292 $ 9,042 (1) Includes discounts provided to customers in satisfaction of warranty obligations totaling $(1.2) million in the year ended December 31, 2019. (2) Includes $(2.5) million related to the divestiture of the U.S.-based commercial nuclear services business during the year ended December 31, 2020. |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets to the totals presented on our consolidated statements of cash flows: December 31, 2021 2020 (In thousands) Cash and cash equivalents $ 33,891 $ 42,610 Restricted cash and cash equivalents 2,896 3,070 Restricted cash and cash equivalents included in Other Assets 2,988 2,618 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our consolidated statements of cash flows $ 39,775 $ 48,298 |
Property, Plant and Equipment | Property, plant and equipment is stated at cost and is set forth below: December 31, 2021 2020 (In thousands) Land $ 9,538 $ 9,585 Buildings 321,872 267,808 Machinery and equipment 957,423 827,785 Property under construction 487,856 420,374 1,776,689 1,525,552 Less: Accumulated depreciation 731,049 709,081 Property, Plant and Equipment, Net $ 1,045,640 $ 816,471 |
Changes in Carrying Amount of Goodwill | The following summarizes the changes in the carrying amount of Goodwill: Nuclear Nuclear Nuclear Total (In thousands) Balance at December 31, 2019 $ 110,939 $ 119,563 $ 45,000 $ 275,502 Acquisition of Precision Manufacturing (Note 2) — 5,753 — 5,753 Translation — 2,453 — 2,453 Balance at December 31, 2020 $ 110,939 $ 127,769 $ 45,000 $ 283,708 Translation — 1,794 — 1,794 Balance at December 31, 2021 $ 110,939 $ 129,563 $ 45,000 $ 285,502 |
Schedule of Intangible Assets | Our Intangible Assets were as follows: December 31, 2021 2020 2019 (In thousands) Amortized intangible assets: Gross cost: Technical support agreement $ 69,781 $ 68,785 $ 67,423 Customer relationships 40,247 39,954 39,555 Unpatented technology 38,073 37,529 36,785 CNSC class 1B nuclear facility license 26,911 26,528 26,002 Acquired backlog 7,595 7,487 — Patented technology 792 780 765 All other 871 858 2,200 Total $ 184,270 $ 181,921 $ 172,730 Accumulated amortization: Technical support agreement $ (10,366) $ (7,227) $ (4,153) Customer relationships (18,176) (15,996) (13,841) Unpatented technology (6,398) (4,584) (2,805) CNSC class 1B nuclear facility license (4,521) (3,573) (2,635) Acquired backlog (2,531) (1,248) — Patented technology (363) (286) (212) All other (194) (86) (1,522) Total $ (42,549) $ (33,000) $ (25,168) Net amortized intangible assets $ 141,721 $ 148,921 $ 147,562 Unamortized intangible assets: NRC category 1 license $ 43,830 $ 43,830 $ 43,830 |
Changes in Carrying Amount of Intangible Assets | The following summarizes the changes in the carrying amount of Intangible Assets: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 192,751 $ 191,392 $ 228,676 Acquisitions (Note 2) — 8,180 — Amortization expense (9,329) (8,824) (9,128) Reclassification of right-of-use assets — — (33,866) Translation and other (1) 2,129 2,003 5,710 Balance at end of period $ 185,551 $ 192,751 $ 191,392 (1) Includes $(0.6) million related to the divestiture of the U.S.-based commercial nuclear services business during the year ended December 31, 2020. |
Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows (amounts in thousands): Year Ended December 31, Amount 2022 $ 9,257 2023 $ 9,257 2024 $ 9,257 2025 $ 9,257 2026 $ 7,991 |
Maturities of Lease Liabilities | The maturities of our lease liabilities at December 31, 2021 were as follows (amounts in thousands): 2022 $ 3,979 2023 2,664 2024 2,225 2025 1,849 2026 1,831 Thereafter 5,025 Total lease payments $ 17,573 Less: Interest (2,445) Present value of lease liabilities (1) $ 15,128 (1) Includes current lease liabilities of $3.9 million. |
Changes in Carrying Amount of Debt Issuance Costs | The following summarizes the changes in the carrying amount of these assets: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 12,269 $ 8,006 $ 9,583 Additions 4,838 6,803 — Interest expense (1) (6,411) (2,540) (1,577) Balance at end of period $ 10,696 $ 12,269 $ 8,006 (1) Includes the recognition of prior deferred debt issuance costs associated with former debt instruments of $(4.2) million and $(0.7) million for the years ended December 31, 2021 and 2020, respectively. |
Asset Retirement Obligations | The following summarizes the changes in the carrying amount of these liabilities: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 78,110 $ 77,288 $ 90,822 Costs incurred (215) (1,608) (10,380) Additions/adjustments — (3,284) (5,030) Acquisitions — — — Accretion 5,996 5,343 5,379 Translation and other (1) 241 371 (3,503) Balance at end of period (2) $ 84,132 $ 78,110 $ 77,288 (1) Includes an adjustment of $(4.3) million to correct the business combination accounting for our 2016 acquisition during the year ended December 31, 2019. (2) Includes current asset retirement obligations of $4.7 million, $2.8 million and $5.7 million at December 31, 2021, 2020 and 2019, respectively. |
Accumulated Other Comprehensive Income | The components of Accumulated other comprehensive income included in Stockholders' Equity are as follows: December 31, 2021 2020 (In thousands) Currency translation adjustments $ 30,627 $ 24,454 Net unrealized loss on derivative financial instruments (694) (496) Unrecognized prior service cost on benefit obligations (18,022) (15,902) Net unrealized gain on available-for-sale investments 232 142 Accumulated other comprehensive income $ 12,143 $ 8,198 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The amounts reclassified out of Accumulated other comprehensive income by component and the affected consolidated statements of income line items are as follows: Year Ended December 31, 2021 2020 2019 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized (loss) gain on derivative financial instruments $ 307 $ (35) $ (132) Revenues (712) 695 (1,066) Cost of operations (405) 660 (1,198) Total before tax 103 (173) 310 Provision for Income Taxes $ (302) $ 487 $ (888) Net Income Amortization of prior service cost on benefit obligations $ (2,919) $ (3,177) $ (2,592) Other – net 624 645 562 Provision for Income Taxes $ (2,295) $ (2,532) $ (2,030) Net Income Total reclassification for the period $ (2,597) $ (2,045) $ (2,918) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregated Revenues We allocate geographic revenues based on the location of the customers' operations. Revenues by geographic area and customer type were as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 1,527,704 $ — $ 114,465 $ 1,642,169 $ 1,540,256 $ — $ 113,075 $ 1,653,331 $ 1,368,555 $ — $ 111,236 $ 1,479,791 Non-Government 87,809 44,102 5,560 137,471 98,986 35,432 19,061 153,479 51,802 38,058 17,907 107,767 $ 1,615,513 $ 44,102 $ 120,025 $ 1,779,640 $ 1,639,242 $ 35,432 $ 132,136 $ 1,806,810 $ 1,420,357 $ 38,058 $ 129,143 $ 1,587,558 Canada: Non-Government $ — $ 345,412 $ 3,417 $ 348,829 $ — $ 309,433 $ 4,357 $ 313,790 $ — $ 287,948 $ 2,196 $ 290,144 Other: Non-Government $ 7,085 $ 17,568 $ 96 $ 24,749 $ 7,015 $ 26,404 $ — $ 33,419 $ 8,230 $ 26,634 $ — $ 34,864 Segment Revenues $ 1,622,598 $ 407,082 $ 123,538 2,153,218 $ 1,646,257 $ 371,269 $ 136,493 2,154,019 $ 1,428,587 $ 352,640 $ 131,339 1,912,566 Eliminations (29,144) (30,503) (17,646) Revenues $ 2,124,074 $ 2,123,516 $ 1,894,920 Revenues by timing of transfer of goods or services were as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) (In thousands) Over time $ 1,622,462 $ 355,477 $ 123,538 $ 2,101,477 $ 1,646,092 $ 322,745 $ 136,493 $ 2,105,330 $ 1,428,348 $ 305,075 $ 131,339 $ 1,864,762 Point-in-time 136 51,605 — 51,741 165 48,524 — 48,689 239 47,565 — 47,804 Segment Revenues $ 1,622,598 $ 407,082 $ 123,538 2,153,218 $ 1,646,257 $ 371,269 $ 136,493 2,154,019 $ 1,428,587 $ 352,640 $ 131,339 1,912,566 Eliminations (29,144) (30,503) (17,646) Revenues $ 2,124,074 $ 2,123,516 $ 1,894,920 Revenues by contract type were as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) (In thousands) (In thousands) Fixed-Price Incentive Fee $ 1,244,916 $ 9,279 $ — $ 1,254,195 $ 1,226,770 $ 1,578 $ — $ 1,228,348 $ 1,137,883 $ 2,511 $ — $ 1,140,394 Firm-Fixed-Price 271,656 307,200 38,151 617,007 306,296 296,394 32,334 635,024 210,631 282,014 26,163 518,808 Cost-Plus Fee 104,365 — 73,621 177,986 112,479 — 94,320 206,799 79,741 755 102,726 183,222 Time-and-Materials 1,661 90,603 11,766 104,030 712 73,297 9,839 83,848 332 67,360 2,450 70,142 Segment Revenues $ 1,622,598 $ 407,082 $ 123,538 2,153,218 $ 1,646,257 $ 371,269 $ 136,493 2,154,019 $ 1,428,587 $ 352,640 $ 131,339 1,912,566 Eliminations (29,144) (30,503) (17,646) Revenues $ 2,124,074 $ 2,123,516 $ 1,894,920 |
Contract with Customer, Asset and Liability | Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. December 31, December 31, 2021 2020 (In thousands) Included in Contracts in progress: Unbilled receivables $ 528,644 $ 436,279 Retainages $ 51,507 $ 55,172 Included in Other Assets: Retainages $ 1,271 $ 1,488 Advance billings on contracts $ 111,619 $ 83,581 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Of the remaining performance obligations on our contracts with customers at December 31, 2021, we expect to recognize revenues as follows: 2022 2023 Thereafter Total (In approximate millions) Nuclear Operations Group $ 1,573 $ 1,102 $ 1,836 $ 4,511 Nuclear Power Group 260 142 242 644 Nuclear Services Group 21 — — 21 Total Remaining Performance Obligations $ 1,854 $ 1,244 $ 2,078 $ 5,176 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Combined Balance Sheet Information | The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method: December 31, 2021 2020 (In thousands) Current assets $ 546,233 $ 492,025 Noncurrent assets 634 970 Total Assets $ 546,867 $ 492,995 Current liabilities $ 284,821 $ 270,536 Owners' equity 262,046 222,459 Total Liabilities and Owners' Equity $ 546,867 $ 492,995 |
Summary of Combined Income Statement Information | Year Ended December 31, 2021 2020 2019 (In thousands) Revenues $ 4,254,635 $ 3,980,066 $ 3,716,548 Gross profit $ 159,935 $ 142,709 $ 133,170 Net income $ 156,994 $ 139,988 $ 130,949 |
Reconciliation of Net Income to Equity in Income | Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Equity income based on stated ownership percentages $ 31,870 $ 27,266 $ 28,272 Timing of GAAP and other adjustments 1,628 (114) 652 Equity in income of investees $ 33,498 $ 27,152 $ 28,924 |
Schedule of Transactions with Unconsolidated Affiliates | Our transactions with unconsolidated affiliates were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Sales to $ 11,838 $ 12,186 $ 14,668 Dividends received $ 20,475 $ 25,005 $ 20,955 Capital contributions, net of returns $ — $ (88) $ (255) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Unrecognized Tax Benefits | We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Balance at beginning of period $ 5,852 $ 3,899 $ 274 Increases based on tax positions taken in the current year 964 2,075 3,736 Increases based on tax positions taken in the prior years — — — Decreases based on tax positions taken in the prior years — — — Decreases due to settlements with tax authorities (6,775) — — Decreases due to lapse of applicable statute of limitation (41) (123) (127) Other, net — 1 16 Balance at end of period $ — $ 5,852 $ 3,899 |
Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 (In thousands) Deferred tax assets: Pension liability $ 12,047 $ 31,152 Accrued warranty expense 1,363 1,338 Accrued vacation pay 7,633 7,442 Accrued liabilities for self-insurance (including postretirement health care benefits) 2,095 2,602 Accrued liabilities for executive and employee incentive compensation 10,733 13,312 Environmental and products liabilities 21,050 20,261 Lease liabilities 3,667 2,155 Investments in joint ventures and affiliated companies 2,283 1,148 Long-term contracts 21,562 15,974 Accrued payroll taxes 4,753 4,828 U.S. federal tax credits and loss carryforward 7,023 7,224 U.S. state tax credits and loss carryforward 4,866 6,819 Foreign tax credit and loss carryforward 16,477 9,919 Other 2,568 4,961 Total deferred tax assets 118,120 129,135 Valuation allowance for deferred tax assets (13,218) (12,892) Deferred tax assets 104,902 116,243 Deferred tax liabilities: Property, plant and equipment 66,636 39,315 Right-of-use lease assets 11,666 10,509 Intangibles 16,365 17,004 Total deferred tax liabilities 94,667 66,828 Net deferred tax assets $ 10,235 $ 49,415 |
Income from Continuing Operations Before Provision for Income Taxes | The components of Income before Provision for Income Taxes were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) U.S. $ 343,091 $ 314,150 $ 270,569 Other than U.S. 52,622 48,022 43,173 Income before Provision for Income Taxes $ 395,713 $ 362,172 $ 313,742 |
Components of Provision for Income Taxes | The components of Provision for Income Taxes were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Current: U.S. – federal $ 31,535 $ 53,340 $ 47,693 U.S. – state and local 1,030 7,587 2,180 Other than U.S. 16,769 14,159 15,398 Total current 49,334 75,086 65,271 Deferred: U.S. – federal 40,463 10,852 7,975 U.S. – state and local 3,473 (536) 872 Other than U.S. (3,845) (2,426) (5,053) Total deferred 40,091 7,890 3,794 Provision for Income Taxes $ 89,425 $ 82,976 $ 69,065 |
Reconciliation of Income Tax Provision Related to Continuing Operations from U.S. Statutory Federal Tax Rate | The following is a reconciliation of our income tax provision from the U.S. statutory federal tax rate to our consolidated effective tax rate: Year Ended December 31, 2021 2020 2019 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local income taxes 1.1 % 1.9 % 1.0 % Foreign rate differential 0.6 % 0.6 % 0.6 % Excess tax deductions on equity compensation (0.1) % (0.3) % (0.7) % Other — % (0.3) % 0.1 % Effective tax rate 22.6 % 22.9 % 22.0 % |
Valuation Allowance for Deferred Tax Assets | The following is an analysis of our valuation allowance for deferred tax assets: Beginning Charges To Charged To Ending (In thousands) Year Ended December 31, 2021 $ (12,892) (326) — $ (13,218) Year Ended December 31, 2020 $ (13,578) 771 (85) $ (12,892) Year Ended December 31, 2019 $ (13,257) (414) 93 $ (13,578) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Our Long-Term Debt consists of the following: December 31, 2021 2020 (In thousands) Debt Instruments: Senior Notes $ 800,000 $ 800,000 Credit Facility 400,000 75,000 Long-Term Debt, gross 1,200,000 875,000 Less: Deferred debt issuance costs 10,696 12,269 Long-Term Debt $ 1,189,304 $ 862,731 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Obligations and Funded Status | Obligations and Funded Status Pension Benefits Other Benefits 2021 2020 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 1,414,055 $ 1,308,798 $ 61,086 $ 58,881 Service cost 11,667 10,650 760 642 Interest cost 27,170 37,199 1,197 1,612 Plan participants' contributions 199 180 488 562 Amendments 2,314 2,333 3,402 — Settlements (38,330) (7,041) — — Actuarial loss (gain) (45,476) 120,126 (4,944) 2,219 Foreign currency exchange rate changes 1,669 3,513 197 331 Benefits paid (65,002) (61,703) (2,885) (3,161) Benefit obligation at end of period $ 1,308,266 $ 1,414,055 $ 59,301 $ 61,086 Change in plan assets: Fair value of plan assets at beginning of period $ 1,281,232 $ 1,150,495 $ 52,077 $ 48,321 Actual return on plan assets 72,030 190,862 2,898 5,293 Plan participants' contributions 199 180 488 562 Company contributions 6,164 5,131 1,008 992 Settlements (39,439) (7,041) — — Foreign currency exchange rate changes 1,615 3,308 — — Benefits paid (65,002) (61,703) (2,959) (3,091) Fair value of plan assets at the end of period 1,256,799 1,281,232 53,512 52,077 Funded status $ (51,467) $ (132,823) $ (5,789) $ (9,009) Amounts recognized in the balance sheet consist of: Prepaid postretirement benefit obligation $ — $ — $ 20,122 $ 18,069 Prepaid pension 10,573 14,588 — — Accrued employee benefits (3,125) (3,082) (1,578) (1,389) Accumulated postretirement benefit obligation — — (24,333) (25,689) Pension liability (58,915) (144,329) — — Accrued benefit liability, net $ (51,467) $ (132,823) $ (5,789) $ (9,009) Amount recognized in accumulated comprehensive income (before taxes): Prior service cost (credit) $ 20,536 $ 21,319 $ 2,520 $ (1,059) Supplemental information: Plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,172,881 $ 1,264,764 N/A N/A Accumulated benefit obligation $ 1,166,855 $ 1,255,899 $ 23,503 $ 24,593 Fair value of plan assets $ 1,110,841 $ 1,117,353 $ — $ — Plans with plan assets in excess of accumulated benefit obligation: Projected benefit obligation $ 135,385 $ 149,291 N/A N/A Accumulated benefit obligation $ 135,375 $ 149,270 $ 35,798 $ 36,493 Fair value of plan assets $ 145,958 $ 163,879 $ 53,512 $ 52,077 |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost included in net income are as follows: Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 (In thousands) Components of net periodic benefit cost: Service cost $ 11,667 $ 10,650 $ 9,123 $ 760 $ 642 $ 545 Interest cost 27,170 37,199 46,307 1,197 1,612 2,254 Expected return on plan assets (81,778) (77,298) (69,809) (2,891) (2,691) (2,514) Amortization of prior service cost 3,097 3,370 2,903 (178) (193) (311) Recognized net actuarial loss (gain) (34,690) 6,829 9,353 (4,876) (458) (5,723) Net periodic benefit cost (income) $ (74,534) $ (19,250) $ (2,123) $ (5,988) $ (1,088) $ (5,749) |
Summary of Additional Information | Additional Information Pension Benefits Other Benefits 2021 2020 2021 2020 (In thousands) Decrease in accumulated other comprehensive income due to actuarial losses – before taxes $ (2,314) $ (2,333) $ (3,402) $ — |
Weighted Average Assumptions | Assumptions Pension Benefits Other Benefits 2021 2020 2021 2020 Weighted-average assumptions used to determine net periodic benefit obligations at December 31: Discount rate 2.91 % 2.63 % 2.85 % 2.49 % Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Discount rate to determine interest cost 1.96 % 2.78 % 3.98 % 1.87 % 2.62 % 3.92 % Expected return on plan assets 6.80 % 6.95 % 6.95 % 5.66 % 5.66 % 5.68 % |
Assumed health-care cost trend rates | All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust. 2021 2020 Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year 7.50 % 6.75 % Rates to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2034 2030 |
Plan Asset Allocations by Asset Category | The following is a summary of the asset allocations for the Master Trust at December 31, 2021 and 2020 by asset category: December 31, 2021 2020 Asset Category: Commingled and Mutual Funds 29 % 29 % U.S. Government Securities 32 % 28 % Fixed Income (excluding U.S. Government Securities) 11 % 18 % Diversified Credit 11 % 11 % Real Estate 11 % 7 % Partnerships with Security Holdings 4 % 4 % Other 2 % 3 % Total 100 % 100 % The combined weighted-average asset allocations of these plans at December 31, 2021 and 2020 by asset category were as follows: December 31, 2021 2020 Asset Category: Fixed Income 20 % 98 % Commingled and Mutual Funds 11 % — % Cash and Other 69 % 2 % Total 100 % 100 % |
Target Allocation by Asset Class | The target allocation for 2022 for the domestic plans, by asset class, is as follows: Asset Class: Fixed Income 45 % Equities 28 % Other 27 % The target allocation for 2022 for the Canadian plans, by asset class, is as follows: Asset Class: Fixed Income 20 % Equities 11 % Cash and Other 69 % |
Summary of Total Investments Measured at Fair Value | The following is a summary of total assets for our plans measured at fair value at December 31, 2021: 12/31/2021 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: U.S. Government Securities $ 369,980 $ 365,295 $ 4,685 $ — $ — Commingled and Mutual Funds 358,423 77,680 — — 280,743 Fixed Income 182,169 31,856 128,829 — 21,484 Diversified Credit 133,508 — — — 133,508 Real Estate 126,886 — — — 126,886 Investment Contract (1) 46,817 — — 46,817 — Partnerships with Security Holdings 46,515 — — — 46,515 Cash, Cash Equivalents and Accrued Items (2) 46,013 — — — 46,013 Total Assets $ 1,310,311 $ 474,831 $ 133,514 $ 46,817 $ 655,149 (1) During 2021, we filed for regulatory approval for the windup of our foreign salaried pension benefit plan. Based on those participants who elected to receive annuities upon retirement, we purchased a group annuity contract totaling $45.6 million. (2) Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table. The following is a summary of total assets for our plans measured at fair value at December 31, 2020: 12/31/2020 Level 1 Level 2 Level 3 Unclassified (In thousands) Pension and Other Benefits: Fixed Income $ 391,418 $ — $ 228,857 $ — $ 162,561 Commingled and Mutual Funds 338,473 72,764 — — 265,709 U.S. Government Securities 316,375 310,975 5,400 — — Diversified Credit 126,823 — — — 126,823 Real Estate 77,437 — — — 77,437 Partnerships with Security Holdings 49,007 — — — 49,007 Cash, Cash Equivalents and Accrued Items (1) 33,776 — — — 33,776 Total Assets $ 1,333,309 $ 383,739 $ 234,257 $ — $ 715,313 (1) Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table. The following is a summary of the changes in the Plans' Level 3 instruments for the year ended December 31, 2021: Year Ended December 31, 2021 (In thousands) Balance at beginning of period $ — Purchases 45,645 Unrealized gain 652 Translation 520 Balance at end of period $ 46,817 |
Cash Flows | Cash Flows Domestic Plans Foreign Plans Pension Other Pension Other (In thousands) Expected employer contributions to trusts of defined benefit plans: 2022 $ — $ 90 $ 10,579 N/A Expected benefit payments: 2022 $ 61,599 $ 2,924 $ 3,588 $ 526 2023 $ 63,669 $ 2,914 $ 3,802 $ 547 2024 $ 65,271 $ 2,959 $ 4,009 $ 557 2025 $ 66,406 $ 2,914 $ 4,212 $ 586 2026 $ 67,253 $ 2,855 $ 4,390 $ 639 2027-2031 $ 337,288 $ 12,881 $ 24,724 $ 3,404 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summarized Activity of Stock Options | The following table summarizes activity for our stock options for the year ended December 31, 2021 (share data in thousands): Number Weighted- Weighted- Aggregate Outstanding at beginning of period 201 $ 24.07 Granted — N/A Exercised (76) $ 24.77 Cancelled/expired/forfeited — N/A Outstanding at end of period 125 $ 23.65 3.2 years $ 3.0 Exercisable at end of period 125 $ 23.65 3.2 years $ 3.0 |
Schedule of Restricted Stock Units | Nonvested performance shares as of December 31, 2021 and changes during the year ended December 31, 2021 were as follows (share data in thousands): Number Weighted- Nonvested at beginning of period 451 $ 56.15 Adjustment to assumed vesting percentage 52 $ 58.51 Granted 159 $ 59.39 Vested (104) $ 63.81 Cancelled/forfeited (13) $ 56.23 Nonvested at end of period 545 $ 55.90 The actual number of shares in which each participant vests is dependent upon achievement of certain return on invested capital and diluted earnings per share targets over a three three The actual tax benefits realized related to the performance shares vested during the year ended December 31, 2021 totaled $1.0 million. Restricted Stock Units Nonvested restricted stock units as of December 31, 2021 and changes during the year ended December 31, 2021 were as follows (share data in thousands): Number Weighted- Nonvested at beginning of period 185 $ 55.96 Granted 150 $ 60.29 Vested (107) $ 58.45 Cancelled/forfeited (7) $ 57.09 Nonvested at end of period 221 $ 57.66 |
Schedule of Summarized Activity of Stock Appreciation | The following table summarizes activity for our stock appreciation rights for the year ended December 31, 2021 (unit data in thousands): Number Weighted- Weighted- Aggregate Outstanding at beginning of period 40 $ 24.04 Granted — N/A Exercised (13) $ 24.97 Cancelled/expired/forfeited — N/A Outstanding at end of period 27 $ 23.62 3.2 years $ 0.7 Exercisable at end of period 27 $ 23.62 3.2 years $ 0.7 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available for Sale Securities | The following is a summary of our investments at December 31, 2021: Amortized Gross Gross Estimated (In thousands) Equity securities Mutual funds $ 6,001 $ 1,649 $ — $ 7,650 Available-for-sale securities U.S. Government and agency securities 2,742 — (4) 2,738 Corporate bonds 2,559 374 (7) 2,926 Asset-backed securities and collateralized mortgage obligations 107 — (52) 55 Total $ 11,409 $ 2,023 $ (63) $ 13,369 The following is a summary of our investments at December 31, 2020: Amortized Gross Gross Estimated (In thousands) Equity securities Equities $ 172 $ 628 $ — $ 800 Mutual funds 5,323 1,432 — 6,755 Available-for-sale securities U.S. Government and agency securities 2,317 1 (4) 2,314 Corporate bonds 2,879 259 (6) 3,132 Asset-backed securities and collateralized mortgage obligations 115 — (53) 62 Total $ 10,806 $ 2,320 $ (63) $ 13,063 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments and Available-for-Sale Securities Measured at Fair Value | The following is a summary of our investments measured at fair value at December 31, 2021: 12/31/2021 Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 7,650 $ — $ 7,650 $ — $ — Available-for-sale securities U.S. Government and agency securities 2,738 2,738 — — — Corporate bonds 2,926 1,852 1,074 — — Asset-backed securities and collateralized mortgage obligations 55 — 55 — — Total $ 13,369 $ 4,590 $ 8,779 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2020: 12/31/2020 Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Equities $ 800 $ — $ — $ 800 $ — Mutual funds 6,755 — 6,755 — — Available-for-sale securities U.S. Government and agency securities 2,314 2,314 — — — Corporate bonds 3,132 1,738 1,394 — — Asset-backed securities and collateralized mortgage obligations 62 — 62 — — Total $ 13,063 $ 4,052 $ 8,211 $ 800 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | 1. Information about Operations in our Different Industry Segments: Year Ended December 31, 2021 2020 2019 (In thousands) REVENUES: Nuclear Operations Group $ 1,622,598 $ 1,646,257 $ 1,428,587 Nuclear Power Group 407,082 371,269 352,640 Nuclear Services Group 123,538 136,493 131,339 Eliminations (1) (29,144) (30,503) (17,646) $ 2,124,074 $ 2,123,516 $ 1,894,920 (1) Segment revenues are net of the following intersegment transfers: Nuclear Operations Group Transfers $ (5,402) $ (3,791) $ (4,382) Nuclear Power Group Transfers (778) (553) (208) Nuclear Services Group Transfers (22,964) (26,159) (13,056) $ (29,144) $ (30,503) $ (17,646) OPERATING INCOME: Nuclear Operations Group $ 308,645 $ 326,049 $ 298,328 Nuclear Power Group 52,548 51,989 53,815 Nuclear Services Group 27,932 26,436 14,226 Other (24,333) (22,309) (23,099) $ 364,792 $ 382,165 $ 343,270 Unallocated Corporate (1) (18,944) (23,613) (17,749) Total Operating Income (2) $ 345,848 $ 358,552 $ 325,521 Other Income (Expense) 49,865 3,620 (11,779) Income before Provision for Income Taxes $ 395,713 $ 362,172 $ 313,742 (1) Unallocated Corporate includes general corporate overhead not allocated to segments. (2) The following amounts are included in Operating Income: Losses (Gains) on Asset Disposals and Impairments, Net: Nuclear Operations Group $ (8) $ (8) $ (6) Nuclear Power Group (2,548) (1,681) 103 Nuclear Services Group — 328 2,727 Other — — — Unallocated Corporate (976) — — $ (3,532) $ (1,361) $ 2,824 Equity in Income of Investees : Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 33,498 27,152 28,924 Other — — — $ 33,498 $ 27,152 $ 28,924 Year Ended December 31, 2021 2020 2019 (In thousands) CAPITAL EXPENDITURES: Nuclear Operations Group $ 143,945 $ 135,637 $ 133,279 Nuclear Power Group 153,571 106,596 38,053 Nuclear Services Group 2,940 1,326 1,169 Other 166 252 2,597 Segment Capital Expenditures 300,622 243,811 175,098 Corporate Capital Expenditures 10,430 11,216 7,026 Total Capital Expenditures $ 311,052 $ 255,027 $ 182,124 DEPRECIATION AND AMORTIZATION: Nuclear Operations Group $ 40,514 $ 33,174 $ 33,231 Nuclear Power Group 19,774 18,325 17,054 Nuclear Services Group 1,005 1,685 3,246 Other 1,076 645 787 Segment Depreciation and Amortization 62,369 53,829 54,318 Corporate Depreciation and Amortization 6,711 6,845 7,404 Total Depreciation and Amortization $ 69,080 $ 60,674 $ 61,722 December 31, 2021 2020 2019 (In thousands) SEGMENT ASSETS: Nuclear Operations Group $ 1,243,766 $ 1,184,741 $ 986,827 Nuclear Power Group 974,372 828,729 580,413 Nuclear Services Group 186,249 166,240 177,952 Other 2,858 3,638 3,751 Segment Assets 2,407,245 2,183,348 1,748,943 Corporate Assets 94,135 110,155 159,970 Total Assets $ 2,501,380 $ 2,293,503 $ 1,908,913 INVESTMENT IN UNCONSOLIDATED AFFILIATES: Nuclear Operations Group $ — $ — $ — Nuclear Power Group — — — Nuclear Services Group 85,284 71,806 70,116 Other — — — Total Investment in Unconsolidated Affiliates $ 85,284 $ 71,806 $ 70,116 |
Schedule of Revenue Information from Products and Service Lines | 2. Information about our Product and Service Lines: Year Ended December 31, 2021 2020 2019 (In thousands) REVENUES: Nuclear Operations Group: Government Programs $ 1,527,704 $ 1,540,256 $ 1,368,555 Commercial Operations 94,894 106,001 60,032 1,622,598 1,646,257 1,428,587 Nuclear Power Group: Nuclear Manufacturing 246,444 250,585 243,472 Nuclear Services and Engineering 160,638 120,684 109,168 407,082 371,269 352,640 Nuclear Services Group: Nuclear Environmental Services 77,514 94,320 102,726 Nuclear Services and Advanced Reactor Design and Engineering 46,024 42,173 28,613 123,538 136,493 131,339 Eliminations (29,144) (30,503) (17,646) $ 2,124,074 $ 2,123,516 $ 1,894,920 |
Schedule of Property, Plant and Equipment, Net by Geographical Area | 3. Information about our Consolidated Operations in Different Geographic Areas: December 31, 2021 2020 2019 (In thousands) NET PROPERTY, PLANT AND EQUIPMENT: U.S. $ 698,772 $ 603,518 $ 494,202 Canada 346,868 212,953 86,039 $ 1,045,640 $ 816,471 $ 580,241 See Note 3 for revenues by geographic area for each of our segments. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 528,273 $ 505,099 $ 498,727 $ 591,975 Operating income (1) $ 82,414 $ 73,751 $ 87,468 $ 102,215 Equity in income of investees $ 8,316 $ 7,263 $ 10,618 $ 7,301 Net Income Attributable to BWX Technologies, Inc. $ 69,749 $ 59,347 $ 59,914 $ 116,861 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.73 $ 0.62 $ 0.64 $ 1.27 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.73 $ 0.62 $ 0.63 $ 1.26 (1) Includes equity in income of investees. Year Ended December 31, 2020 March 31, June 30, September 30, December 31, (In thousands, except per share amounts) Revenues $ 542,208 $ 504,520 $ 519,878 $ 556,910 Operating income (1) $ 98,267 $ 82,434 $ 88,770 $ 89,081 Equity in income of investees $ 6,063 $ 4,913 $ 8,271 $ 7,905 Net Income Attributable to BWX Technologies, Inc. $ 75,499 $ 64,258 $ 73,171 $ 65,742 Earnings per common share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.79 $ 0.67 $ 0.77 $ 0.69 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.79 $ 0.67 $ 0.76 $ 0.69 (1) Includes equity in income of investees. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, 2021 2020 2019 (In thousands, except shares and Basic: Net Income Attributable to BWX Technologies, Inc. $ 305,871 $ 278,670 $ 244,115 Weighted-average common shares 94,278,894 95,457,193 95,377,414 Basic earnings per common share $ 3.24 $ 2.92 $ 2.56 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 305,871 $ 278,670 $ 244,115 Weighted-average common shares (basic) 94,278,894 95,457,193 95,377,414 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 239,528 269,304 433,124 Adjusted weighted-average common shares 94,518,422 95,726,497 95,810,538 Diluted earnings per common share $ 3.24 $ 2.91 $ 2.55 (1) At December 31, 2021, 2020 and 2019, none of our shares were antidilutive. |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Thousands | May 29, 2020USD ($) | Dec. 31, 2021USD ($)facilitysegmentcomponent | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Number of large, heavy components supplied to worldwide (more than) | component | 1,300 | |||
Research and development activities | $ 31,400 | $ 40,800 | $ 66,900 | |
Research and development activities, paid by customers | 20,300 | 26,600 | 49,200 | |
Interest expense | 51,100 | 40,800 | 41,400 | |
Interest costs capitalized | 15,300 | 9,800 | 6,100 | |
Restricted cash and cash equivalents reclassified into other assets | 5,900 | |||
Restricted cash and cash equivalents | 2,896 | 3,070 | ||
Total inventories | 16,300 | 15,000 | ||
Depreciation | 58,100 | 50,300 | 51,000 | |
Lease expense | 8,400 | 7,700 | 8,100 | |
Cash payments for leases | $ 6,700 | |||
Weighted average remaining lease term | 6 years 8 months 12 days | |||
Weighted average discount rate | 4.19% | |||
Number of facilities with U.S. Government decommissioning costs obligation | facility | 2 | |||
Reserves for self-insurance | $ 4,500 | 5,000 | ||
Net foreign currency transaction gains (losses) | 1,800 | (600) | 1,000 | |
Net gains deferred on derivative financial instruments in accumulated other comprehensive income (loss) | (700) | |||
Gains recognized in other-net associated with derivative financial instruments | (100) | 8,700 | $ (1,000) | |
Notional amount of foreign currency forward contracts | 352,200 | |||
Favorable operating lease | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Amortization | 1,700 | |||
Nuclear Services Business | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Net assets exchanged in noncash transaction | $ 18,000 | |||
Accounts Receivable | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Canada Emergency Wage Subsidy (CEWS) grant | $ 5,400 | $ 20,400 | ||
Minimum | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Operating lease contract term | 1 year | |||
Operating lease renewal contract term | 1 year | |||
Minimum | Machinery and equipment | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Useful life | 3 years | |||
Minimum | Property, Plant and Equipment | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Useful life | 8 years | |||
Maximum | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Operating lease contract term | 20 years | |||
Operating lease renewal contract term | 10 years | |||
Maximum | Machinery and equipment | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Useful life | 14 years | |||
Maximum | Property, Plant and Equipment | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Useful life | 40 years | |||
Cash Held For Decommissioning Of Facilities | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Restricted cash and cash equivalents | $ 3,000 | |||
Cash Held To Meet Reinsurance Reserve Requirements | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Restricted cash and cash equivalents | $ 2,900 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Changes in Carrying Amount of Accrued Warranty Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 5,292 | $ 9,042 | $ 10,344 |
Additions | 924 | 1,341 | 2,232 |
Expirations and other changes | (424) | (1,624) | (2,728) |
Payments | (605) | (1,026) | (1,065) |
Translation | 134 | (2,441) | 259 |
Balance at end of period | $ 5,321 | 5,292 | 9,042 |
Product Warranty Accrual Warrant Discount | $ (1,200) | ||
Amount included from divestiture of business | $ (2,500) |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 33,891 | $ 42,610 | ||
Restricted cash and cash equivalents | 2,896 | 3,070 | ||
Restricted cash and cash equivalents included in Other Assets | 2,988 | 2,618 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our consolidated statements of cash flows | $ 39,775 | $ 48,298 | $ 92,400 | $ 36,408 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | $ 1,776,689 | $ 1,525,552 | |
Less: Accumulated depreciation | 731,049 | 709,081 | |
Property, Plant and Equipment, Net | 1,045,640 | 816,471 | $ 580,241 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 9,538 | 9,585 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 321,872 | 267,808 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | 957,423 | 827,785 | |
Property under construction | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment gross | $ 487,856 | $ 420,374 |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 283,708 | $ 275,502 |
Goodwill, Acquired During Period | 5,753 | |
Translation and other | 1,794 | 2,453 |
Ending balance | 285,502 | 283,708 |
Nuclear Operations Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 110,939 | 110,939 |
Goodwill, Acquired During Period | 0 | |
Translation and other | 0 | 0 |
Ending balance | 110,939 | 110,939 |
Nuclear Services Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 127,769 | 119,563 |
Goodwill, Acquired During Period | 5,753 | |
Translation and other | 1,794 | 2,453 |
Ending balance | 129,563 | 127,769 |
Nuclear Services Group | ||
Goodwill [Roll Forward] | ||
Beginning balance | 45,000 | 45,000 |
Goodwill, Acquired During Period | 0 | |
Translation and other | 0 | 0 |
Ending balance | $ 45,000 | $ 45,000 |
Basis of Presentation and Sig_9
Basis of Presentation and Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 184,270 | $ 181,921 | $ 172,730 |
Accumulated amortization | (42,549) | (33,000) | (25,168) |
Net amortized intangible assets | 141,721 | 148,921 | 147,562 |
Technical support agreement | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 69,781 | 68,785 | 67,423 |
Accumulated amortization | (10,366) | (7,227) | (4,153) |
Customer relationships | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 40,247 | 39,954 | 39,555 |
Accumulated amortization | (18,176) | (15,996) | (13,841) |
Unpatented technology | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 38,073 | 37,529 | 36,785 |
Accumulated amortization | (6,398) | (4,584) | (2,805) |
CNSC class 1B nuclear facility license | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 26,911 | 26,528 | 26,002 |
Accumulated amortization | (4,521) | (3,573) | (2,635) |
Acquired backlog | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 7,595 | 7,487 | 0 |
Accumulated amortization | (2,531) | (1,248) | 0 |
Patented technology | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 792 | 780 | 765 |
Accumulated amortization | (363) | (286) | (212) |
All other | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Amortized intangible assets | 871 | 858 | 2,200 |
Accumulated amortization | (194) | (86) | (1,522) |
NRC category 1 license | |||
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | |||
Unamortized intangible assets | $ 43,830 | $ 43,830 | $ 43,830 |
Basis of Presentation and Si_10
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Balance at beginning of period | $ 192,751 | $ 191,392 | $ 228,676 |
Acquisitions (Note 2) | 0 | 8,180 | 0 |
Amortization expense | (9,329) | (8,824) | (9,128) |
Reclassification of right-of-use assets | 0 | 0 | (33,866) |
Translation and other | 2,129 | 2,003 | 5,710 |
Balance at end of period | 185,551 | $ 192,751 | $ 191,392 |
Nuclear Services Group | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Translation and other | $ (600) |
Basis of Presentation and Si_11
Basis of Presentation and Significant Accounting Policies - Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
2022 | $ 9,257 |
2023 | 9,257 |
2024 | 9,257 |
2025 | 9,257 |
2026 | $ 7,991 |
Basis of Presentation and Si_12
Basis of Presentation and Significant Accounting Policies - Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
2022 | $ 3,979 |
2023 | 2,664 |
2024 | 2,225 |
2025 | 1,849 |
2026 | 1,831 |
Thereafter | 5,025 |
Total lease payments | 17,573 |
Less: Interest | (2,445) |
Present value of lease liabilities | 15,128 |
Current lease liabilities | 3,900 |
Operating lease, right-of-use asset | $ 46,400 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities – other |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities |
Basis of Presentation and Si_13
Basis of Presentation and Significant Accounting Policies - Changes in Carrying Amount of Other Non-Current Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Finance Costs [Roll Forward] | |||
Balance at beginning of period | $ 12,269 | $ 8,006 | $ 9,583 |
Additions | 4,838 | 6,803 | 0 |
Interest Expense, Debt | 6,411 | 2,540 | 1,577 |
Balance at end of period | 10,696 | 12,269 | 8,006 |
Amortization of Debt Issuance Costs | (4,212) | (665) | $ 0 |
Senior Notes Due 2026 | |||
Deferred Finance Costs [Roll Forward] | |||
Amortization of Debt Issuance Costs | $ (4,200) | ||
Former Credit Facility | |||
Deferred Finance Costs [Roll Forward] | |||
Amortization of Debt Issuance Costs | $ (700) |
Basis of Presentation and Si_14
Basis of Presentation and Significant Accounting Policies - Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Asset Retirement Costs, Estimated Maximum Duration | 40 years | ||
Asset Retirement Obligation, Adjustment for Business Acquisition, Foreign Currency Translation Gain (Loss) | $ (4,300) | ||
Asset retirement obligations Abstract | |||
Balance at beginning of period | 78,110 | $ 77,288 | $ 90,822 |
Costs incurred | (215) | (1,608) | (10,380) |
Additions/adjustments | 0 | (3,284) | (5,030) |
Acquisitions | 0 | 0 | 0 |
Accretion | 5,996 | 5,343 | 5,379 |
Translation | 241 | 371 | (3,503) |
Balance at end of period | 84,132 | 78,110 | 77,288 |
Current asset retirement obligation | $ 4,700 | $ 2,800 | $ 5,700 |
Basis of Presentation and Si_15
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | $ 637,235 | $ 617,768 | $ 404,112 | $ 235,701 |
Currency translation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | 30,627 | 24,454 | ||
Net unrealized loss on derivative financial instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | (694) | |||
Net unrealized loss on derivative financial instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | (496) | |||
Unrecognized prior service cost on benefit obligations | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | (18,022) | (15,902) | ||
Net unrealized gain on available-for-sale investments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | 232 | 142 | ||
Accumulated other comprehensive income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives | ||||
Stockholders' Equity | $ 12,143 | $ 8,198 | $ (7,448) | $ (10,289) |
Basis of Presentation and Si_16
Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Revenues | $ 591,975 | $ 498,727 | $ 505,099 | $ 528,273 | $ 556,910 | $ 519,878 | $ 504,520 | $ 542,208 | $ 2,124,074 | $ 2,123,516 | $ 1,894,920 |
Cost of operations | (1,573,797) | (1,548,119) | (1,361,056) | ||||||||
Total before tax | 395,713 | 362,172 | 313,742 | ||||||||
Other – net | 85,207 | 34,116 | 22,599 | ||||||||
Provision for Income Taxes | (89,425) | (82,976) | (69,065) | ||||||||
Net income | 306,288 | 279,196 | 244,677 | ||||||||
Accumulated Other Comprehensive Income Component Recognized | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income | (2,597) | (2,045) | (2,918) | ||||||||
Accumulated Other Comprehensive Income Component Recognized | Realized (loss) gain on derivative financial instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Revenues | 307 | ||||||||||
Cost of operations | (712) | ||||||||||
Total before tax | (405) | ||||||||||
Provision for Income Taxes | 103 | ||||||||||
Net income | (302) | ||||||||||
Accumulated Other Comprehensive Income Component Recognized | Realized (loss) gain on derivative financial instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Revenues | (35) | (132) | |||||||||
Cost of operations | 695 | (1,066) | |||||||||
Total before tax | 660 | (1,198) | |||||||||
Provision for Income Taxes | (173) | 310 | |||||||||
Net income | 487 | (888) | |||||||||
Accumulated Other Comprehensive Income Component Recognized | Amortization of prior service cost on benefit obligations | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other – net | (2,919) | (3,177) | (2,592) | ||||||||
Provision for Income Taxes | 624 | 645 | 562 | ||||||||
Net income | $ (2,295) | $ (2,532) | $ (2,030) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands, $ in Millions | Jan. 02, 2020USD ($) | Jan. 02, 2020CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Jan. 02, 2020CAD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 285,502 | $ 283,708 | $ 275,502 | ||||
Laker Energy Products, Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Purchase of business | $ 17,800 | $ 23.3 | |||||
Contingent consideration recognized in purchase price | $ 2.5 | ||||||
Intangible assets | 8,200 | ||||||
Property, plant and equipment | 8,400 | ||||||
Goodwill | 5,800 | ||||||
Right-of-use assets | 2,700 | ||||||
Lease liabilities | $ 2,700 | ||||||
Recorded gain as a component of cost of operations | $ 2,000 | $ 2.5 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 591,975 | $ 498,727 | $ 505,099 | $ 528,273 | $ 556,910 | $ 519,878 | $ 504,520 | $ 542,208 | $ 2,124,074 | $ 2,123,516 | $ 1,894,920 |
Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,153,218 | 2,154,019 | 1,912,566 | ||||||||
Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (29,144) | (30,503) | (17,646) | ||||||||
Fixed-Price Incentive Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,254,195 | 1,228,348 | 1,140,394 | ||||||||
Firm-Fixed-Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 617,007 | 635,024 | 518,808 | ||||||||
Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 177,986 | 206,799 | 183,222 | ||||||||
Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 104,030 | 83,848 | 70,142 | ||||||||
Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,101,477 | 2,105,330 | 1,864,762 | ||||||||
Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 51,741 | 48,689 | 47,804 | ||||||||
UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,779,640 | 1,806,810 | 1,587,558 | ||||||||
UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,642,169 | 1,653,331 | 1,479,791 | ||||||||
UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 137,471 | 153,479 | 107,767 | ||||||||
CANADA | Non-Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 348,829 | 313,790 | 290,144 | ||||||||
Other | Non-Government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 24,749 | 33,419 | 34,864 | ||||||||
Nuclear Services Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Nuclear Services Group | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Nuclear Services Group | Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (22,964) | (26,159) | (13,056) | ||||||||
Nuclear Services Group | Fixed-Price Incentive Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Nuclear Services Group | Firm-Fixed-Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 38,151 | 32,334 | 26,163 | ||||||||
Nuclear Services Group | Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 73,621 | 94,320 | 102,726 | ||||||||
Nuclear Services Group | Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 11,766 | 9,839 | 2,450 | ||||||||
Nuclear Services Group | Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Nuclear Services Group | Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Nuclear Services Group | UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 120,025 | 132,136 | 129,143 | ||||||||
Nuclear Services Group | UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 114,465 | 113,075 | 111,236 | ||||||||
Nuclear Services Group | UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 5,560 | 19,061 | 17,907 | ||||||||
Nuclear Services Group | CANADA | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 3,417 | 4,357 | 2,196 | ||||||||
Nuclear Services Group | Other | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 96 | 0 | 0 | ||||||||
Nuclear Power Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Nuclear Power Group | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Nuclear Power Group | Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (778) | (553) | (208) | ||||||||
Nuclear Power Group | Fixed-Price Incentive Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,279 | 1,578 | 2,511 | ||||||||
Nuclear Power Group | Firm-Fixed-Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 307,200 | 296,394 | 282,014 | ||||||||
Nuclear Power Group | Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | 755 | ||||||||
Nuclear Power Group | Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 90,603 | 73,297 | 67,360 | ||||||||
Nuclear Power Group | Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 355,477 | 322,745 | 305,075 | ||||||||
Nuclear Power Group | Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 51,605 | 48,524 | 47,565 | ||||||||
Nuclear Power Group | UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 44,102 | 35,432 | 38,058 | ||||||||
Nuclear Power Group | UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Nuclear Power Group | UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 44,102 | 35,432 | 38,058 | ||||||||
Nuclear Power Group | CANADA | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 345,412 | 309,433 | 287,948 | ||||||||
Nuclear Power Group | Other | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 17,568 | 26,404 | 26,634 | ||||||||
Nuclear Operations Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Nuclear Operations Group | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Nuclear Operations Group | Consolidation, Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (5,402) | (3,791) | (4,382) | ||||||||
Nuclear Operations Group | Fixed-Price Incentive Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,244,916 | 1,226,770 | 1,137,883 | ||||||||
Nuclear Operations Group | Firm-Fixed-Price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 271,656 | 306,296 | 210,631 | ||||||||
Nuclear Operations Group | Cost-Plus Fee | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 104,365 | 112,479 | 79,741 | ||||||||
Nuclear Operations Group | Time-and-Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,661 | 712 | 332 | ||||||||
Nuclear Operations Group | Over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,622,462 | 1,646,092 | 1,428,348 | ||||||||
Nuclear Operations Group | Point-in-time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 136 | 165 | 239 | ||||||||
Nuclear Operations Group | UNITED STATES | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,615,513 | 1,639,242 | 1,420,357 | ||||||||
Nuclear Operations Group | UNITED STATES | Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,527,704 | 1,540,256 | 1,368,555 | ||||||||
Nuclear Operations Group | UNITED STATES | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 87,809 | 98,986 | 51,802 | ||||||||
Nuclear Operations Group | CANADA | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Nuclear Operations Group | Other | Non-Government | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 7,085 | $ 7,015 | $ 8,230 |
Revenue Recognition - Additiona
Revenue Recognition - Additional details (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Net favorable changes in estimates resulting in increased revenues | $ 30.7 | $ 44.9 | $ 70.9 |
Increase in cost of operations | 4.2 | 2.1 | $ (0.7) |
Increase in receivables billed | 92.4 | ||
Advanced billings revenue recognized | 67.5 | $ 51.5 | |
Revenue recognized from advance billings on contracts | $ 28 |
Revenue Recognition - Retainage
Revenue Recognition - Retainages (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2024 | Dec. 31, 2023 | |
Revenue from External Customer [Line Items] | ||||
Contract with customer asset | $ 546,595 | $ 449,176 | ||
Contract with customer, liability | 111,619 | 83,581 | ||
Advanced billings revenue recognized | 67,500 | 51,500 | ||
Contracts in Progress | ||||
Revenue from External Customer [Line Items] | ||||
Contract with customer asset | 528,644 | 436,279 | ||
Accounts Receivable | ||||
Revenue from External Customer [Line Items] | ||||
Contract with customer asset | 51,507 | 55,172 | ||
Other Assets | ||||
Revenue from External Customer [Line Items] | ||||
Contract with customer asset | $ 1,271 | $ 1,488 | ||
Other Assets | Forecast | ||||
Revenue from External Customer [Line Items] | ||||
Contract with customer asset | $ 1,000 | $ 300 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 5,176 |
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 | $ 1,854 |
Revenue, 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 | $ 1,244 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 2,078 |
Revenue, 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 | $ 4,511 |
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 | $ 1,573 |
Revenue, 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 | $ 1,102 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 1,836 |
Revenue, 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 | $ 21 |
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 | $ 21 |
Revenue, 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 | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 0 |
Revenue, 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 | $ 644 |
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 | $ 260 |
Revenue, 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 | $ 142 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 242 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Undistributed earnings of equity method investees | $ 39,400,000 | $ 26,600,000 | |
Reimbursable costs included in revenues of equity method investees | 4,102,900,000 | 3,851,500,000 | $ 3,516,100,000 |
Provision for income taxes | 89,425,000 | 82,976,000 | $ 69,065,000 |
Investees | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Provision for income taxes | 0 | ||
Other Assets | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Amounts due from related parties included in other assets | $ 1,600,000 | $ 2,500,000 |
Equity Method Investments - Sum
Equity Method Investments - Summary of Combined Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | $ 773,732 | $ 773,598 | ||
TOTAL | 2,501,380 | 2,293,503 | ||
Current liabilities | 459,615 | 529,727 | ||
Stockholders' Equity | 637,235 | 617,768 | $ 404,112 | $ 235,701 |
TOTAL | 2,501,380 | 2,293,503 | ||
Equity Method Investee | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 546,233 | 492,025 | ||
Noncurrent assets | 634 | 970 | ||
TOTAL | 546,867 | 492,995 | ||
Current liabilities | 284,821 | 270,536 | ||
Stockholders' Equity | 262,046 | 222,459 | ||
TOTAL | $ 546,867 | $ 492,995 |
Equity Method Investments - S_2
Equity Method Investments - Summary of Combined Income Statement Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Net income | $ 306,288 | $ 279,196 | $ 244,677 |
Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 4,254,635 | 3,980,066 | 3,716,548 |
Gross profit | 159,935 | 142,709 | 133,170 |
Net income | $ 156,994 | $ 139,988 | $ 130,949 |
Equity Method Investments - Rec
Equity Method Investments - Reconciliation of Net Income to Equity in Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||
Equity income based on stated ownership percentages | $ 31,870 | $ 27,266 | $ 31,870 | $ 27,266 | $ 28,272 | ||||||
Timing of GAAP and other adjustments | 1,628 | (114) | 1,628 | (114) | 652 | ||||||
Equity in income of investees | $ 7,301 | $ 10,618 | $ 7,263 | $ 8,316 | $ 7,905 | $ 8,271 | $ 4,913 | $ 6,063 | $ 33,498 | $ 27,152 | $ 28,924 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Transactions with Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Sales to | $ 11,838 | $ 12,186 | $ 14,668 |
Dividends received | 20,475 | 25,005 | 20,955 |
Capital contributions, net of returns | $ 0 | $ (88) | $ (255) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Valuation allowance for deferred tax asset | $ 13,218 | $ 12,892 |
Net operating loss carryforwards, valuation allowance | 9,300 | |
Undistributed earnings of subsidiaries | 248,900 | |
Unrecognized deferred income tax liabilities | 12,400 | |
Federal | ||
Income Tax Contingency [Line Items] | ||
Federal capital losses | 9,300 | |
Net operating loss carryforwards, valuation allowance | 3,900 | |
Net operating loss carryforwards | 4,900 | |
State | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards, valuation allowance | 4,900 | |
Net operating loss carryforwards | $ 6,100 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 5,852 | $ 3,899 | $ 274 |
Increases based on tax positions taken in the current year | 964 | 2,075 | 3,736 |
Increases based on tax positions taken in the prior years | 0 | 0 | 0 |
Decreases based on tax positions taken in the prior years | 0 | 0 | 0 |
Decreases due to settlements with tax authorities | (6,775) | 0 | 0 |
Decreases due to lapse of applicable statute of limitation | (41) | (123) | (127) |
Other, net | 0 | 1 | 16 |
Balance at end of period | $ 0 | $ 5,852 | $ 3,899 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Pension liability | $ 12,047 | $ 31,152 |
Accrued warranty expense | 1,363 | 1,338 |
Accrued vacation pay | 7,633 | 7,442 |
Accrued liabilities for self-insurance (including postretirement health care benefits) | 2,095 | 2,602 |
Accrued liabilities for executive and employee incentive compensation | 10,733 | 13,312 |
Environmental and products liabilities | 21,050 | 20,261 |
Lease liabilities | 3,667 | 2,155 |
Investments in joint ventures and affiliated companies | 2,283 | 1,148 |
Long-term contracts | 21,562 | 15,974 |
Accrued payroll taxes | 4,753 | 4,828 |
U.S. federal tax credits and loss carryforward | 7,023 | 7,224 |
U.S. state tax credits and loss carryforward | 4,866 | 6,819 |
Foreign tax credit and loss carryforward | 16,477 | 9,919 |
Other | 2,568 | 4,961 |
Total deferred tax assets | 118,120 | 129,135 |
Valuation allowance for deferred tax assets | (13,218) | (12,892) |
Deferred tax assets | 104,902 | 116,243 |
Deferred tax liabilities: | ||
Property, plant and equipment | 66,636 | 39,315 |
Right-of-use lease assets | 11,666 | 10,509 |
Intangibles | 16,365 | 17,004 |
Total deferred tax liabilities | 94,667 | 66,828 |
Net deferred tax assets | $ 10,235 | $ 49,415 |
Income Taxes - Income from Cont
Income Taxes - Income from Continuing Operations Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 343,091 | $ 314,150 | $ 270,569 |
Other than U.S. | 52,622 | 48,022 | 43,173 |
Total before tax | $ 395,713 | $ 362,172 | $ 313,742 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
U.S. – federal | $ 31,535 | $ 53,340 | $ 47,693 |
U.S. – state and local | 1,030 | 7,587 | 2,180 |
Other than U.S. | 16,769 | 14,159 | 15,398 |
Total current | 49,334 | 75,086 | 65,271 |
Deferred: | |||
U.S. – federal | 40,463 | 10,852 | 7,975 |
U.S. – state and local | 3,473 | (536) | 872 |
Other than U.S. | (3,845) | (2,426) | (5,053) |
Total deferred | 40,091 | 7,890 | 3,794 |
Provision for Income Taxes | $ 89,425 | $ 82,976 | $ 69,065 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Income Tax Provision Related to Continuing Operations from the U.S. Statutory Federal Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% |
State and local income taxes | 1.10% | 1.90% | 1.00% |
Foreign rate differential | 0.60% | 0.60% | 0.60% |
Excess tax deductions on equity compensation | (0.10%) | (0.30%) | (0.70%) |
Other | 0.00% | (0.30%) | 0.10% |
Effective tax rate | 22.60% | 22.90% | 22.00% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance for Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $ (12,892) | $ (13,578) | $ (13,257) |
Charges To Costs and Expenses | (326) | 771 | (414) |
Charged To Other Accounts | 0 | (85) | 93 |
Ending Balance | $ (13,218) | $ (12,892) | $ (13,578) |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Long-Term Debt, gross | $ 1,200,000 | $ 875,000 | ||
Less: Deferred debt issuance costs | 10,696 | 12,269 | $ 8,006 | $ 9,583 |
Long-Term Debt | 1,189,304 | 862,731 | ||
Senior Notes | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt including current maturities | 800,000 | 800,000 | ||
Credit Facility | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt including current maturities | $ 400,000 | $ 75,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Jul. 15, 2021USD ($) | Apr. 13, 2021USD ($) | Jun. 12, 2020USD ($) | May 24, 2018USD ($)fiscalQuarter | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Mar. 24, 2020USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Maturity of long-term debt, 2022 | $ 0 | ||||||
Maturity of long-term debt, 2023 | 0 | ||||||
Maturity of long-term debt, 2024 | 0 | ||||||
Maturity of long-term debt, 2025 | 400,000,000 | ||||||
Maturity of long-term debt, 2026 | 0 | ||||||
Maturities of long-term debt, thereafter | 800,000,000 | ||||||
Bonds issued and outstanding | 109,500,000 | ||||||
Write-off of deferred financing costs | $ 4,200,000 | ||||||
Senior Notes | Secured Debt | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Long-term debt, senior notes | $ 400,000,000 | ||||||
Credit Facility | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Aggregate amount to be borrowed to meet letter of credit requirements | $ 313,800,000 | ||||||
Interest rate on borrowings | 1.61% | ||||||
Credit Facility | Prime Rate or Canadian Prime Rate | Minimum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Debt instrument, basis spread on variable rate | 0.00% | ||||||
Credit Facility | Prime Rate or Canadian Prime Rate | Maximum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||
Credit Facility | Base Rate | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||
Credit Facility | Eurocurrency Rate | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||
Credit Facility | Eurocurrency Rate | Minimum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||
Credit Facility | Eurocurrency Rate | Maximum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||
Credit Facility | Secured Debt | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
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 | ||||||
Number of fiscal quarters | fiscalQuarter | 4 | ||||||
Maximum leverage ratio | 4 | ||||||
Maximum leverage ration after material acquisition | 4.50 | ||||||
Minimum interest coverage ratio | 3 | ||||||
Credit Facility | Performance Letter of Credit | Minimum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Letter of credit fee | 0.75% | ||||||
Credit Facility | Performance Letter of Credit | Maximum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Letter of credit fee | 1.05% | ||||||
Credit Facility | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Commitment fee on unused portions of credit agreement, variable range | 0.20% | ||||||
Credit facility, aggregate borrowings outstanding | $ 400,000,000 | ||||||
Credit Facility | Senior Notes | Minimum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Commitment fee on unused portions of credit agreement, variable range | 0.15% | ||||||
Credit Facility | Senior Notes | Maximum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Commitment fee on unused portions of credit agreement, variable range | 0.225% | ||||||
Credit Facility | Letter of Credit | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Credit facility, aggregate borrowings outstanding | $ 36,200,000 | ||||||
Credit Facility | Letter of Credit | Minimum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Letter of credit fee | 1.00% | ||||||
Credit Facility | Letter of Credit | Maximum | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Letter of credit fee | 1.75% | ||||||
Credit Facility | Letter of Credit | Base Rate | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Letter of credit fee | 0.90% | ||||||
Credit Facility | Letter of Credit | Eurocurrency Rate | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Letter of credit fee | 1.50% | ||||||
Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Stated interest rate percentage of senior notes | 5.375% | ||||||
Senior Notes Due 2028 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Long-term debt, senior notes | $ 400,000,000 | ||||||
Stated interest rate percentage of senior notes | 4.125% | ||||||
Redemption price percentage | 100.00% | ||||||
Amendment No. 1 to Credit Agreement | Senior Notes | Secured Debt | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Credit agreement, maximum borrowing capacity | $ 750,000,000 | ||||||
Senior Notes Due 2026 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Premium for early redemption of senior notes | $ 10,800,000 | ||||||
Write-off of deferred financing costs | $ 4,200,000 | ||||||
Senior Notes Due 2029 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Long-term debt, senior notes | $ 400,000,000 | ||||||
Stated interest rate percentage of senior notes | 4.125% | ||||||
Debt Instrument, Redemption, Period One | Senior Notes Due 2028 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Percentage of principal redeemable | 40.00% | ||||||
Redemption price percentage | 104.125% | ||||||
Debt Instrument, Redemption, Period One | Senior Notes Due 2029 | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 100.00% | ||||||
Debt Instrument, Redemption, Period One | Senior Notes Due 2029 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Percentage of principal redeemable | 40.00% | ||||||
Redemption price percentage | 104.125% | ||||||
Debt Instrument, Redemption, Period Two | Senior Notes Due 2028 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 102.063% | ||||||
Debt Instrument, Redemption, Period Two | Senior Notes Due 2029 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 102.063% | ||||||
Debt Instrument, Redemption, Period Three | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 102.688% | ||||||
Debt Instrument, Redemption, Period Three | Senior Notes Due 2028 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 101.031% | ||||||
Debt Instrument, Redemption, Period Three | Senior Notes Due 2029 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 101.031% | ||||||
Debt Instrument, Redemption, Period Four | Senior Notes Due 2028 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 100.00% | ||||||
Debt Instrument, Redemption, Period Four | Senior Notes Due 2029 | Senior Notes | |||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Redemption price percentage | 100.00% |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits - Obligations and Funded Status (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation: | ||||||
Service cost | $ 12,400 | $ 11,300 | $ 9,700 | |||
Settlements | $ (38,300) | |||||
Actuarial loss (gain) | $ (39,600) | $ 6,400 | ||||
Change in plan assets: | ||||||
Balance at beginning of period | 1,333,309 | |||||
Company contributions | 6,164 | |||||
Balance at end of period | 1,310,311 | 1,310,311 | 1,333,309 | 1,310,311 | 1,333,309 | |
Amounts recognized in the balance sheet consist of: | ||||||
Accumulated postretirement benefit obligation | (24,333) | (24,333) | (25,689) | (24,333) | (25,689) | |
Pension liability | (59,388) | (59,388) | (144,859) | (59,388) | (144,859) | |
Pension Plan | ||||||
Change in benefit obligation: | ||||||
Benefit obligation at beginning of period | 1,414,055 | 1,308,798 | ||||
Service cost | 11,667 | 10,650 | 9,123 | |||
Interest cost | 27,170 | 37,199 | 46,307 | |||
Plan participants' contributions | 199 | 180 | ||||
Amendments | 2,314 | 2,333 | ||||
Settlements | (38,330) | (7,041) | ||||
Actuarial loss (gain) | (45,476) | 120,126 | ||||
Foreign currency exchange rate changes | 1,669 | 3,513 | ||||
Benefits paid | (65,002) | (61,703) | ||||
Benefit obligation at end of period | 1,308,266 | 1,308,266 | 1,414,055 | 1,308,266 | 1,414,055 | 1,308,798 |
Change in plan assets: | ||||||
Balance at beginning of period | 1,281,232 | 1,150,495 | ||||
Actual return on plan assets | 72,030 | 190,862 | ||||
Plan participants' contributions | 199 | 180 | ||||
Company contributions | 5,131 | |||||
Settlements | (39,439) | (7,041) | ||||
Foreign currency exchange rate changes | 1,615 | 3,308 | ||||
Benefits paid | (65,002) | (61,703) | ||||
Balance at end of period | 1,256,799 | 1,256,799 | 1,281,232 | 1,256,799 | 1,281,232 | 1,150,495 |
Funded status | (51,467) | (51,467) | (132,823) | (51,467) | (132,823) | |
Amounts recognized in the balance sheet consist of: | ||||||
Prepaid pension | 10,573 | 10,573 | 14,588 | 10,573 | 14,588 | |
Accrued employee benefits | (3,125) | (3,125) | (3,082) | (3,125) | (3,082) | |
Accumulated postretirement benefit obligation | 0 | 0 | 0 | 0 | 0 | |
Pension liability | (58,915) | (58,915) | (144,329) | (58,915) | (144,329) | |
Accrued benefit liability, net | (51,467) | (51,467) | (132,823) | (51,467) | (132,823) | |
Amount recognized in accumulated comprehensive income (before taxes): | ||||||
Prior service cost (credit) | 20,536 | 20,536 | 21,319 | 20,536 | 21,319 | |
Plans with accumulated benefit obligation in excess of plan assets: | ||||||
Projected benefit obligation | 1,172,881 | 1,172,881 | 1,264,764 | 1,172,881 | 1,264,764 | |
Accumulated benefit obligation | 1,166,855 | 1,166,855 | 1,255,899 | 1,166,855 | 1,255,899 | |
Fair value of plan assets | 1,110,841 | 1,110,841 | 1,117,353 | 1,110,841 | 1,117,353 | |
Plans with plan assets in excess of accumulated benefit obligation: | ||||||
Projected benefit obligation | 135,385 | 135,385 | 149,291 | 135,385 | 149,291 | |
Accumulated benefit obligation | 135,375 | 135,375 | 149,270 | 135,375 | 149,270 | |
Fair value of plan assets | 145,958 | 145,958 | 163,879 | 145,958 | 163,879 | |
Other Benefits | ||||||
Change in benefit obligation: | ||||||
Benefit obligation at beginning of period | 61,086 | 58,881 | ||||
Service cost | 760 | 642 | 545 | |||
Interest cost | 1,197 | 1,612 | 2,254 | |||
Plan participants' contributions | 488 | 562 | ||||
Amendments | 3,402 | 0 | ||||
Settlements | 0 | 0 | ||||
Actuarial loss (gain) | (4,944) | 2,219 | ||||
Foreign currency exchange rate changes | 197 | 331 | ||||
Benefits paid | (2,885) | (3,161) | ||||
Benefit obligation at end of period | 59,301 | 59,301 | 61,086 | 59,301 | 61,086 | 58,881 |
Change in plan assets: | ||||||
Balance at beginning of period | 52,077 | 48,321 | ||||
Actual return on plan assets | 2,898 | 5,293 | ||||
Plan participants' contributions | 488 | 562 | ||||
Company contributions | 1,008 | 992 | ||||
Settlements | 0 | 0 | ||||
Foreign currency exchange rate changes | 0 | 0 | ||||
Benefits paid | (2,959) | (3,091) | ||||
Balance at end of period | 53,512 | 53,512 | 52,077 | 53,512 | 52,077 | $ 48,321 |
Funded status | (5,789) | (5,789) | (9,009) | (5,789) | (9,009) | |
Amounts recognized in the balance sheet consist of: | ||||||
Prepaid pension | 20,122 | 20,122 | 18,069 | 20,122 | 18,069 | |
Accrued employee benefits | (1,578) | (1,578) | (1,389) | (1,578) | (1,389) | |
Accumulated postretirement benefit obligation | (24,333) | (24,333) | (25,689) | (24,333) | (25,689) | |
Pension liability | 0 | 0 | 0 | 0 | 0 | |
Accrued benefit liability, net | (5,789) | (5,789) | (9,009) | (5,789) | (9,009) | |
Amount recognized in accumulated comprehensive income (before taxes): | ||||||
Prior service cost (credit) | 2,520 | 2,520 | (1,059) | 2,520 | (1,059) | |
Plans with accumulated benefit obligation in excess of plan assets: | ||||||
Accumulated benefit obligation | 23,503 | 23,503 | 24,593 | 23,503 | 24,593 | |
Fair value of plan assets | 0 | 0 | 0 | 0 | 0 | |
Plans with plan assets in excess of accumulated benefit obligation: | ||||||
Accumulated benefit obligation | 35,798 | 35,798 | 36,493 | 35,798 | 36,493 | |
Fair value of plan assets | $ 53,512 | $ 53,512 | $ 52,077 | $ 53,512 | $ 52,077 |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($)retiree | Dec. 31, 2021USD ($)retiree | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 12,400 | $ 11,300 | $ 9,700 | |
Other components of net periodic benefit cost | (92,900) | $ (31,600) | (17,500) | |
Pension settlement related charges | $ 38,300 | |||
Company contributions | 6,164 | |||
Other comprehensive loss as components of net periodic benefit cost for pension benefit in the current fiscal year | $ 3,100 | |||
Percentage of investment return on domestic plan assets | 9.00% | 19.00% | ||
Liability for group annuity contract | $ 45,600 | $ 45,600 | ||
Vesting period for employer matching contributions | 3 years | |||
Other comprehensive income as components of net periodic benefit cost for other benefit in the current fiscal year | $ (200) | |||
Number of retirees transferred to annuity contract | retiree | 400 | 400 | ||
Pension settlement charges | $ 1,100 | |||
Thrift Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of matching contribution by employer | 50.00% | |||
Thrift Plan | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching percentage | 6.00% | |||
Thrift Plan and MII Thrift Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 37,500 | $ 35,800 | 31,700 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 11,667 | 10,650 | $ 9,123 | |
Increase in pension plan benefit obligation | (43,000) | 124,200 | ||
Pension settlement related charges | $ 38,330 | 7,041 | ||
Company contributions | $ 5,131 | |||
Expected return on plan assets | 6.80% | 6.95% | 6.95% |
Pension Plans and Postretirem_5
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 12,400 | $ 11,300 | $ 9,700 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 11,667 | 10,650 | 9,123 |
Interest cost | 27,170 | 37,199 | 46,307 |
Expected return on plan assets | (81,778) | (77,298) | (69,809) |
Amortization of prior service cost | 3,097 | 3,370 | 2,903 |
Recognized net actuarial loss (gain) | (34,690) | 6,829 | 9,353 |
Net periodic benefit cost (income) | (74,534) | (19,250) | (2,123) |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 760 | 642 | 545 |
Interest cost | 1,197 | 1,612 | 2,254 |
Expected return on plan assets | (2,891) | (2,691) | (2,514) |
Amortization of prior service cost | (178) | (193) | (311) |
Recognized net actuarial loss (gain) | (4,876) | (458) | (5,723) |
Net periodic benefit cost (income) | $ (5,988) | $ (1,088) | $ (5,749) |
Pension Plans and Postretirem_6
Pension Plans and Postretirement Benefits - Summary of Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes | $ (2,314) | $ (2,333) |
Other Benefits | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes | $ (3,402) | $ 0 |
Pension Plans and Postretirem_7
Pension Plans and Postretirement Benefits - Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.91% | 2.63% | |
Discount rate to determine interest cost | 1.96% | 2.78% | 3.98% |
Expected return on plan assets | 6.80% | 6.95% | 6.95% |
Other Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.85% | 2.49% | |
Discount rate to determine interest cost | 1.87% | 2.62% | 3.92% |
Expected return on plan assets | 5.66% | 5.66% | 5.68% |
Pension Plans and Postretirem_8
Pension Plans and Postretirement Benefits - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 7.50% | 6.75% |
Rates to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches ultimate trend rate | 2034 | 2030 |
Pension Plans and Postretirem_9
Pension Plans and Postretirement Benefits - Plan Asset Allocations by Asset Category (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
UNITED STATES | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
UNITED STATES | Pension Plan | Commingled and Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 29.00% | 29.00% |
UNITED STATES | Pension Plan | U.S. Government Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 32.00% | 28.00% |
UNITED STATES | Pension Plan | Fixed Income (excluding U.S. Government Securities) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 11.00% | 18.00% |
UNITED STATES | Pension Plan | Diversified Credit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 11.00% | 11.00% |
UNITED STATES | Pension Plan | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 11.00% | 7.00% |
UNITED STATES | Pension Plan | Partnerships with Security Holdings | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 4.00% | 4.00% |
UNITED STATES | Pension Plan | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 2.00% | 3.00% |
CANADA | Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
CANADA | Other Benefits | Equity Securities and Commingled Mutual Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 11.00% | 0.00% |
CANADA | Other Benefits | Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 20.00% | 98.00% |
CANADA | Other Benefits | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 69.00% | 2.00% |
Pension Plans and Postretire_10
Pension Plans and Postretirement Benefits - Target Allocation by Asset Class (Detail) - Pension Plan | Dec. 31, 2021 |
UNITED STATES | Fixed Income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 45.00% |
UNITED STATES | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 28.00% |
UNITED STATES | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 27.00% |
CANADA | Fixed Income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 20.00% |
CANADA | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 11.00% |
CANADA | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation by asset class | 69.00% |
Pension Plans and Postretire_11
Pension Plans and Postretirement Benefits - Summary of Total Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | $ 1,310,311 | $ 1,333,309 |
Unclassified | 655,149 | 715,313 |
Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 182,169 | 391,418 |
Unclassified | 21,484 | 162,561 |
Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 358,423 | 338,473 |
Unclassified | 280,743 | 265,709 |
U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 369,980 | 316,375 |
Unclassified | 0 | 0 |
Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 133,508 | 126,823 |
Unclassified | 133,508 | 126,823 |
Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 126,886 | 77,437 |
Unclassified | 126,886 | 77,437 |
Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 46,515 | 49,007 |
Unclassified | 46,515 | 49,007 |
Cash, Cash Equivalents and Accrued Items (2) | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 46,013 | 33,776 |
Unclassified | 46,013 | 33,776 |
Investment Contracts | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 46,817 | |
Unclassified | 0 | |
Level 1 | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 474,831 | 383,739 |
Level 1 | Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 31,856 | 0 |
Level 1 | Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 77,680 | 72,764 |
Level 1 | U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 365,295 | 310,975 |
Level 1 | Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Cash, Cash Equivalents and Accrued Items (2) | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Investment Contracts | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | |
Level 2 | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 133,514 | 234,257 |
Level 2 | Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 128,829 | 228,857 |
Level 2 | Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 4,685 | 5,400 |
Level 2 | Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Cash, Cash Equivalents and Accrued Items (2) | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Investment Contracts | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | |
Level 3 | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 46,817 | 0 |
Level 3 | Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Commingled and Mutual Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | U.S. Government Securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Real Estate | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Partnerships with Security Holdings | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Cash, Cash Equivalents and Accrued Items (2) | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | 0 | $ 0 |
Level 3 | Investment Contracts | ||
Fair Value, Separate Account Investment [Line Items] | ||
Total Assets | $ 46,817 |
Pension Plans and Postretire_12
Pension Plans and Postretirement Benefits - Plans' Level 3 Instruments Reconciliation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value, Separate Account Investment [Line Items] | |
Balance at beginning of period | $ 1,333,309 |
Balance at end of period | 1,310,311 |
Level 3 | |
Fair Value, Separate Account Investment [Line Items] | |
Balance at beginning of period | 0 |
Purchases | 45,645 |
Unrealized gain | 652 |
Foreign currency exchange rate changes | 520 |
Balance at end of period | $ 46,817 |
Pension Plans and Postretire_13
Pension Plans and Postretirement Benefits - Cash Flows (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
UNITED STATES | Pension Plan | |
Expected employer contributions to trusts of defined benefit plans: | |
Expected benefit payments, 2020 | $ 0 |
Expected benefit payments: | |
Expected benefit payments, 2020 | 61,599 |
Expected benefit payments, 2021 | 63,669 |
Expected benefit payments, 2022 | 65,271 |
Expected benefit payments, 2023 | 66,406 |
Expected benefit payments, 2024 | 67,253 |
Expected benefit payments, 2025-2029 | 337,288 |
UNITED STATES | Other Benefits | |
Expected employer contributions to trusts of defined benefit plans: | |
Expected benefit payments, 2020 | 90 |
Expected benefit payments: | |
Expected benefit payments, 2020 | 2,924 |
Expected benefit payments, 2021 | 2,914 |
Expected benefit payments, 2022 | 2,959 |
Expected benefit payments, 2023 | 2,914 |
Expected benefit payments, 2024 | 2,855 |
Expected benefit payments, 2025-2029 | 12,881 |
CANADA | |
Expected employer contributions to trusts of defined benefit plans: | |
Expected benefit payments, 2020 | 10,579 |
CANADA | Pension Plan | |
Expected benefit payments: | |
Expected benefit payments, 2020 | 3,588 |
Expected benefit payments, 2021 | 3,802 |
Expected benefit payments, 2022 | 4,009 |
Expected benefit payments, 2023 | 4,212 |
Expected benefit payments, 2024 | 4,390 |
Expected benefit payments, 2025-2029 | 24,724 |
CANADA | Other Benefits | |
Expected benefit payments: | |
Expected benefit payments, 2020 | 526 |
Expected benefit payments, 2021 | 547 |
Expected benefit payments, 2022 | 557 |
Expected benefit payments, 2023 | 586 |
Expected benefit payments, 2024 | 639 |
Expected benefit payments, 2025-2029 | $ 3,404 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Nov. 06, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2021 |
Capital Stock [Line Items] | |||||
Common stock repurchased | $ 230,828,000 | $ 27,288,000 | $ 30,369,000 | ||
Share Repurchase Program | |||||
Capital Stock [Line Items] | |||||
Additional common stock at an aggregate purchase price | $ 250,000,000 | $ 225,800,000 | $ 22,000,000 | ||
Stock repurchase program, term | 3 years | ||||
Common stock at an aggregate authorized purchase price | $ 500,000,000 | ||||
Common stock repurchased (shares) | 4,134,767 | 338,521 | 443,877 | ||
Common stock repurchased | $ 20,000,000 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 417,600,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
May 31, 2020 | Jun. 30, 2012 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based compensation expense | $ 18.3 | $ 16.8 | $ 14.8 | ||||
Stock-based compensation, tax benefits | $ 3 | 2.7 | 2.5 | ||||
Performance period | 3 years | ||||||
BWXT Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total intrinsic value of stock options exercised | $ 2.7 | $ 4.7 | $ 8.1 | ||||
Tax benefits realized related to the stock options exercised | 0.3 | ||||||
BWXT Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Tax benefits realized related to the stock options exercised | $ 1 | ||||||
Nonvested cash-settled performance units (shares) | 545,000 | 451,000 | |||||
BWXT Performance Shares | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 0.00% | ||||||
BWXT Performance Shares | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 200.00% | ||||||
BWXT Performance Shares | Weighted Average | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 129.00% | ||||||
BWXT Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Tax benefits realized related to the stock options exercised | $ 1.1 | ||||||
Nonvested cash-settled performance units (shares) | 221,000 | 185,000 | |||||
Cash Settled Performance Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Nonvested cash-settled performance units (shares) | 3,973 | ||||||
Nonvested cash-settled performance units value per share | $ 47.88 | ||||||
Nonvested cash-settled performance units assumed weighted average vesting | 128.00% | ||||||
Cash Settled Performance Units | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 0.00% | ||||||
Cash Settled Performance Units | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 200.00% | ||||||
Cash Settled Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Nonvested cash-settled performance units (shares) | 1,715 | ||||||
Nonvested cash-settled performance units value per share | $ 47.88 | ||||||
2010 Long-Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Additional shares authorized for issuance (shares) | 2,300,000 | ||||||
Number of shares authorized for issuance (shares) | 10,000,000 | ||||||
Minimum percentage of fair market value closing price | 100.00% | ||||||
Expiry date of common stock grants | 10 years | ||||||
Shares available for issuance of awards in future (shares) | 4,036,598 | ||||||
2012 Long-Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Minimum percentage of fair market value closing price | 100.00% | ||||||
Expiry date of common stock grants | 10 years | ||||||
Total unrecognized estimated compensation expense, nonvested awards | $ 14.8 | ||||||
Unrecognized estimated compensation expense to be recognized, weighted-average period | 1 year 7 months 6 days | ||||||
2020 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Additional shares authorized for issuance (shares) | 1,450,000 | ||||||
Minimum percentage of fair market value closing price | 100.00% | ||||||
Expiry date of common stock grants | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summarized Activity of Stock Options (Detail) - BWXT Stock Options $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of period (shares) | 201 |
Granted (shares) | 0 |
Exercised (shares) | (76) |
Cancelled/expired/forfeited (shares) | 0 |
Outstanding at end of period (shares) | 125 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of period (USD per share) | $ / shares | $ 24.07 |
Exercised (USD per share) | $ / shares | 24.77 |
Outstanding at end of period (USD per share) | $ / shares | $ 23.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of period, weighted-average remaining contractual term (in years) | 3 years 2 months 12 days |
Outstanding at end of period, aggregate intrinsic value | $ | $ 3 |
Exercisable at end of period, Number of options (shares) | 125 |
Exercisable at end of period, weighted-average exercise price (USD per share) | $ / shares | $ 23.65 |
Exercisable at end of period, weighted-average remaining contractual term | 3 years 2 months 12 days |
Exercisable at end of period, aggregate intrinsic value | $ | $ 3 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Changes in Nonvested Stock Awards (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Vested, weighted-average grant date fair value (USD per share) | $ / shares | $ 63.81 |
BWXT Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | shares | 451 |
Adjustment to assumed vesting percentage (shares) | shares | 52 |
Granted (shares) | shares | 159 |
Vested (shares) | shares | (104) |
Cancelled/forfeited (shares) | shares | (13) |
Nonvested at end of period (shares) | shares | 545 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at beginning of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 56.15 |
Adjustment to assumed vesting percentage, weighted-average grant date fair value (USD per share) | $ / shares | 58.51 |
Granted, weighted-average grant date fair value (USD per share) | $ / shares | 59.39 |
Cancelled/forfeited, weighted-average grant date fair value (USD per share) | $ / shares | 56.23 |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 55.90 |
BWXT Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period (shares) | shares | 185 |
Granted (shares) | shares | 150 |
Vested (shares) | shares | (107) |
Cancelled/forfeited (shares) | shares | (7) |
Nonvested at end of period (shares) | shares | 221 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested at beginning of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 55.96 |
Granted, weighted-average grant date fair value (USD per share) | $ / shares | 60.29 |
Vested, weighted-average grant date fair value (USD per share) | $ / shares | 58.45 |
Cancelled/forfeited, weighted-average grant date fair value (USD per share) | $ / shares | 57.09 |
Nonvested at end of period, weighted-average grant date fair value (USD per share) | $ / shares | $ 57.66 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Summarized Activity of Stock Appreciation (Detail) - Stock Appreciation Rights $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of period (shares) | 40 |
Granted (shares) | 0 |
Exercised (shares) | (13) |
Cancelled/expired/forfeited (shares) | 0 |
Outstanding at end of period (shares) | 27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of period (USD per share) | $ / shares | $ 24.04 |
Exercised (USD per share) | $ / shares | 24.97 |
Outstanding at end of period (USD per share) | $ / shares | $ 23.62 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of period, weighted-average remaining contractual term (in years) | 3 years 2 months 12 days |
Outstanding at end of period, aggregate intrinsic value | $ | $ 0.7 |
Exercisable at end of period, Number of options (shares) | 27 |
Exercisable at end of period, weighted-average exercise price (USD per share) | $ / shares | $ 23.62 |
Exercisable at end of period, weighted-average remaining contractual term | 3 years 2 months 12 days |
Exercisable at end of period, aggregate intrinsic value | $ | $ 0.7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Environmental Matters $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)facility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Contingencies And Commitments [Line Items] | |||
Pretax charge to comply U.S. federal, state and local environmental control and protection regulations | $ 17.5 | $ 16.3 | $ 15.9 |
Capital expenditure to comply environmental regulations | 3.1 | 1.2 | $ 1.4 |
Environmental reserves | 102.4 | 91.3 | |
Environmental reserves included in current liabilities | $ 9.8 | 7.1 | |
Nuclear Operations Group | |||
Contingencies And Commitments [Line Items] | |||
Number of facilities | facility | 2 | ||
Financial assurance to pay expected cost of decommissioning | $ 61.8 | ||
Nuclear Energy Group | |||
Contingencies And Commitments [Line Items] | |||
Financial assurance to pay expected cost of decommissioning | $ 46.4 | $ 47.9 |
Financial Instruments with Co_2
Financial Instruments with Concentrations of Credit Risk - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Allowance for doubtful accounts receivable | $ 0.2 | $ 0.2 | |
Government Contracts Concentration Risk | Sales Revenue, Net | U.S. Government | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Concentration risk percentage | 76.00% | 77.00% | 77.00% |
Customer Concentration Risk | Accounts Receivable | U.S. Government | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Concentration risk percentage | 68.00% | 83.00% |
Investments - Summary of Availa
Investments - Summary of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total | ||
Total, amortized cost | $ 11,409 | $ 10,806 |
Total, gross unrealized gains | 2,023 | 2,320 |
Total, gross unrealized losses | (63) | (63) |
Total, estimated fair value | 13,369 | 13,063 |
Equities | ||
Equity securities | ||
Equity securities, amortized cost | 172 | |
Equity securities, gross unrealized gains | 628 | |
Equity securities, gross unrealized losses | 0 | |
Equity securities, estimated fair value | 800 | |
Mutual funds | ||
Equity securities | ||
Equity securities, amortized cost | 6,001 | 5,323 |
Equity securities, gross unrealized gains | 1,649 | 1,432 |
Equity securities, gross unrealized losses | 0 | 0 |
Equity securities, estimated fair value | 7,650 | 6,755 |
U.S. Government and agency securities | ||
Available-for-sale securities | ||
Available-for-sale securities, amortized cost | 2,742 | 2,317 |
Available-for-sale securities, gross unrealized gains | 0 | 1 |
Available-for-sale securities, gross unrealized losses | (4) | (4) |
Available-for-sale securities, estimated fair value | 2,738 | 2,314 |
Corporate bonds | ||
Available-for-sale securities | ||
Available-for-sale securities, amortized cost | 2,559 | 2,879 |
Available-for-sale securities, gross unrealized gains | 374 | 259 |
Available-for-sale securities, gross unrealized losses | (7) | (6) |
Available-for-sale securities, estimated fair value | 2,926 | 3,132 |
Asset-backed securities and collateralized mortgage obligations | ||
Available-for-sale securities | ||
Available-for-sale securities, amortized cost | 107 | 115 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale securities, gross unrealized losses | (52) | (53) |
Available-for-sale securities, estimated fair value | $ 55 | $ 62 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 13,369 | $ 13,063 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,590 | 4,052 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 8,779 | 8,211 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 800 |
Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 800 | |
Equities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Equities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Equities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 800 | |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 7,650 | |
Available-for-sale securities | 6,755 | |
Mutual funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Available-for-sale securities | 0 | |
Mutual funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 7,650 | |
Available-for-sale securities | 6,755 | |
Mutual funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | |
Available-for-sale securities | 0 | |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,738 | 2,314 |
U.S. Government and agency securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,738 | 2,314 |
U.S. Government and agency securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. Government and agency securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,926 | 3,132 |
Corporate bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,852 | 1,738 |
Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,074 | 1,394 |
Corporate bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 55 | 62 |
Asset-backed securities and collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed securities and collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 55 | 62 |
Asset-backed securities and collateralized mortgage obligations | Level 3 | ||
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Senior Notes | Senior Notes Due 2026 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of senior notes | $ 415.5 | |
Senior Notes | Senior Notes Due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of senior notes | $ 406.3 | 416.7 |
Senior Notes | Senior Notes Due 2029 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of senior notes | 406.5 | |
Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of foreign currency forward contracts | $ (3.2) | $ (2.2) |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Revenues | $ 591,975 | $ 498,727 | $ 505,099 | $ 528,273 | $ 556,910 | $ 519,878 | $ 504,520 | $ 542,208 | $ 2,124,074 | $ 2,123,516 | $ 1,894,920 |
Operating income | 102,215 | 87,468 | 73,751 | 82,414 | 89,081 | 88,770 | 82,434 | 98,267 | 345,848 | 358,552 | 325,521 |
Other Income (Expense) | 49,865 | 3,620 | (11,779) | ||||||||
Total before tax | 395,713 | 362,172 | 313,742 | ||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | (3,532) | (1,361) | 2,824 | ||||||||
Equity in Income of Investees | 7,301 | $ 10,618 | $ 7,263 | $ 8,316 | 7,905 | $ 8,271 | $ 4,913 | $ 6,063 | 33,498 | 27,152 | 28,924 |
Total Capital Expenditures | 311,052 | 255,027 | 182,124 | ||||||||
Total Depreciation and Amortization | 69,080 | 60,674 | 61,722 | ||||||||
Total Assets | 2,501,380 | 2,293,503 | 2,501,380 | 2,293,503 | 1,908,913 | ||||||
Total Investment in Unconsolidated Affiliates | 85,284 | 71,806 | 85,284 | 71,806 | 70,116 | ||||||
Nuclear Power Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Nuclear Services Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Nuclear Operations Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Reportable Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 2,153,218 | 2,154,019 | 1,912,566 | ||||||||
Operating income | 364,792 | 382,165 | 343,270 | ||||||||
Total Capital Expenditures | 300,622 | 243,811 | 175,098 | ||||||||
Total Depreciation and Amortization | 62,369 | 53,829 | 54,318 | ||||||||
Total Assets | 2,407,245 | 2,183,348 | 2,407,245 | 2,183,348 | 1,748,943 | ||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Operating income | 52,548 | 51,989 | 53,815 | ||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | (2,548) | (1,681) | 103 | ||||||||
Equity in Income of Investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 153,571 | 106,596 | 38,053 | ||||||||
Total Depreciation and Amortization | 19,774 | 18,325 | 17,054 | ||||||||
Total Assets | 974,372 | 828,729 | 974,372 | 828,729 | 580,413 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Operating income | 27,932 | 26,436 | 14,226 | ||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | 0 | 328 | 2,727 | ||||||||
Equity in Income of Investees | 33,498 | 27,152 | 28,924 | ||||||||
Total Capital Expenditures | 2,940 | 1,326 | 1,169 | ||||||||
Total Depreciation and Amortization | 1,005 | 1,685 | 3,246 | ||||||||
Total Assets | 186,249 | 166,240 | 186,249 | 166,240 | 177,952 | ||||||
Total Investment in Unconsolidated Affiliates | 85,284 | 71,806 | 85,284 | 71,806 | 70,116 | ||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Operating income | 308,645 | 326,049 | 298,328 | ||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | (8) | (8) | (6) | ||||||||
Equity in Income of Investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 143,945 | 135,637 | 133,279 | ||||||||
Total Depreciation and Amortization | 40,514 | 33,174 | 33,231 | ||||||||
Total Assets | 1,243,766 | 1,184,741 | 1,243,766 | 1,184,741 | 986,827 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Eliminations | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (29,144) | (30,503) | (17,646) | ||||||||
Operating income | (18,944) | (23,613) | (17,749) | ||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | (976) | 0 | 0 | ||||||||
Total Capital Expenditures | 166 | 252 | 2,597 | ||||||||
Total Depreciation and Amortization | 1,076 | 645 | 787 | ||||||||
Total Assets | 2,858 | 3,638 | 2,858 | 3,638 | 3,751 | ||||||
Eliminations | Nuclear Power Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (778) | (553) | (208) | ||||||||
Eliminations | Nuclear Services Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (22,964) | (26,159) | (13,056) | ||||||||
Eliminations | Nuclear Operations Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Revenues | (5,402) | (3,791) | (4,382) | ||||||||
Other | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Operating income | (24,333) | (22,309) | (23,099) | ||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | 0 | 0 | 0 | ||||||||
Equity in Income of Investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 10,430 | 11,216 | 7,026 | ||||||||
Total Depreciation and Amortization | 6,711 | 6,845 | 7,404 | ||||||||
Total Assets | 94,135 | 110,155 | 94,135 | 110,155 | 159,970 | ||||||
Total Investment in Unconsolidated Affiliates | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | $ (3,532) | $ (1,361) | $ 2,824 | ||||||||
Equity in income of investees | $ 7,301 | $ 10,618 | $ 7,263 | $ 8,316 | $ 7,905 | $ 8,271 | $ 4,913 | $ 6,063 | 33,498 | 27,152 | 28,924 |
Total Capital Expenditures | 311,052 | 255,027 | 182,124 | ||||||||
Total Depreciation and Amortization | 69,080 | 60,674 | 61,722 | ||||||||
Total Assets | 2,501,380 | 2,293,503 | 2,501,380 | 2,293,503 | 1,908,913 | ||||||
Total Investment in Unconsolidated Affiliates | 85,284 | 71,806 | 85,284 | 71,806 | 70,116 | ||||||
Revenues | 591,975 | $ 498,727 | $ 505,099 | $ 528,273 | 556,910 | $ 519,878 | $ 504,520 | $ 542,208 | 2,124,074 | 2,123,516 | 1,894,920 |
Nuclear Power Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Nuclear Services Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Nuclear Operations Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Capital Expenditures | 300,622 | 243,811 | 175,098 | ||||||||
Total Depreciation and Amortization | 62,369 | 53,829 | 54,318 | ||||||||
Total Assets | 2,407,245 | 2,183,348 | 2,407,245 | 2,183,348 | 1,748,943 | ||||||
Revenues | 2,153,218 | 2,154,019 | 1,912,566 | ||||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | (2,548) | (1,681) | 103 | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 153,571 | 106,596 | 38,053 | ||||||||
Total Depreciation and Amortization | 19,774 | 18,325 | 17,054 | ||||||||
Total Assets | 974,372 | 828,729 | 974,372 | 828,729 | 580,413 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | 0 | 328 | 2,727 | ||||||||
Equity in income of investees | 33,498 | 27,152 | 28,924 | ||||||||
Total Capital Expenditures | 2,940 | 1,326 | 1,169 | ||||||||
Total Depreciation and Amortization | 1,005 | 1,685 | 3,246 | ||||||||
Total Assets | 186,249 | 166,240 | 186,249 | 166,240 | 177,952 | ||||||
Total Investment in Unconsolidated Affiliates | 85,284 | 71,806 | 85,284 | 71,806 | 70,116 | ||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | (8) | (8) | (6) | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 143,945 | 135,637 | 133,279 | ||||||||
Total Depreciation and Amortization | 40,514 | 33,174 | 33,231 | ||||||||
Total Assets | 1,243,766 | 1,184,741 | 1,243,766 | 1,184,741 | 986,827 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | 0 | 0 | 0 | ||||||||
Equity in income of investees | 0 | 0 | 0 | ||||||||
Total Capital Expenditures | 10,430 | 11,216 | 7,026 | ||||||||
Total Depreciation and Amortization | 6,711 | 6,845 | 7,404 | ||||||||
Total Assets | 94,135 | 110,155 | 94,135 | 110,155 | 159,970 | ||||||
Total Investment in Unconsolidated Affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Consolidation, Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Losses (Gains) on Asset Disposals and Impairments, Net: | (976) | 0 | 0 | ||||||||
Total Capital Expenditures | 166 | 252 | 2,597 | ||||||||
Total Depreciation and Amortization | 1,076 | 645 | 787 | ||||||||
Total Assets | $ 2,858 | $ 3,638 | 2,858 | 3,638 | 3,751 | ||||||
Revenues | (29,144) | (30,503) | (17,646) | ||||||||
Consolidation, Eliminations | Nuclear Power Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (778) | (553) | (208) | ||||||||
Consolidation, Eliminations | Nuclear Services Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (22,964) | (26,159) | (13,056) | ||||||||
Consolidation, Eliminations | Nuclear Operations Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ (5,402) | $ (3,791) | $ (4,382) |
Segment Reporting - Schedule _3
Segment Reporting - Schedule of Revenue Information from Products and Service Lines (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 591,975 | $ 498,727 | $ 505,099 | $ 528,273 | $ 556,910 | $ 519,878 | $ 504,520 | $ 542,208 | $ 2,124,074 | $ 2,123,516 | $ 1,894,920 |
Nuclear Power Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Nuclear Services Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Nuclear Operations Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Reportable Segments | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 2,153,218 | 2,154,019 | 1,912,566 | ||||||||
Reportable Segments | Nuclear Power Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 407,082 | 371,269 | 352,640 | ||||||||
Reportable Segments | Nuclear Power Group | Nuclear Services and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 160,638 | 120,684 | 109,168 | ||||||||
Reportable Segments | Nuclear Power Group | Nuclear Services and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 246,444 | 250,585 | 243,472 | ||||||||
Reportable Segments | Nuclear Services Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 123,538 | 136,493 | 131,339 | ||||||||
Reportable Segments | Nuclear Services Group | Nuclear Environmental Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 77,514 | 94,320 | 102,726 | ||||||||
Reportable Segments | Nuclear Services Group | Nuclear Services and Advanced Reactor Design and Engineering | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 46,024 | 42,173 | 28,613 | ||||||||
Reportable Segments | Nuclear Operations Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,622,598 | 1,646,257 | 1,428,587 | ||||||||
Reportable Segments | Nuclear Operations Group | Government Programs | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,527,704 | 1,540,256 | 1,368,555 | ||||||||
Reportable Segments | Nuclear Operations Group | Commercial Operations | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 94,894 | 106,001 | 60,032 | ||||||||
Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ (29,144) | $ (30,503) | $ (17,646) |
Segment Reporting - Schedule _4
Segment Reporting - Schedule of Revenues by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 591,975 | $ 498,727 | $ 505,099 | $ 528,273 | $ 556,910 | $ 519,878 | $ 504,520 | $ 542,208 | $ 2,124,074 | $ 2,123,516 | $ 1,894,920 |
Segment Reporting - Schedule _5
Segment Reporting - Schedule of Property, Plant and Equipment, Net by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | $ 1,045,640 | $ 816,471 | $ 580,241 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 698,772 | 603,518 | 494,202 |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | $ 346,868 | $ 212,953 | $ 86,039 |
Quarterly Financial Data - Sele
Quarterly Financial Data - Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 591,975 | $ 498,727 | $ 505,099 | $ 528,273 | $ 556,910 | $ 519,878 | $ 504,520 | $ 542,208 | $ 2,124,074 | $ 2,123,516 | $ 1,894,920 |
Operating income | 102,215 | 87,468 | 73,751 | 82,414 | 89,081 | 88,770 | 82,434 | 98,267 | 345,848 | 358,552 | 325,521 |
Equity in income of investees | 7,301 | 10,618 | 7,263 | 8,316 | 7,905 | 8,271 | 4,913 | 6,063 | 33,498 | 27,152 | 28,924 |
Net Income Attributable to BWX Technologies, Inc. | $ 116,861 | $ 59,914 | $ 59,347 | $ 69,749 | $ 65,742 | $ 73,171 | $ 64,258 | $ 75,499 | $ 305,871 | $ 278,670 | $ 244,115 |
Basic: | |||||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 1.27 | $ 0.64 | $ 0.62 | $ 0.73 | $ 0.69 | $ 0.77 | $ 0.67 | $ 0.79 | $ 3.24 | $ 2.92 | $ 2.56 |
Diluted: | |||||||||||
Net income attributable to BWX Technologies, Inc. (USD per share) | $ 1.26 | $ 0.63 | $ 0.62 | $ 0.73 | $ 0.69 | $ 0.76 | $ 0.67 | $ 0.79 | $ 3.24 | $ 2.91 | $ 2.55 |
Quarterly Financial Data - Addi
Quarterly Financial Data - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Premium for early redemption of senior notes | $ 10,800 | $ 10,752 | $ 0 | $ 0 | ||
Write-off of deferred financing costs | $ 4,200 | |||||
Defined benefit plan, actuarial gain (loss) | $ 39,600 | $ (6,400) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic: | |||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ 305,871 | $ 278,670 | $ 244,115 | ||||||||
Weighted-average common shares | 94,278,894 | 95,457,193 | 95,377,414 | ||||||||
Basic earnings per common share | $ 1.27 | $ 0.64 | $ 0.62 | $ 0.73 | $ 0.69 | $ 0.77 | $ 0.67 | $ 0.79 | $ 3.24 | $ 2.92 | $ 2.56 |
Diluted: | |||||||||||
Weighted-average common shares | 94,278,894 | 95,457,193 | 95,377,414 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options, restricted stock and performance shares (in shares) | 239,528 | 269,304 | 433,124 | ||||||||
Adjusted weighted average common shares (in shares) | 94,518,422 | 95,726,497 | 95,810,538 | ||||||||
Diluted earnings per common share: | |||||||||||
Diluted earnings per common share (USD per share) | $ 1.26 | $ 0.63 | $ 0.62 | $ 0.73 | $ 0.69 | $ 0.76 | $ 0.67 | $ 0.79 | $ 3.24 | $ 2.91 | $ 2.55 |