BWX (BWXT) 10-Q8 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover page

Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-34658
Entity Registrant Name	BWX TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0558025
Entity Address, Address Line One	800 Main Street, 4th Floor
Entity Address, City or Town	Lynchburg,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24504
City Area Code	980
Local Phone Number	365-4300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BWXT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		91,215,647
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001486957
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 67,404	$ 33,891
Restricted cash and cash equivalents	2,898	2,896
Investments	3,777	3,811
Accounts receivable – trade, net	85,926	70,663
Accounts receivable – other	18,975	16,651
Retainages	51,780	51,507
Contracts in progress	564,326	546,595
Other current assets	57,574	47,718
Total Current Assets	852,660	773,732
Property, Plant and Equipment, Net	1,088,847	1,045,640
Investments	8,053	9,558
Goodwill	296,905	285,502
Deferred Income Taxes	21,556	21,394
Investments in Unconsolidated Affiliates	113,400	85,284
Intangible Assets	208,941	185,551
Other Assets	115,161	94,719
TOTAL	2,705,523	2,501,380
Current Liabilities:
Accounts payable	150,167	189,842
Accrued employee benefits	69,028	71,835
Accrued liabilities – other	78,977	80,998
Advance billings on contracts	104,847	111,619
Accrued warranty expense	6,348	5,321
Total Current Liabilities	409,367	459,615
Long-Term Debt	1,380,249	1,189,304
Accumulated Postretirement Benefit Obligation	23,063	24,333
Environmental Liabilities	94,102	92,642
Pension Liability	50,904	59,388
Other Liabilities	43,488	38,863
Commitments and Contingencies (Note 5)
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,604,870 and 127,311,985 shares at June 30, 2022 and December 31, 2021, respectively	1,276	1,273
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued	0	0
Capital in excess of par value	183,251	174,288
Retained earnings	1,868,822	1,775,751
Treasury stock at cost, 36,404,085 and 35,915,747 shares at June 30, 2022 and December 31, 2021, respectively	(1,352,324)	(1,326,280)
Accumulated other comprehensive income (loss)	3,261	12,143
Stockholders' Equity – BWX Technologies, Inc.	704,286	637,175
Noncontrolling interest	64	60
Total Stockholders' Equity	704,350	637,235
TOTAL	$ 2,705,523	$ 2,501,380

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	325,000,000	325,000,000
Common stock, shares issued (in shares)	127,604,870	127,311,985
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	75,000,000	75,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock at cost, shares (in shares)	36,404,085	35,915,747

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues	$ 554,208	$ 505,099	$ 1,084,946	$ 1,033,372
Costs and Expenses:
Cost of operations	413,000	375,817	817,827	768,623
Research and development costs	2,611	3,505	5,564	6,621
Losses (gains) on asset disposals and impairments, net	(1)	(29)	29	(37)
Selling, general and administrative expenses	54,680	59,318	114,814	117,579
Total Costs and Expenses	470,290	438,611	938,234	892,786
Equity in Income of Investees	11,319	7,263	20,098	15,579
Operating Income	95,237	73,751	166,810	156,165
Other Income (Expense):
Interest income	73	77	190	209
Interest expense	(8,307)	(10,203)	(15,358)	(17,242)
Other – net	11,096	15,306	23,905	31,692
Total Other Income (Expense)	2,862	5,180	8,737	14,659
Income before Provision for Income Taxes	98,099	78,931	175,547	170,824
Provision for Income Taxes	23,418	19,522	41,792	41,600
Net Income	74,681	59,409	133,755	129,224
Net Income Attributable to Noncontrolling Interest	(68)	(62)	(132)	(128)
Net Income Attributable to BWX Technologies, Inc.	$ 74,613	$ 59,347	$ 133,623	$ 129,096
Basic:
Net Income Attributable to BWX Technologies, Inc. (in usd per share)	$ 0.82	$ 0.62	$ 1.46	$ 1.35
Diluted:
Net Income Attributable to BWX Technologies, Inc. (in usd per share)	$ 0.82	$ 0.62	$ 1.46	$ 1.35
Shares used in the computation of earnings per share (Note 9):
Basic (in shares)	91,394,853	95,354,932	91,479,226	95,329,330
Diluted (in shares)	91,540,319	95,529,189	91,670,307	95,544,026

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 74,681	$ 59,409	$ 133,755	$ 129,224
Other Comprehensive Income (Loss):
Currency translation adjustments	(15,281)	7,220	(9,916)	15,221
Derivative financial instruments:
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $134, $(15), $170 and $124, respectively	(388)	40	(496)	(372)
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(52), $(55), $(104) and $1, respectively	148	163	300	(3)
Amortization of benefit plan costs, net of tax benefit of $(162), $(158), $(325) and $(315), respectively	651	580	1,302	1,160
Unrealized (losses) gains on investments arising during the period, net of tax benefit of $13, $84, $19 and $60, respectively	(48)	0	(72)	89
Other Comprehensive Income (Loss)	(14,918)	8,003	(8,882)	16,095
Total Comprehensive Income	59,763	67,412	124,873	145,319
Comprehensive Income Attributable to Noncontrolling Interest	(68)	(62)	(132)	(128)
Comprehensive Income Attributable to BWX Technologies, Inc.	$ 59,695	$ 67,350	$ 124,741	$ 145,191

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Tax benefit (provision) on derivative financial instruments, unrealized losses	$ 134	$ (15)	$ 170	$ 124
Tax provision (benefit) on derivative financial instruments for reclassification adjustments included in net income	(52)	(55)	(104)	1
Tax benefit for amortization of benefit plans	(162)	(158)	(325)	(315)
Tax provision on unrealized gains (losses) on investments	$ 13	$ 84	$ 19	$ 60

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Stockholders' Equity	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020			127,009,536
Beginning balance at Dec. 31, 2020	$ 617,768	$ 617,766	$ 1,270	$ 153,800	$ 1,549,950	$ 8,198	$ (1,095,452)	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	69,815	69,749			69,749			66
Dividends declared	(20,173)	(20,173)			(20,173)
Currency translation adjustments	8,001	8,001				8,001
Derivative financial instruments	(578)	(578)				(578)
Defined benefit obligations	580	580				580
Available-for-sale investments	89	89				89
Exercises of stock options (in shares)			61,260
Exercises of stock options	1,517	1,517		1,517
Shares placed in treasury	(24,694)	(24,694)					(24,694)
Stock-based compensation charges (in shares)			191,350
Stock-based compensation charges	3,981	3,981	$ 3	3,978
Ending balance (in shares) at Mar. 31, 2021			127,262,146
Ending balance at Mar. 31, 2021	656,306	656,238	$ 1,273	159,295	1,599,526	16,290	(1,120,146)	68
Beginning balance (in shares) at Dec. 31, 2020			127,009,536
Beginning balance at Dec. 31, 2020	617,768	617,766	$ 1,270	153,800	1,549,950	8,198	(1,095,452)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	129,224
Currency translation adjustments	15,221
Ending balance (in shares) at Jun. 30, 2021			127,287,679
Ending balance at Jun. 30, 2021	709,087	708,997	$ 1,273	164,926	1,638,709	24,293	(1,120,204)	90
Beginning balance (in shares) at Mar. 31, 2021			127,262,146
Beginning balance at Mar. 31, 2021	656,306	656,238	$ 1,273	159,295	1,599,526	16,290	(1,120,146)	68
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	59,409	59,347			59,347			62
Dividends declared	(20,164)	(20,164)			(20,164)
Currency translation adjustments	7,220	7,220				7,220
Derivative financial instruments	203	203				203
Defined benefit obligations	580	580				580
Exercises of stock options (in shares)			13,936
Exercises of stock options	339	339		339
Shares placed in treasury	(58)	(58)					(58)
Stock-based compensation charges (in shares)			11,597
Stock-based compensation charges	5,292	5,292		5,292
Distributions to noncontrolling interests	(40)							(40)
Ending balance (in shares) at Jun. 30, 2021			127,287,679
Ending balance at Jun. 30, 2021	$ 709,087	708,997	$ 1,273	164,926	1,638,709	24,293	(1,120,204)	90
Beginning balance (in shares) at Dec. 31, 2021	127,311,985		127,311,985
Beginning balance at Dec. 31, 2021	$ 637,235	637,175	$ 1,273	174,288	1,775,751	12,143	(1,326,280)	60
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	59,074	59,010			59,010			64
Dividends declared	(20,279)	(20,279)			(20,279)
Currency translation adjustments	5,365	5,365				5,365
Derivative financial instruments	44	44				44
Defined benefit obligations	651	651				651
Available-for-sale investments	(24)	(24)				(24)
Shares placed in treasury	(26,011)	(26,011)					(26,011)
Stock-based compensation charges (in shares)			279,242
Stock-based compensation charges	3,958	3,958	$ 3	3,955
Distributions to noncontrolling interests	(59)							(59)
Ending balance (in shares) at Mar. 31, 2022			127,591,227
Ending balance at Mar. 31, 2022	$ 659,954	659,889	$ 1,276	178,243	1,814,482	18,179	(1,352,291)	65
Beginning balance (in shares) at Dec. 31, 2021	127,311,985		127,311,985
Beginning balance at Dec. 31, 2021	$ 637,235	637,175	$ 1,273	174,288	1,775,751	12,143	(1,326,280)	60
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	133,755
Currency translation adjustments	$ (9,916)
Ending balance (in shares) at Jun. 30, 2022	127,604,870		127,604,870
Ending balance at Jun. 30, 2022	$ 704,350	704,286	$ 1,276	183,251	1,868,822	3,261	(1,352,324)	64
Beginning balance (in shares) at Mar. 31, 2022			127,591,227
Beginning balance at Mar. 31, 2022	659,954	659,889	$ 1,276	178,243	1,814,482	18,179	(1,352,291)	65
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	74,681	74,613			74,613			68
Dividends declared	(20,273)	(20,273)			(20,273)
Currency translation adjustments	(15,281)	(15,281)				(15,281)
Derivative financial instruments	(240)	(240)				(240)
Defined benefit obligations	651	651				651
Available-for-sale investments	(48)	(48)				(48)
Shares placed in treasury	(33)	(33)					(33)
Stock-based compensation charges (in shares)			13,643
Stock-based compensation charges	5,008	5,008		5,008
Distributions to noncontrolling interests	$ (69)							(69)
Ending balance (in shares) at Jun. 30, 2022	127,604,870		127,604,870
Ending balance at Jun. 30, 2022	$ 704,350	$ 704,286	$ 1,276	$ 183,251	$ 1,868,822	$ 3,261	$ (1,352,324)	$ 64

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in usd per share)	$ 0.22	$ 0.22	$ 0.21	$ 0.21

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 133,755	$ 129,224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,216	32,992
Income of investees, net of dividends	(5,616)	(5,874)
Recognition of losses for pension and postretirement plans	1,627	1,475
Stock-based compensation expense	8,966	9,273
Other, net	2,921	1,548
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(1,925)	93,503
Accounts payable	(22,571)	(16,875)
Retainages	(92)	4,308
Contracts in progress and advance billings on contracts	(38,703)	(53,649)
Income taxes	(4,897)	876
Accrued and other current liabilities	(8,045)	411
Pension liabilities, accrued postretirement benefit obligations and employee benefits	(29,798)	(44,746)
Other, net	200	5,857
NET CASH PROVIDED BY OPERATING ACTIVITIES	72,038	158,323
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(94,946)	(170,170)
Acquisition of business, net of cash acquired	(47,328)	0
Purchases of securities	(1,975)	(2,378)
Sales and maturities of securities	1,981	2,764
Investments, net of return of capital, in equity method investees	(22,554)	0
Other, net	71	182
NET CASH USED IN INVESTING ACTIVITIES	(164,751)	(169,602)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt	322,400	625,800
Repayments of long-term debt	(132,400)	(300,800)
Payment of debt issuance costs	0	(4,838)
Repayment of bank overdraft	0	(88,694)
Repurchases of common stock	(20,000)	(20,007)
Dividends paid to common shareholders	(40,758)	(40,326)
Exercises of stock options	0	2,011
Cash paid for shares withheld to satisfy employee taxes	(6,044)	(4,745)
Other, net	1,848	(8,979)
NET CASH PROVIDED BY FINANCING ACTIVITIES	125,046	159,422
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	977	64
TOTAL INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS	33,310	148,207
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	39,775	48,298
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD	73,085	196,505
Cash paid during the period for:
Interest	21,732	20,270
Income taxes (net of refunds)	45,187	40,661
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable	$ 10,072	$ 26,328

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2021 (our "2021 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We classify assets and liabilities related to long-term contracts as current using the duration of the related contract or program as our operating cycle, which is generally longer than one year. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. Reportable Segments We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments reflect changes we made during the first quarter of 2022 to better align our businesses by their government and commercial nature, which reflects the manner in which our operating segment information is reported for purposes of assessing operating performance and allocating resources. Prior to 2022, we reported three segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our Government Operations segment consists of our legacy Nuclear Operations Group and Nuclear Services Group segments with certain research and development activities in the areas of advanced reactors and advanced manufacturing. Our Commercial Operations segment consists of our legacy Nuclear Power Group segment with certain research and development and commercialization activities in the areas of medical and industrial radioisotopes. Both segments now include research and development and certain commercialization activities associated with new technologies previously reported centrally, outside of our reportable segments. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and related disclosures included in this quarterly report on Form 10-Q. Our reportable segments are further described as follows: • Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and ship customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. In addition, this segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. • Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear- grade materials and precisely machined components for nuclear utility customers. We have supplied the nuclear industry with more than 1,300 large, heavy components worldwide, and we are the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. See Note 8 and Note 3 for financial information about our segments. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and notes included in our 2021 10-K. Recently Adopted Accounting Standards There were no accounting standards adopted during the six months ended June 30, 2022. Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. Provision for Income Taxes We are subject to federal income tax in the U.S., Canada and the United Kingdom as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. Our effective tax rate for the three months ended June 30, 2022 was 23.9% as compared to 24.7% for the three months ended June 30, 2021. Our effective tax rate for the six months ended June 30, 2022 was 23.8% as compared to 24.4% for the six months ended June 30, 2021. The effective tax rates for the three and six months ended June 30, 2022 and 2021 were higher than the U.S. corporate income tax rate of 21% primarily due to state income taxes within the U.S. and the unfavorable rate differential associated with our Canadian earnings. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At June 30, 2022, we had restricted cash and cash equivalents totaling $5.7 million, $2.8 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $2.9 million of which was held to meet reinsurance reserve requirements of our captive insurer. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 67,404 $ 33,891 Restricted cash and cash equivalents 2,898 2,896 Restricted cash and cash equivalents included in Other Assets 2,783 2,988 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 73,085 $ 39,775 Inventories At June 30, 2022 and December 31, 2021, Other current assets included inventories totaling $26.2 million and $16.3 million, respectively, consisting entirely of raw materials and supplies. Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: June 30, December 31, (In thousands) Land $ 9,857 $ 9,538 Buildings 347,215 321,872 Machinery and equipment 1,000,173 957,423 Property under construction 489,341 487,856 1,846,586 1,776,689 Less: Accumulated depreciation 757,739 731,049 Property, Plant and Equipment, Net $ 1,088,847 $ 1,045,640 Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: June 30, December 31, (In thousands) Currency translation adjustments $ 20,711 $ 30,627 Net unrealized loss on derivative financial instruments (890) (694) Unrecognized prior service cost on benefit obligations (16,720) (18,022) Net unrealized gain on available-for-sale investments 160 232 Accumulated other comprehensive income (loss) $ 3,261 $ 12,143 The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (23) $ (95) $ 66 $ 132 Revenues (177) (123) (470) (128) Cost of operations (200) (218) (404) 4 Total before tax 52 55 104 (1) Provision for Income Taxes $ (148) $ (163) $ (300) $ 3 Net Income Amortization of prior service cost on benefit obligations $ (813) $ (738) $ (1,627) $ (1,475) Other – net 162 158 325 315 Provision for Income Taxes $ (651) $ (580) $ (1,302) $ (1,160) Net Income Total reclassification for the period $ (799) $ (743) $ (1,602) $ (1,157) Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At June 30, 2022, we had deferred approximately $0.9 million of net losses on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended June 30, 2022 and 2021, we recognized (gains) losses of $(7.5) million and $4.7 million, respectively, and for the six months ended June 30, 2022 and 2021, we recognized losses of $0.4 million and $8.7 million, respectively, in Other – net on our condensed consolidated statements of income associated with FX forward contracts not designated as hedging instruments. At June 30, 2022, our derivative financial instruments consisted of FX forward contracts with a total notional value of $442.3 million with maturities extending to December 2024. These instruments consist primarily of FX forward contracts to purchase or sell Canadian dollars and Euros. We are exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We attempt to mitigate this risk by using major financial institutions with high credit ratings. Our counterparties to derivative financial instruments have the benefit of the same collateral arrangements and covenants as described under our credit facility.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS Dynamic Controls Limited and Citadel Capital Corporation On April 11, 2022, our subsidiary BWXT Government Group, Inc. acquired all of the outstanding stock of U.K.-based Dynamic Controls Limited ("Dynamic") and U.S.-based Citadel Capital Corporation, along with its wholly-owned subsidiary, Cunico Corporation ("Cunico"), for approximately $49.9 million. Our preliminary purchase price allocation resulted in the recognition of $29.6 million of Intangible Assets, $8.4 million of inventory and $15.6 million of Goodwill. In addition, we recognized right-of-use assets and lease liabilities of $7.2 million. The assets acquired and liabilities assumed have been recorded at preliminary estimates of fair value as determined by management, based on information currently available and on current assumptions of future operations, and are subject to change upon completion of acquisition accounting. Dynamic and Cunico are suppliers of highly-engineered, proprietary valves, manifolds and fittings for global naval nuclear and diesel-electric submarines, surface warfare ships and commercial shipping vessels. These companies are reported as part of our Government Operations segment. The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period Customer relationships $ 17,700 21 years Backlog $ 7,700 5 years Unpatented technology $ 4,200 8 years

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION As described in Note 1, our operations are assessed based on two reportable segments. In connection with our segment reporting change, we have revised historical amounts to conform to current segment presentation. Disaggregated Revenues Revenues by geographic area and customer type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 410,793 $ — $ 410,793 $ 384,029 $ — $ 384,029 Non-Government 22,236 8,856 31,092 19,483 11,488 30,971 $ 433,029 $ 8,856 $ 441,885 $ 403,512 $ 11,488 $ 415,000 Canada: Non-Government $ 841 $ 102,757 $ 103,598 $ 634 $ 84,576 $ 85,210 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 1,942 6,909 8,851 1,351 5,778 7,129 $ 2,667 $ 6,909 $ 9,576 $ 1,351 $ 5,778 $ 7,129 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 817,040 $ — $ 817,040 $ 782,653 $ — $ 782,653 Non-Government 45,794 16,070 61,864 40,929 21,760 62,689 $ 862,834 $ 16,070 $ 878,904 $ 823,582 $ 21,760 $ 845,342 Canada: Non-Government $ 1,819 $ 193,155 $ 194,974 $ 1,654 $ 175,931 $ 177,585 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 2,936 9,247 12,183 3,536 11,549 15,085 $ 3,661 $ 9,247 $ 12,908 $ 3,536 $ 11,549 $ 15,085 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 436,537 $ 104,580 $ 541,117 $ 405,408 $ 91,857 $ 497,265 Point-in-time — 13,942 13,942 89 9,985 10,074 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 868,286 $ 190,495 $ 1,058,781 $ 828,658 $ 185,744 $ 1,014,402 Point-in-time 28 27,977 28,005 114 23,496 23,610 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by contract type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 324,948 $ 1,969 $ 326,917 $ 318,843 $ 3,730 $ 322,573 Firm-Fixed-Price 60,672 75,351 136,023 46,466 75,276 121,742 Cost-Plus Fee 49,970 — 49,970 38,022 — 38,022 Time-and-Materials 947 41,202 42,149 2,166 22,836 25,002 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 626,373 $ 4,516 $ 630,889 $ 621,169 $ 4,220 $ 625,389 Firm-Fixed-Price 144,238 153,333 297,571 126,723 143,333 270,056 Cost-Plus Fee 95,488 — 95,488 76,837 — 76,837 Time-and-Materials 2,215 60,623 62,838 4,043 61,687 65,730 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Performance Obligations As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the three and six months ended June 30, 2022, we recognized net changes in estimates related to contracts that recognize revenue over time that resulted in increases (decreases) in revenues of $2.1 million and $(3.1) million, respectively, and increases in cost of operations of $2.2 million for both the three and six months ended June 30, 2022. Included in these amounts are contract adjustments for cost overruns related to the manufacture of non-nuclear components being produced within our Government Operations segment. We recognized decreases in operating income of $11.3 million for the three and six months ended June 30, 2022 related to this matter. These contract adjustments resulted in decreases in earnings per share of $0.09 for the three and six months ended June 30, 2022. We are exploring opportunities for recovery of cost overruns related to this project. During the three and six months ended June 30, 2021, we recognized net favorable changes in estimates related to contracts that recognize revenue over time that resulted in increases in revenues of $3.2 million and $9.7 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 recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled receivables. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. Our fixed-price incentive fee contracts for our Government Operations segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments received during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. June 30, December 31, 2022 2021 (In thousands) Included in Contracts in progress: Unbilled receivables $ 544,067 $ 528,644 Retainages $ 51,780 $ 51,507 Included in Other Assets: Retainages $ 1,074 $ 1,271 Advance billings on contracts $ 104,847 $ 111,619 During the three months ended June 30, 2022 and 2021, we recognized $38.6 million and $23.1 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. During the six months ended June 30, 2022 and 2021, we recognized $77.3 million and $53.1 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. Remaining Performance Obligations Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. At June 30, 2022, our remaining performance obligations were $4,720.7 million. We expect to recognize approximately 57% of the revenue associated with our remaining performance obligations by the end of 2023, with the remainder to be recognized thereafter.

Pension Plans and Postretiremen

Pension Plans and Postretirement Benefits	6 Months Ended
Pension Plans and Postretirement Benefits	Jun. 30, 2022
Retirement Benefits [Abstract]
Pension Plans and Postretirement Benefits	PENSION PLANS AND POSTRETIREMENT BENEFITS We record the service cost component of net periodic benefit cost within Operating income on our condensed consolidated statements of income. For the three months ended June 30, 2022 and 2021, these amounts were $3.2 million and $3.2 million, respectively. For the six months ended June 30, 2022 and 2021, these amounts were $6.2 million and $6.3 million, respectively. All other components of net periodic benefit cost are included in Other – net within the condensed consolidated statements of income. For the three months ended June 30, 2022 and 2021, these amounts were $(12.6) million and $(13.4) million, respectively. For the six months ended June 30, 2022 and 2021, these amounts were $(25.2) million and $(26.7) million, respectively. Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Service cost $ 2,988 $ 2,972 $ 5,905 $ 5,929 $ 166 $ 196 $ 331 $ 386 Interest cost 7,858 6,781 15,679 13,535 347 286 694 568 Expected return on plan assets (20,888) (20,448) (41,756) (40,862) (737) (715) (1,475) (1,431) Amortization of prior service cost (credit) 807 782 1,614 1,564 6 (44) 13 (89) Net periodic benefit income $ (9,235) $ (9,913) $ (18,558) $ (19,834) $ (218) $ (277) $ (437) $ (566)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESThere were no material contingencies during the period covered by this Form 10-Q.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Investments The following is a summary of our investments measured at fair value at June 30, 2022: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 6,221 $ — $ 6,221 $ — $ — Available-for-sale securities U.S. Government and agency securities 3,235 3,235 — — — Corporate bonds 2,326 1,784 542 — — Asset-backed securities and collateralized mortgage obligations 48 — 48 — — Total $ 11,830 $ 5,019 $ 6,811 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2021: Total 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 $ — $ — We estimate the fair value of investments based on quoted market prices. For investments for which there are no quoted market prices, we derive fair values from available yield curves for investments of similar quality and terms. Derivatives Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At June 30, 2022 and December 31, 2021, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $0.4 million and $(3.2) million, respectively. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our 4.125% senior notes due 2028 (the "Senior Notes due 2028") and our 4.125% senior notes due 2029 (the "Senior Notes due 2029"), on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At June 30, 2022 and December 31, 2021, the fair value of the Senior Notes due 2028 was $358.0 million and $406.3 million, respectively, and the fair value of the Senior Notes due 2029 was $357.0 million and $406.5 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at June 30, 2022 and December 31, 2021.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATIONStock-based compensation recognized for all of our plans for the three months ended June 30, 2022 and 2021 totaled $5.1 million and $5.0 million, respectively, with associated tax benefit totaling $0.9 million and $0.8 million, respectively. Stock-based compensation recognized for all of our plans for the six months ended June 30, 2022 and 2021 totaled $9.2 million and $9.2 million, respectively, with associated tax benefit totaling $1.6 million and $1.5 million, respectively.

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING As described in Note 1, our operations are assessed based on two reportable segments. In connection with our segment reporting change, we have revised historical amounts to conform to current segment presentation. An analysis of our operations by reportable segment is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) REVENUES: Government Operations $ 436,537 $ 405,497 $ 868,314 $ 828,772 Commercial Operations 118,522 101,842 218,472 209,240 Eliminations (1) (851) (2,240) (1,840) (4,640) $ 554,208 $ 505,099 $ 1,084,946 $ 1,033,372 (1) Segment revenues are net of the following intersegment transfers: Government Operations Transfers $ (851) $ (1,897) $ (1,774) $ (4,116) Commercial Operations Transfers — (343) (66) (524) $ (851) $ (2,240) $ (1,840) $ (4,640) OPERATING INCOME: Government Operations $ 83,783 $ 72,871 $ 156,014 $ 151,116 Commercial Operations 12,864 5,640 16,826 11,934 $ 96,647 $ 78,511 $ 172,840 $ 163,050 Unallocated Corporate (2) (1,410) (4,760) (6,030) (6,885) Total Operating Income $ 95,237 $ 73,751 $ 166,810 $ 156,165 Other Income (Expense) 2,862 5,180 8,737 14,659 Income before Provision for Income Taxes $ 98,099 $ 78,931 $ 175,547 $ 170,824 (2) Unallocated corporate includes general corporate overhead not allocated to segments. June 30, December 31, (In thousands) SEGMENT ASSETS: Government Operations $ 1,516,899 $ 1,430,863 Commercial Operations 1,033,360 976,382 Total Segment Assets $ 2,550,259 $ 2,407,245 Corporate Assets 155,264 94,135 Total Assets $ 2,705,523 $ 2,501,380

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares 91,394,853 95,354,932 91,479,226 95,329,330 Basic earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares (basic) 91,394,853 95,354,932 91,479,226 95,329,330 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 145,466 174,257 191,081 214,696 Adjusted weighted-average common shares 91,540,319 95,529,189 91,670,307 95,544,026 Diluted earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 (1) At June 30, 2022 and 2021, we excluded 80,117 and 7,914 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	We have presented the condensed consolidated financial statements of BWX Technologies, Inc. ("BWXT" or the "Company") in U.S. dollars in accordance with the interim reporting requirements of Form 10-Q, Rule 10-01 of Regulation S-X and accounting principles generally accepted in the United States ("GAAP"). Certain financial information and disclosures normally included in our financial statements prepared annually in accordance with GAAP have been condensed or omitted. Readers of these financial statements should, therefore, refer to the consolidated financial statements and notes in our annual report on Form 10-K for the year ended December 31, 2021 (our "2021 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation.
Consolidation	We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We classify assets and liabilities related to long-term contracts as current using the duration of the related contract or program as our operating cycle, which is generally longer than one year. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries.
Reportable Segments	Reportable Segments We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments reflect changes we made during the first quarter of 2022 to better align our businesses by their government and commercial nature, which reflects the manner in which our operating segment information is reported for purposes of assessing operating performance and allocating resources. Prior to 2022, we reported three segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our Government Operations segment consists of our legacy Nuclear Operations Group and Nuclear Services Group segments with certain research and development activities in the areas of advanced reactors and advanced manufacturing. Our Commercial Operations segment consists of our legacy Nuclear Power Group segment with certain research and development and commercialization activities in the areas of medical and industrial radioisotopes. Both segments now include research and development and certain commercialization activities associated with new technologies previously reported centrally, outside of our reportable segments. The change in our reportable segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows. We have applied the change in reportable segments to previously reported historical financial information and related disclosures included in this quarterly report on Form 10-Q. Our reportable segments are further described as follows: • Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and ship customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. In addition, this segment also develops technology for a variety of applications, including advanced nuclear power sources, and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors. • Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste and supplies nuclear-
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards There were no accounting standards adopted during the six months ended June 30, 2022.
Contracts and Revenue Recognition	Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined.
Provision for Income Taxes	Provision for Income Taxes We are subject to federal income tax in the U.S., Canada and the United Kingdom as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At June 30, 2022, we had restricted cash and cash equivalents totaling $5.7 million, $2.8 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $2.9 million of which was held to meet reinsurance reserve requirements of our captive insurer.
Inventories	Inventories At June 30, 2022 and December 31, 2021, Other current assets included inventories totaling $26.2 million and $16.3 million, respectively, consisting entirely of raw materials and supplies.
Derivative Financial Instruments	Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 67,404 $ 33,891 Restricted cash and cash equivalents 2,898 2,896 Restricted cash and cash equivalents included in Other Assets 2,783 2,988 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 73,085 $ 39,775
Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 67,404 $ 33,891 Restricted cash and cash equivalents 2,898 2,896 Restricted cash and cash equivalents included in Other Assets 2,783 2,988 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 73,085 $ 39,775
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net Property, plant and equipment, net is stated at cost and is set forth below: June 30, December 31, (In thousands) Land $ 9,857 $ 9,538 Buildings 347,215 321,872 Machinery and equipment 1,000,173 957,423 Property under construction 489,341 487,856 1,846,586 1,776,689 Less: Accumulated depreciation 757,739 731,049 Property, Plant and Equipment, Net $ 1,088,847 $ 1,045,640
Components of Accumulated Other Comprehensive Income (Loss)	The components of Accumulated other comprehensive income (loss) included in Stockholders' Equity are as follows: June 30, December 31, (In thousands) Currency translation adjustments $ 20,711 $ 30,627 Net unrealized loss on derivative financial instruments (890) (694) Unrecognized prior service cost on benefit obligations (16,720) (18,022) Net unrealized gain on available-for-sale investments 160 232 Accumulated other comprehensive income (loss) $ 3,261 $ 12,143
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	The amounts reclassified out of Accumulated other comprehensive income (loss) by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (23) $ (95) $ 66 $ 132 Revenues (177) (123) (470) (128) Cost of operations (200) (218) (404) 4 Total before tax 52 55 104 (1) Provision for Income Taxes $ (148) $ (163) $ (300) $ 3 Net Income Amortization of prior service cost on benefit obligations $ (813) $ (738) $ (1,627) $ (1,475) Other – net 162 158 325 315 Provision for Income Taxes $ (651) $ (580) $ (1,302) $ (1,160) Net Income Total reclassification for the period $ (799) $ (743) $ (1,602) $ (1,157)

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Intangible Assets Acquired	The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period Customer relationships $ 17,700 21 years Backlog $ 7,700 5 years Unpatented technology $ 4,200 8 years

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	Revenues by geographic area and customer type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 410,793 $ — $ 410,793 $ 384,029 $ — $ 384,029 Non-Government 22,236 8,856 31,092 19,483 11,488 30,971 $ 433,029 $ 8,856 $ 441,885 $ 403,512 $ 11,488 $ 415,000 Canada: Non-Government $ 841 $ 102,757 $ 103,598 $ 634 $ 84,576 $ 85,210 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 1,942 6,909 8,851 1,351 5,778 7,129 $ 2,667 $ 6,909 $ 9,576 $ 1,351 $ 5,778 $ 7,129 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 817,040 $ — $ 817,040 $ 782,653 $ — $ 782,653 Non-Government 45,794 16,070 61,864 40,929 21,760 62,689 $ 862,834 $ 16,070 $ 878,904 $ 823,582 $ 21,760 $ 845,342 Canada: Non-Government $ 1,819 $ 193,155 $ 194,974 $ 1,654 $ 175,931 $ 177,585 Other: Government $ 725 $ — $ 725 $ — $ — $ — Non-Government 2,936 9,247 12,183 3,536 11,549 15,085 $ 3,661 $ 9,247 $ 12,908 $ 3,536 $ 11,549 $ 15,085 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 436,537 $ 104,580 $ 541,117 $ 405,408 $ 91,857 $ 497,265 Point-in-time — 13,942 13,942 89 9,985 10,074 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 868,286 $ 190,495 $ 1,058,781 $ 828,658 $ 185,744 $ 1,014,402 Point-in-time 28 27,977 28,005 114 23,496 23,610 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372 Revenues by contract type were as follows: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 324,948 $ 1,969 $ 326,917 $ 318,843 $ 3,730 $ 322,573 Firm-Fixed-Price 60,672 75,351 136,023 46,466 75,276 121,742 Cost-Plus Fee 49,970 — 49,970 38,022 — 38,022 Time-and-Materials 947 41,202 42,149 2,166 22,836 25,002 Segment Revenues $ 436,537 $ 118,522 555,059 $ 405,497 $ 101,842 507,339 Eliminations (851) (2,240) Revenues $ 554,208 $ 505,099 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 626,373 $ 4,516 $ 630,889 $ 621,169 $ 4,220 $ 625,389 Firm-Fixed-Price 144,238 153,333 297,571 126,723 143,333 270,056 Cost-Plus Fee 95,488 — 95,488 76,837 — 76,837 Time-and-Materials 2,215 60,623 62,838 4,043 61,687 65,730 Segment Revenues $ 868,314 $ 218,472 1,086,786 $ 828,772 $ 209,240 1,038,012 Eliminations (1,840) (4,640) Revenues $ 1,084,946 $ 1,033,372
Schedule of Contract Assets and Liabilities	June 30, December 31, 2022 2021 (In thousands) Included in Contracts in progress: Unbilled receivables $ 544,067 $ 528,644 Retainages $ 51,780 $ 51,507 Included in Other Assets: Retainages $ 1,074 $ 1,271 Advance billings on contracts $ 104,847 $ 111,619

Pension Plans and Postretirem_2

Pension Plans and Postretirement Benefits (Tables)	6 Months Ended
Pension Plans and Postretirement Benefits (Tables)	Jun. 30, 2022
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Service cost $ 2,988 $ 2,972 $ 5,905 $ 5,929 $ 166 $ 196 $ 331 $ 386 Interest cost 7,858 6,781 15,679 13,535 347 286 694 568 Expected return on plan assets (20,888) (20,448) (41,756) (40,862) (737) (715) (1,475) (1,431) Amortization of prior service cost (credit) 807 782 1,614 1,564 6 (44) 13 (89) Net periodic benefit income $ (9,235) $ (9,913) $ (18,558) $ (19,834) $ (218) $ (277) $ (437) $ (566)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Investments Measured at Fair Value	The following is a summary of our investments measured at fair value at June 30, 2022: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 6,221 $ — $ 6,221 $ — $ — Available-for-sale securities U.S. Government and agency securities 3,235 3,235 — — — Corporate bonds 2,326 1,784 542 — — Asset-backed securities and collateralized mortgage obligations 48 — 48 — — Total $ 11,830 $ 5,019 $ 6,811 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2021: Total 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 $ — $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Operating Results by Segment	An analysis of our operations by reportable segment is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands) REVENUES: Government Operations $ 436,537 $ 405,497 $ 868,314 $ 828,772 Commercial Operations 118,522 101,842 218,472 209,240 Eliminations (1) (851) (2,240) (1,840) (4,640) $ 554,208 $ 505,099 $ 1,084,946 $ 1,033,372 (1) Segment revenues are net of the following intersegment transfers: Government Operations Transfers $ (851) $ (1,897) $ (1,774) $ (4,116) Commercial Operations Transfers — (343) (66) (524) $ (851) $ (2,240) $ (1,840) $ (4,640) OPERATING INCOME: Government Operations $ 83,783 $ 72,871 $ 156,014 $ 151,116 Commercial Operations 12,864 5,640 16,826 11,934 $ 96,647 $ 78,511 $ 172,840 $ 163,050 Unallocated Corporate (2) (1,410) (4,760) (6,030) (6,885) Total Operating Income $ 95,237 $ 73,751 $ 166,810 $ 156,165 Other Income (Expense) 2,862 5,180 8,737 14,659 Income before Provision for Income Taxes $ 98,099 $ 78,931 $ 175,547 $ 170,824 (2) Unallocated corporate includes general corporate overhead not allocated to segments. June 30, December 31, (In thousands) SEGMENT ASSETS: Government Operations $ 1,516,899 $ 1,430,863 Commercial Operations 1,033,360 976,382 Total Segment Assets $ 2,550,259 $ 2,407,245 Corporate Assets 155,264 94,135 Total Assets $ 2,705,523 $ 2,501,380

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2022 2021 2022 2021 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares 91,394,853 95,354,932 91,479,226 95,329,330 Basic earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 74,613 $ 59,347 $ 133,623 $ 129,096 Weighted-average common shares (basic) 91,394,853 95,354,932 91,479,226 95,329,330 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 145,466 174,257 191,081 214,696 Adjusted weighted-average common shares 91,540,319 95,529,189 91,670,307 95,544,026 Diluted earnings per common share $ 0.82 $ 0.62 $ 1.46 $ 1.35 (1) At June 30, 2022 and 2021, we excluded 80,117 and 7,914 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment component	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) segment
Noncash or Part Noncash Divestitures [Line Items]
Number of reportable segments \| segment			2		3
Number of components supplied to worldwide (more than) \| component			1,300
Effective tax rate	23.90%	24.70%	23.80%	24.40%
Restricted cash and cash equivalents	$ 5.7		$ 5.7
Total inventories	26.2		26.2		$ 16.3
Net losses on foreign exchange forward contracts			0.9
Recognized (gain) loss on FX forward contracts not designated as hedges	(7.5)	$ 4.7	0.4	$ 8.7
Notional amount of foreign currency forward contracts	442.3		442.3
Cash Held for Decommissioning of Facilities
Noncash or Part Noncash Divestitures [Line Items]
Restricted cash and cash equivalents	2.8		2.8
Cash Held to Meet Reinsurance Reserve Requirements
Noncash or Part Noncash Divestitures [Line Items]
Restricted cash and cash equivalents	$ 2.9		$ 2.9

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 67,404	$ 33,891
Restricted cash and cash equivalents	2,898	2,896
Restricted cash and cash equivalents included in Other Assets	2,783	2,988
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows	$ 73,085	$ 39,775	$ 196,505	$ 48,298

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,846,586	$ 1,776,689
Less: Accumulated depreciation	757,739	731,049
Property, Plant and Equipment, Net	1,088,847	1,045,640
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	9,857	9,538
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	347,215	321,872
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,000,173	957,423
Property under construction
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 489,341	$ 487,856

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 704,350	$ 659,954	$ 637,235	$ 709,087	$ 656,306	$ 617,768
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	20,711		30,627
Net unrealized loss on derivative financial instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(890)		(694)
Unrecognized prior service cost on benefit obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(16,720)		(18,022)
Net unrealized gain on available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	160		232
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 3,261	$ 18,179	$ 12,143	$ 24,293	$ 16,290	$ 8,198

Basis of Presentation and Sig_8

Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 554,208		$ 505,099		$ 1,084,946	$ 1,033,372
Cost of operations	(413,000)		(375,817)		(817,827)	(768,623)
Total before tax	98,099		78,931		175,547	170,824
Provision for Income Taxes	(23,418)		(19,522)		(41,792)	(41,600)
Other – net	11,096		15,306		23,905	31,692
Net Income	74,681	$ 59,074	59,409	$ 69,815	133,755	129,224
Accumulated Other Comprehensive Income (Loss) Component Recognized
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income	(799)		(743)		(1,602)	(1,157)
Accumulated Other Comprehensive Income (Loss) Component Recognized \| Realized gain (loss) on derivative financial instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	(23)		(95)		66	132
Cost of operations	(177)		(123)		(470)	(128)
Total before tax	(200)		(218)		(404)	4
Provision for Income Taxes	52		55		104	(1)
Net Income	(148)		(163)		(300)	3
Accumulated Other Comprehensive Income (Loss) Component Recognized \| Amortization of prior service cost on benefit obligations
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for Income Taxes	162		158		325	315
Other – net	(813)		(738)		(1,627)	(1,475)
Net Income	$ (651)		$ (580)		$ (1,302)	$ (1,160)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 11, 2022	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 296,905	$ 285,502
Dynamic Controls Limited and Citadel Capital Corporation
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 49,900
Intangible assets	29,600
Business combination, inventory	8,400
Goodwill	15,600
Operating lease, right-of-use assets	7,200
Operating lease, liability	$ 7,200

Acquisitions - Intangible Asset

Acquisitions - Intangible Assets Acquired (Detail) - Dynamic Controls Limited and Citadel Capital Corporation $ in Thousands	Apr. 11, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 29,600
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 17,700
Amortization Period	21 years
Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 7,700
Amortization Period	5 years
Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 4,200
Amortization Period	8 years

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 554,208	$ 505,099	$ 1,084,946	$ 1,033,372
Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	326,917	322,573	630,889	625,389
Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	136,023	121,742	297,571	270,056
Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	49,970	38,022	95,488	76,837
Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	42,149	25,002	62,838	65,730
Over time
Disaggregation of Revenue [Line Items]
Revenues	541,117	497,265	1,058,781	1,014,402
Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	13,942	10,074	28,005	23,610
United States:
Disaggregation of Revenue [Line Items]
Revenues	441,885	415,000	878,904	845,342
United States: \| Government
Disaggregation of Revenue [Line Items]
Revenues	410,793	384,029	817,040	782,653
United States: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	31,092	30,971	61,864	62,689
Canada: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	103,598	85,210	194,974	177,585
Other:
Disaggregation of Revenue [Line Items]
Revenues	9,576	7,129	12,908	15,085
Other: \| Government
Disaggregation of Revenue [Line Items]
Revenues	725	0	725	0
Other: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	8,851	7,129	12,183	15,085
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	555,059	507,339	1,086,786	1,038,012
Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	436,537	405,497	868,314	828,772
Operating Segments \| Government Operations \| Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	324,948	318,843	626,373	621,169
Operating Segments \| Government Operations \| Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	60,672	46,466	144,238	126,723
Operating Segments \| Government Operations \| Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	49,970	38,022	95,488	76,837
Operating Segments \| Government Operations \| Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	947	2,166	2,215	4,043
Operating Segments \| Government Operations \| Over time
Disaggregation of Revenue [Line Items]
Revenues	436,537	405,408	868,286	828,658
Operating Segments \| Government Operations \| Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	0	89	28	114
Operating Segments \| Government Operations \| United States:
Disaggregation of Revenue [Line Items]
Revenues	433,029	403,512	862,834	823,582
Operating Segments \| Government Operations \| United States: \| Government
Disaggregation of Revenue [Line Items]
Revenues	410,793	384,029	817,040	782,653
Operating Segments \| Government Operations \| United States: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	22,236	19,483	45,794	40,929
Operating Segments \| Government Operations \| Canada: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	841	634	1,819	1,654
Operating Segments \| Government Operations \| Other:
Disaggregation of Revenue [Line Items]
Revenues	2,667	1,351	3,661	3,536
Operating Segments \| Government Operations \| Other: \| Government
Disaggregation of Revenue [Line Items]
Revenues	725	0	725	0
Operating Segments \| Government Operations \| Other: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	1,942	1,351	2,936	3,536
Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	118,522	101,842	218,472	209,240
Operating Segments \| Commercial Operations \| Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	1,969	3,730	4,516	4,220
Operating Segments \| Commercial Operations \| Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	75,351	75,276	153,333	143,333
Operating Segments \| Commercial Operations \| Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Commercial Operations \| Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	41,202	22,836	60,623	61,687
Operating Segments \| Commercial Operations \| Over time
Disaggregation of Revenue [Line Items]
Revenues	104,580	91,857	190,495	185,744
Operating Segments \| Commercial Operations \| Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	13,942	9,985	27,977	23,496
Operating Segments \| Commercial Operations \| United States:
Disaggregation of Revenue [Line Items]
Revenues	8,856	11,488	16,070	21,760
Operating Segments \| Commercial Operations \| United States: \| Government
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Commercial Operations \| United States: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	8,856	11,488	16,070	21,760
Operating Segments \| Commercial Operations \| Canada: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	102,757	84,576	193,155	175,931
Operating Segments \| Commercial Operations \| Other:
Disaggregation of Revenue [Line Items]
Revenues	6,909	5,778	9,247	11,549
Operating Segments \| Commercial Operations \| Other: \| Government
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Commercial Operations \| Other: \| Non-Government
Disaggregation of Revenue [Line Items]
Revenues	6,909	5,778	9,247	11,549
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(851)	(2,240)	(1,840)	(4,640)
Eliminations \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	(851)	(1,897)	(1,774)	(4,116)
Eliminations \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ (343)	$ (66)	$ (524)

Revenue Recognition - Additiona

Revenue Recognition - Additional Details (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 segment
Revenue from Contract with Customer [Abstract]
Number of reportable segments \| segment			2		3
Net favorable changes in estimate that resulted in an increase in revenue	$ 2.1	$ 3.2	$ (3.1)	$ 9.7
Net changes in estimate that resulted in an increase in cost of operations	2.2		2.2
Net changes in estimate that resulted in a decrease in operating income	$ (11.3)		$ 11.3
Net changes in estimate that resulted in a decrease in earnings per share \| $ / shares	$ (0.09)		$ 0.09
Revenue recognized from advance billings on contracts	$ 38.6	$ 23.1	$ 77.3	$ 53.1
Revenue, remaining performance obligation, amount	$ 4,720.7		$ 4,720.7
Revenue, remaining performance obligation, percentage	57%		57%

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Contracts with Customers, Asset and Liability [Line Items]
Advance billings on contracts	$ 104,847	$ 111,619
Unbilled receivables
Contracts with Customers, Asset and Liability [Line Items]
Contract with customer, asset	544,067	528,644
Retainages
Contracts with Customers, Asset and Liability [Line Items]
Contract with customer, asset	51,780	51,507
Retainages
Contracts with Customers, Asset and Liability [Line Items]
Contract with customer, asset	$ 1,074	$ 1,271

Pension Plans and Postretirem_3

Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 3.2	$ 3.2	$ 6.2	$ 6.3
Net periodic benefit (income) cost, excluding service costs	$ (12.6)	$ (13.4)	$ (25.2)	$ (26.7)

Pension Plans and Postretirem_4

Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,200	$ 3,200	$ 6,200	$ 6,300
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,988	2,972	5,905	5,929
Interest cost	7,858	6,781	15,679	13,535
Expected return on plan assets	(20,888)	(20,448)	(41,756)	(40,862)
Amortization of prior service cost (credit)	807	782	1,614	1,564
Net periodic benefit income	(9,235)	(9,913)	(18,558)	(19,834)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	166	196	331	386
Interest cost	347	286	694	568
Expected return on plan assets	(737)	(715)	(1,475)	(1,431)
Amortization of prior service cost (credit)	6	(44)	13	(89)
Net periodic benefit income	$ (218)	$ (277)	$ (437)	$ (566)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Investments and Available-for-Sale Securities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 11,830	$ 13,369
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,221	7,650
U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	3,235	2,738
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	2,326	2,926
Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	48	55
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,019	4,590
Level 1 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 1 \| U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	3,235	2,738
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,784	1,852
Level 1 \| Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	6,811	8,779
Level 2 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,221	7,650
Level 2 \| U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	542	1,074
Level 2 \| Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	48	55
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 \| U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Level 3 \| Asset-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Senior Notes \| Senior Notes Due 2028
Fair Values Of Financial Instruments [Line Items]
Stated interest rate	4.125%
Fair value of senior notes	$ 358	$ 406.3
Senior Notes \| Senior Notes Due 2029
Fair Values Of Financial Instruments [Line Items]
Stated interest rate	4.125%
Fair value of senior notes	$ 357	406.5
FX Forward Contracts
Fair Values Of Financial Instruments [Line Items]
Fair value of foreign currency forward contracts	$ 0.4	$ (3.2)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock based compensation expense	$ 5.1	$ 5	$ 9.2	$ 9.2
Stock-based compensation, tax benefits	$ 0.9	$ 0.8	$ 1.6	$ 1.5

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	2	3

Segment Reporting - Schedule of

Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	$ 554,208	$ 505,099	$ 1,084,946	$ 1,033,372
OPERATING INCOME:
Total Operating Income	95,237	73,751	166,810	156,165
Other Income (Expense)	2,862	5,180	8,737	14,659
Income before Provision for Income Taxes	98,099	78,931	175,547	170,824
Total Assets	2,705,523		2,705,523		$ 2,501,380
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	555,059	507,339	1,086,786	1,038,012
OPERATING INCOME:
Total Operating Income	96,647	78,511	172,840	163,050
Total Assets	2,550,259		2,550,259		2,407,245
Operating Segments \| Government Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	436,537	405,497	868,314	828,772
OPERATING INCOME:
Total Operating Income	83,783	72,871	156,014	151,116
Total Assets	1,516,899		1,516,899		1,430,863
Operating Segments \| Commercial Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	118,522	101,842	218,472	209,240
OPERATING INCOME:
Total Operating Income	12,864	5,640	16,826	11,934
Total Assets	1,033,360		1,033,360		976,382
Eliminations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	(851)	(2,240)	(1,840)	(4,640)
Eliminations \| Government Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	(851)	(1,897)	(1,774)	(4,116)
Eliminations \| Commercial Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	0	(343)	(66)	(524)
Unallocated Corporate
OPERATING INCOME:
Total Operating Income	(1,410)	$ (4,760)	(6,030)	$ (6,885)
Total Assets	$ 155,264		$ 155,264		$ 94,135

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic:
Net Income Attributable to BWX Technologies, Inc.	$ 74,613	$ 59,347	$ 133,623	$ 129,096
Weighted-average common shares (in shares)	91,394,853	95,354,932	91,479,226	95,329,330
Basic earnings per common share (in usd per share)	$ 0.82	$ 0.62	$ 1.46	$ 1.35
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$ 74,613	$ 59,347	$ 133,623	$ 129,096
Weighted-average common shares (in shares)	91,394,853	95,354,932	91,479,226	95,329,330
Effect of dilutive securities:
Stock options, restricted stock units and performance shares (in shares)	145,466	174,257	191,081	214,696
Adjusted weighted-average common shares (in shares)	91,540,319	95,529,189	91,670,307	95,544,026
Diluted earnings per common share (in usd per share)	$ 0.82	$ 0.62	$ 1.46	$ 1.35
Number of shares that would be antidilutive (in shares)			80,117	7,914