BWX (BWXT) 10-Q5 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover page

Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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)		91,420,040
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001486957
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 681,465	$ 612,445	$ 1,285,431	$ 1,180,805
Costs and Expenses:
Cost of operations	513,196	471,324	968,553	902,454
Research and development costs	1,271	2,595	2,761	4,799
Gains on asset disposals and impairments, net	(4)	(9)	(4)	(15)
Selling, general and administrative expenses	79,780	64,437	147,141	125,272
Total Costs and Expenses	594,243	538,347	1,118,451	1,032,510
Equity in Income of Investees	11,584	12,568	24,787	26,213
Operating Income	98,806	86,666	191,767	174,508
Other Income (Expense):
Interest income	540	517	1,386	980
Interest expense	(10,688)	(12,206)	(20,283)	(23,025)
Other – net	2,971	2,962	7,136	5,150
Total Other Income (Expense)	(7,177)	(8,727)	(11,761)	(16,895)
Income before Provision for Income Taxes	91,629	77,939	180,006	157,613
Provision for Income Taxes	18,584	19,274	38,427	37,955
Net Income	73,045	58,665	141,579	119,658
Net Loss (Income) Attributable to Noncontrolling Interest	(73)	(68)	(139)	31
Net Income Attributable to BWX Technologies, Inc.	$ 72,972	$ 58,597	$ 141,440	$ 119,689
Basic:
Net Income Attributable to BWX Technologies, Inc. (in usd per share)	$ 0.80	$ 0.64	$ 1.54	$ 1.31
Diluted:
Net Income Attributable to BWX Technologies, Inc. (in usd per share)	$ 0.79	$ 0.64	$ 1.54	$ 1.30
Shares used in the computation of earnings per share (Note 8):
Basic (in shares)	91,564,263	91,626,846	91,559,824	91,565,417
Diluted (in shares)	91,801,539	91,805,179	91,831,232	91,802,435

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 73,045	$ 58,665	$ 141,579	$ 119,658
Other Comprehensive Income (Loss):
Currency translation adjustments	(5,170)	10,923	(16,478)	12,617
Derivative financial instruments:
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $38, $22, $170 and $(209), respectively	(91)	(63)	(476)	614
Reclassification adjustment for losses (gains) included in net income, net of tax (benefit) provision of $(17), $89, $4 and $132, respectively	49	(270)	(12)	(393)
Amortization of benefit plan costs, net of tax benefit of $(163), $(153), $(324) and $(326), respectively	669	677	1,339	1,334
Unrealized gains arising during the period, net of tax provision of $(4), $(13), $(12) and $(11), respectively	18	47	46	38
Other Comprehensive Income (Loss)	(4,525)	11,314	(15,581)	14,210
Total Comprehensive Income	68,520	69,979	125,998	133,868
Comprehensive Loss (Income) Attributable to Noncontrolling Interest	(73)	(68)	(139)	31
Comprehensive Income Attributable to BWX Technologies, Inc.	$ 68,447	$ 69,911	$ 125,859	$ 133,899

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax (benefit) on derivative financial instruments, unrealized (losses) gains	$ (38)	$ (22)	$ (170)	$ 209
Tax (benefit) provision on reclassification adjustment for losses (gains)	(17)	89	4	132
Tax benefit for amortization of benefit plans	(163)	(153)	(324)	(326)
Tax provision on unrealized gains on investments	$ (4)	$ (13)	$ (12)	$ (11)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 48,341	$ 75,766
Restricted cash and cash equivalents	2,927	2,858
Accounts receivable – trade, net	89,374	70,180
Accounts receivable – other	17,448	16,339
Retainages	54,594	55,181
Contracts in progress	622,062	533,155
Other current assets	75,097	64,322
Total Current Assets	909,843	817,801
Property, Plant and Equipment, Net	1,241,538	1,228,520
Investments	10,237	9,496
Goodwill	293,156	297,020
Deferred Income Taxes	13,115	16,332
Investments in Unconsolidated Affiliates	91,909	88,608
Intangible Assets	176,147	185,510
Other Assets	104,688	103,778
TOTAL	2,840,633	2,747,065
Current Liabilities:
Current portion of long-term debt	9,375	6,250
Accounts payable	164,306	126,651
Accrued employee benefits	47,056	64,544
Accrued liabilities – other	62,644	70,210
Advance billings on contracts	125,199	107,391
Total Current Liabilities	408,580	375,046
Long-Term Debt	1,203,196	1,203,422
Accumulated Postretirement Benefit Obligation	17,809	18,466
Environmental Liabilities	90,884	90,575
Pension Liability	76,784	82,786
Other Liabilities	45,129	43,469
Commitments and Contingencies (Note 4)
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,282,125 and 128,065,521 shares at June 30, 2024 and December 31, 2023, respectively	1,283	1,281
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued	0	0
Capital in excess of par value	216,973	206,478
Retained earnings	2,191,079	2,093,917
Treasury stock at cost, 36,864,491 and 36,537,695 shares at June 30, 2024 and December 31, 2023, respectively	(1,387,803)	(1,360,862)
Accumulated other comprehensive income (loss)	(23,044)	(7,463)
Stockholders' Equity – BWX Technologies, Inc.	998,488	933,351
Noncontrolling interest	(237)	(50)
Total Stockholders' Equity	998,251	933,301
TOTAL	$ 2,840,633	$ 2,747,065

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	128,282,125	128,065,521
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)	36,864,491	36,537,695

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, 2022			127,671,756
Beginning balance at Dec. 31, 2022	$ 748,355	$ 748,310	$ 1,277	$ 189,263	$ 1,932,970	$ (21,930)	$ (1,353,270)	$ 45
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	60,993	61,092			61,092			(99)
Dividends declared	(21,231)	(21,231)			(21,231)
Currency translation adjustments	1,694	1,694				1,694
Derivative financial instruments	554	554				554
Defined benefit obligations	657	657				657
Available-for-sale investments	(9)	(9)				(9)
Exercises of stock options (in shares)			3,000
Exercises of stock options	72	72	$ 2	70
Shares placed in treasury	(6,903)	(6,903)					(6,903)
Stock-based compensation charges (in shares)			293,961
Stock-based compensation charges	3,893	3,893	$ 1	3,892
Distributions to noncontrolling interests	(67)							(67)
Ending balance (in shares) at Mar. 31, 2023			127,968,717
Ending balance at Mar. 31, 2023	788,008	788,129	$ 1,280	193,225	1,972,831	(19,034)	(1,360,173)	(121)
Beginning balance (in shares) at Dec. 31, 2022			127,671,756
Beginning balance at Dec. 31, 2022	748,355	748,310	$ 1,277	189,263	1,932,970	(21,930)	(1,353,270)	45
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	119,658
Currency translation adjustments	12,617
Ending balance (in shares) at Jun. 30, 2023			127,986,101
Ending balance at Jun. 30, 2023	841,528	841,659	$ 1,280	198,106	2,010,212	(7,720)	(1,360,219)	(131)
Beginning balance (in shares) at Mar. 31, 2023			127,968,717
Beginning balance at Mar. 31, 2023	788,008	788,129	$ 1,280	193,225	1,972,831	(19,034)	(1,360,173)	(121)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	58,665	58,597			58,597			68
Dividends declared	(21,216)	(21,216)			(21,216)
Currency translation adjustments	10,923	10,923				10,923
Derivative financial instruments	(333)	(333)				(333)
Defined benefit obligations	677	677				677
Available-for-sale investments	47	47				47
Exercises of stock options (in shares)			4,417
Exercises of stock options	105	105	$ 0	105
Shares placed in treasury	(46)	(46)					(46)
Stock-based compensation charges (in shares)			12,967
Stock-based compensation charges	4,776	4,776		4,776
Distributions to noncontrolling interests	(78)							(78)
Ending balance (in shares) at Jun. 30, 2023			127,986,101
Ending balance at Jun. 30, 2023	$ 841,528	841,659	$ 1,280	198,106	2,010,212	(7,720)	(1,360,219)	(131)
Beginning balance (in shares) at Dec. 31, 2023	128,065,521		128,065,521
Beginning balance at Dec. 31, 2023	$ 933,301	933,351	$ 1,281	206,478	2,093,917	(7,463)	(1,360,862)	(50)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	68,534	68,468			68,468			66
Dividends declared	(22,150)	(22,150)			(22,150)
Currency translation adjustments	(11,308)	(11,308)				(11,308)
Derivative financial instruments	(446)	(446)				(446)
Defined benefit obligations	670	670				670
Available-for-sale investments	28	28				28
Exercises of stock options (in shares)			7,294
Exercises of stock options	218	218		218
Shares placed in treasury	(26,906)	(26,906)					(26,906)
Stock-based compensation charges (in shares)			199,991
Stock-based compensation charges	4,297	4,297	$ 2	4,295
Distributions to noncontrolling interests	(172)							(172)
Ending balance (in shares) at Mar. 31, 2024			128,272,806
Ending balance at Mar. 31, 2024	$ 946,066	946,222	$ 1,283	210,991	2,140,235	(18,519)	(1,387,768)	(156)
Beginning balance (in shares) at Dec. 31, 2023	128,065,521		128,065,521
Beginning balance at Dec. 31, 2023	$ 933,301	933,351	$ 1,281	206,478	2,093,917	(7,463)	(1,360,862)	(50)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	141,579
Currency translation adjustments	$ (16,478)
Ending balance (in shares) at Jun. 30, 2024	128,282,125		128,282,125
Ending balance at Jun. 30, 2024	$ 998,251	998,488	$ 1,283	216,973	2,191,079	(23,044)	(1,387,803)	(237)
Beginning balance (in shares) at Mar. 31, 2024			128,272,806
Beginning balance at Mar. 31, 2024	946,066	946,222	$ 1,283	210,991	2,140,235	(18,519)	(1,387,768)	(156)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	73,045	72,972			72,972			73
Dividends declared	(22,128)	(22,128)			(22,128)
Currency translation adjustments	(5,170)	(5,170)				(5,170)
Derivative financial instruments	(42)	(42)				(42)
Defined benefit obligations	669	669				669
Available-for-sale investments	18	18				18
Exercises of stock options (in shares)			0
Exercises of stock options	0	0	$ 0	0
Shares placed in treasury	(35)	(35)					(35)
Stock-based compensation charges (in shares)			9,319
Stock-based compensation charges	5,982	5,982		5,982
Distributions to noncontrolling interests	$ (154)							(154)
Ending balance (in shares) at Jun. 30, 2024	128,282,125		128,282,125
Ending balance at Jun. 30, 2024	$ 998,251	$ 998,488	$ 1,283	$ 216,973	$ 2,191,079	$ (23,044)	$ (1,387,803)	$ (237)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in usd per share)	$ 0.24	$ 0.24	$ 0.23	$ 0.23

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 141,579	$ 119,658
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,160	38,404
Income of investees, net of dividends	(3,301)	(4,113)
Recognition of losses for pension and postretirement plans	1,663	1,660
Stock-based compensation expense	10,279	8,669
Other, net	(32)	131
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(20,319)	(4,936)
Accounts payable	47,018	7,071
Retainages	587	(5,808)
Contracts in progress and advance billings on contracts	(78,722)	(47,278)
Income taxes	(6,741)	(10,830)
Accrued and other current liabilities	(328)	(13,158)
Pension liabilities, accrued postretirement benefit obligations and employee benefits	(23,625)	(17,865)
Other, net	(11,298)	(4,016)
NET CASH PROVIDED BY OPERATING ACTIVITIES	98,920	67,589
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(60,827)	(69,582)
Purchases of securities	0	(2,343)
Sales and maturities of securities	0	5,996
Other, net	203	15
NET CASH USED IN INVESTING ACTIVITIES	(60,624)	(65,914)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt	241,400	210,900
Repayments of long-term debt	(239,525)	(164,025)
Repurchases of common stock	(20,000)	0
Dividends paid to common shareholders	(44,373)	(42,735)
Cash paid for shares withheld to satisfy employee taxes	(6,941)	(6,948)
Settlements of forward contracts, net	4,543	(520)
Other, net	(108)	46
NET CASH USED IN FINANCING ACTIVITIES	(65,004)	(3,282)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	(308)	196
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS	(27,016)	(1,411)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	81,615	40,990
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD	54,599	39,579
Cash paid during the period for:
Interest	32,181	34,602
Income taxes (net of refunds)	45,382	48,315
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable	$ 9,273	$ 10,694

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	Jun. 30, 2024
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, 2023 (our "2023 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 are further described as follows: • Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are primarily provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, the Department of Defense and NASA. In addition, this segment also develops technology for advanced nuclear reactors for a variety of power and propulsion applications in the space and terrestrial domains and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for these programs. • Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste, and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. We have supplied the nuclear industry with more than 1,300 large, heavy components worldwide and are the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment also manufactures medical radioisotopes, radiopharmaceuticals and medical devices, and partners with life science and pharmaceutical companies developing new drugs. See Note 7 and Note 2 for financial information about our segments. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and notes included in our 2023 10-K. Recently Adopted Accounting Standards There were no accounting standards adopted during the six months ended June 30, 2024 that had a significant impact on our financial position, results of operations, cash flows or disclosures. Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. We recognize revenue on certain cost plus and time and materials contracts equal to the amount we have the right to invoice the customer when performance obligations are satisfied over time and the invoice amount corresponds directly with the value we are providing the customer. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. See Note 2 for a further discussion of revenue recognition. Provision for Income Taxes We are subject to federal income tax in the U.S., Canada, and the U.K., as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. Our effective tax rate for the three months ended June 30, 2024 was 20.3% as compared to 24.7% for the three months ended June 30, 2023. Our effective tax rate for the six months ended June 30, 2024 was 21.3% as compared to 24.1% for the six months ended June 30, 2023. The effective tax rates for the three and six months ended June 30, 2024 approximated the U.S. corporate federal income tax rate of 21% due to the revaluation of our Canadian net deferred tax liabilities which was required by the temporary reduction of the Canadian federal tax rate for qualifying nuclear manufacturers for tax years beginning on or after January 1, 2024. The effective tax rates for the three and six months ended June 30, 2023 were higher than the U.S. corporate income tax rate of 21% primarily due to state income taxes within the U.S. and the unfavorable rate differential associated with our foreign earnings. Certain jurisdictions have implemented the Organization for Economic Cooperation and Development’s Pillar Two rules regarding a global minimum tax. Effective January 1, 2024, these rules enforce a minimum effective tax rate of 15%, calculated on a jurisdictional basis. Considering our current global footprint, we do not anticipate that these new rules will materially impact our provision for income taxes. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents At June 30, 2024, we had restricted cash and cash equivalents totaling $6.3 million, $3.3 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 statements of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 48,341 $ 75,766 Restricted cash and cash equivalents 2,927 2,858 Restricted cash and cash equivalents included in Other Assets 3,331 2,991 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statements of cash flows $ 54,599 $ 81,615 Inventories At June 30, 2024 and December 31, 2023, Other current assets included inventories totaling $32.3 million and $27.4 million, respectively, consisting entirely of raw materials and supplies. Property, Plant and Equipment, Net Property, plant and equipment is stated at cost and is set forth below: June 30, December 31, (In thousands) Land $ 10,620 $ 10,627 Buildings 409,320 381,081 Machinery and equipment 1,145,636 1,108,504 Property under construction 548,760 571,758 2,114,336 2,071,970 Less: Accumulated depreciation 872,798 843,450 Property, Plant and Equipment, Net $ 1,241,538 $ 1,228,520 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 $ (7,809) $ 8,669 Net unrealized gain on derivative financial instruments 70 558 Unrecognized prior service cost on benefit obligations (15,578) (16,917) Net unrealized gain on available-for-sale investments 273 227 Accumulated other comprehensive loss $ (23,044) $ (7,463) 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 2024 2023 2024 2023 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ 125 $ 98 $ 91 $ 127 Revenues (191) 261 (75) 398 Cost of operations (66) 359 16 525 Total before tax 17 (89) (4) (132) Provision for Income Taxes $ (49) $ 270 $ 12 $ 393 Net Income Amortization of prior service cost on benefit obligations $ (832) $ (830) $ (1,663) $ (1,660) Other – net 163 153 324 326 Provision for Income Taxes $ (669) $ (677) $ (1,339) $ (1,334) Net Income Total reclassification for the period $ (718) $ (407) $ (1,327) $ (941) Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income and are recorded in our condensed consolidated statements of cash flows based on the nature and use of the instruments. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At June 30, 2024, we had deferred approximately $0.1 million of net gains on these derivative financial instruments. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. For the three months ended June 30, 2024 and 2023, we recognized (gains) losses of $(5.1) million and $9.6 million, respectively, and for the six months ended June 30, 2024 and 2023, we recognized (gains) losses of $(14.8) million and $8.9 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, 2024, our derivative financial instruments consisted of FX forward contracts with a total notional value of $478.6 million with maturities extending to July 2026. 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. New Accounting Standards In November 2023, the FASB issued updates to FASB Topic Segment Reporting to improve disclosures about a public company's reportable segments and address requests from investors to provide additional, more detailed information about a reportable segment’s expenses on an interim and annual basis and provide in interim periods all disclosures currently only required on an annual basis. Additionally, it requires a public entity to disclose the title and position of the Company’s Chief Operating Decision Maker. These updates do not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 31, 2024, with early adoption permitted. This change will apply retrospectively to all periods presented. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows. In December 2023, the FASB issued updates to FASB Topic Income Taxes to provide disaggregated disclosures with respect to the reconciliation of our effective tax rate, as well as a disaggregation of income taxes paid, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard will apply on a prospective basis; however, retrospective application in all prior periods presented is permitted. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows.

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION As described in Note 1, our operations are assessed based on two reportable segments. Disaggregated Revenues Revenues by geographic area and customer type were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 511,498 $ — $ 511,498 $ 459,334 $ — $ 459,334 Non-Government 22,217 16,063 38,280 28,081 14,918 42,999 $ 533,715 $ 16,063 $ 549,778 $ 487,415 $ 14,918 $ 502,333 Canada: Government $ 23 $ — $ 23 $ 37 $ — $ 37 Non-Government 151 120,516 120,667 385 100,093 100,478 $ 174 $ 120,516 $ 120,690 $ 422 $ 100,093 $ 100,515 Other: Government $ 637 $ — $ 637 $ 1,155 $ — $ 1,155 Non-Government 6,320 4,912 11,232 2,975 5,909 8,884 $ 6,957 $ 4,912 $ 11,869 $ 4,130 $ 5,909 $ 10,039 Segment Revenues $ 540,846 $ 141,491 682,337 $ 491,967 $ 120,920 612,887 Eliminations (872) (442) Revenues $ 681,465 $ 612,445 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 973,730 $ — $ 973,730 $ 890,912 $ — $ 890,912 Non-Government 43,827 32,858 76,685 51,773 26,196 77,969 $ 1,017,557 $ 32,858 $ 1,050,415 $ 942,685 $ 26,196 $ 968,881 Canada: Government $ 25 $ — $ 25 $ 88 $ — $ 88 Non-Government 168 215,528 215,696 593 193,112 193,705 $ 193 $ 215,528 $ 215,721 $ 681 $ 193,112 $ 193,793 Other: Government $ 1,663 $ — $ 1,663 $ 2,303 $ — $ 2,303 Non-Government 8,554 10,143 18,697 6,184 10,536 16,720 $ 10,217 $ 10,143 $ 20,360 $ 8,487 $ 10,536 $ 19,023 Segment Revenues $ 1,027,967 $ 258,529 1,286,496 $ 951,853 $ 229,844 1,181,697 Eliminations (1,065) (892) Revenues $ 1,285,431 $ 1,180,805 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 537,906 $ 112,125 $ 650,031 $ 486,730 $ 94,764 $ 581,494 Point-in-time 2,940 29,366 32,306 5,237 26,156 31,393 Segment Revenues $ 540,846 $ 141,491 682,337 $ 491,967 $ 120,920 612,887 Eliminations (872) (442) Revenues $ 681,465 $ 612,445 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 1,022,194 $ 208,980 $ 1,231,174 $ 941,541 $ 190,716 $ 1,132,257 Point-in-time 5,773 49,549 55,322 10,312 39,128 49,440 Segment Revenues $ 1,027,967 $ 258,529 1,286,496 $ 951,853 $ 229,844 1,181,697 Eliminations (1,065) (892) Revenues $ 1,285,431 $ 1,180,805 Revenues by contract type were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 357,737 $ 5,420 $ 363,157 $ 327,270 $ 2,604 $ 329,874 Firm-Fixed-Price 81,026 68,507 149,533 77,323 77,570 154,893 Cost-Plus Fee 102,083 — 102,083 86,410 — 86,410 Time-and-Materials — 67,564 67,564 964 40,746 41,710 Segment Revenues $ 540,846 $ 141,491 682,337 $ 491,967 $ 120,920 612,887 Eliminations (872) (442) Revenues $ 681,465 $ 612,445 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 654,988 $ 10,942 $ 665,930 $ 619,429 $ 6,788 $ 626,217 Firm-Fixed-Price 175,946 135,712 311,658 172,041 149,122 321,163 Cost-Plus Fee 195,798 — 195,798 159,225 — 159,225 Time-and-Materials 1,235 111,875 113,110 1,158 73,934 75,092 Segment Revenues $ 1,027,967 $ 258,529 1,286,496 $ 951,853 $ 229,844 1,181,697 Eliminations (1,065) (892) Revenues $ 1,285,431 $ 1,180,805 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. The aggregate impact of changes in estimates decreased our revenues and operating income as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) (In thousands) Revenues (1) $ (2,098) $ (5,209) $ (2,791) $ (13,042) Operating Income (1) $ (2,079) $ (5,209) $ (3,350) $ (13,042) (1) During the three and six months ended June 30, 2024 and 2023, no adjustment to any one contract had a material impact on our consolidated financial statements. 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. Costs specific to certain contracts for which we recognize revenue at a point in time are also included 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, 2024 2023 (In thousands) Included in Contracts in progress: Unbilled receivables $ 604,361 $ 519,931 Retainages $ 54,594 $ 55,181 Advance billings on contracts $ 125,199 $ 107,391 During the three months ended June 30, 2024 and 2023, we recognized $43.6 million and $29.7 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. During the six months ended June 30, 2024 and 2023, we recognized $86.4 million and $69.2 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, 2024, our remaining performance obligations were $3,534.2 million. We expect to recognize approximately 68% of the revenue associated with our remaining performance obligations by the end of 2025, 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, 2024
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, 2024 and 2023, these amounts were $1.9 million and $2.0 million, respectively. For the six months ended June 30, 2024 and 2023, these amounts were $4.0 million and $3.9 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, 2024 and 2023, these amounts were $(2.7) million and $(2.4) million, respectively. For the six months ended June 30, 2024 and 2023, these amounts were $(5.7) million and $(4.9) 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 2024 2023 2024 2023 2024 2023 2024 2023 (In thousands) Service cost $ 1,768 $ 1,879 $ 3,765 $ 3,758 $ 96 $ 84 $ 193 $ 169 Interest cost 11,133 11,949 22,763 23,859 503 534 1,008 1,069 Expected return on plan assets (14,654) (15,109) (30,153) (30,219) (487) (635) (974) (1,269) Amortization of prior service cost 820 820 1,640 1,640 12 10 23 20 Net periodic benefit income $ (933) $ (461) $ (1,985) $ (962) $ 124 $ (7) $ 250 $ (11)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES There 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, 2024
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, 2024: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 8,395 $ — $ 8,395 $ — $ — Available-for-sale securities Corporate bonds 1,842 1,842 — — — Total $ 10,237 $ 1,842 $ 8,395 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2023: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 7,713 $ — $ 7,713 $ — $ — Available-for-sale securities Corporate bonds 1,783 1,783 — — — Total $ 9,496 $ 1,783 $ 7,713 $ — $ — 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, 2024 and December 31, 2023, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $0.0 million and $(9.9) million, respectively. Derivative assets and liabilities are included in Accounts receivable – other and Accounts payable, respectively, on our condensed consolidated balance sheets. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our 4.125% senior notes due 2028 (the "Senior Notes due 2028") and our 4.125% senior notes due 2029 (the "Senior Notes due 2029"), on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At June 30, 2024 and December 31, 2023, the fair value of the Senior Notes due 2028 was $371.6 million and $367.7 million, respectively, and the fair value of the Senior Notes due 2029 was $367.5 million and $367.0 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at June 30, 2024 and December 31, 2023. Note receivable. Included in Other Assets is a note receivable related to a third-party loan. We base the fair value of this level 2 note receivable instrument on the present value of future cash flows discounted at market interest rates for financial instruments with similar quality and terms. At June 30, 2024 and December 31, 2023, the carrying value of our note receivable was $6.9 million and $7.4 million, respectively, and approximated its fair value.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION Stock-based compensation recognized for all of our plans for the three months ended June 30, 2024 and 2023 totaled $6.0 million and $4.9 million, respectively, with associated tax benefit totaling $1.1 million and $0.9 million, respectively. Stock-based compensation recognized for all of our plans for the six months ended June 30, 2024 and 2023 totaled $10.4 million and $8.8 million, respectively, with associated tax benefit totaling $1.8 million and $1.5 million, respectively.

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING As described in Note 1, our operations are assessed based on two reportable segments. An analysis of our operations by reportable segment is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) REVENUES: Government Operations $ 540,846 $ 491,967 $ 1,027,967 $ 951,853 Commercial Operations 141,491 120,920 258,529 229,844 Eliminations (872) (442) (1,065) (892) $ 681,465 $ 612,445 $ 1,285,431 $ 1,180,805 OPERATING INCOME: Government Operations $ 92,520 $ 82,208 $ 178,206 $ 172,768 Commercial Operations 16,628 11,017 25,219 12,530 $ 109,148 $ 93,225 $ 203,425 $ 185,298 Unallocated Corporate (1) (10,342) (6,559) (11,658) (10,790) Total Operating Income $ 98,806 $ 86,666 $ 191,767 $ 174,508 Other Income (Expense) (7,177) (8,727) (11,761) (16,895) Income before Provision for Income Taxes $ 91,629 $ 77,939 $ 180,006 $ 157,613 (1) Unallocated corporate includes general corporate overhead not allocated to segments.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
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 2024 2023 2024 2023 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 72,972 $ 58,597 $ 141,440 $ 119,689 Weighted-average common shares 91,564,263 91,626,846 91,559,824 91,565,417 Basic earnings per common share $ 0.80 $ 0.64 $ 1.54 $ 1.31 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 72,972 $ 58,597 $ 141,440 $ 119,689 Weighted-average common shares (basic) 91,564,263 91,626,846 91,559,824 91,565,417 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 237,276 178,333 271,408 237,018 Adjusted weighted-average common shares 91,801,539 91,805,179 91,831,232 91,802,435 Diluted earnings per common share $ 0.79 $ 0.64 $ 1.54 $ 1.30 (1) At June 30, 2024 and 2023, we excluded 140,335 and 160,426 shares, respectively, from our diluted share calculation as their effect would have been antidilutive.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 72,972	$ 58,597	$ 141,440	$ 119,689

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023 (our "2023 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	We operate in two reportable segments: Government Operations and Commercial Operations. Our reportable segments are further described as follows: • Our Government Operations segment manufactures naval nuclear reactors, including the related nuclear fuel, for the U.S. Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we also fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons, manufacture electro-mechanical equipment, perform design, manufacturing, inspection, assembly and testing activities and downblend Cold War-era government stockpiles of high-enriched uranium. In addition, we supply proprietary and sole-source valves, manifolds and fittings to global naval and commercial shipping customers. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. This segment also provides various other services, primarily through joint ventures, to the U.S. Government including nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are primarily provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration, the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, the Department of Defense and NASA. In addition, this segment also develops technology for advanced nuclear reactors for a variety of power and propulsion applications in the space and terrestrial domains and offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for these programs. • Our Commercial Operations segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste, and supplies nuclear-grade materials and precisely machined components for nuclear utility customers. We have supplied the nuclear industry with more than 1,300 large, heavy components worldwide and are the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment also manufactures medical radioisotopes, radiopharmaceuticals and medical devices, and partners with life science and pharmaceutical companies developing new drugs.
Recently Adopted Accounting Standards and New Accounting Standards	There were no accounting standards adopted during the six months ended June 30, 2024 that had a significant impact on our financial position, results of operations, cash flows or disclosures. In November 2023, the FASB issued updates to FASB Topic Segment Reporting to improve disclosures about a public company's reportable segments and address requests from investors to provide additional, more detailed information about a reportable segment’s expenses on an interim and annual basis and provide in interim periods all disclosures currently only required on an annual basis. Additionally, it requires a public entity to disclose the title and position of the Company’s Chief Operating Decision Maker. These updates do not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 31, 2024, with early adoption permitted. This change will apply retrospectively to all periods presented. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows. In December 2023, the FASB issued updates to FASB Topic Income Taxes to provide disaggregated disclosures with respect to the reconciliation of our effective tax rate, as well as a disaggregation of income taxes paid, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard will apply on a prospective basis; however, retrospective application in all prior periods presented is permitted. The adoption of this standard will only require changes to our disclosures with no impact on our results of operations, financial position or cash flows.
Contracts and Revenue Recognition	We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with FASB Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. We recognize revenue on certain cost plus and time and materials contracts equal to the amount we have the right to invoice the customer when performance obligations are satisfied over time and the invoice amount corresponds directly with the value we are providing the customer. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Commercial Operations segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. See Note 2 for a further discussion of revenue recognition.
Provision for Income Taxes	We are subject to federal income tax in the U.S., Canada, and the U.K., as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	At June 30, 2024, we had restricted cash and cash equivalents totaling $6.3 million, $3.3 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	At June 30, 2024 and December 31, 2023, Other current assets included inventories totaling $32.3 million and $27.4 million, respectively, consisting entirely of raw materials and supplies.
Derivative Financial Instruments	Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments and loans between domestic and foreign subsidiaries denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income and are recorded in our condensed consolidated statements of cash flows based on the nature and use of the instruments.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statements of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 48,341 $ 75,766 Restricted cash and cash equivalents 2,927 2,858 Restricted cash and cash equivalents included in Other Assets 3,331 2,991 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statements of cash flows $ 54,599 $ 81,615
Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statements of cash flows: June 30, December 31, (In thousands) Cash and cash equivalents $ 48,341 $ 75,766 Restricted cash and cash equivalents 2,927 2,858 Restricted cash and cash equivalents included in Other Assets 3,331 2,991 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statements of cash flows $ 54,599 $ 81,615
Property, Plant and Equipment, Net	Property, plant and equipment is stated at cost and is set forth below: June 30, December 31, (In thousands) Land $ 10,620 $ 10,627 Buildings 409,320 381,081 Machinery and equipment 1,145,636 1,108,504 Property under construction 548,760 571,758 2,114,336 2,071,970 Less: Accumulated depreciation 872,798 843,450 Property, Plant and Equipment, Net $ 1,241,538 $ 1,228,520
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 $ (7,809) $ 8,669 Net unrealized gain on derivative financial instruments 70 558 Unrecognized prior service cost on benefit obligations (15,578) (16,917) Net unrealized gain on available-for-sale investments 273 227 Accumulated other comprehensive loss $ (23,044) $ (7,463)
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 2024 2023 2024 2023 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ 125 $ 98 $ 91 $ 127 Revenues (191) 261 (75) 398 Cost of operations (66) 359 16 525 Total before tax 17 (89) (4) (132) Provision for Income Taxes $ (49) $ 270 $ 12 $ 393 Net Income Amortization of prior service cost on benefit obligations $ (832) $ (830) $ (1,663) $ (1,660) Other – net 163 153 324 326 Provision for Income Taxes $ (669) $ (677) $ (1,339) $ (1,334) Net Income Total reclassification for the period $ (718) $ (407) $ (1,327) $ (941)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Jun. 30, 2024
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, 2024 Three Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 511,498 $ — $ 511,498 $ 459,334 $ — $ 459,334 Non-Government 22,217 16,063 38,280 28,081 14,918 42,999 $ 533,715 $ 16,063 $ 549,778 $ 487,415 $ 14,918 $ 502,333 Canada: Government $ 23 $ — $ 23 $ 37 $ — $ 37 Non-Government 151 120,516 120,667 385 100,093 100,478 $ 174 $ 120,516 $ 120,690 $ 422 $ 100,093 $ 100,515 Other: Government $ 637 $ — $ 637 $ 1,155 $ — $ 1,155 Non-Government 6,320 4,912 11,232 2,975 5,909 8,884 $ 6,957 $ 4,912 $ 11,869 $ 4,130 $ 5,909 $ 10,039 Segment Revenues $ 540,846 $ 141,491 682,337 $ 491,967 $ 120,920 612,887 Eliminations (872) (442) Revenues $ 681,465 $ 612,445 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) United States: Government $ 973,730 $ — $ 973,730 $ 890,912 $ — $ 890,912 Non-Government 43,827 32,858 76,685 51,773 26,196 77,969 $ 1,017,557 $ 32,858 $ 1,050,415 $ 942,685 $ 26,196 $ 968,881 Canada: Government $ 25 $ — $ 25 $ 88 $ — $ 88 Non-Government 168 215,528 215,696 593 193,112 193,705 $ 193 $ 215,528 $ 215,721 $ 681 $ 193,112 $ 193,793 Other: Government $ 1,663 $ — $ 1,663 $ 2,303 $ — $ 2,303 Non-Government 8,554 10,143 18,697 6,184 10,536 16,720 $ 10,217 $ 10,143 $ 20,360 $ 8,487 $ 10,536 $ 19,023 Segment Revenues $ 1,027,967 $ 258,529 1,286,496 $ 951,853 $ 229,844 1,181,697 Eliminations (1,065) (892) Revenues $ 1,285,431 $ 1,180,805 Revenues by timing of transfer of goods or services were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 537,906 $ 112,125 $ 650,031 $ 486,730 $ 94,764 $ 581,494 Point-in-time 2,940 29,366 32,306 5,237 26,156 31,393 Segment Revenues $ 540,846 $ 141,491 682,337 $ 491,967 $ 120,920 612,887 Eliminations (872) (442) Revenues $ 681,465 $ 612,445 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Over time $ 1,022,194 $ 208,980 $ 1,231,174 $ 941,541 $ 190,716 $ 1,132,257 Point-in-time 5,773 49,549 55,322 10,312 39,128 49,440 Segment Revenues $ 1,027,967 $ 258,529 1,286,496 $ 951,853 $ 229,844 1,181,697 Eliminations (1,065) (892) Revenues $ 1,285,431 $ 1,180,805 Revenues by contract type were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 357,737 $ 5,420 $ 363,157 $ 327,270 $ 2,604 $ 329,874 Firm-Fixed-Price 81,026 68,507 149,533 77,323 77,570 154,893 Cost-Plus Fee 102,083 — 102,083 86,410 — 86,410 Time-and-Materials — 67,564 67,564 964 40,746 41,710 Segment Revenues $ 540,846 $ 141,491 682,337 $ 491,967 $ 120,920 612,887 Eliminations (872) (442) Revenues $ 681,465 $ 612,445 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Government Operations Commercial Operations Total Government Operations Commercial Operations Total (In thousands) Fixed-Price Incentive Fee $ 654,988 $ 10,942 $ 665,930 $ 619,429 $ 6,788 $ 626,217 Firm-Fixed-Price 175,946 135,712 311,658 172,041 149,122 321,163 Cost-Plus Fee 195,798 — 195,798 159,225 — 159,225 Time-and-Materials 1,235 111,875 113,110 1,158 73,934 75,092 Segment Revenues $ 1,027,967 $ 258,529 1,286,496 $ 951,853 $ 229,844 1,181,697 Eliminations (1,065) (892) Revenues $ 1,285,431 $ 1,180,805
Revenue, Performance Obligation, Impact of Changes in Estimates	The aggregate impact of changes in estimates decreased our revenues and operating income as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) (In thousands) Revenues (1) $ (2,098) $ (5,209) $ (2,791) $ (13,042) Operating Income (1) $ (2,079) $ (5,209) $ (3,350) $ (13,042) (1) During the three and six months ended June 30, 2024 and 2023, no adjustment to any one contract had a material impact on our consolidated financial statements.
Schedule of Contract Assets and Liabilities	June 30, December 31, 2024 2023 (In thousands) Included in Contracts in progress: Unbilled receivables $ 604,361 $ 519,931 Retainages $ 54,594 $ 55,181 Advance billings on contracts $ 125,199 $ 107,391

Pension Plans and Postretirem_2

Pension Plans and Postretirement Benefits (Tables)	6 Months Ended
Pension Plans and Postretirement Benefits (Tables)	Jun. 30, 2024
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 2024 2023 2024 2023 2024 2023 2024 2023 (In thousands) Service cost $ 1,768 $ 1,879 $ 3,765 $ 3,758 $ 96 $ 84 $ 193 $ 169 Interest cost 11,133 11,949 22,763 23,859 503 534 1,008 1,069 Expected return on plan assets (14,654) (15,109) (30,153) (30,219) (487) (635) (974) (1,269) Amortization of prior service cost 820 820 1,640 1,640 12 10 23 20 Net periodic benefit income $ (933) $ (461) $ (1,985) $ (962) $ 124 $ (7) $ 250 $ (11)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
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, 2024: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 8,395 $ — $ 8,395 $ — $ — Available-for-sale securities Corporate bonds 1,842 1,842 — — — Total $ 10,237 $ 1,842 $ 8,395 $ — $ — The following is a summary of our investments measured at fair value at December 31, 2023: Total Level 1 Level 2 Level 3 Unclassified (In thousands) Equity securities Mutual funds $ 7,713 $ — $ 7,713 $ — $ — Available-for-sale securities Corporate bonds 1,783 1,783 — — — Total $ 9,496 $ 1,783 $ 7,713 $ — $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2024
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 2024 2023 2024 2023 (In thousands) REVENUES: Government Operations $ 540,846 $ 491,967 $ 1,027,967 $ 951,853 Commercial Operations 141,491 120,920 258,529 229,844 Eliminations (872) (442) (1,065) (892) $ 681,465 $ 612,445 $ 1,285,431 $ 1,180,805 OPERATING INCOME: Government Operations $ 92,520 $ 82,208 $ 178,206 $ 172,768 Commercial Operations 16,628 11,017 25,219 12,530 $ 109,148 $ 93,225 $ 203,425 $ 185,298 Unallocated Corporate (1) (10,342) (6,559) (11,658) (10,790) Total Operating Income $ 98,806 $ 86,666 $ 191,767 $ 174,508 Other Income (Expense) (7,177) (8,727) (11,761) (16,895) Income before Provision for Income Taxes $ 91,629 $ 77,939 $ 180,006 $ 157,613 (1) Unallocated corporate includes general corporate overhead not allocated to segments.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
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 2024 2023 2024 2023 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 72,972 $ 58,597 $ 141,440 $ 119,689 Weighted-average common shares 91,564,263 91,626,846 91,559,824 91,565,417 Basic earnings per common share $ 0.80 $ 0.64 $ 1.54 $ 1.31 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 72,972 $ 58,597 $ 141,440 $ 119,689 Weighted-average common shares (basic) 91,564,263 91,626,846 91,559,824 91,565,417 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 237,276 178,333 271,408 237,018 Adjusted weighted-average common shares 91,801,539 91,805,179 91,831,232 91,802,435 Diluted earnings per common share $ 0.79 $ 0.64 $ 1.54 $ 1.30 (1) At June 30, 2024 and 2023, we excluded 140,335 and 160,426 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
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) component segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Noncash or Part Noncash Divestitures [Line Items]
Number of reportable segments \| segment			2
Number of components supplied to worldwide (more than) \| component			1,300
Effective tax rate	20.30%	24.70%	21.30%	24.10%
Restricted cash and cash equivalents	$ 6.3		$ 6.3
Total inventories	32.3		32.3		$ 27.4
Net gains on derivative financial instruments			0.1
Recognized (gain) loss on FX forward contracts not designated as hedges	(5.1)	$ 9.6	(14.8)	$ 8.9
Notional amount of foreign currency forward contracts	478.6		478.6
Cash Held for Decommissioning of Facilities
Noncash or Part Noncash Divestitures [Line Items]
Restricted cash and cash equivalents	3.3		3.3
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, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 48,341	$ 75,766
Restricted cash and cash equivalents	2,927	2,858
Restricted cash and cash equivalents included in Other Assets	3,331	2,991
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statements of cash flows	$ 54,599	$ 81,615	$ 39,579	$ 40,990

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,114,336	$ 2,071,970
Less: Accumulated depreciation	872,798	843,450
Property, Plant and Equipment, Net	1,241,538	1,228,520
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	10,620	10,627
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	409,320	381,081
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,145,636	1,108,504
Property under construction
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 548,760	$ 571,758

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 998,251	$ 946,066	$ 933,301	$ 841,528	$ 788,008	$ 748,355
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(23,044)	$ (18,519)	(7,463)	$ (7,720)	$ (19,034)	$ (21,930)
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(7,809)		8,669
Net unrealized gain on derivative financial instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	70		558
Unrecognized prior service cost on benefit obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(15,578)		(16,917)
Net unrealized gain on available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 273		$ 227

Basis of Presentation and Sig_8

Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 681,465		$ 612,445		$ 1,285,431	$ 1,180,805
Cost of operations	(513,196)		(471,324)		(968,553)	(902,454)
Total before tax	91,629		77,939		180,006	157,613
Provision for Income Taxes	(18,584)		(19,274)		(38,427)	(37,955)
Other – net	2,971		2,962		7,136	5,150
Net Income	73,045	$ 68,534	58,665	$ 60,993	141,579	119,658
Accumulated Other Comprehensive Income (Loss) Component Recognized
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income	(718)		(407)		(1,327)	(941)
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	125		98		91	127
Cost of operations	(191)		261		(75)	398
Total before tax	(66)		359		16	525
Provision for Income Taxes	17		(89)		(4)	(132)
Net Income	(49)		270		12	393
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	163		153		324	326
Other – net	(832)		(830)		(1,663)	(1,660)
Net Income	$ (669)		$ (677)		$ (1,339)	$ (1,334)

Revenue Recognition - Additiona

Revenue Recognition - Additional Details (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments \| segment			2
Revenue recognized from advance billings on contracts	$ 43.6	$ 29.7	$ 86.4	$ 69.2
Revenue, remaining performance obligation, amount	$ 3,534.2		$ 3,534.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	68%		68%
Remaining performance obligation, expected timing of satisfaction, period	9 months		9 months

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 681,465	$ 612,445	$ 1,285,431	$ 1,180,805
Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	363,157	329,874	665,930	626,217
Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	149,533	154,893	311,658	321,163
Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	102,083	86,410	195,798	159,225
Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	67,564	41,710	113,110	75,092
Over time
Disaggregation of Revenue [Line Items]
Revenues	650,031	581,494	1,231,174	1,132,257
Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	32,306	31,393	55,322	49,440
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	682,337	612,887	1,286,496	1,181,697
Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	540,846	491,967	1,027,967	951,853
Operating Segments \| Government Operations \| Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	357,737	327,270	654,988	619,429
Operating Segments \| Government Operations \| Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	81,026	77,323	175,946	172,041
Operating Segments \| Government Operations \| Cost-Plus Fee
Disaggregation of Revenue [Line Items]
Revenues	102,083	86,410	195,798	159,225
Operating Segments \| Government Operations \| Time-and-Materials
Disaggregation of Revenue [Line Items]
Revenues	0	964	1,235	1,158
Operating Segments \| Government Operations \| Over time
Disaggregation of Revenue [Line Items]
Revenues	537,906	486,730	1,022,194	941,541
Operating Segments \| Government Operations \| Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	2,940	5,237	5,773	10,312
Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	141,491	120,920	258,529	229,844
Operating Segments \| Commercial Operations \| Fixed-Price Incentive Fee
Disaggregation of Revenue [Line Items]
Revenues	5,420	2,604	10,942	6,788
Operating Segments \| Commercial Operations \| Firm-Fixed-Price
Disaggregation of Revenue [Line Items]
Revenues	68,507	77,570	135,712	149,122
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	67,564	40,746	111,875	73,934
Operating Segments \| Commercial Operations \| Over time
Disaggregation of Revenue [Line Items]
Revenues	112,125	94,764	208,980	190,716
Operating Segments \| Commercial Operations \| Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	29,366	26,156	49,549	39,128
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(872)	(442)	(1,065)	(892)
United States:
Disaggregation of Revenue [Line Items]
Revenues	549,778	502,333	1,050,415	968,881
United States: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	533,715	487,415	1,017,557	942,685
United States: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	16,063	14,918	32,858	26,196
Canada:
Disaggregation of Revenue [Line Items]
Revenues	120,690	100,515	215,721	193,793
Canada: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	174	422	193	681
Canada: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	120,516	100,093	215,528	193,112
Other:
Disaggregation of Revenue [Line Items]
Revenues	11,869	10,039	20,360	19,023
Other: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	6,957	4,130	10,217	8,487
Other: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	4,912	5,909	10,143	10,536
Government \| United States:
Disaggregation of Revenue [Line Items]
Revenues	511,498	459,334	973,730	890,912
Government \| United States: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	511,498	459,334	973,730	890,912
Government \| United States: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Government \| Canada:
Disaggregation of Revenue [Line Items]
Revenues	23	37	25	88
Government \| Canada: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	23	37	25	88
Government \| Canada: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Government \| Other:
Disaggregation of Revenue [Line Items]
Revenues	637	1,155	1,663	2,303
Government \| Other: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	637	1,155	1,663	2,303
Government \| Other: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Non-Government \| United States:
Disaggregation of Revenue [Line Items]
Revenues	38,280	42,999	76,685	77,969
Non-Government \| United States: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	22,217	28,081	43,827	51,773
Non-Government \| United States: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	16,063	14,918	32,858	26,196
Non-Government \| Canada:
Disaggregation of Revenue [Line Items]
Revenues	120,667	100,478	215,696	193,705
Non-Government \| Canada: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	151	385	168	593
Non-Government \| Canada: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	120,516	100,093	215,528	193,112
Non-Government \| Other:
Disaggregation of Revenue [Line Items]
Revenues	11,232	8,884	18,697	16,720
Non-Government \| Other: \| Operating Segments \| Government Operations
Disaggregation of Revenue [Line Items]
Revenues	6,320	2,975	8,554	6,184
Non-Government \| Other: \| Operating Segments \| Commercial Operations
Disaggregation of Revenue [Line Items]
Revenues	$ 4,912	$ 5,909	$ 10,143	$ 10,536

Revenue Recognition - Summary o

Revenue Recognition - Summary of Impact of Changes In Estimates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ (2,098)	$ (5,209)	$ (2,791)	$ (13,042)
Operating Income	(2,079)	(5,209)	(3,350)	(13,042)
Net changes in estimate that resulted in a decrease in operating income	$ (2,079)	$ (5,209)	$ (3,350)	$ (13,042)

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contracts with Customers, Asset and Liability [Line Items]
Advance billings on contracts	$ 125,199	$ 107,391
Unbilled receivables
Contracts with Customers, Asset and Liability [Line Items]
Contract with customer, asset	604,361	519,931
Retainages
Contracts with Customers, Asset and Liability [Line Items]
Contract with customer, asset	$ 54,594	$ 55,181

Pension Plans and Postretirem_3

Pension Plans and Postretirement Benefits - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 1.9	$ 2	$ 4	$ 3.9
Net periodic benefit (income) cost, excluding service costs	$ (2.7)	$ (2.4)	$ (5.7)	$ (4.9)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,900	$ 2,000	$ 4,000	$ 3,900
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,768	1,879	3,765	3,758
Interest cost	11,133	11,949	22,763	23,859
Expected return on plan assets	(14,654)	(15,109)	(30,153)	(30,219)
Amortization of prior service cost	820	820	1,640	1,640
Net periodic benefit income	(933)	(461)	(1,985)	(962)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	96	84	193	169
Interest cost	503	534	1,008	1,069
Expected return on plan assets	(487)	(635)	(974)	(1,269)
Amortization of prior service cost	12	10	23	20
Net periodic benefit income	$ 124	$ (7)	$ 250	$ (11)

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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 10,237	$ 9,496
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	8,395	7,713
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,842	1,783
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,842	1,783
Level 1 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,842	1,783
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8,395	7,713
Level 2 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	8,395	7,713
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
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 \| Corporate bonds
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, 2024	Dec. 31, 2023
Fair Values Of Financial Instruments [Line Items]
Note receivable	$ 6.9	$ 7.4
Senior Notes \| Senior Notes Due 2028
Fair Values Of Financial Instruments [Line Items]
Stated interest rate	4.125%
Fair value of senior notes	$ 371.6	367.7
Senior Notes \| Senior Notes Due 2029
Fair Values Of Financial Instruments [Line Items]
Stated interest rate	4.125%
Fair value of senior notes	$ 367.5	367
FX Forward Contracts
Fair Values Of Financial Instruments [Line Items]
Fair value of foreign currency forward contracts	$ 0	$ (9.9)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock based compensation expense	$ 6	$ 4.9	$ 10.4	$ 8.8
Stock-based compensation, tax benefits	$ 1.1	$ 0.9	$ 1.8	$ 1.5

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2024 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	$ 681,465	$ 612,445	$ 1,285,431	$ 1,180,805
OPERATING INCOME:
Total Operating Income	98,806	86,666	191,767	174,508
Other Income (Expense)	(7,177)	(8,727)	(11,761)	(16,895)
Income before Provision for Income Taxes	91,629	77,939	180,006	157,613
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	682,337	612,887	1,286,496	1,181,697
OPERATING INCOME:
Total Operating Income	109,148	93,225	203,425	185,298
Operating Segments \| Government Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	540,846	491,967	1,027,967	951,853
OPERATING INCOME:
Total Operating Income	92,520	82,208	178,206	172,768
Operating Segments \| Commercial Operations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	141,491	120,920	258,529	229,844
OPERATING INCOME:
Total Operating Income	16,628	11,017	25,219	12,530
Eliminations
Segment Reporting, Other Significant Reconciling Item [Line Items]
Revenues	(872)	(442)	(1,065)	(892)
Unallocated Corporate
OPERATING INCOME:
Total Operating Income	$ (10,342)	$ (6,559)	$ (11,658)	$ (10,790)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic:
Net Income Attributable to BWX Technologies, Inc.	$ 72,972	$ 58,597	$ 141,440	$ 119,689
Weighted-average common shares (in shares)	91,564,263	91,626,846	91,559,824	91,565,417
Basic earnings per common share (in usd per share)	$ 0.80	$ 0.64	$ 1.54	$ 1.31
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$ 72,972	$ 58,597	$ 141,440	$ 119,689
Weighted-average common shares (in shares)	91,564,263	91,626,846	91,559,824	91,565,417
Effect of dilutive securities:
Stock options, restricted stock units and performance shares (in shares)	237,276	178,333	271,408	237,018
Adjusted weighted-average common shares (in shares)	91,801,539	91,805,179	91,831,232	91,802,435
Diluted earnings per common share (in usd per share)	$ 0.79	$ 0.64	$ 1.54	$ 1.30
Number of shares that would be antidilutive (in shares)			140,335	160,426