Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 29, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BWXT | |
Entity Registrant Name | BWX Technologies, Inc. | |
Entity Central Index Key | 0001486957 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 95,149,979 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 22,976 | $ 29,871 |
Restricted cash and cash equivalents | 4,024 | 3,834 |
Investments | 3,601 | 3,597 |
Accounts receivable – trade, net | 65,255 | 71,574 |
Accounts receivable – other | 12,038 | 13,374 |
Retainages | 72,000 | 57,885 |
Contracts in progress | 351,953 | 318,454 |
Other current assets | 45,717 | 43,859 |
Total Current Assets | 577,564 | 542,448 |
Property, Plant and Equipment | 1,150,110 | 1,132,392 |
Less accumulated depreciation | 696,095 | 693,153 |
Net Property, Plant and Equipment | 454,015 | 439,239 |
Investments | 8,598 | 7,382 |
Goodwill | 275,604 | 274,082 |
Deferred Income Taxes | 61,154 | 63,908 |
Investments in Unconsolidated Affiliates | 65,320 | 63,746 |
Intangible Assets | 194,116 | 228,676 |
Other Assets | 80,415 | 35,615 |
TOTAL | 1,716,786 | 1,655,096 |
Current Liabilities: | ||
Current maturities of long-term debt | 14,383 | 14,227 |
Accounts payable | 98,455 | 114,751 |
Accrued employee benefits | 56,342 | 77,386 |
Accrued liabilities – other | 58,032 | 62,163 |
Advance billings on contracts | 88,117 | 98,477 |
Accrued warranty expense | 10,431 | 10,344 |
Total Current Liabilities | 325,760 | 377,348 |
Long-Term Debt | 856,005 | 753,617 |
Accumulated Postretirement Benefit Obligation | 19,223 | 19,236 |
Environmental Liabilities | 87,972 | 86,372 |
Pension Liability | 169,939 | 173,469 |
Other Liabilities | 15,013 | 9,353 |
Commitments and Contingencies (Note 5) | ||
Stockholders' Equity: | ||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 126,379,796 and 125,871,866 shares at March 31, 2019 and December 31, 2018, respectively | 1,264 | 1,259 |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | 0 | 0 |
Capital in excess of par value | 119,525 | 115,725 |
Retained earnings | 1,198,198 | 1,166,762 |
Treasury stock at cost, 31,243,844 and 30,625,074 shares at March 31, 2019 and December 31, 2018, respectively | (1,066,822) | (1,037,795) |
Accumulated other comprehensive income | (9,316) | (10,289) |
Stockholders' Equity – BWX Technologies, Inc. | 242,849 | 235,662 |
Noncontrolling interest | 25 | 39 |
Total Stockholders' Equity | 242,874 | 235,701 |
TOTAL | $ 1,716,786 | $ 1,655,096 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 325,000,000 | 325,000,000 |
Common stock, shares issued (in shares) | 126,379,796 | 125,871,866 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock at cost, shares (in shares) | 31,243,844 | 30,625,074 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | $ 416,454 | $ 457,463 |
Costs and Expenses: | ||
Cost of operations | 303,635 | 327,364 |
Research and development costs | 5,174 | 3,607 |
Losses (gains) on asset disposals and impairments, net | 0 | (8) |
Selling, general and administrative expenses | 51,683 | 53,762 |
Total Costs and Expenses | 360,492 | 384,725 |
Equity in Income of Investees | 7,682 | 7,150 |
Operating Income | 63,644 | 79,888 |
Other Income (Expense): | ||
Interest income | 415 | 778 |
Interest expense | (8,703) | (3,560) |
Other – net | 7,521 | 7,910 |
Total Other Income (Expense) | (767) | 5,128 |
Income before Provision for Income Taxes | 62,877 | 85,016 |
Provision for Income Taxes | 13,767 | 18,603 |
Net Income | 49,110 | 66,413 |
Net (Income) Loss Attributable to Noncontrolling Interest | (132) | 28 |
Net Income Attributable to BWX Technologies, Inc. | $ 48,978 | $ 66,441 |
Basic: | ||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.51 | $ 0.67 |
Diluted: | ||
Net Income Attributable to BWX Technologies, Inc. (in usd per share) | $ 0.51 | $ 0.66 |
Shares used in the computation of earnings per share (Note 9): | ||
Basic (in shares) | 95,255,109 | 99,526,187 |
Diluted (in shares) | 95,821,354 | 100,512,287 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 49,110 | $ 66,413 |
Other Comprehensive Income (Loss): | ||
Currency translation adjustments | 943 | (3,124) |
Derivative financial instruments: | ||
Unrealized (losses) gains arising during the period, net of tax benefit (provision) of $164 and $(59), respectively | (441) | 173 |
Reclassification adjustment for gains included in net income, net of tax provision of $49 and $30, respectively | (141) | (79) |
Amortization of benefit plan costs, net of tax benefit of $(136) and $(183), respectively | 511 | 322 |
Investments: | ||
Unrealized gains (losses) arising during the period, net of tax provision of $(7) and $0, respectively | 24 | (66) |
Other Comprehensive Income (Loss) | 896 | (2,774) |
Total Comprehensive Income | 50,006 | 63,639 |
Comprehensive Income Attributable to Noncontrolling Interest | (132) | 28 |
Comprehensive Income Attributable to BWX Technologies, Inc. | $ 49,874 | $ 63,667 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Tax provision of unrealized gains on derivative financial instruments | $ 164 | $ (59) |
Tax provision (benefit) on reclassification adjustment for (gains) losses on derivative financial instruments | 49 | 30 |
Tax benefit of amortization of benefit plan costs | (136) | (183) |
Tax (provision) benefit of unrealized gains (losses) | $ (7) | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital In Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Stockholders' Equity | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2017 | 125,381,591 | |||||||
Beginning balance at Dec. 31, 2017 | $ 285,757 | $ 1,254 | $ 98,843 | $ 990,652 | $ 9,454 | $ (814,809) | $ 285,394 | $ 363 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 66,413 | 66,441 | 66,441 | (28) | ||||
Dividends declared | (16,174) | (16,174) | (16,174) | |||||
Currency translation adjustments | (3,124) | (3,124) | (3,124) | |||||
Derivative financial instruments | 94 | 94 | 94 | |||||
Defined benefit obligations | 322 | 322 | 322 | |||||
Available-for-sale investments | (66) | (66) | (66) | |||||
Exercise of stock options (in shares) | 159,126 | |||||||
Exercises of stock options | 3,807 | $ 1 | 3,806 | 3,807 | ||||
Shares placed in treasury | (5,940) | 0 | (5,940) | (5,940) | ||||
Stock-based compensation charges (in shares) | 181,317 | |||||||
Stock-based compensation charges | 4,461 | $ 2 | 4,459 | 4,461 | ||||
Distributions to noncontrolling interests | (226) | (226) | ||||||
Ending balance (in shares) at Mar. 31, 2018 | 125,722,034 | |||||||
Ending balance at Mar. 31, 2018 | $ 345,250 | $ 1,257 | 107,108 | 1,054,230 | 3,295 | (820,749) | 345,141 | 109 |
Beginning balance (in shares) at Dec. 31, 2018 | 125,871,866 | 125,871,866 | ||||||
Beginning balance at Dec. 31, 2018 | $ 235,701 | $ 1,259 | 115,725 | 1,166,762 | (10,289) | (1,037,795) | 235,662 | 39 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 49,110 | 48,978 | 48,978 | 132 | ||||
Dividends declared | (16,323) | (16,323) | (16,323) | |||||
Currency translation adjustments | 943 | 943 | 943 | |||||
Derivative financial instruments | (582) | (582) | (582) | |||||
Defined benefit obligations | 511 | 511 | 511 | |||||
Available-for-sale investments | 24 | 24 | 24 | |||||
Exercise of stock options (in shares) | 58,655 | |||||||
Exercises of stock options | 1,276 | $ 1 | 1,275 | 1,276 | ||||
Shares placed in treasury | (29,027) | (29,027) | (29,027) | |||||
Stock-based compensation charges (in shares) | 449,275 | |||||||
Stock-based compensation charges | 2,529 | $ 4 | 2,525 | 2,529 | ||||
Distributions to noncontrolling interests | $ (146) | (146) | ||||||
Ending balance (in shares) at Mar. 31, 2019 | 126,379,796 | 126,379,796 | ||||||
Ending balance at Mar. 31, 2019 | $ 242,874 | $ 1,264 | $ 119,525 | $ 1,198,198 | $ (9,316) | $ (1,066,822) | $ 242,849 | $ 25 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in usd per share) | $ 0.17 | $ 0.16 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 49,110 | $ 66,413 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,122 | 14,061 |
Income of investees, net of dividends | (2,960) | (2,299) |
Recognition of losses for pension and postretirement plans | 647 | 505 |
Stock-based compensation expense | 2,529 | 4,461 |
Changes in assets and liabilities: | ||
Accounts receivable | 5,812 | 27,387 |
Accounts payable | 1,612 | 10,528 |
Increase (Decrease) in Deposit Assets | (13,949) | (10,444) |
Contracts in progress and advance billings on contracts | (43,735) | (74,153) |
Income taxes | 7,559 | (5,502) |
Accrued and other current liabilities | (10,748) | 364 |
Pension liabilities, accrued postretirement benefit obligations and employee benefits | (25,876) | (48,929) |
Other, net | (2,846) | (997) |
NET CASH USED IN OPERATING ACTIVITIES | (17,723) | (18,605) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (44,519) | (17,634) |
Purchases of securities | (1,786) | (1,033) |
Sales and maturities of securities | 1,800 | 2,948 |
Other, net | 0 | 8 |
NET CASH USED IN INVESTING ACTIVITIES | (44,505) | (15,711) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of long-term debt | 212,500 | 0 |
Repayments of long-term debt | (113,457) | (6,951) |
Repurchases of common shares | (20,000) | 0 |
Dividends paid to common shareholders | (16,797) | (15,947) |
Exercises of stock options | 823 | 2,525 |
Cash paid for shares withheld to satisfy employee taxes | (8,574) | (4,657) |
Other | 943 | (226) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 55,438 | (25,256) |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 104 | (2,236) |
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (6,686) | (61,808) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 36,408 | 213,144 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | 29,722 | 151,336 |
Cash paid during the period for: | ||
Interest | 14,767 | 3,463 |
Income taxes (net of refunds) | 6,191 | 24,370 |
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||
Accrued capital expenditures included in accounts payable | $ 11,249 | $ 4,735 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 (our " 2018 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at March 31, 2019 and for the three months ended March 31, 2019 primarily related to the adoption of new accounting standards. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Barberton, Ohio; Mount Vernon, Indiana; Euclid, Ohio; and Erwin, Tennessee. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components inclusive of development and fabrication activities for submarine missile launch tubes. The Euclid facility fabricates electro-mechanical equipment and performs design, manufacturing, inspection, assembly and testing activities. Fuel for the naval nuclear reactors is provided by Nuclear Fuel Services, Inc. ("NFS"), one of our wholly owned subsidiaries. Located in Erwin, NFS also downblends Cold War-era government stockpiles of high-enriched uranium into material suitable for further processing into commercial nuclear reactor fuel. • Our Nuclear Power Group segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste, for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. See Note 2 for information about a recent acquisition related to this segment. • Our Nuclear Services Group segment provides various services to the U.S. Government and the commercial nuclear industry. Services provided to the U.S. Government include nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("NNSA"), the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. Through this segment we deliver services and management solutions to nuclear and high-consequence operations. A significant portion of this segment's operations are conducted through joint ventures. Our Nuclear Services Group segment is also engaged in inspection and maintenance services for the commercial nuclear industry primarily in the U.S. These services include steam generator, heat exchanger and balance of plant inspection and servicing as well as high pressure water lancing, non-destructive examination and the development of customized tooling solutions. This segment also offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors and other nuclear technologies. See Note 8 for financial information about our segments. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . For further information, refer to the consolidated financial statements and notes included in our 2018 10-K. Recently Adopted Accounting Standards In February 2016, the FASB issued an update to the Topic Leases , which supersedes the lease reporting requirements in Topic Leases (previously "FAS 13"). This update requires that a lessee recognize on its balance sheets the assets and liabilities for all leases with lease terms of more than 12 months, along with additional qualitative and quantitative disclosures. We adopted this update on January 1, 2019 using the modified retrospective method, which resulted in the recognition of right-of-use assets totaling $45.1 million and lease liabilities totaling $11.9 million . The difference between the right-of-use assets and lease liabilities of $33.2 million was primarily the result of reclassifications of favorable leases related to recent acquisitions from Intangible Assets. In addition, we elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our historical lease classifications, among other things. The adoption of the provisions in this update did not have an impact on our condensed consolidated statements of income 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 Financial Accounting Standards Board ("FASB") Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Nuclear Power Group segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. On January 1, 2019, certain of our joint ventures within our Nuclear Services Group segment adopted the provisions of FASB Topic Revenue from Contracts with Customers . This resulted in a decrease to Investments in Unconsolidated Affiliates of $1.1 million with an offsetting decrease to Retained earnings on our condensed consolidated balance sheet. Accumulated Other Comprehensive Income The components of Accumulated other comprehensive income included in Stockholders' Equity are as follows: March 31, December 31, (In thousands) Currency translation adjustments $ 4,449 $ 3,506 Net unrealized gain on derivative financial instruments 180 685 Unrecognized prior service cost on benefit obligations (13,884 ) (14,395 ) Net unrealized gain (loss) on available-for-sale investments (61 ) (85 ) Accumulated other comprehensive income $ (9,316 ) $ (10,289 ) Upon adopting the FASB update to the Topic Derivatives , we reclassified $0.1 million from Retained earnings to Accumulated other comprehensive income on January 1, 2019. The amounts reclassified out of Accumulated other comprehensive income by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended 2019 2018 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (12 ) $ (11 ) Revenues 202 120 Cost of operations 190 109 Total before tax (49 ) (30 ) Provision for Income Taxes $ 141 $ 79 Net Income Amortization of prior service cost on benefit obligations $ (647 ) $ (505 ) Other – net 136 183 Provision for Income Taxes $ (511 ) $ (322 ) Net Income Total reclassification for the period $ (370 ) $ (243 ) Inventories At March 31, 2019 and December 31, 2018 , Other current assets included inventories totaling $15.2 million and $16.0 million , respectively, consisting entirely of raw materials and supplies. Restricted Cash and Cash Equivalents At March 31, 2019 , we had restricted cash and cash equivalents totaling $6.7 million , $2.7 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $4.0 million of which was held to meet reinsurance reserve requirements of our captive insurer. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: March 31, December 31, (In thousands) Cash and cash equivalents $ 22,976 $ 29,871 Restricted cash and cash equivalents 4,024 3,834 Restricted cash and cash equivalents included in Other Assets 2,722 2,703 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 29,722 $ 36,408 Leases We lease certain manufacturing facilities, office space and equipment under operating leases with terms of one to 20 years. Certain of the leases include options to renew for periods of one to 10 years. We include lease options in our determination of the right-of-use asset and lease liability if it is reasonably certain that we will exercise one or more of the options. Leases with initial terms of 12 months or less are excluded from our right-of-use assets and lease liabilities. Our right-of-use assets are included in Other Assets on our condensed consolidated balance sheet. Our current lease liabilities are included in Accrued liabilities – other, and our noncurrent lease liabilities are included in Other Liabilities on our condensed consolidated balance sheet. We use discount rates based on our incremental borrowing rate as most of our leases do not provide an implicit rate that can be readily determined. During the three months ended March 31, 2019 , we recognized lease expense of $2.1 million and paid cash of $1.7 million for our operating leases. At March 31, 2019 , our weighted-average remaining lease term was 4.0 years , and for the purpose of measuring the present value of our lease liabilities, the weighted-average discount rate was 5.03% . The maturities of our lease liabilities at March 31, 2019 were as follows (amounts in thousands): 2019 $ 4,354 2020 2,680 2021 1,974 2022 1,221 2023 513 2024 142 Thereafter 1,102 Total lease payments $ 11,986 Less: interest (1,220 ) Present value of lease liabilities (1) $ 10,766 (1) Includes current lease liabilities of $4.9 million . At March 31, 2019 , our right-of-use assets totaled $44.1 million . The difference between the right-of-use assets and lease liabilities was primarily the result of reclassifications of favorable leases related to recent acquisitions from Intangible Assets. Future minimum payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year at December 31, 2018 were as follows (amounts in thousands): 2019 $ 5,650 2020 $ 2,655 2021 $ 1,969 2022 $ 1,216 2023 $ 511 Thereafter $ 1,231 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 denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. At March 31, 2019 , we had deferred approximately $0.2 million of net gains on these derivative financial instruments in Accumulated other comprehensive income. Assuming market conditions continue, we expect to recognize the majority of this amount in the next 12 months. At March 31, 2019 , our derivative financial instruments consisted of FX forward contracts with a total notional value of $73.5 million with maturities extending to December 2021 . These instruments consist primarily of FX forward contracts to purchase or sell Canadian dollars. 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. Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. Our effective tax rate for the three months ended March 31, 2019 was 21.9% as compared to 21.9% for the three months ended March 31, 2018 . The effective tax rates for the three months ended March 31, 2019 and 2018 were slightly higher than the U.S. corporate income tax rate of 21% primarily due to state income taxes within the U.S. and the unfavorable rate differential associated with our Canadian earnings. Our effective tax rates for the three months ended March 31, 2019 and 2018 were favorably impacted by benefits recognized for excess tax benefits related to employee share-based payments of $1.7 million and $2.2 million , respectively. As of March 31, 2019 , we had gross unrecognized tax benefits of $0.3 million (exclusive of interest and federal and state benefits), all of which would reduce our effective tax rate if recognized. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Acquisition of Sotera Health LLC's Nordion Medical Isotope Business On July 30, 2018, our subsidiary BWXT ITG Canada, Inc. acquired Sotera Health's Nordion medical isotope business (the "MI business") for $213.0 million . The MI business is a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. Its customers include radiopharmaceutical companies, hospitals and radiopharmacies. Its primary operations are located in Kanata, Ontario, Canada and Vancouver, British Columbia, Canada. This acquisition added approximately 150 highly trained and experienced personnel, two specialized production centers and a uniquely licensed infrastructure. In addition to the growing portfolio of radioisotope products we acquired, the MI business will be the platform from which we plan to launch our Molybdenum-99 product line and a number of future radioisotope-based imaging, diagnostic and therapeutic products. This business is reported as part of our Nuclear Power Group segment. The purchase price of the acquisition has been allocated among assets acquired and liabilities assumed at fair value, with the excess purchase price recorded as goodwill. Our purchase price allocation is as follows (amounts in thousands): Accounts receivable – trade $ 7,732 Contracts in progress 51 Inventories 2,113 Other current assets 97 Property, plant and equipment 12,948 Goodwill 62,495 Deferred Income Taxes 3,006 Intangible assets 139,257 Total assets acquired $ 227,699 Accounts payable $ 654 Accrued employee benefits 579 Accrued liabilities – other 1,665 Environmental liabilities 2,062 Pension liability 9,746 Total liabilities assumed $ 14,706 Net assets acquired $ 212,993 Amount of tax deductible goodwill $ 53,693 The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period Technical support agreement $ 67,500 23 years Unpatented technology $ 33,000 23 years Favorable operating leases $ 28,157 13-30 years Customer relationship $ 10,600 23 years The following unaudited pro forma financial information presents our results of operations for the three months ended March 31, 2018 as if the acquisition of the MI business had occurred on January 1, 2017. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2017. This information is presented for comparative purposes only and should not be taken as representative of our future consolidated results of operations. Three Months Ended March 31, 2018 (In thousands, except per share amounts) Revenues $ 467,791 Net Income Attributable to BWX Technologies, Inc. $ 66,890 Basic Earnings per Common Share $ 0.67 Diluted Earnings per Common Share $ 0.67 The unaudited pro forma results include the following pre-tax adjustments to the historical results presented above: • Increase in amortization expense related to timing of amortization of the fair value of identifiable intangible assets acquired of approximately $1.5 million for the three months ended March 31, 2018 . • Additional interest expense associated with the incremental borrowings that would have been incurred to acquire the MI business as of January 1, 2017 of approximately $1.5 million for the three months ended March 31, 2018 . • Elimination of $1.6 million in acquisition related costs recognized in the three months ended March 31, 2018 that are not expected to be recurring. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Disaggregated Revenues Revenues by geographical area and customer type were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 297,303 $ — $ 24,451 $ 321,754 $ 316,631 $ — $ 25,881 $ 342,512 Non-Government 5,338 9,162 4,353 18,853 — 260 3,177 3,437 $ 302,641 $ 9,162 $ 28,804 $ 340,607 $ 316,631 $ 260 $ 29,058 $ 345,949 Canada: Non-Government $ — $ 68,611 $ 290 $ 68,901 $ — $ 82,325 $ 975 $ 83,300 Other: Non-Government $ 2,160 $ 6,626 $ — $ 8,786 $ — $ 30,231 $ — $ 30,231 Segment Revenues $ 304,801 $ 84,399 $ 29,094 418,294 $ 316,631 $ 112,816 $ 30,033 459,480 Adjustments and Eliminations (1,840 ) (2,017 ) Revenues $ 416,454 $ 457,463 Revenues by timing of transfer of goods or services were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 304,733 $ 70,661 $ 29,094 $ 404,488 $ 316,631 $ 105,109 $ 30,033 $ 451,773 Point-in-time 68 13,738 — 13,806 — 7,707 — 7,707 Segment Revenues $ 304,801 $ 84,399 $ 29,094 418,294 $ 316,631 $ 112,816 $ 30,033 459,480 Adjustments and Eliminations (1,840 ) (2,017 ) Revenues $ 416,454 $ 457,463 Revenues by contract type were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 245,487 $ 273 $ — $ 245,760 $ 249,240 $ 4,028 $ — $ 253,268 Firm-Fixed-Price 39,343 61,998 6,168 107,509 47,058 74,282 5,410 126,750 Cost-Plus Fee 19,853 — 22,535 42,388 20,233 45 23,953 44,231 Time-and-Materials 118 22,128 391 22,637 100 34,461 670 35,231 Segment Revenues $ 304,801 $ 84,399 $ 29,094 418,294 $ 316,631 $ 112,816 $ 30,033 459,480 Adjustments and Eliminations (1,840 ) (2,017 ) Revenues $ 416,454 $ 457,463 Performance Obligations As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the three months ended March 31, 2019 and 2018, we recognized net favorable changes in estimates that resulted in increases in revenues of $4.8 million and $5.3 million , respectively. Contract Assets and Liabilities We include revenues and related costs incurred, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in Contracts in progress. We include in Advance billings on contracts billings that exceed accumulated contract costs and revenues and costs recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. During the three months ended March 31, 2019 , our unbilled receivables increased $33.1 million , primarily as a result of revenue in excess of billings on certain fixed-price incentive fee contracts within our Nuclear Operations Group segment and services and engineering contracts within our Nuclear Power Group segment. Our fixed-price incentive fee contracts for our Nuclear Operations Group segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments made during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. This resulted in an increase in retainages on contracts during the three months ended March 31, 2019 as shown below: March 31, December 31, 2019 2018 (In thousands) Included in Contracts in progress: Unbilled receivables $ 341,776 $ 308,723 Retainages $ 72,000 $ 57,885 Included in Other Assets: Retainages $ 1,508 $ 1,674 Advance billings on contracts $ 88,117 $ 98,477 During the three months ended March 31, 2019 and 2018, we recognized $33.8 million and $30.4 million of revenues that were in Advance billings on contracts at December 31, 2018 and January 1, 2018, respectively. Remaining Performance Obligations Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. Of the March 31, 2019 remaining performance obligations on our contracts with customers, we expect to recognize revenues as follows: 2019 2020 Thereafter Total (In approximate millions) Nuclear Operations Group $ 708 $ 947 $ 2,355 $ 4,010 Nuclear Power Group 185 146 438 769 Nuclear Services Group 40 3 2 45 Total Remaining Performance Obligations $ 933 $ 1,096 $ 2,795 $ 4,824 |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and 2018 , these amounts were $2.6 million . 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 March 31, 2019 and 2018 , these amounts were $(5.2) million and $(8.9) million , respectively. Components of net periodic benefit cost included in net income were as follows: Pension Benefits Other Benefits Three Months Ended Three Months Ended 2019 2018 2019 2018 (In thousands) Service cost $ 2,456 $ 2,413 $ 145 $ 165 Interest cost 11,592 12,343 585 549 Expected return on plan assets (17,436 ) (21,625 ) (627 ) (634 ) Amortization of prior service cost (credit) 725 550 (78 ) (45 ) Net periodic benefit (income) cost $ (2,663 ) $ (6,319 ) $ 25 $ 35 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
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. For more information regarding commitments and contingencies, refer to Note 10 to the consolidated financial statements in Part II of our 2018 10-K. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Investments The following is a summary of our investments measured at fair value at March 31, 2019 : Total Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 1,919 $ — $ 1,919 $ — Mutual funds 5,130 — 5,130 — Available-for-sale securities U.S. Government and agency securities 1,979 1,979 — — Corporate bonds 3,082 1,460 1,622 — Asset-backed securities and collateralized mortgage obligations 89 — 89 — Total $ 12,199 $ 3,439 $ 8,760 $ — The following is a summary of our investments measured at fair value at December 31, 2018 : Total Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 1,163 $ — $ 1,163 $ — Mutual funds 4,694 — 4,694 — Available-for-sale securities U.S. Government and agency securities 2,227 2,227 — — Corporate bonds 2,803 1,433 1,370 — Asset-backed securities and collateralized mortgage obligations 92 — 92 — Total $ 10,979 $ 3,660 $ 7,319 $ — 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 March 31, 2019 and December 31, 2018 , we had forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars, with a total fair value of $(0.2) million and $0.7 million , respectively. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents . The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt . We base the fair values of debt instruments, including our 5.375% senior notes due 2026 (the "Senior Notes"), 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 March 31, 2019 and December 31, 2018 , the fair value of our Senior Notes was $406.2 million and $384.9 million , respectively. The fair value of our remaining debt instruments approximated their carrying values at March 31, 2019 and December 31, 2018 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Stock-based compensation recognized for all of our plans for the three months ended March 31, 2019 and 2018 totaled $3.6 million and $4.9 million , respectively, with associated tax benefit totaling $0.6 million and $0.9 million , respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING As described in Note 1 , our operations are assessed based on three reportable segments. An analysis of our operations by reportable segment is as follows: Three Months Ended 2019 2018 (In thousands) REVENUES: Nuclear Operations Group $ 304,801 $ 316,631 Nuclear Power Group 84,399 112,816 Nuclear Services Group 29,094 30,033 Adjustments and Eliminations (1) (1,840 ) (2,017 ) $ 416,454 $ 457,463 (1) Segment revenues are net of the following intersegment transfers and other adjustments: Nuclear Operations Group Transfers $ (857 ) $ (1,139 ) Nuclear Power Group Transfers (40 ) (40 ) Nuclear Services Group Transfers (943 ) (838 ) $ (1,840 ) $ (2,017 ) OPERATING INCOME: Nuclear Operations Group $ 57,625 $ 67,657 Nuclear Power Group 12,583 21,764 Nuclear Services Group 1,571 1,177 Other (6,096 ) (4,043 ) $ 65,683 $ 86,555 Unallocated Corporate (2) (2,039 ) (6,667 ) Total Operating Income $ 63,644 $ 79,888 Other Income (Expense) : Interest income 415 778 Interest expense (8,703 ) (3,560 ) Other – net 7,521 7,910 Total Other Income (Expense) (767 ) 5,128 Income before Provision for Income Taxes $ 62,877 $ 85,016 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 48,978 $ 66,441 Weighted-average common shares 95,255,109 99,526,187 Basic earnings per common share $ 0.51 $ 0.67 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 48,978 $ 66,441 Weighted-average common shares (basic) 95,255,109 99,526,187 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 566,245 986,100 Adjusted weighted-average common shares 95,821,354 100,512,287 Diluted earnings per common share $ 0.51 $ 0.66 (1) At March 31, 2019 and 2018 , we excluded 181,358 and 79,278 shares, respectively, from our diluted share calculation as their effect would have been antidilutive. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 (our " 2018 10-K"). We have included all adjustments, in the opinion of management, consisting only of normal recurring adjustments, necessary for a fair presentation. |
Consolidation | We use the equity method to account for investments in entities that we do not control, but over which we have the ability to exercise significant influence. We generally refer to these entities as "joint ventures." We have eliminated all intercompany transactions and accounts. We have reclassified certain amounts previously reported to conform to the presentation at March 31, 2019 and for the three months ended March 31, 2019 primarily related to the adoption of new accounting standards. We present the notes to our condensed consolidated financial statements on the basis of continuing operations, unless otherwise stated. Unless the context otherwise indicates, "we," "us" and "our" mean BWXT and its consolidated subsidiaries. |
Reportable Segments | Reportable Segments We operate in three reportable segments: Nuclear Operations Group, Nuclear Power Group and Nuclear Services Group. Our reportable segments are further described as follows: • Our Nuclear Operations Group segment manufactures naval nuclear reactors for the Naval Nuclear Propulsion Program for use in submarines and aircraft carriers. Through this segment, we own and operate manufacturing facilities located in Lynchburg, Virginia; Barberton, Ohio; Mount Vernon, Indiana; Euclid, Ohio; and Erwin, Tennessee. The Lynchburg operations fabricate fuel-bearing precision components that range in weight from a few grams to hundreds of tons. In-house capabilities also include wet chemistry uranium processing, advanced heat treatment to optimize component material properties and a controlled, clean-room environment with the capacity to assemble railcar-size components. The Barberton and Mount Vernon locations specialize in the design and manufacture of heavy components inclusive of development and fabrication activities for submarine missile launch tubes. The Euclid facility fabricates electro-mechanical equipment and performs design, manufacturing, inspection, assembly and testing activities. Fuel for the naval nuclear reactors is provided by Nuclear Fuel Services, Inc. ("NFS"), one of our wholly owned subsidiaries. Located in Erwin, NFS also downblends Cold War-era government stockpiles of high-enriched uranium into material suitable for further processing into commercial nuclear reactor fuel. • Our Nuclear Power Group segment fabricates commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level waste, for nuclear utility customers. BWXT has supplied the nuclear industry with more than 1,300 large, heavy components worldwide and is the only commercial heavy nuclear component manufacturer in North America. This segment also provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering. In addition, this segment offers in-plant inspection, maintenance and modification services for nuclear steam generators, heat exchangers, reactors, fuel handling systems and balance of plant equipment, as well as specialized non-destructive examination and tooling/repair solutions. This segment is also a leading global manufacturer and supplier of critical medical radioisotopes and radiopharmaceuticals for research, diagnostic and therapeutic uses. See Note 2 for information about a recent acquisition related to this segment. • Our Nuclear Services Group segment provides various services to the U.S. Government and the commercial nuclear industry. Services provided to the U.S. Government include nuclear materials management and operation, environmental management and administrative and operating services for various U.S. Government-owned facilities. These services are provided to the U.S. Department of Energy ("DOE"), including the National Nuclear Security Administration ("NNSA"), the Office of Nuclear Energy, the Office of Science and the Office of Environmental Management, and NASA. Through this segment we deliver services and management solutions to nuclear and high-consequence operations. A significant portion of this segment's operations are conducted through joint ventures. Our Nuclear Services Group segment is also engaged in inspection and maintenance services for the commercial nuclear industry primarily in the U.S. These services include steam generator, heat exchanger and balance of plant inspection and servicing as well as high pressure water lancing, non-destructive examination and the development of customized tooling solutions. This segment also offers complete advanced nuclear fuel and reactor design and engineering, licensing and manufacturing services for new advanced nuclear reactors and other nuclear technologies. See Note 8 for financial information about our segments. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . For further information, refer to the consolidated financial statements and notes included in our 2018 10-K. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In February 2016, the FASB issued an update to the Topic Leases , which supersedes the lease reporting requirements in Topic Leases (previously "FAS 13"). This update requires that a lessee recognize on its balance sheets the assets and liabilities for all leases with lease terms of more than 12 months, along with additional qualitative and quantitative disclosures. We adopted this update on January 1, 2019 using the modified retrospective method, which resulted in the recognition of right-of-use assets totaling $45.1 million and lease liabilities totaling $11.9 million . The difference between the right-of-use assets and lease liabilities of $33.2 million was primarily the result of reclassifications of favorable leases related to recent acquisitions from Intangible Assets. In addition, we elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our historical lease classifications, among other things. The adoption of the provisions in this update did not have an impact on our condensed consolidated statements of income or cash flows. |
Contracts and Revenue Recognition | Contracts and Revenue Recognition We generally recognize contract revenues and related costs over time for individual performance obligations based on a cost-to-cost method in accordance with Financial Accounting Standards Board ("FASB") Topic Revenue from Contracts with Customers . We recognize estimated contract revenue and resulting income based on the measurement of the extent of progress toward completion as a percentage of the total project. Certain costs may be excluded from the cost-to-cost method of measuring progress, such as significant costs for uninstalled materials, if such costs do not depict our performance in transferring control of goods or services to the customer. We review contract price and cost estimates periodically as the work progresses and reflect adjustments proportionate to the percentage-of-completion in income in the period when those estimates are revised. Certain of our contracts recognize revenue at a point in time, and revenue on these contracts is recognized when control transfers to the customer. The majority of our revenue that is recognized at a point in time is related to parts and certain medical radioisotopes and radiopharmaceuticals in our Nuclear Power Group segment. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected loss is recognized in full when determined. On January 1, 2019, certain of our joint ventures within our Nuclear Services Group segment adopted the provisions of FASB Topic Revenue from Contracts with Customers . |
Inventories | Inventories At March 31, 2019 and December 31, 2018 , Other current assets included inventories totaling $15.2 million and $16.0 million , respectively, consisting entirely of raw materials and supplies. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents At March 31, 2019 , we had restricted cash and cash equivalents totaling $6.7 million , $2.7 million of which was held for future decommissioning of facilities (which is included in Other Assets on our condensed consolidated balance sheets) and $4.0 million of which was held to meet reinsurance reserve requirements of our captive insurer. |
Leases | Leases We lease certain manufacturing facilities, office space and equipment under operating leases with terms of one to 20 years. Certain of the leases include options to renew for periods of one to 10 years. We include lease options in our determination of the right-of-use asset and lease liability if it is reasonably certain that we will exercise one or more of the options. Leases with initial terms of 12 months or less are excluded from our right-of-use assets and lease liabilities. Our right-of-use assets are included in Other Assets on our condensed consolidated balance sheet. Our current lease liabilities are included in Accrued liabilities – other, and our noncurrent lease liabilities are included in Other Liabilities on our condensed consolidated balance sheet. |
Derivative Financial Instruments | Derivative Financial Instruments Our operations give rise to exposure to market risks from changes in foreign currency exchange ("FX") rates. We use derivative financial instruments, primarily FX forward contracts, to reduce the impact of changes in FX rates on our operating results. We use these instruments to hedge our exposure associated with revenues or costs on our long-term contracts and other transactions that are denominated in currencies other than our operating entities' functional currencies. We do not hold or issue derivative financial instruments for trading or other speculative purposes. We enter into derivative financial instruments primarily as hedges of certain firm purchase and sale commitments denominated in foreign currencies. We record these contracts at fair value on our condensed consolidated balance sheets. Based on the hedge designation at the inception of the contract, the related gains and losses on these contracts are deferred in stockholders' equity as a component of Accumulated other comprehensive income until the hedged item is recognized in earnings. The gain or loss on a derivative instrument not designated as a hedging instrument is immediately recognized in earnings. Gains and losses on derivative financial instruments that require immediate recognition are included as a component of Other – net on our condensed consolidated statements of income. We have designated the majority of our FX forward contracts that qualify for hedge accounting as cash flow hedges. The hedged risk is the risk of changes in functional-currency-equivalent cash flows attributable to changes in FX spot rates of forecasted transactions primarily related to long-term contracts. We exclude from our assessment of effectiveness the portion of the fair value of the FX forward contracts attributable to the difference between FX spot rates and FX forward rates. |
Provision for Income Taxes | Provision for Income Taxes We are subject to federal income tax in the U.S. and Canada as well as income tax within multiple U.S. state jurisdictions. We provide for income taxes based on the enacted tax laws and rates in the jurisdictions in which we conduct our operations. These jurisdictions may have regimes of taxation that vary with respect to nominal rates and with respect to the basis on which these rates are applied. This variation, along with the changes in our mix of income within these jurisdictions, can contribute to shifts in our effective tax rate from period to period. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Components of Accumulated Other Comprehensive Income | The components of Accumulated other comprehensive income included in Stockholders' Equity are as follows: March 31, December 31, (In thousands) Currency translation adjustments $ 4,449 $ 3,506 Net unrealized gain on derivative financial instruments 180 685 Unrecognized prior service cost on benefit obligations (13,884 ) (14,395 ) Net unrealized gain (loss) on available-for-sale investments (61 ) (85 ) Accumulated other comprehensive income $ (9,316 ) $ (10,289 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The amounts reclassified out of Accumulated other comprehensive income by component and the affected condensed consolidated statements of income line items are as follows: Three Months Ended 2019 2018 Accumulated Other Comprehensive Income (Loss) Component Recognized (In thousands) Line Item Presented Realized gain (loss) on derivative financial instruments $ (12 ) $ (11 ) Revenues 202 120 Cost of operations 190 109 Total before tax (49 ) (30 ) Provision for Income Taxes $ 141 $ 79 Net Income Amortization of prior service cost on benefit obligations $ (647 ) $ (505 ) Other – net 136 183 Provision for Income Taxes $ (511 ) $ (322 ) Net Income Total reclassification for the period $ (370 ) $ (243 ) |
Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: March 31, December 31, (In thousands) Cash and cash equivalents $ 22,976 $ 29,871 Restricted cash and cash equivalents 4,024 3,834 Restricted cash and cash equivalents included in Other Assets 2,722 2,703 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 29,722 $ 36,408 |
Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents on our condensed consolidated balance sheets to the totals presented on our condensed consolidated statement of cash flows: March 31, December 31, (In thousands) Cash and cash equivalents $ 22,976 $ 29,871 Restricted cash and cash equivalents 4,024 3,834 Restricted cash and cash equivalents included in Other Assets 2,722 2,703 Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows $ 29,722 $ 36,408 |
Operating Lease Maturity Schedule | The maturities of our lease liabilities at March 31, 2019 were as follows (amounts in thousands): 2019 $ 4,354 2020 2,680 2021 1,974 2022 1,221 2023 513 2024 142 Thereafter 1,102 Total lease payments $ 11,986 Less: interest (1,220 ) Present value of lease liabilities (1) $ 10,766 (1) Includes current lease liabilities of $4.9 million . |
Operating Lease Future Minimum Payments Required | Future minimum payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year at December 31, 2018 were as follows (amounts in thousands): 2019 $ 5,650 2020 $ 2,655 2021 $ 1,969 2022 $ 1,216 2023 $ 511 Thereafter $ 1,231 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition Assets Acquired and Liabilities Assumed | Our purchase price allocation is as follows (amounts in thousands): Accounts receivable – trade $ 7,732 Contracts in progress 51 Inventories 2,113 Other current assets 97 Property, plant and equipment 12,948 Goodwill 62,495 Deferred Income Taxes 3,006 Intangible assets 139,257 Total assets acquired $ 227,699 Accounts payable $ 654 Accrued employee benefits 579 Accrued liabilities – other 1,665 Environmental liabilities 2,062 Pension liability 9,746 Total liabilities assumed $ 14,706 Net assets acquired $ 212,993 Amount of tax deductible goodwill $ 53,693 |
Schedule of Intangible Assets Acquired | The intangible assets included above consist of the following (dollar amounts in thousands): Amount Amortization Period Technical support agreement $ 67,500 23 years Unpatented technology $ 33,000 23 years Favorable operating leases $ 28,157 13-30 years Customer relationship $ 10,600 23 years |
Schedule of Unaudited Pro Forma Financial Information | This information is presented for comparative purposes only and should not be taken as representative of our future consolidated results of operations. Three Months Ended March 31, 2018 (In thousands, except per share amounts) Revenues $ 467,791 Net Income Attributable to BWX Technologies, Inc. $ 66,890 Basic Earnings per Common Share $ 0.67 Diluted Earnings per Common Share $ 0.67 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | Revenues by geographical area and customer type were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) United States: Government $ 297,303 $ — $ 24,451 $ 321,754 $ 316,631 $ — $ 25,881 $ 342,512 Non-Government 5,338 9,162 4,353 18,853 — 260 3,177 3,437 $ 302,641 $ 9,162 $ 28,804 $ 340,607 $ 316,631 $ 260 $ 29,058 $ 345,949 Canada: Non-Government $ — $ 68,611 $ 290 $ 68,901 $ — $ 82,325 $ 975 $ 83,300 Other: Non-Government $ 2,160 $ 6,626 $ — $ 8,786 $ — $ 30,231 $ — $ 30,231 Segment Revenues $ 304,801 $ 84,399 $ 29,094 418,294 $ 316,631 $ 112,816 $ 30,033 459,480 Adjustments and Eliminations (1,840 ) (2,017 ) Revenues $ 416,454 $ 457,463 Revenues by timing of transfer of goods or services were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Over time $ 304,733 $ 70,661 $ 29,094 $ 404,488 $ 316,631 $ 105,109 $ 30,033 $ 451,773 Point-in-time 68 13,738 — 13,806 — 7,707 — 7,707 Segment Revenues $ 304,801 $ 84,399 $ 29,094 418,294 $ 316,631 $ 112,816 $ 30,033 459,480 Adjustments and Eliminations (1,840 ) (2,017 ) Revenues $ 416,454 $ 457,463 Revenues by contract type were as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Nuclear Nuclear Nuclear Total Nuclear Nuclear Nuclear Total (In thousands) Fixed-Price Incentive Fee $ 245,487 $ 273 $ — $ 245,760 $ 249,240 $ 4,028 $ — $ 253,268 Firm-Fixed-Price 39,343 61,998 6,168 107,509 47,058 74,282 5,410 126,750 Cost-Plus Fee 19,853 — 22,535 42,388 20,233 45 23,953 44,231 Time-and-Materials 118 22,128 391 22,637 100 34,461 670 35,231 Segment Revenues $ 304,801 $ 84,399 $ 29,094 418,294 $ 316,631 $ 112,816 $ 30,033 459,480 Adjustments and Eliminations (1,840 ) (2,017 ) Revenues $ 416,454 $ 457,463 |
Schedule of Contract Assets and Liabilities | Our fixed-price incentive fee contracts for our Nuclear Operations Group segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments made during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts. This resulted in an increase in retainages on contracts during the three months ended March 31, 2019 as shown below: March 31, December 31, 2019 2018 (In thousands) Included in Contracts in progress: Unbilled receivables $ 341,776 $ 308,723 Retainages $ 72,000 $ 57,885 Included in Other Assets: Retainages $ 1,508 $ 1,674 Advance billings on contracts $ 88,117 $ 98,477 |
Schedule of Remaining Performance Obligations | Of the March 31, 2019 remaining performance obligations on our contracts with customers, we expect to recognize revenues as follows: 2019 2020 Thereafter Total (In approximate millions) Nuclear Operations Group $ 708 $ 947 $ 2,355 $ 4,010 Nuclear Power Group 185 146 438 769 Nuclear Services Group 40 3 2 45 Total Remaining Performance Obligations $ 933 $ 1,096 $ 2,795 $ 4,824 |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Three Months Ended 2019 2018 2019 2018 (In thousands) Service cost $ 2,456 $ 2,413 $ 145 $ 165 Interest cost 11,592 12,343 585 549 Expected return on plan assets (17,436 ) (21,625 ) (627 ) (634 ) Amortization of prior service cost (credit) 725 550 (78 ) (45 ) Net periodic benefit (income) cost $ (2,663 ) $ (6,319 ) $ 25 $ 35 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments Measured at Fair Value | The following is a summary of our investments measured at fair value at March 31, 2019 : Total Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 1,919 $ — $ 1,919 $ — Mutual funds 5,130 — 5,130 — Available-for-sale securities U.S. Government and agency securities 1,979 1,979 — — Corporate bonds 3,082 1,460 1,622 — Asset-backed securities and collateralized mortgage obligations 89 — 89 — Total $ 12,199 $ 3,439 $ 8,760 $ — The following is a summary of our investments measured at fair value at December 31, 2018 : Total Level 1 Level 2 Level 3 (In thousands) Equity securities Equities $ 1,163 $ — $ 1,163 $ — Mutual funds 4,694 — 4,694 — Available-for-sale securities U.S. Government and agency securities 2,227 2,227 — — Corporate bonds 2,803 1,433 1,370 — Asset-backed securities and collateralized mortgage obligations 92 — 92 — Total $ 10,979 $ 3,660 $ 7,319 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results by Segment | An analysis of our operations by reportable segment is as follows: Three Months Ended 2019 2018 (In thousands) REVENUES: Nuclear Operations Group $ 304,801 $ 316,631 Nuclear Power Group 84,399 112,816 Nuclear Services Group 29,094 30,033 Adjustments and Eliminations (1) (1,840 ) (2,017 ) $ 416,454 $ 457,463 (1) Segment revenues are net of the following intersegment transfers and other adjustments: Nuclear Operations Group Transfers $ (857 ) $ (1,139 ) Nuclear Power Group Transfers (40 ) (40 ) Nuclear Services Group Transfers (943 ) (838 ) $ (1,840 ) $ (2,017 ) OPERATING INCOME: Nuclear Operations Group $ 57,625 $ 67,657 Nuclear Power Group 12,583 21,764 Nuclear Services Group 1,571 1,177 Other (6,096 ) (4,043 ) $ 65,683 $ 86,555 Unallocated Corporate (2) (2,039 ) (6,667 ) Total Operating Income $ 63,644 $ 79,888 Other Income (Expense) : Interest income 415 778 Interest expense (8,703 ) (3,560 ) Other – net 7,521 7,910 Total Other Income (Expense) (767 ) 5,128 Income before Provision for Income Taxes $ 62,877 $ 85,016 (2) Unallocated corporate includes general corporate overhead not allocated to segments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 (In thousands, except share and per share amounts) Basic: Net Income Attributable to BWX Technologies, Inc. $ 48,978 $ 66,441 Weighted-average common shares 95,255,109 99,526,187 Basic earnings per common share $ 0.51 $ 0.67 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 48,978 $ 66,441 Weighted-average common shares (basic) 95,255,109 99,526,187 Effect of dilutive securities: Stock options, restricted stock units and performance shares (1) 566,245 986,100 Adjusted weighted-average common shares 95,821,354 100,512,287 Diluted earnings per common share $ 0.51 $ 0.66 (1) At March 31, 2019 and 2018 , we excluded 181,358 and 79,278 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 Thousands | Jan. 01, 2019USD ($) | Mar. 31, 2019USD ($)componentsegment | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Accumulated other comprehensive income | $ (9,316) | $ (10,289) | |||
Number of reportable segments | segment | 3 | ||||
Number of components supplied to worldwide (more than) | component | 1,300 | ||||
Right of use asset related to operating leases | $ 45,100 | $ 44,100 | |||
Operating lease liabilities recognized | 11,900 | 10,766 | |||
Reclassifications of favorable leases related to recent acquisitions | 33,200 | ||||
Retained earnings | 1,142 | $ (9,926) | |||
Total inventories | 15,200 | $ 16,000 | |||
Restricted cash and cash equivalents | 6,700 | ||||
Lease expense | 2,100 | ||||
Cash paid for operating leases | $ 1,700 | ||||
Weighted average remaining lease terms on operating leases (in years) | 4 years | ||||
Weighted average discount rate on operating leases | 5.03% | ||||
Net gains on foreign exchange forward contracts | $ 200 | ||||
Notional amount of foreign currency forward contracts | $ 73,500 | ||||
Effective tax rate | 21.90% | 21.90% | |||
Effective Income tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ (1,700) | $ (2,200) | |||
Gross unrecognized tax benefits | 300 | ||||
Accounting Standard Update 2017-12 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Accumulated other comprehensive income | 100 | ||||
Cash Held for Future Decommissioning of Facilities | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Restricted cash and cash equivalents | 2,700 | ||||
Cash Held to Meet Reinsurance Reserve Requirements | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Restricted cash and cash equivalents | $ 4,000 | ||||
Minimum | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Length of operating lease terms (in years) | 1 year | ||||
Length of operating lease renewal options (in years) | 1 year | ||||
Maximum | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Length of operating lease terms (in years) | 20 years | ||||
Length of operating lease renewal options (in years) | 10 years | ||||
Retained Earnings | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Retained earnings | 1,219 | $ (13,311) | |||
Retained Earnings | Accounting Standard Update 2017-12 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Retained earnings | 100 | ||||
Retained Earnings | Nuclear Power Group | Accounting Standards Update 2014-09 | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Adjustment for joint venture adoption of new accounting principal | $ 1,100 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | $ 242,874 | $ 235,701 | $ 345,250 | $ 285,757 |
Currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | 4,449 | 3,506 | ||
Net unrealized gain on derivative financial instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | 180 | |||
Unrecognized prior service cost on benefit obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | 13,884 | 14,395 | ||
Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | 61 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | $ 9,316 | 10,289 | ||
Net unrealized gain on derivative financial instruments | Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | 685 | |||
Net unrealized gain (loss) on available-for-sale investments | Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total Stockholders' Equity | $ 85 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | $ 416,454 | $ 457,463 |
Cost of operations | (303,635) | (327,364) |
Income before Provision for Income Taxes | 62,877 | 85,016 |
Other – net | 7,521 | 7,910 |
Provision for Income Taxes | (13,767) | (18,603) |
Net Income | 49,110 | 66,413 |
Accumulated Other Comprehensive Income (Loss) Component Recognized | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Income | (370) | (243) |
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 | (12) | (11) |
Cost of operations | 202 | 120 |
Income before Provision for Income Taxes | 190 | 109 |
Provision for Income Taxes | (49) | (30) |
Net Income | 141 | 79 |
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] | ||
Other – net | (647) | (505) |
Provision for Income Taxes | 136 | 183 |
Net Income | $ (511) | $ (322) |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 22,976 | $ 29,871 | ||
Restricted cash and cash equivalents | 4,024 | 3,834 | ||
Restricted cash and cash equivalents included in Other Assets | 2,722 | 2,703 | ||
Total cash and cash equivalents and restricted cash and cash equivalents as presented on our condensed consolidated statement of cash flows | $ 29,722 | $ 36,408 | $ 151,336 | $ 213,144 |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies - Operating Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2019 | $ 4,354 | |
2020 | 2,680 | |
2021 | 1,974 | |
2022 | 1,221 | |
2023 | 513 | |
2024 | 142 | |
Thereafter | 1,102 | |
Total lease payments | 11,986 | |
Less: interest | (1,220) | |
Present value of lease liabilities | 10,766 | $ 11,900 |
Current lease liabilities | $ 4,900 |
Basis of Presentation and Sig_9
Basis of Presentation and Significant Accounting Policies - Operating Lease Future Minimum Payments Required (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 | $ 5,650 |
2020 | 2,655 |
2021 | 1,969 |
2022 | 1,216 |
2023 | 511 |
Thereafter | $ 1,231 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Sotera Health LLC's Nordion Medical Isotope Business $ in Millions | Jul. 30, 2018USD ($)facilityemployee | Mar. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ 213 | |
Number of personnel acquired | employee | 150 | |
Business acquisition, number of operating facilities | facility | 2 | |
Increase in Amortization Expense | ||
Business Acquisition [Line Items] | ||
Adjustment to value of intangible assets | $ 1.5 | |
Additional Interest Expense | ||
Business Acquisition [Line Items] | ||
Adjustment to interest expense | 1.5 | |
Elimination of Acquisition Related Costs | ||
Business Acquisition [Line Items] | ||
Acquisition related costs | $ 1.6 |
Acquisitions - Business Acquisi
Acquisitions - Business Acquisition Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Jul. 30, 2018 |
Condensed Income Statements, Captions [Line Items] | |||
Goodwill | $ 275,604 | $ 274,082 | |
Sotera Health LLC's Nordion Medical Isotope Business | |||
Condensed Income Statements, Captions [Line Items] | |||
Accounts receivable – trade | $ 7,732 | ||
Contracts in progress | 51 | ||
Inventories | 2,113 | ||
Other current assets | 97 | ||
Property, plant and equipment | 12,948 | ||
Goodwill | 62,495 | ||
Deferred Income Taxes | 3,006 | ||
Intangible assets | 139,257 | ||
Total assets acquired | 227,699 | ||
Accounts payable | 654 | ||
Accrued employee benefits | 579 | ||
Accrued liabilities – other | 1,665 | ||
Environmental liabilities | 2,062 | ||
Pension liability | 9,746 | ||
Total liabilities assumed | 14,706 | ||
Net assets acquired | 212,993 | ||
Amount of tax deductible goodwill | $ 53,693 |
Acquisitions - Preliminary Inta
Acquisitions - Preliminary Intangible Assets Acquired (Detail) - Sotera Health LLC's Nordion Medical Isotope Business - USD ($) $ in Thousands | Jul. 30, 2018 | Mar. 31, 2019 |
Technical support agreement | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 67,500 | |
Amortization Period | 23 years | |
Unpatented technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 33,000 | |
Amortization Period | 23 years | |
Favorable operating leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 28,157 | |
Customer relationship | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 10,600 | |
Amortization Period | 23 years | |
Minimum | Favorable operating leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 13 years | |
Maximum | Favorable operating leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 30 years |
Acquisitions - Unaudited Pro Fo
Acquisitions - Unaudited Pro Forma Financial Information (Detail) - Sotera Health LLC's Nordion Medical Isotope Business $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ | $ 467,791 |
Net Income Attributable to BWX Technologies, Inc. | $ | $ 66,890 |
Basic Earnings per Common Share (in usd per share) | $ / shares | $ 0.67 |
Diluted Earnings per Common Share (in usd per share) | $ / shares | $ 0.67 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 416,454 | $ 457,463 |
Revenue from Contract with Customer, Including Assessed Tax | 416,454 | 457,463 |
Fixed-Price Incentive Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 245,760 | 253,268 |
Firm-Fixed-Price | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 107,509 | 126,750 |
Cost-Plus Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 42,388 | 44,231 |
Time-and-Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 22,637 | 35,231 |
Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 404,488 | 451,773 |
Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,806 | 7,707 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 340,607 | 345,949 |
UNITED STATES | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 321,754 | 342,512 |
UNITED STATES | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,853 | 3,437 |
CANADA | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 68,901 | 83,300 |
Other | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8,786 | 30,231 |
Nuclear Operations Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 304,801 | 316,631 |
Nuclear Operations Group | Fixed-Price Incentive Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 245,487 | 249,240 |
Nuclear Operations Group | Firm-Fixed-Price | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 39,343 | 47,058 |
Nuclear Operations Group | Cost-Plus Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 19,853 | 20,233 |
Nuclear Operations Group | Time-and-Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 118 | 100 |
Nuclear Operations Group | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 304,733 | 316,631 |
Nuclear Operations Group | Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 68 | 0 |
Nuclear Power Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 84,399 | 112,816 |
Nuclear Power Group | Fixed-Price Incentive Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 273 | 4,028 |
Nuclear Power Group | Firm-Fixed-Price | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 61,998 | 74,282 |
Nuclear Power Group | Cost-Plus Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 45 |
Nuclear Power Group | Time-and-Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 22,128 | 34,461 |
Nuclear Power Group | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 70,661 | 105,109 |
Nuclear Power Group | Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,738 | 7,707 |
Nuclear Services Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29,094 | 30,033 |
Nuclear Services Group | Fixed-Price Incentive Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Nuclear Services Group | Firm-Fixed-Price | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,168 | 5,410 |
Nuclear Services Group | Cost-Plus Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 22,535 | 23,953 |
Nuclear Services Group | Time-and-Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 391 | 670 |
Nuclear Services Group | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29,094 | 30,033 |
Nuclear Services Group | Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 418,294 | 459,480 |
Operating Segments | Nuclear Operations Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 304,801 | 316,631 |
Operating Segments | Nuclear Operations Group | UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 302,641 | 316,631 |
Operating Segments | Nuclear Operations Group | UNITED STATES | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 297,303 | 316,631 |
Operating Segments | Nuclear Operations Group | UNITED STATES | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,338 | 0 |
Operating Segments | Nuclear Operations Group | CANADA | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Nuclear Operations Group | Other | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,160 | 0 |
Operating Segments | Nuclear Power Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 84,399 | 112,816 |
Operating Segments | Nuclear Power Group | UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,162 | 260 |
Operating Segments | Nuclear Power Group | UNITED STATES | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Operating Segments | Nuclear Power Group | UNITED STATES | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,162 | 260 |
Operating Segments | Nuclear Power Group | CANADA | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 68,611 | 82,325 |
Operating Segments | Nuclear Power Group | Other | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,626 | 30,231 |
Operating Segments | Nuclear Services Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29,094 | 30,033 |
Operating Segments | Nuclear Services Group | UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 28,804 | 29,058 |
Operating Segments | Nuclear Services Group | UNITED STATES | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 24,451 | 25,881 |
Operating Segments | Nuclear Services Group | UNITED STATES | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,353 | 3,177 |
Operating Segments | Nuclear Services Group | CANADA | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 290 | 975 |
Operating Segments | Nuclear Services Group | Other | Non-Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Adjustments and Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (1,840) | (2,017) |
Adjustments and Eliminations | Nuclear Operations Group | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ (857) | $ (1,139) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Net favorable changes in estimate that resulted in an increase in revenue | $ 4.8 | $ 5.3 |
Contracts in progress increase | 33.1 | |
Revenue recognized from advance billings on contracts | $ 33.8 | $ 30.4 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Contracts with Customers, Asset and Liability [Line Items] | ||
Advance billings on contracts | $ 88,117 | $ 98,477 |
Contracts in Progress | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 341,776 | 308,723 |
Accounts Receivable | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | 72,000 | 57,885 |
Other Assets | ||
Contracts with Customers, Asset and Liability [Line Items] | ||
Contract with customer, asset | $ 1,508 | $ 1,674 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 933 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 1,096 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 2,795 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 4,824 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 708 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 947 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 2,355 |
Nuclear Operations Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 4,010 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 185 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 146 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 438 |
Nuclear Power Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 769 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 40 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 3 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 2 |
Nuclear Services Group | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 45 |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits - (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 2.6 | $ 2.6 |
Net periodic benefit (income) cost, excluding service costs | $ (5.2) | $ (8.9) |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2,600 | $ 2,600 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2,456 | 2,413 |
Interest cost | 11,592 | 12,343 |
Expected return on plan assets | (17,436) | (21,625) |
Amortization of prior service cost (credit) | 725 | 550 |
Net periodic benefit (income) cost | (2,663) | (6,319) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 145 | 165 |
Interest cost | 585 | 549 |
Expected return on plan assets | (627) | (634) |
Amortization of prior service cost (credit) | (78) | (45) |
Net periodic benefit (income) cost | $ 25 | $ 35 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt and Equity Securities | $ 12,199 | $ 10,979 |
Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,919 | 1,163 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,130 | 4,694 |
U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,979 | 2,227 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,082 | 2,803 |
Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 89 | 92 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt and Equity Securities | 3,439 | 3,660 |
Level 1 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 1 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,979 | 2,227 |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,460 | 1,433 |
Level 1 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt and Equity Securities | 8,760 | 7,319 |
Level 2 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,919 | 1,163 |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,130 | 4,694 |
Level 2 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,622 | 1,370 |
Level 2 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 89 | 92 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt and Equity Securities | 0 | 0 |
Level 3 | Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Level 3 | U.S. Government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 3 | Asset-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
FX Forward Contracts | ||
Fair Values Of Financial Instruments [Line Items] | ||
Fair value of foreign currency forward contracts | $ (0.2) | $ 0.7 |
Senior Notes | ||
Fair Values Of Financial Instruments [Line Items] | ||
Stated interest rate on senior notes | 5.375% | |
Fair value of senior notes | $ 406.2 | $ 384.9 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock based compensation expense | $ 3.6 | $ 4.9 |
Stock-based compensation, tax benefits | $ 0.6 | $ 0.9 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2019segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | $ 416,454 | $ 457,463 |
OPERATING INCOME: | ||
Operating Income | 63,644 | 79,888 |
Other Income (Expense): | ||
Interest income | 415 | 778 |
Interest expense | (8,703) | (3,560) |
Other – net | 7,521 | 7,910 |
Total Other Income (Expense) | (767) | 5,128 |
Income before Provision for Income Taxes | 62,877 | 85,016 |
Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 304,801 | 316,631 |
Operating Segments | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 418,294 | 459,480 |
OPERATING INCOME: | ||
Operating Income | 65,683 | 86,555 |
Operating Segments | Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 304,801 | 316,631 |
OPERATING INCOME: | ||
Operating Income | 57,625 | 67,657 |
Operating Segments | Nuclear Power Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 84,399 | 112,816 |
OPERATING INCOME: | ||
Operating Income | 12,583 | 21,764 |
Operating Segments | Nuclear Services Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | 29,094 | 30,033 |
OPERATING INCOME: | ||
Operating Income | 1,571 | 1,177 |
Adjustments and Eliminations | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (1,840) | (2,017) |
Adjustments and Eliminations | Nuclear Operations Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (857) | (1,139) |
Adjustments and Eliminations | Nuclear Power Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (40) | (40) |
Adjustments and Eliminations | Nuclear Services Group | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Revenues | (943) | (838) |
Segment Reconciling Items [Member] | ||
OPERATING INCOME: | ||
Operating Income | (6,096) | (4,043) |
Unallocated Corporate | ||
OPERATING INCOME: | ||
Operating Income | $ (2,039) | $ (6,667) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basic: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 48,978 | $ 66,441 |
Weighted-average common shares (in shares) | 95,255,109 | 99,526,187 |
Basic earnings per common share (in usd per share) | $ 0.51 | $ 0.67 |
Diluted: | ||
Net Income Attributable to BWX Technologies, Inc. | $ 48,978 | $ 66,441 |
Weighted-average common shares (in shares) | 95,255,109 | 99,526,187 |
Effect of dilutive securities: | ||
Stock options, restricted stock units and performance shares (in shares) | 566,245 | 986,100 |
Adjusted weighted-average common shares (in shares) | 95,821,354 | 100,512,287 |
Diluted earnings per common share (in usd per share) | $ 0.51 | $ 0.66 |
Number of shares that would be antidilutive (in shares) | 181,358 | 79,278 |
Uncategorized Items - bwxt-2019
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (3,385,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 77,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 9,926,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,142,000) |